, 1875-10-24

LINCOLN PARK BONDS.
To ths EItor Of The Chicago 7t4oune-
CH1cAD, Oct. D.-I notice tn your paper under the
head of Finance md Trade" 'ass Of bonds called
North 0hcago Lincoln Park, which are quoted at p5
and intest- Will 5ou do me the favor in your next
sundayassue to give the public your opinion of them
as gR aud safe Investment? Very respectfuIly
yours, TRIBUNE EuAscRmER
Their, ire. or will be, when they are al issued,
900 o0otrentyysar per cent North Chicago Lincoln
Park buls. There Is in the park $50 acres of land
1Go acreof which is In the Town Of North Chicsgo
and thBIand tur.h nos less than 81 00o 00 together
with tuTown OF North Chicago, the state and county
assess value OF which is ooo is pledged for
the pauent Of the principal and interest OF theae
bonds Az q town organization. the Town Of North
chicar has no other debt As to the legaty Of these
bonds he joint opinion q Judge Deckwith and the
bon. @. Cloudy Is given herewith:
70 IL ComHtxsionsrs of Lincoln Park-GESTLE-
MEN your request lnye examined the laws Of this
State Eatire to Lincoln Park and the proceedings BY
vrtue which bonds 900 have been Issued. de-
nomined "Lincoln Park Bonds" and find said bonds
to has seen legally issued. The Constitution Of the
State Illinois provides that the GeDaral Assembly
may ,st the corporate authorities Of cities, towns.
and yilges, with power to make local improvements
by spcAi assessments or by special taxation OF con-
guovpToperty, or otherwise. The acquisition and
withiEhe meaning Of the Constitution. Tho LAWS Of
tho Sth authorize the issue OF the bonds mentioned
and tepower thus conferred has been appropriately
exercte1 The indebtedness of the Town OF North
Chiegc created by the bonds, including the present
indebtedness Of the town, does not exceed per cent
4f ope a5 t ssce1,inea ,s b the last
an anusl tax aufctent to psy the interest
on a.h debt ~ talls due and also to pay and dis
the tpe Of contracting the same, as required by tho
Constitution of the State.
1dnot deem it important to consider whether the
PRIORITY, for the purpose Of paying said bonds will be
sufent 70 pay them, nor the value Of the lands In
cludt in the park which irrevocably pledged for
pay q in any event, and ta authority and re-
sourfa arc ample for that purpose.
1 q 9Opas n afs ii are Res
'he Constitution and laws Of tho state- am, very
respttful1y, your obedtent servant,
1neur in the above opinion Of 5ud s. Beeiwith.
". c. aoUpx.
FAILURES THUS FAR IN 1876.
A criterion Of the state OF trade the staatca OF
he dlu1ea In business interesting IN auch periods
"a t1 present. 1t appears that the failures In the
Und 6tates for tho three quarters hare been ~ fol-
ows
1875. Number 4no4,nt
fana =, February, snd March. ....l,aa3 8 4s,i76ooo
4pr1 May, and June. ,5S1 3AB87U0O |
and September. It'll s4,s38ooo
otal for nine months .s,a4 s131.11ooo
Itk impossible to institute IN accurate comparison
7itIsi1nilar periods included in the above figures
sutFih the total failures Of previous entire yeara
ivied by three-fouzths, a comparative result is
eaeed, which Will be sufficient for Ill practical pus-
oe@:
1fdt fall Thres5ots7fAa Total Ha- IlTee- -touyfts
frts for ef sdnae. bIldfies for Of seu<
sd v :v.1o;7 aoso au,oss.coo sssos pa7s., 900
5i1 .5,1s3 3,881 ~, $4,000 11l.a7&,00
57+ $3.50 4,3l 1s2,239,ooo l1G.4oy.Qo0
III p mos. 6,334 omonths. l3l, 1900
v8 for MOS. Aver. for Q mos, Of |
ears. .......,4,1G0 4years. So; AnlQ9 |
xFs No. uf fail-. Excess Of liabilities
rs past auoz. ,17& for paat montha.S 3,1aQOQQ |
LATEST.
wv TuRK, Oct. 23.-Gold declined from 116A to
Il raravare1 II, ITS 3n1 rloead at Ills, p.t.. | i,