The Cairo bulletin. [volume] (Cairo, Ill.) 1872-1878, 1876-04-07

Inc urn ot n. u. Payson 4 Co. oi st,
Louis. contractors TO build the Cairo and
st. Louis railroad. and r. r.. Canda &
Co.. of Chicago. the same firm under
another name. went into bank ruptcy at
Chicago on Tuesday last. As a matter
OF interest TO the citizens Of Cairo and
Southern Illinois generally. we publish
the list OF their assets and liabilities. A
Chicago paper says:
The well-known firm Of railroad con-
tractors, i. T.. Canda < Co.. of Chicago,
doing business in ~. Louis under the
name Of II. u. Payson & Co.. made an
assignment Tuesday to A. J. Avcrill.
the real estate dealer. Their liabilities
are S.22,OoO. The firm have been en-.
gagged for many years in undertakings Of
great magnitude. They were contractors
on the Northern Pacific railroad. the
Lake superior and Minnesota railroad.
and numerous smaller roads. Their last
enterprise was The building OF the Cairo
and st. Louis railroad. in which they have
been engaged since ISL. and which has
finally compelled them to succumb. They
took their pay largely in bonds. In the
panic Of 1873, the credit OF the Cairo and
st. Louis railroad went down, like that
| of scores of other roads. Several Of the
| counties along the line that had voted aid
to the road were afterwards enioined by
the courts from giving their bonds. This
| completed the discrcdit of the bonds in
| which r. T.. Canda n 60. took their pay,
and, after completing the road. they lind
themselves forced into bankruptcy.
Their asset, comprise the lots
on which the ear works are sit
liateI. corner Of Blue Island ave.
nuc and Eobcy street. mortgagcd for
.G0,ov3 10 the Equitable Trust Company
of Connecticut; the machinery. tool.
horses. wagons, etc., al car-workS. mort
gagged for $4,000; open accounts and
notes. >l2,oGl.S7. but these have 10
value for general creditors, since they
are pledged rs collateral to secure liabil-
itic> aInountin. to S9.nSs.Il - feet near
the corner Of kossutli and lIalslcd
strcct,, mort.agcl for S2,jSG.iO; 10 acres
OF land north OF Chicago avenue and east
of California avenue, mortgaged for Sli,-
go; four lois comprising about l0oxl20
feet on Clark street, between Oak aud
Locust street,, mortgagcd Tor So
OOO II. Il. l'syson's bcncstcad.
t.tl \ =
gagged Tor $1,000; II acres on Lincoln
avenue, southwest quarter Sec. Is, 10, II.
subject to trust-decd OF 80, 900 J0Nl25
feet on North Ualotcd street, between
Clay and tcntrc streets, DIortgagcd for
S2,5S6.i 10; 1920 shares OF stock of the |
Cairo and st, Louis Railroad company,
1900 Of which are pledged with Benjamin |
Sewall rs collateral security for any in
lebtcdncss that may be due him cash,
5,dOO in the hands Of the Equitable
Trust company TO apply on payments OF
interest on loan Of $4,000 before mcn-
toned cash on hand, S22l.5l.
In the liabilities arc secured debts, in.
Guiding the above mentioned mortgages,
ETC., amounting " Sal3, 225.39. Many of
the securities will bring inllnitesimal con-
ISOLATION to their holders they are such
notes as the Northern Pacific railroad
company amounting. to some $4,000.
and notes of the Cairo 4 st. Louis rail-
road for $4,000. The dsfunct Fourth
National bank OF this city is q secured
creditor tor S29, 1864, and holds as col
lateral $4,000 of its own stock and S22.-
500 Of Lake.Superior and Minnesota rail-
road company stock.
The unsecured liabilities of +. T..
Canda Il Co., foot up Slis, 099.7l, and are
pretty evenly distributed among the diff.
ferent hardware, lumber and paint dealers
in this city, and bear heavily upon the
machine shops and railroad-supply men,
one firm alone being a creditor to nearly
$4,000.
The contingent liabilities of +. T..
Canda & Co.. such as notes Endorsed for
the Cairo and st. Louis railroad company
are SCG, 7GG.7l
The unsecured liabilities OF II. II. Pay
son 4 Co.. under which style the firm did
business in St. Louis, are mostly due to
parties in that city and Southern Illinois,
and include some i2,Gl5.53 due for labor
on the Cairo and St. st. Louis railroad.
They foot up SlG5.25l. SO.
The contingent liabilities Of II. Il. Pay
son 4 Go. are those which they have in.
Cured through accommodating other
parties with their guarantee, and amount
to S20,2S0.
1t will be seen that the total secured
debts are S3l3, 225 total unsecured debts
of +. 4. Canda & Co.. Sl4s,0 total I'M
secured debts of II. Il. Payson 4 Co..
SlG5,25l; contingent liabilities OF the two
firms. So6,OIG. Grand total, S722 Ga3.