Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-09-04

officers present and large numEer OF represent
atiyes and visitors The report OF the grand secre
tary shows 455 lodges with membership OF nerrly
2lO00 gain in membership the past year OF 1000.
THE SHORT CUT. I
Ho,y the Chicago BanI;rnpts adopted Pr
rate Sherman's Advice by Taking the I
Shortest Way of Paying Their Debts. ]
IChicago Times.
The disgraceful record is closed. The agony
is over Chicago has once again snatched the
diIapidated 'kerchief from the shrubbery. AS
in all other things, she has proven herself cham
pion in bankruptcy. With what envy the av-
erage st. Louis man must cast his eye over
our exhibit! And then, to think that he can
| no longer point his bony, fever-worn finger at
the hated and successful rival, and call 1T debt
ridden! Chicago is that no longer. She has
| wiped out all the old chalk-marks. Business
| begins with new set of books to-day.
s'What effect with this gong wholesale into the
bankruptcy business have on the prosperity OF
| the city!" was a frequent question on yester-
day, after skimming over the names oil the 395.
! It may be well to consider this point for mo
ment. Taken all for all, the effect will bene-
fetal. The list, though long, contains few sur,
prises At least 80 per cent. of the loss had
been discounted. It represented the collected
debris of years. Hardly a had any OF the
asgects of unexpected failures 1t was al
putrid mess, anyway, and now that 1t is under
than when it was still on the surface, an I'M |
easy and unknown quantity for mischief In all
undertakings The debts thrown off, as to the
bulk, were fevea-sores.
REMNANTS OF PAST DISEASES.
: Now that they gone, the health OF the
whole body is improved. There is, in conse-
quence, more business confidence in Chicago
to-day than there has been at any time since
e | the panic.
10 a thinking mind there should be little
: matter for surprise in the fact that Chicago
8 has proven herself the champion bankrupt.
t How could it be otherwise? Let people re-
e member that less than seven years ago Chicago
d lost out-and-out a sum equal to $500 OOOOO
Q Add to this the rebuilding at imitation prices,
and then another loss equal to 500, $1,000
must be added On the heels of this came the
!, panic Them BESIDES there should not be left
Il out of the account the fact that Chicago has
&c grown and developed other city
H. on the continent and this circumstance,
d very naturally. would have tendency
a. to work the situation up to a high PRESSURE
v What the bankruptcy record discloses Is specu-
is lation not business; the business men, even the
20 small ones, are few and far between. In the
long list published yesterday morning-in all
the three hundred and ninety and nine--the
reader Will look almost in vain for single
ne legitimate business man~one who traded in
be wares other than wind and cheek. 1t was a
n huge balloon that went up at midnight on
Saturday. The solid part, all that is worth
! having, that which Is making Cn1caSO one ol
the great business centres of the world, remains
mt and was never
oe SOLID FOOTING
m than now. Chicago business houses are firm
ate and thriving Our railroads represent nearly
the only dividend-paying roads in the country
Pork packing is on the increase. TIL
'ill lumber trade was never brisk as now
STA | The fall trade in all lines is booming-and
of anybody has been hurt, it isn't Chicago TIL
bankruptcy chapter has been sad one, but a
entirely natural one A loss of $500, 600 ca
not be replaced in day. That Chicago me
in with loss to that amount, including the hr
on the loss rebuilding, and shrinkages gene
ox- ally, is undisputed fact Under such CT
cunstances somebody had to go to the wall.
NE is believed that the very last man likely to
Cd has gone. The ground is solid now. Let Il
n a dead of the past bury the dead. Chicago.
still the liyest town on this terrestrial heml
phere.
was ruptcy law remained in force and ending wi
L Mt Saturday night, there we're 1888 petitions
-, filed in this district. Of this number 476 we
al filed by parties living in Chicago some
~ the adjacent towns.
)O0,- THE GRAND RUSH
its was during Saturday, however, when 800 pc
tions were filed. The total amount of the Ii
bilities represented in all of the petitions "
$23, 356, 253, while the total amount of asst
SHOWN, were @f l4o, 100 lnlS latIeI dLuou
sary however is not fair showing, assets
II be included to cover the secured debts. The
lame cured indebtedness amounted to $7, 443,o
the and it must fairly be assumed that or I
by amount the greater portion was made sec1
by good assets The unsecured debts aggreg
ed $15 262 257, and represented big mining
A.. oil stock speculations together with a very c
.nas siderable quantity of Chicago and suburb
had real estate. which conld not weather
semi great panic. The total amount of
ds to ferred Indebtedness $3.50, 1872, and nearly
ed by was owing to the national government in
shape of liability upon whisky bonds.
remainder was due for unpaid taxes. The t.
:, amount of the preferred indebtedness is
the given, and could not be, as but very few of
ed by petitions showed what owing in this sh
1t is 1t was generally scheduled an "unkn
a ,re amount due to the State, city and county
wish unpaid taxes for years, dating back ia
: 1872
PAUL CORNELL.
ullion Albert d. Guild and S. 8. Hayes, all of
20 tn city, the only in the list who had
distinction of scheduling liabilities which
O. ceeded s1,000,00O each. E. B. Myers, the
100, 900 estate nan and Ion,+han Ahe1 = Dict
all owed than 100000 George
Chittenden, of Highland Park who had a
short ing for failing oil wells, Harlan w. Peck,
nth of liam .. noperosoh, ch.tles pussy anu
eoAoeu $3OO0 00.. Orson r. Southwood, Lawson A.
'parate bert, Frederick nj. Hamilton, Amaria
e kho- Doggy and Snyder & Lee, who were all
real estate dabblers, and Albert E. Neeley
dabbled in everything from church to
s house, owed to exceed $500, 900 each. Peti
~ were filed by four ladies' and in each case
;,,,;,, made fair showing of liabilities and ext
| ly few assets.