Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-01-23
THE BUSINESS WRECK.
ST. PAUL NOT IS BADLY CAUGHT rs
REPOHTED.
Campbell, Smith & Co., OF Duluth, Fail
With SEC, 900 Liabilities-The Chicago,
Portage s. Lake Superior Railroad the
Bubble Which Made all the TrOubie-A
Dstsiled Statement of the Smash-Up.

The Chicago, Portage s. Lake Superior rail
road and the consequent failure of Smith
Campbell 8 Co., of Superior City, Wis, ant
Campbell & Smith, of Duluth, was matte
of general comment on the streets OF St. Pau
yesterday. OF course everybody was anxious
to kno how much everybody
else got bit. 1t was very well
known that some of the contractors and sub
contractors under the construction company
had obtained part of their supplies either in
st. Paul, or through Smith, Campbell & Co.,
who in turn obtained theirs here. 1t was
therefore very natural to suppose that many OF
our heavy dealers were in for loss, and this
was the great matter of curiosity yesterday on
every hand. The streets were full of it and
the hotels were crowded with little knots of
men an1ion sly, and in many cases excitedly
talking of the grand collapse of the mighty
Anglo. American Construction company, and
the tumbling in pieces of an army of sub
contractors.
THE NEWS IN ST. PAUL.
There was great deal of reticence on Satur-
day among Interested parties. Mr.. Kelly took
time by the forelock and sent special train
to Duluth, conveying Gen. Sanborn and one
Of his employees, to look after his interests,
and the serenity with which he was enjoying
the quietude of the Sabbath indicated that his
claim had been put in good shape by his legal
and business representatives.
So far rs Advices went yesterday there is rea-
son to think the losses of st. Paul merchants
have been greatly exaggerated, that the con-
dition of Smith, Campbell q Co., is not so
desperate, by good deal, as it was at first
supposed to be, and that the probabilities are
that dealers will come out without loosing
anything.
LOOKING OUT FOR THEMSELVES.
All the st. Paul houses seem to have been
rather careful about this construction COM
pany, and all connected with it. Those
who have parted with their
goods have done so only after satisfying them
selves as far as they could of the reliability of
the parties applying for accommodations, and
have protected themselves to some extent by
limiting both in time and amount the indebt-
edness, while some of our dealers have wholly
refused to sell except for cash. In one in
stance representative of the construction
company applied to a well known st. Paul
hardware store with a view OF purchasing
$4,000 worth Of supplies, but the house, af-
ter making inquiry. concluded the business
was not desirable, and therefore declined to
accommodate the party with the credit he
wanted. The same party, not being successful
here in st. Paul, is said to have gone to Min
neapolis where he obtained the necessary cred
it and got the goods. Another firm here in
st. Paul sold this construction company
small bill of goods and drew on the company
al thirty days. The company wrote back that
they were not in the habit of being crowded
quite so sharp, and that they would desire no
more dealing with house that sees fit to col
lect up as close as that. If they could not
have sixty days credit they would go else.
where, and the firm said, "All right, gentle
men, exercise your own Judgment in
the high sounding titled company
the Anglo American Construction company is
no more Another firm in st. Paul has to-
day upon its desks orders from this great con-
struetion company for thousands of dollars
worth of supplies which, fortunately for the
firm, it did not furnish them.
LATEST FROM THE FRONT.
The advi ces received from Duluth yesterday
were to the effect that Smith, Campbell 81 Co.
would pull through. The gentlemen CON-
posing the firm are regarded as very sound,
reliable business men, who are square in their
dealings The advices referred to are to the
effect that Smith, Campbell & Co.'s entire liza
bilities are not over $4,000, while their assets
are 100000, besides the claim against the
road of $4,000, and stock in Duluth worth
over $4,000.
On Saturday Campbell, Smith s. Co. attach
ed all the property of the contractors and the
construction company which could be found
at Duluth and Superior City to secure their
claim mentioned above.
All they ask is patience on the part of their
creditors, and everybody will get their pay in
full. These advices also state that most of
their creditors at Duluth have confidence that
Smith, Campbell & Co. are all right and have
agreed to give them an extension; that the
prospects are that it will not take long to rea-
lie something from The Chicago, Portage d
Lake Superior road, as there is no doubt all
claims must be paid before the Chicago, st.
Paul & Omaha company can get possession of
the road. that so far as credit is concerned
Smith, Campbell & Co. will be seen through
all right. The above is the tenor and SUBJ
stance Of the advices received in
st. Paul yesterday from Duluth
The heaviest creditors of Smith,
Campbell & Co. expressed themselves yester-
dsy very freely and with great confidence as to
favorable outcome of the whole matter, so
far as refers to this firm. They have no doubt
that the liabilities of this firm will be met in
due time
WHAT THE CREDITORS SAY.
Mr.. P. z. Kelly, when asked about the
matter, was as serene as if nothing had hap
pened He had no fears whatever as to
what the result would be. Smith, Campbell
Il Co were indebted to him IN the sum of
$4,000, but this he regarded as perfectly
safe, and had no fears about its being paid
dollar for dollar. He would be perfectly
willing TO fill an order from them for more
goods.
Messrs. Auerbach, Finch & Van Slyke have
been de aling pretty heavily with Smith,
Campbell & Co, but at the time of the trouble
the latter were in debt to them only about
$500. Mr.. Auerbach, as has been stated
went up to Duluth and is now on the ground
looking after the interests of his firm.
Messrs. Beaupre, Keogh q Co. are not hurt.
They are in for only $3.50.
Messrs Gordon & Furguson who were re-
ported to be deeply interested, are interested
only to the amount of 5000.
Wild reports go abroad too that Messrs
Griggs & Foster we're cut into at fearful
rate. The reports prove to be wholly inaccu
rate, as that firm have no dealings with either
Smith, Campbell & Co., or the Anglo meri
can Construction company.
Maxfeld & Co., were also mentioned in con
nection with the disaster, but they declare
that neither Smith, Campbell & Co., or the
Anglo-American Construction company ar,
indebted to them in the least. Mr.. Maxfiel(
saws that he has now and has hat
for some time on his desk order!
from parties engaged in the construction Of
the road for goods that have not been filed a,