Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-01-24
THE DULUTH FAILURE.

Meeting of the Creditors at the Zenith City
Yesterday-Tbe Firm Of Campbell &
Smith, Etc, Etc, Assign-A Belief that
the Wisconsin Legislature Will Come to
tho Rescue-Two Suits Begun In st. Paul
Yesterday Against Contractor Ericsson.
Especial Telegram to the Globe.]
DULUTH, Jan. 23-Owing to the COL
lapse of the Air Line road, the particulars
of which you have had, the Superior City
firm of Smith, Campbell s. Co., after at
taching the property of. the Air Line
company and the contractor, deemed it
advisable to make an assignment and the
papers were drawn accordingly. At a
meeting Of creditors and of the members
of the above named firm yesterday after
noon, however, at which the firms of P.
H. Kelly s. Co.. Lindeke, Warner &
Schurmier, Gordon & Furgeson, Powers
Bros, Mayo 6 Clark and Julius
Austrian, of your city, and Mr..
Bronson, of Saltwater, were pres
ent, accompanied by the following
attorneys, viz: General Sanborn, c. D.
Kerr, w. P. Warner and Fayette Marsh,
it was deemed best by all that Messrs.
Campbell & Smith, and George M. Smith,
the individual member comprising the
Superior City firm of Smith, Campbell &
Co., should make an assignment also, and
this was done at few moments after mid
night last night. Just as soon as Monday
morning arrived, Col. G. E. Bostwick, of
the firm of c. H. Graves 6 Co., was
named as the assignee in all
three of the cases. The liabilities
of the Superior City firm are s25, 900.
Its assets over $1,000 in stock and a
claim of $40, 900 against the railroad COM
pany. The Duluth firms of Campbell &
Smith and Geo. M. Smith are unques-
tionably good and with fair chance
they could pay the Indebtedness of the
Superior firms if nothing should be real
lied from their claims against the rail
road but it is not believed that the Wis
consin Legislature will ever allow the Oma-
ha road to gobble up the air lines land
grant without paying, or securing the
claims of debts of the old road
At second meeting of the creditors
held this afternoon. the following resolu
ton was adopted
Smith, II. A. Campbell and Geo: nj.
Smith have transferred all their property
for the benefit of their creditors, and in
so doing have deprived themselves Of all
means Of support, that the assignee should
in the interest of the creditors, employ
the assignees at fair wages, in SO far as
he can make use of their services in clos
ing up the assignment.
In the remarks of Mr. w. p Warren
in offering this resolution, he paid
high compliment to the fair
ness, business integrity and nice
sense of justice which had actuated these
young men in their misfortune. He said
the parties he represented and all others
with whom he had conversed were unan-
imously of the opinion inasmuch as each
of the parties had families and had vol
unfairly surrendered everything they had,
the least that could be done ON the part
of the creditors would be to recommend
such an action to the assignee. The re-
marks of Mr.. Warner seemed the unani-
nous sentiment of all the creditors pres
ent. The following kilograms were also
read at said meeting and they will be for
warded at once to the governor and lieut.
enant governor of the state of Wisconsin.
Duluth, Jan. %, 1882. To Gov. Rusk,
Madison, Wis. Merchants at Superior
and ST. Paul have furnished supplies for
grading the Chicago, Portage s. Superior
railroad. The supply debts with labor
claims of over a thousand men and
amounts due contractors will be wholly
lost if the land grant and guarantee de-
post is turned over without providing for
their payment. Will you call the atten-
ton of the legislature to the matter.
Signed JOHN B. SANBORN.
Hon. Samuel Flfield, Madison, WIS.,,
see Gen. Sanborn's telegram to Gov.
Rusk. st. Paul and Saltwater men and
your own constituents largely interested
we depend on you for protection.
Signed, MAURICE AUERBACH,
FAYETTE MARSH.
Messrs. Campbell s. Smith and George
NJ Smith have the sympathies and conf
dcnce, not only of the community, but of
their creditors, and it is hoped and be-
lieved arrangements will soon be perfect
ed by which their Duluth property will
be restored to them.