The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1883-03-28
THE SUICIDE OF SIMON B. PAIGE PARTI-
s@ ALLY EXPLAINED.

81 OSHKOSH, Wis, March 27.-A turn Of
affairs has taken place in regard to the
financial status of the firms of s. B. & j
A. Paige and the Paige & Sexsmith Lum
Der Company, of Superior City, for whose
liabilities the former firm are responsible
as indorsers and stock holders. It may be
well in the outset to state that something
over 100000 of the firms paper is held
by banks in this city. SIS, 900 by a bank in
Neenah. and 50, 600 by bank in Green
| Bay, besides amounts not known, by
banks in st. Paul and Superior City, and
upward of $50 600 by the banks in Daven
port. OF the amounts held in the city
/ the National bank of Oshkosh holds S19,-
600, the Union National bank about $6S..
| 900, and the Commercial Bank about S1S,,
900. The firms has put in over 30, 600, 000
feet ofslogs at Superior City during the
past season, and over 500, 900 to men and
| loggers at that point.
1t was for the purpose of seeking loan
of this needed 100000 to pay of this
latter Indebtedness for labor, that Mr.
| Paige, Judge Sargent and the Sexsmiths
invited the bankers of this city to meet
ing in the directors room of the Union
National Bank on Saturday evening, to
examine a complete statementsof the liza
bilities and assets The liabilities were
more easy to arrive at than the assets.
The
LIABILITIES At DAVENPORT
of Paige, Dixon 81 Co, were footed up
according to the statement at about $500,
600. It was figured by some present that
in closing out the business and assets
there the assets would fall short of meet
ing the liabilities by from $40, 600 to $780,
600 according tosthe ability by which the
affairs were managed. As to the Iiabili-
ties of the Paige e Sexmith Lumber Com
pany atsSuperior City the liabilities were
footed up at about 1894, 900, making the
TOTAL LIABILITIES $554,o00
of both concerns. AS to the assets of the
Superior City concern there was differ
once of figuring among those present
The statement claimed the assets to be
100, o00. 600 feet of standing pine at So 90
worth 100000. mill property $3.50, 600
lumber on hand, $4,000 TO 300, 600, 900
feet of logs at $1S0,o00, making the
TOTAL ASSETS $590,O00
Some of the bankers present for the
sake of being on the safe side, figured at
lower rates as to the valuation providing
the statement of the amount of property
was correct, and estimated the assets as
follows:
ANOTHER ESTIMATE.
One hundred million feet of standing
pine at 81, 100000, mill property 800,
600, lumber on hand $50. 600, two Million
feet of logs at 100000. total $3.50, 600
Butallowing for the low price here figured,
they were willing to call the assets of the
superior concern an even 100000 The
above does not include some loose prop.
erty, such as interests in tub boat, etc.
nor does it take into account any prop
erty ON the Wolf river, or in or about
this city. The banks, however, after
an examination of the statements
declined to advance the $4,000 and as ii
is necessary to secure the amount at
to once pay off the laborers and clear the
Lake Superior logs, both firms of s. B.
and j. A Paige, and the Paige &c Sexsnith
Lumber company have signified their
Intention to make clear assignment
They are now trying to find a compe-
tent man, acceptable to all parties, who
will take the trust. Senator Sawyer was
urged to take it, but declined on account
of tue many business enterprises he is
| already engaged in. 1t is not yet known
who the assignee will be. As To the out
come OF these affairs it appears to be the
opinion of good sfinanciers that il the bus
mess is well managed il viii not only
come out whole, but win ssaa