Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-03-01
BUSINESS TROUBLES.

Co., of Youngstown. o., to Resume.
Especial Telegram to the Globe
CHICAGO, Feb. ga representative of
the GLOBE interviewed the prominent pa
per houses of the city this afternoon as to
the result of the Taylor failure. Mr.. j. B.
Smith, of Bradner, Smith & Co., said: Il
don't think it will affect the paper men.
The cause of the failure is to me very cas-
lily explained extending business with
lack of capital. 1t is not just the thing to
attribute it to dull trade, for our trade is
not dull, not even slow. You see, there is
very little profit in paper, and ] don't
think the manufacturers have been max
ing any money for several months past"
''Why are failures in the paper trade so
numerous just now.
Il can only imagine the cause to be
recklessness in business methods and lack
of capital. The people whose failures
have crowded the papers recently have
been urging sales. They wanted money
and had to have it. For instance, the
Clark failures, and those hinged to them,
were not unexpected among paper men.
Less than failure could not have been ex-
pected. If we should buy a lot of paper
mills, with no money to pay for them.
would naturally expect trouble, and don't
think I would be disappointed, either.
But the idea that the failure of Mr..
Taylor will seriously affect the paper trade
is all bosh."
Il think the Taylor failure will have a
tendency to stiffen prices in paper" said
Mr.. w. H. Cooke, of W. II. H. Rogers &
Co. "The cause leading to so many fail
ures in the paper trade may be attributed
largely to the dulIness pervading the gen
eral trade, and as all kinds of business
require more or less paper, it follows that
when business is dull the paper trade sui
fers. More than that, there is very little
margin on paper, and unless it is sold safe
and at profit, there Is liable to be trouble
The fact of the matter is, goods in our line
have been sold too close, and the Taylor
failure will make paper dealers more eau
tious.'
Il have no idea that the failure of George
II. Taylor & Co. will materially affect the
paper trade" said Mr.. j. W. Butler, of the
Butler Paper company, except that a
failure of such proportions in any trade
will cause more or less financial futter
[ am sorry for Taylor, but for some time
l knew failure was unavoidable. Most of
the paper men and manufacturers knew
that Taylor was carrying a big load, and
that failure seemed inevitable. The paper
trade is good just at present
better than it was two years ago, and we
are getting better prices because printers
and publishers generally are prosperous
and able to pay for their goods"
''What was the direct cause of the Tay-
Tor failure?"
He has been trying to do too much
business on kites as we call them, an6
his connection with Lucius Clark & Co
hurt him badly. 1 think the beginning oil
his trouble was when he bought the Soutt
Bend mill four years ago, and went into
debt for it very largely. Of course if {
man buys goods and has no money to pay
for them, anybody can see the outcome
CHICAGO, Feb. 2S.-Geo. II. Taylor &
Co., large paper and printing establish
ment, confessed judgment this morning
for 100000. The place was seized by the
/ sheriff and is now in the hands of a depu
| ty. The large sums for which judgment i
entered are as follows: Rose NJ. Knickc
hacker, $4,000; First National bank O
! Chicago, $4,000; Frances Z. Carey
/ $4,000; John. l.. Beyeridge, $4,000; Jaccl
| Newman as trustee, $4,000; Clevelant
Paper company, $4,000. Taylor says tn
/ debts of the firm aggregate about $500,
coo and believed if the outstanding &C
counts can be realized on in full he cal
pay dollar for dollar. The failure wa
precipitated by that of CLARK Bros, o.
South Bend, Ind. Taylor is the son o
the president of the Cleveland Paper com
pany and drew his supplies largely from
that source.
The failure is attributed to doing large
business on a small capital. The immedi
ate cause of the failure was that ClarkBros
of South Bend, to whom Taylor sold
paper mill, they to assume a mortgage OF
it for 49, 900, but, before anything was
realized on the transaction, Clark Bros
went into liquidation. The following ar,
additional confessions of judgment in tht
United States circuit court: In favor o
the Cleveland Paper company, S71,000
G. 7. Beckwith $4,000; making a tota
Of 100000.
YOUNGSTOWN, O., Feb. 2S.-The Iro1
Mining company has released the attach
ment and affairs are progressing so favor
ably under the direction of Receiver Brown
that it is expected the fires will be relighteC
next Sunday night and a start made in al
departments Monday. Many contracts
are being received and determination i;
expressed to assist Brown, Bonnell & Co
through their present embarrassment.
CHICAGO, Feb. 28.-The directors of the
suspended Union Iron and Steel company
have held secret meeting, at which, it il
said, it is resolved to submit proposition
to the stockholders at the meeting to b.
held March u, to issue $1,400,000 of pre-
ferred stock, on which to start the mill;
again.
UTICA, n. Y, Feb. 2S.-S. h. Fox & Co.
of Oneida county, the largest manufactur
ing firm in this state, have assigned, will
liabilities $150,O00.
CHICAGO, Feb. 28.-Arrangements have
been completed for match between Car
yer and Bogardus at the Chicago driving
park next Saturday; 100 birds eech; five
ground traps; London Gun club rules
eighty yards boundary.
FARIBAULT.