Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1893-06-09
THE NEWS IN BRIEF.
The $15,OOO,OOO Sunk i'm sioux
City.
me New York Press Tells About the
Boom that Has Burst.

AA"t mas hurst.
is IN In the whole history of financial coapses tbere
80 &c iioIe interesting story than the rise and fai
vi NJ, sioux City, Ia, says the New Vorl' pr asai
Wlthlh the past six weeks half n do1an cor,i tess
f sos syndlcates and individuals have gone ,inder
LOT an aggregate of more than s1b an an ,rL
assets are dissolving view and vboee iinti,tij
j k uay 70 day ascend as Hills over hills and
,, ON Alps arise Every energy of it's leadnS
mat human ingenuity could devise the o.os go 80
PRIMERS INK was lavishly expended in ali nnannor
vi advertising, and the races of the earth wifi.
lion ns OF race color previous cond
to ~ serNtuue were invited TO swell the citv's
reputation. And all this with an eve single ~
prio,, uI ehu-to boom the importance of sub
stonli Ieu estate' TO lend fictitious value to
stocks' ponds and other securities, and 10 cover
Win the profuson of population, enterprise and
sSSossae i puoc prosperity the operations of the
W OF finance up to the day of the in
S,i.t'uis Waterloo. These enterprising gentlemen
succeeded admirably. And to their credit he il
recorded that they "builded better than thew
They created and fostered a live stock market
anu anu meat packing industry exceeded only Inv
those OF -FOUR or five cities in America The val
e ec Oh 5ne mon stock Yards plant and property
Sc sI ~, 'OO,OOO Not content with nine lines
OIL railway centring here and three or four other
Hhes having traffic arrangements they laid the
tfpundauons OF scheme to build another road
one oS ~ Cty ana Baltimore-they had erected
o . oI Ihe stateliest and most connections cen
IIal railway depots in the West, and had made
SSOInsslueTaoie progress with a second railway
iOsS lne missouri river when, under pres
SURE OF the general financial stringency the tney.
ipated 90'e' 'ii''" was ANU
The town site of Sioux City as it appears ON ma
per Is larger than Manhattan Island There are
single additions" larger than Central park New
I ork, and scores of additions on which a single
mouse was never erected and probably never will
Pc Between the real city, with its present POM.
laton or 10000 or 49, 1000 and the city limits there
are broad acres of nature here and there mutiIate
ca by cuts and fills in the hurried efforts to grade
nominal streets and avenues The town site
stretches along the Missouri river from the vii.
lage OF Sargent's Bluffs to the public crossing Of
the Big Sioux river, total distance of Is miles
IL was upon these houseless additions that Sioux
city boomers reaped their golden harvests. The
mode OF realizing cash upon these additions was
as follows: The town site proprietor selected
some utterly irresponsible vagabond, sold" him
a block of the new addition for a consideration.
as apparent of record, of 5000 and took pur,
chase money mortgage for $2500. This mortgage
was duly sold to the innocent customer of some
savings bank in New York state, Rhode Island
connecticut or New Hampshire. Such security
for $500 was actually worth little less than the
TWO acres upon which, in the last analysis it was
based, namely, the sum Of $125 Pay day and a
DAY OF reckoning came upon the accumulated
mllllons and villainies comprised in these mort
cages, and failure after failure were the results
The mystery of mysteries is the whereabouts of
the millions that mark the discrepancy between
the broad portal of nominal assets and the actual
value of assets.