The Irish standard., 1895-08-24
WHAT | 4. 1 Will |. | GAN DO.
John cudahy's Career in the
Speculative Field Of
4. Chicago.
In Debt for Over a Million and a
Half, But Still Working
to Pay 1t.

A N1G1lA Va ANNI w G4NA X<S0VAA VS. SO
Whom Everybody Has the
Utmost Confidence.
A striking illustration Of the integrity
which guides and sustains Chicago's conf
,mercial leaders was given yesterday on
the Board Of Trade, when $S78,O0O was
distributed among the creditors OF John
Cudahy, being the first payment, 25 per
cent, made in discharge of the llabllltles
scheduled against the noted speculator
when he placed his estate in liquidation
two years ago. says the Chicago Inter-
Ocean. The money was deposited IN the
Corn Exchange Bank, with Charles l..
Hutchinson, as trustee, some days ago
1t was not. due until today, so it was paid
one day before due. Forty-ive firms had
claims on the fund, the largest payment TO
any one house being 100000. Amounts
ranging from 1000 to $45o0O were dis
tr:buted among the other firms.
When John Cudahy suspended payment
during the panic of 1898 his liabilities were
with one exception the largest of any man
who ever failed on the board Of trade. He
owed s1,524,oO0. When G, J. Kershaw
engineered the Harper wheat deal in 1888
his liabilities were $1,900,ooo. He paid
$3.50, 900, and turned over to his creditors
claims for 81, 500 900, on which very little
has been realized. With Cudahy it was
different. Though disasters We're numer-
GUS around him, all interests being affect
ed by the wave Of depression which swept
over the land at the time, he never lost his
nerve. but looked his difficulties In the
face and promised to s11rmount them. His
confidence in himself soon extended itself
to his creditors, and in less than 80 days
he had affected settlement by undertak-
ing to pay 100 cents on a dollar. His
notes. endorsed by Michael, Edward and
Patrick Cudahy, were allowed to run i've
years without interest. The first pay
ment of Is per cent became due today, and
a similar payment will be due in twelve
months, and the valance Is per cent, will
be payable In three years.
Mr.. Cudahy's courage at the time he
was compelled to seek settlement went
great way to allay the panic then pre-
vaiIng. Several other firms We're affec-
ted by his fall but ali followed his exam
ple and went to work t0 retrieve their for
tunes. His action was an inspiration to
others If he contributed to their fall, he
helped them to rise again. The good
spirit aroused at this time was given a
flip yesterday when Mr.. Cudahy's labors
bore tangible results. The big dividend
will help many firms and the general dis
tribution Of money will give, tone to-
all departments Of business on the board.
+ John Cudahy is a man who has never
been doubted by his friends. His courage
and honesty are q part Of the history Of
the board of trade. No other man, per-
haps, could have stood up SO bravely un-
der such adverse circumstances. The fact
that he has made more than enough to pay
his first dividend, which is in itself a,
small fortune, proves that he possesses
unusual business abilities. His success
during the two trying years which have
Just passed has been phenomenal.
at the time of the panic Mr. .Cudahy
had real estate and other property val
ued at over s1,0oO,00o, A part of the real
estate was transferred to Charles L.
Hutchinson, as trustee, to secure the
notes given in settlement. Part of this
property has been sold, but the money
used to pay the 25 per cent dividend has
been made by his operations in grain
and provisions, a good part of it having
been secured within the past six months.
Had it not been for the panic in 1899
the lard deal in which John Cudahy and
N. X. Fairbank were interested would
have been a success, and the action Of
the market after they had been forced to
close out, showed that their opponents
we're right, as prices advanced from 6
cents to 10 cents per 100 pounds. Both
Cudahy and Fairbank had ample re-
sources, but, unfortunately for them,
they were unable to raise money, even
on government bonds. Their holdings
were not large and either of them might
easily have handled them without diff
Guilty in ordinary times. It could not be
shipped out, however, at the high rate OF
exchange made it impossible to sell their
bills.
John Cudahy was born Nov. S, 1S43s
near the town Of Callan, Kilkenny coun-
ty, Ireland, his parents being Patrick and
Elizabeth Cudahy. In 1S49 the family
came to this country. There were six
children besides John: Michael, Edward,
Patrick, William A, and sister, Eliza
beth who died as Sister Mary Stanis-
laus, in the House of the Good Shepherd,
in Milwaukee, Jan. 10, 1892.
On coming to this country the family
settled In Milwaukee, where the father
first engaged IN the brokerage business
ID a small way, afterWard starting a
packing house, where the boys received
their earlier business education.
For. several years John attended the
public schools Of Milwaukee. At the
age Of Is he obtained position in the
packing house of Edward Roddis. Later
he accepted q a$respons Bile position with
Layton 8 Co, where he remained three
years.
then ppoInte p1oyi sion
srs'etor tor the city nldilwauk u 3
saffegFard became remaI, Of
inspe sannect