Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1901-12-13
BLAIR A BANKRUPT
Railroad Promoter Asks Court to
Relieve Him of His
Debts.
lies PETITION IN ST. PAUL
Bursting of Real Estate Boom in
That City Responsible for
Failure.

Frank p. Blair, the man who built
the lower or Crescent bridge and
through whose efforts the d., II. !. &
y. w. railroad system and it's subse-
quent affiliations came into exist
ence, has filed Il petition in bank
ruptcy in St. Paul and from the looks
of the liabilities and assets is about
ready to begin at the bottom of the
ladder and work himself up again.
The collapse of the real estate boom.
in which he was riding upon the
crest of the wave, was responsible.
He tortered down with st. Paul park.
Il suburban scheme that he fathered.
But Rock Islanders, while they
have sympathy for Mr.. Blair. will not
consider this misfortune great
enough to overwhelm him. His rec
ord in the past shows that he will
ride again above the storm, and this
time in such a safe vehicle that he
Will have no further occasion for
bankruptcy courts.
Mr.. Blair first came here in 1894.
lie did not come here To build
bridge, but while out driving with
his uncle. j. VI. EIdridge. in Daven-
port, was told by the latter that a
franchise had been secured from
Washington for a second bridge over
the river at this point. why don't
you come and build it," asked Mr..
Eldridge.
The question set him to thinking.
Finally. he was taken 10 the man
who had the franchise in his possess
sion. and the papers were turned over
to- him. He didn't have money
enough to swing the enterprise ON
hrs own hook. but nevertheless he en-
listed a sufficient amount of capital
to push the thing through.
Difficulty ut st. Paul
\ St. Paul exchange says of the
bankruptcy case:
Boom days in st. Paul and the
consequent collapse of real estate
values are recalled by a petition i'm
bankruptcy filed with the clerk of
the United States district court yes
terday. The petitioner has been
away from ST. Paul for many years,
but he will he remembered rs one of
the most active Of the boomers and
one of the largest and most daring
operators in ST. Paul real estate i'm
those times of abnormal activity. |
The schedules filed show total liabili- |
ties Of S729,177.s1, consisting of Sc
cured claims amounting To $4,000. |
claims 500. 756; and notes /
and bills which ought to- be paid by |
other parties thereto SiO.221.35.
The total assets are S397 ana com
prise: Cash on hand. S3j; household /
goods. S16O; horses, COWS and other
animals. 81; other personal property,
$50: stocks. negotiable bonds. etc.
500; policies of insurance, 50. and
property claimed to he exempt, 81.
The creditors number between 100
and 500.
From the schedules IL appears
that Mr.. Blair was the holder of
nearly S1.OOO.OOO par value of the
stocks of the St. Paul Park Improve
ment company, and the St. Paul In
yestment and Savings society, both
Of which were organized with a view
to promoting St. Paul park, and went
to the wall in the panic of 1893.
As a stakeholder in these defunct
companies Mr.. Blair is liable for
their indebtedness and that consti-
tutes a large proportion of his liza
bilities. Mr.. Blair's business career
was sensational and meteoric. When
the boom started he was a clerk
working on a small salary for the
wholesale hardware firm of G.. i. Far
we'll &, Co. He became interested in
real estate transactions in modest
way at first, but soon gave up his Po-
sition to devote his entire attention
to mis- real estate ventures, which
rapidly grew more pretentious. 1t
was he who built the Algion, which
was the first of the large apartment
houses ever erected in St. Paul. He
was soon rated as a heavy man of af-
fairs, although still young in years,
and he had many irons in the fire.
Officers OF Court.