St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-10-29
BIG REALTY BREAK.
uessrs. Bushnell, OF Mortgage
Loan Fame, Ppecipitated
to the Wall.
Chey Estimate Their Liabili-
ties Will Reach a Cool Half
Million,
iut Declare the Assets More
Than Cover That High
Figure.
Facts Leading Up to and Mat
tiers Attending the Assign
ment.

rict court clerk 5 office Ala. Orlan ".
Cullen is named as aSSlgne6 in both in
tanceS. The assignment of the Stand
I'd Investment company Is made over
he signature of William NJ. Bushnell,
IS president, and Alvin K. Bushnell, as
ecretary The deed of assignment al
eyes the insolvency OF the corporation.
The other assignment sta ties that Will
am NJ. Bushnell and Alvin r. Bushnell
we debts as firm and as individuals,
nd alleges that they are collectively
md severally insoivent. Both assign
nents allege that the garnishment of
undS within ten days preclpitated the
assignments. All the personal effects
If the corporation, the company and
he individuals are assigned for the ben
eft of general creditors.
A number of actions have baen
brought against Bushnell IL Bushnell III
The past three years to recover sums OF
money alleged TO have been entrusted to
them for investment. The suits which
orecipitated the assignment We're filed
few days ago The New London City
National bank of New London. Conn,
sued Oh a note for 5000, dated April %,
1891, which fell due in three months.
Abraham BragaW sued on a three
ulOllliS HUG vi IDIOJJs udLSo IS
1891. Notices OF garniShment were
served on the ST. Paul National bank
and the First National bank of st. Paul,
which tied up the funds OF The Stand
ard Investment company, Bushnell u
Bushnell, Will; III NJ. Bushnell and
Alvin r. Bushnell.
Among the ether actions begun
against Bushnell q Bushnell is one
lied Oct p. 1891, by Benjamin. o. True.
professor in the theo o5ical seminary
Of Rochester, n. Y, to recover 81. 059.36.
In this complaint it is alleged that in
1887 the defendants represented that
they were investing m0nty for pc ople
OH the Investment plan, and w ,uid sell
.he property within four months at an
advanced price. That they were about
10 purchase fifty-tw los near MacaleS-
ter station. Oil the Milwaukee, short line
In June, 1887, he advanced them $1,000
10 le invested with tleir money, upon
condition that it WAS to he returned
within year. Blu hlell Il Bushnell in
formed the p airtiff that they had bought
The fifty-tWo lots .or SIG, 800. of which
FIG, 1888 was ca /, and mortgage
was given on the property for $50, 666 81.
In 1887 and 1888 the plaintiff was asked
to contrib te TO paw sums to discharge
interest on tn, property, and he did adj
vance the additional sums or S502.33,
&92. 80. $3.50 and S37l. -. 1t is alleged
that there we're not as many as flfty-tWo
lots purchased. and that the contract
price and the cash pay ment were not as
large as represented.
Among similar actit rs against Bush
nell d Bushnell are the Matthew T..
Bridges for Sl,046.S9; Antln Friesen-
holm for S352.. Thomas j. Reed for
E4S3.35. Angus l.. Cameron for $685. &.
ID al, f,,,. fNIan Ia ,lrr
mott for $1,000, Carrie Il. Mccall, q. f.
Talmadga and MeSsrs. Kelly AMI
Burns.
Bushnell & Bushnell have invested
largely in real estate, and have handled
funds for vast number of people in
the East and at home.
The Bushnell Side.
William NJ. Bushnell, senior member
of the firm of Bushnell IL Bushnell, ana
president of the Standard Investment
company, when questioned placed the
liabilities at from S450,000 to $500, 200,
and was of opinion that the assets
would more than cover $500, 0C0. lie
could not enter into details; the credit
OrS were largely Eastern people, and d
schedule giving the full facts would be
published in few days by Assignee
Cullen. Mr.. Bushnell added that it was
llIC IulCIIlOi VI a'h. OuoHilCAl u
himself to rccommence business this
morning. But for the suits prccipi.
tated upon u.s. continued Mr.. Bush.
nell, 1--WE would have met all our obi
cations. The inStigatorS of the suits
refused to give US time. and, therefore,
that all creditors may be treated alike,
we resign" There are several thou,
sand clients of the investment COM
pany, the money being placed with the
company for the purpose OF making
loans. etc. The following explanatory
document was given out by Mr.. Bush.
nell for the information of the public
The immediate cause of our assignment i:
the commencement of two actions agans
the Standard Investment Company of St
Paul. Mimi, as maker, and Bushnell d Bush
nell as guarantors. on two promissory notes
of 5000 each, and the garnishment in both
actions OF our bank accounts. One of said
actions was commenced by Abraham Bra
gaw. the other by the New London City Ma
tional bank.
The commencement of these actions and
the garnishment of our bank accounts, to
gether with the publicity given to the pro
ceedings, have so curtailed credit in the
various money centers from which we usually
obtain funds, as we'll as in the local banks
that we find it Impossible 10 secure sufficient
money TO pay our maturing obligations as
they become due.
Ii these suits are SLOWED to proceed'to
trial. and the parties bringing them should
obtain judgment, IL would give them q pref
erence or advantage over the other cred
itors
Believing that our assets should be equally
distributed, and that if they are carefully
and equally distributed they Will pay all liza
bilities and leave surplus, we have deemed
it duty TO all the creditors of the two con
Germs to make an assignment under the law
of this state. for the benefit of all creditors
to the end that all may share equally.
Oct. Is, 1891 WILLIAM NJ. BUSHNELL.
A. r. BUSHNELL.
THE STANDARD INVESTMENT COMPANY OF
Sv. PAUL. MINI.
Messrs. Bushnell & Bushnell. in theil
new undertaking. will conduct a gen
eral real estate brokerage and renting
agency.
The announcement of the assignment
created considerable talk throughout
the city. w. NJ Bushnell has been
prominently identified with all public
movements in the city, and, to certain
extent. in the state. He IS most ell
thusiastic worker, and in every public
enterprise with which he identified him
self he brought his Iull energies to beal
upon his success. Mr.. Bushnell was
one year president Of the state agricult
ural society. and SO popular did he
make himself that, in Republican quar-
tiers, he was spoken of as probable
gubernatorial nominees He steadfastly
refused al political perferment. having
been repeatedly asked TO run for the
city council and the legislature. A. r
Bushnell, though not so widely known
as his elder brother, identified himself
with all movements for the city's adj
vancement. He is probably the bes
posted realty man in the city, having
made it his sole study. A. r. Bushnell
gave considerable time to securing the
Of ha hi