St. Paul daily globe., 1892-12-27

the creditors will receive 100 Gems
Oh the dollar if The property
he carefully managed. ANYHOW they
will hot suffer loss lie Says. He will see
that every dollar of Indebtedness is
1iquidaed in time, even if the estate be
not sufficient to satisfy all claims now.
What will become OF the business of
CorSer q Co. has not been determined.
1t will probably go right along. The
firm has an extensive business in real
estate, insurance and rentals. The hrm
has been the agents of the New lo-k
Life Insurance company and Mr.. C0rser
has been manager of the New York
Life building in Minneapolis. The
failure will probably not effect the
immense business OF the firm. the
only branch which A. l.. Belknap is in
terested. Whether Mr.. Corser will re-
main as manager of tbs, New York Life
Dullding.Will be determined by the Min
neapoiis stockholders OF the building.
They have been satisfied with MIR. Cor
ser's management of IL in the past, and
1t is Thought that they will ask him to
continue in charge.
The surprise to business men when it
was announced that one of the Oldest
and best known. and, supposedly, solid
est firms in the city had failed may be
imagined. For twenty-five years f.
S. Corser has been one of the
prominent business men of the city. He
has been well to the front in every pub
lie enterprise, as member of The eXposl-
tiOn board, the Business union and the
real estate exchange. He was rated
among the wealthy men OF the city. In
business he has borne high reputation
for conservatism. honorable dealing and
Sagacity. So high do the business and
financial men of the city regard him
that he has received numerous offers OF
assistance in tiding over his financial
difficulties. He has deemed it wiser,
however, to let the business 20 the way
of an assignment.
The surprise occasoned by the assign
ment is not ullmiXed with curiosity
to know the causes leading up TO II.
Mr.. Corser has offered 10 excuses other
than reveIses in business. Some assert
that he has been overloaded with real
estate. Still others say wheat Is the
agency that has thrown him TO the bot
tom OF the business ladder at period
of life when most men begin to think OIL
retiring from active business. Not un-
til yesterday was it even suspected by
any one save those who were in posi-
ton to know to certainty that
Mr.. Cursor ever specuated III wheat.
But it seems he has specuated. The de-
sire to correctly guess the condition oil
the market has cost him thousands or
dollars. Lester 3. ElwOod is also said
to have been Specula;ing heavily ana 10
have lost. Persons who claim to know
say lha Mr.. Corser lost S250.C00 in wheat
within comparatively Drlef period OF
time. Mr. Corser will say nothing about
these matters until lie has made stale
ment OF his condition.
Last week Mr.. C0rSer lost $40, 600 III
wheat between Minneapolis and CHI
cago. He dealt in Spreads" selling
short in Chicago and buying
in Minneapolis. He thought the
Chicago market would drop and the
Minneapolis market advance. Neither
expectation was fulfilled. The Chicago
market advanced. and Mr.. CorSer had
to cover his holdings at an advanced
price, while the wheat bought in Mime
apOliS had to be sold at a lower figure
than it cost. 1t is explained by the
grain men that the depression i'll the
Minneapolis wheat market last week
was caused by the dumping Of the Cor
ser wheat. white the much discussed
"Northwcstern buying" in Chicago was
the purchase of Corser wheat. The
troubles of CorSer d Co. i'll
the wheat market began a year
ago, when Corser and Elwood tried to
realize heavily on the large crop from
their Crookston farm. They .held Oh
then, thinking that wheat would 90 up.
Their losses ON that crop they tried to
recOup by option trading.