Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1892-12-31
WHEAT PROVED HIS DOWNFALL.
II. s. corser, a Minneapolis Real Estatc
DcaIer, DnbbIcs In Wheat md IL Forced

II. g. Corser, n Minneapolis Real Estato
Dealer. Dabblcs In Wheat and Is Forced
to Assign--Liabiiitics of 81 100000
MINNfAPoLIs, Mimi, Dec. 27.-A loss
of S250,000 in wheat during the last
thirty days has led to the failure of Il.
s. Corser which was announced Mon
day. His liabilities are stated at ST.
100000 The failure created the most
intense excitement of any that has oc-
:urred in this city for years. Corser is
the head of the real estate firm of L. Il.
Corser tS Co., one of the largest in the
northwest, and Corsers failure will
cause the suspension of the firm. 1t was
wheat and not unfortunate real estate
deals that caused Mr. Corser's suspen-
sion. The firm embraces besides Mr..
Corser, Lester B. Elwood, Walter Il.
Badger and Austin b. Belxnap. 1t is
difficult to arrive at the true state of
affairs until the matter is placed in the
hands OF receiver and the liabilities
and assets have been carefully figured
up. 1t is thought from present pros
poets that Mr.. Corser will be able to
meet his obligations nearly in full.
The estate will show fair valua-
ton, the real estate assets amounting
to nearly $1,000, 900. The assets will
amount to about $4,000 in ex-
cess of the liabilities The amount
received by the unsecured cred
itors will largely depend upon
the management and successful
handling of the estate by the assignee,
the greater part of the property being
real estate. The assignee has not been
appointed yet, but will probably be-
selected this week, and it is likely the.
papers in formal assignment will not
be issued until later in the week.
Mr.. Corser was fifteen years ago
president of the city council He is
| at present president of the real estate
board, and has just declined renomi-
| nation to that office. While not re-
| garded us wealthy man, Mr.. Corser
| has been looked upon as one of the
substantial men of the city, and it has
| always been considered that he was
| safe and conservative in his business
policy.
| Friends called on him to offer aid in
| tiding over the present difficulty, but
| he decided it was best to let matters
| take their own course and do the best
| he could under the circumstances. He
| has large farm in the Red River val
ley and raises considerable grain, and
in connection with his own product has
gone extensively into wheat dealing.
Though Mr.. Corscr himself is confident
that his assets will nearly or quite
cover his indebtedness there are
! those of his creditors who are far from
| feeling so confident. Four of the local
banks cover nearly 500, 600 of his paper
at the present time, all of which is said
| to be unsecured. The Hennepin county
savings bank has $1,000 of this and the
Nicollet and First national and Securi-
ty banks about So, 600 each. An official
of one of the above banks offered to
sell his paper for 25 cents on the dollar.
The immediate cause of Corser's
failure is wheat speculation. 1t is to
the wheat pits of Minneapolis and Chi
cago, and not to Minneapolis real es-
tate, that the failure must be credited
The story is that Corser's losses in
wheat aggregated $3.50 When
asked about the matter he did not deny
that he had lost money in wheat specu-
1afinn