St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-01-17
SENSATION TO CONE
When the Affairs of the De-
funct CorseP Firm Are
Made Clear.
The Failure Far Worse Than
ANY One Had Even Con-
eeived.
One Windus Is Sought by His
Employers With a
Writ.
The General Roundup Of 8
Days News in the Flour
City.

Look out for legal entanglements.
business quarrels and generally sensa-
tional developments in connection with
the Corser failure. The Investigations
of the committee representing the
stockholders are likely to have that re-
suit
OminOus reticence and secrecy have
characterized the movements of the
committee ever since it was appointed
by the creditors couple of days after
Mr.. Corser announced his fail
ure. No newspaper reporter has
been able to drag from one OF
the committee a direct statement
that might throw light on the affairs of
&. S. COrser and E. S. COrser d Co.
The members of the committee have
always met inquiry with the answer
that everything would come out all
right. These answers were clOaks to
hide real facts.
As a matter of fact, everything will
not come out all right. Much that
should come out all right is coming out
all wrong. This information comes from
members OF the investigating creditors
committee. While these committeeman
will not talk to newspaper representa-
tiYes, they cannot resist the temptation
to talk to their business associates.
They have talked to business friends
and partners, and these business friends
ard partners have talked in turn. 1t is
the old story Of People will talk. you
know"
That is why the GLOBE is able to
state that the creditors committee is
q t,stA
palling. and the statement is made on
the authority of what members of that
creditors investigating committee have
said. They find. it is said, that the
affairs OF &. 5. COrser and Of Z. 5. Corser
Il Co. are in very bad condition
worse than the most fearful expected
when the failure was first an
nOunced The condition of Uhis
firms business is said to be so
bad that what was intended to be a
general and CurSOTy examination must
be made a thorough, minute eXamIna-
ton. When this committee was first
appointed to look into the CorSeT affairs
and report to the creditors a plan of
procedure to settlement whether by
receiver. assignee or trustee, ii was an
nOunCed that the committee would be
able TO make such a report in couple
of days or so. The committee has been
at work two weeks nearly and is not
done yet.
The most disagreeable conditions. it
is said, arise from the wheat SpecuIa-
tons or the COrser firm. More money
has been lost in wheat than has ever
been limited at. Many of the stiff old
business men among the Corser credit
Ors look upon wheat trading as nothing
less than gambling pure and simple,
with the odds against the gamblers.
And that is why they are sore. They
object streuuOuSly to seeing their
money go to pay the claims of wheat
brokers. They are preparing to raise
trouble on account of the COrser wheat
| operations.
The creditors have already, it IS said,
decided to repudiate one claim against
the Corser firm. This is the claim of 4.
/ j. Sawyer d Co.. for some $4,000. the
/ margins on Mr.. COrSer'S last wheat deal.
the wheat deal that broke his back.
| Sawyer IL Co. will not, Of course. sub
init 10 a loss of $4,000 without kick.
II they are not given an equal share
with the other creditors they will sue.
/ When this case gets TO court more than
/ the complications of this one deal are
/ likely TO come to light.
But this is not all. The creditors dc
/ not intend TO stop at the reputation oil
! this one $4,000 clam. MI. C0rser ha,
/ lost good many 500, 000lumpS in wheat
I The creditors intend. so it is said by in
! terested parties. TO get that back, il
| possible. Suit will be brought to re
/ cover money lost in previous Whea
/ deals. Inasmuch as Mr.. COrser admits
/ that he has been trading IN wheat fol
TWO wears or more. and inasmuch as he
lost 500 900 on the last deal, it may b(
safely cOnjectured that the aggregate
/ sum to be sued for will be represented
! by six figures.
There are several facts CLEANED from
the observations dropped by member
| of the creditors committee and heavy
! creditors. One Of the heaviest credit
Ors was asked about these matters yes
/ terday. He would say nothing directly
but. under promise that he would not b,
/ quoted. he did say:
"A good deal of nauseating matte
/ has been printed about the sound con
/ ditiOn Of COrser's affairs generally.
| want to tell you that when this failure
| is investigated ana all the details made
public. it will be found to be one of thC
| worst failures Minneapolis ever saw"
Some people, who claim to know
| whereof they speak, hint darkly of lega
| proceedings which would De highly sen
I Sational.
In connection with this subject it ma.
be stated that chamber of commerce
! men accuse Mr.. COrser of poor bust
ness Judgment. They say he could hav,
unloadad all his wheat in the Mime
ap0lis market in that last deal if he hal
done it with discretion and withou
forcing it. Had he done as they say h
could have done, he would have save
himself. Ii is also limited that certain
brokers in handling wheat trades TO
MI. Corser at one time and another
have operated with an eye more TO thei
| own profit than to Mr.. Corser's.
WINDUS is WANTED.