St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-11-13
G. VI. LoRlpo FAILS
e. 49, -Ea-ne O.
FATHER OF THE MiNNEAPOLIS
PARK SYSTEM MAKES AN
ASSIGNMENT.
LIABILITIES OF 100000.
OVER HALF THE AMOUNT BE-
CAUSE OF OTHER PEOPLES
NOTES.
A TALK WITH MIR. LoRING.
He Thinks He VIII Pay Dollar
for Dollar and Have Some
thing Left.

The veteran Minneapolitan, c. M.
Loring, has made an assignment.
The papers in the matter of the in
solvency were filed in the district
court last evening They consisted
simply of a voluntary deed of as
signment signed by Mr.. Loring and
naming the Northern Trust COM
pany, of Minneapolis, as assignee.
The assignment was not forced. Mr..
Loring deliberated long over the
question of what he should do to
clear up the tangled condition of his
estate, and several plans were pro-
posed. One was to put it in the
hands of a trustee and devote the
proceeds to paying off the liabilities
as rapidly as possible. After giving
the matter much thought Mr.. Loring
decided that the best way would be
to assign and name some good sub
Stantial trust company as the as
signee in order that the estate might
be carried along and as much as pos
sible realized from it. In all proba-
bility more than enough to pay ev-
cry dollar of liability and the cost of
administering the property will be
realized. Mr.. Loring said last night
that with proper management he ex-
pected that his property would net
a return to him over and above the
liabilities which he is made to as
sumo and which are incumbent upon
the property. He was not prepared
to give the exact cause of his failure.
In fact it would be hard to state all
of the facts that led up to it. Ger
tain business relations made Mr..
Loring as the indorser of paper
signed by others the person liable,
and this swelled his liabilities be-
yond what they would have been un-
der ordinary circumstances. He was
not prepared to blame any one for
this condition of affairs when seen
by the G l o b last night, but rather
took the whole responsibility on his
own shoulders when it is well known
that others should bear a portion of
the burden.
MR.. LORING TALKS.
'It's all owing to circumstances over
which l had no CONTROL" said Mr.. Lor-
ing And I might say that no one had
control over them," he added after
moments hesitation. my property is
sufficient to repay every one of my
creditors dollar for dollar, and I would
rather that it should be settled up now
than to have the matter drag along.
With returning prosperity it will net
a good figure and in the hands of a
strong corporation like the Northern
Trust company, with ex-Gov. McG1ll at
its head, it will be managed as we'll as
l could manage it and probably better.
I think I have taken the honorable
course in the matter and that is what
I wanted to do. I have been honest In
my dealings with the citizens of Mime
apolis, and l don't believe any one will
be the .loser.'' Continuing further
along the same line Mr.. Loring said
1.-The immediate necessity for making
an assignment is on account OF the
falling due of the endorsed paper which
could not be met by the makers. My
friends advised the assignment In the
interest of all creditors, and it will in
no way affect the interest with which
7 was connected. For instance, the
manufacturing company in New York
is in first-class condition. 1t does not
owe a cent of Indebtedness and my as
signment will not affect it in any way.
The estate of Mr.. Loring Is large
one In his assets are included a num-
her of fine properties in the city OF Min
neapolis. One of these is the Window
block on the corner of Second avenue
south and Washington. This building
was built early in the history of the
citv and is a good investment, being
nearly all occupied by tenants. The
first floor is devoted to the Washington
hank. and tha second to the offices of
the MINNEAPOLIS General Electric. Be-
sides this building, Mr.. Loring is the
possessor of a large amount of prop
erty located on the east shore Of Lake
Harriet This property is high and dry
and is considered very desirable for
building purposes, particularly Tor
large residences. In addition Mr.. Lor-
ing owns much other property IN var
ious sections of the city. He is stock
holder in various corporations, many OF
which are closely identified with the
prosperity of the city and which have
assisted in building it up.
THE FIGURES FOR 1T.
Last evening he gave his total as
sets at about 10000, while the liabiil-
ties will amount to nearly 100000, d1-
vided as follows: Personal liabilities,
bills payable (secured), $50, coo; personal
liabilities, mortgages payable, $4,000;
liabilities on account of Endorsements,
$2O6, 900.
Mr.. Loring has been identified with
the business interests of Minneapolis
since he went there late in the sos. His
first active business connection was
with the firm of Loren Fletcher & Co.,
organized in 1861. This company soon
became one of the largest in the early
history of the city, and up to the pres
ent it has continued in high financial
standing. In 1868 Messrs. Loring and
Fletcher Joined w. F. Cahill, and pur-
chased the Holly mill, which was op-
Grated under the firm name of w. F.
Cahill &, Co. until 1872, when it was
sold out. In 1873 Messrs. Loring and
Fletcher became the principal owners
of the Minnetonka mill, but since 1880
neither one has given particular atten-
ton to the milling business.
Since that time, however, Mr.. Loring
| has not been idle by any means. He
has been closely identified with a num-
Der of local corporations and has as
! sisted in their financial management.
No matter what adversely may over
take him, Mr.. .LoFing will always be
! regarded as one of the greatest bene-
| factors the city of Minneapolis ever
had His immense work in connection
with the park system will live long
after his allotted time has passed. He
has been called the father Of the park
system, and the title was honorably