The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1895-05-09
N. P. CLARKE FAILS
The Announcements Creates SUR.
prise I'm the Business Circles =
of The North west.
Lucas Kells has been Appointed
Assignee OF the Great Es.
tate-a Wise selection.

For Several days rumors nave Oeen
afloat of the failure OF N. P. Clarke, OF
st. Cloud, and the report created pro-
found feeling OF sympathy, for Mr..
Clarke has hosts OF friends in this city, |
as elsewhere throughout the district.
He was supposed to be exceedingly
wealthy and financially as solid as
rock. He has extensive and diverse
interests throughout the country, being
an extensive lumberman, owner OF vast
tracts OF pine and mineral lands, largely
interested in breeding cattle and tne
horses, owner of a bank in st. Cloud
etc. So it will be seen that the failure
will be far reaching. Lucas Kells has
heen appointed assignee and will enter
upon the duties of the position SO soon
as the amount of his bond shall be de-
termined. The story is briefly and yet
fully told in the following from the
Minneapolis Tribune:
President L. Kells, OF the Bank of
Sank Centre, assignee tor the N. T.
Clarke Lumber Company, and G. w.
Stewart, attorney for the company at
ST. Cloud and it's northern agencies, ar
rived in the city Tuesday morning for
the purpose of commencing their. investi-
cations into the condition OF the COM
PAWS books, and tie general status of
the business. The Investigations will
DR. obably cover period of from week
to 10 days. Both gentlemen are broad
minded men, full of business, and will
civ satisfactory account of their find
ings to all concerned.
"Assignee Kells stated that at st.
Cloud the assignment of the st. Cloud
company had occasionsd no excitement
whatever, except in immediate lumber
circles. The people of st. Cloud, said
Mr.. Kells. had the most implicit faith
in N. P. Clarke, who dad iIsen doing
business in that city and vicinity tor
years.
"Whv, if Mr.. Clarke wanted to open
UP business again tomorrow, and
should advertise for money, he would
have it by the barrel before breakfast
said the assignee.
Asked as to the assets of the company
Mr.. Kells replied that the ready assets
of the Minneapolis end would probably
reach 500, 900, which might be called
quick assets. The assets atSt. Cloud
were OF the other kind. although they
would probably De Just as good in the
end. The property the company has
at st. Cloud is in bonds, bills and &C
counts receivable, appliances, horses, etc.
and other stuff which would realize
more slowly by tar than the Minneapo
lis assets. The disposing of the ST.
Cloud assets, therefore, would take
more time than those involved in the
Minneapolis end, and would have to be
handled by the company, and not the
assignee, in order to bring their best re-
turns. Mr.. Kells was asked what pro-
portion, relatively, the assets had to
the liabilities.
81 think we may safely presume that
N. P. Clarke will pay as high. at the
lowest estimate. as SO cents on the dol
lar from the available assets alone, and
hot taking INTO consideration what he
will secure in .other channels and what
the business continues. feel salts
fed that Mr.. Clarke will see every one
fully provided for before he sits dowr
and figures out his own loss. He viii
give his entire time to settling up tn,
question, and will not give up until hi:
health gives out"
lMr. Stewart, attorney for the com
pany at St. Cloud. in speaking Of tn
affairs of the company, said that the ee
innate placed on the liabilities Of Mr.
Clarke was correct as far as known
The estimate was $45O,O0O. Asket
concerning the prevailing run1ors o
Friedrich H. Clarke's connection with th
company. MIR. Stewart said: "a.
'As to that ! have nothing to saw
Personally, know nothing of it. Fred
erick Clarke has not been in St. Clou,
FIVE times IN 10 years, and you people il
Minneapolis ought to know more abou
him than / do" The latter. name
young gentlemen was busy about rh
office this morning and did not in tn
least appear to be disconnected over til
situation of affairs. The rumors OF hi
fast doings he denies strenuouslv.
call at the office of the N. P. Clark
Lumber Company disclosed the fact tina
the clerks were still at work on til
books trying to arrive at a concIusio
as to the condition of the concern. Nj
Clarke was there. He was svidertl
very sadly FRUSTRATED by the bio,
which has betallen him. Mr.. Clark
said:
I'VE are not yet ready to make
statement as to the condition OF IL
INN. rough estimate indicates ths
The liabilities will he in the neighbo
hood OF 100000. As to the assets,
fear that they willnot equal this amour
have not yet examined the log col
tracts. They make wide difference i
the 1nal footing. Logs in the river, IL
instance, are very uncertain quantity
There NAV be wide Discrepancy b.
tween whaf the contracts show and tl
actual condition. l,rd do NOT wait I
blame any body. but cannot help rhiiil
ine that things should not be III the co.
,illon in which they are. Tie fri
D0e 1t solvent anu naive a iarge>ec
IS II s,asSls. i bian5e his self Tor ne