The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-01-29
Total for taxes, assessments


six years. 1890 to 1896, in excess
of what l have received ........ $191, 1892 81
Total for taxes, assessments
and interest ACKNOWLEDGEMENTS. $376, ,237 Il
During the same period l have built
a row of buildings on Sixth street,
near Broadway, at cost of about
$27 900, paid repairs and insurance, and
thus has my personal indebtedness
increased from $505, 1856 on Jan. 81,
1890, to $790,992 of bills payable, and
$1?,346.84 Of accounts payable on Dec.
4, 1896.
l have practically the same real es-
tate now which I had in 1890, and my
other assets remain about the same
as then, except that my bills receiva-
BILE are reduced to $88, ,906.36.
MARKET VALUES.
1t goes without saying that the mar
ket value of my real estate is much less
than in 1890, and the suspension of the
bank renders it doubtful whether my
bank stock is now an asset or a liza
bility.
Most Of my income producing real
estate is now. as it was in 1890. in
numbered with mortgages. The amount
of my Indebtedness secured by real
estate mortgages is $314,500, and some
OF my other Indebtedness was secured
by pledges of my bank and other
stocks.
In 1884 my health became impaired,
and, under the advice of physicians, 1
spent several Of the following winters
in California and Florida, and, during
the summer months, l was quite una
BILE to give much attention to business.
During 1SSS-'89 1 took my daughter,
who was in poor health, and has since
died, to Europe, and was away from
q he
thus the care of my large property
for several years devolved upon my
sons.
During the boom years of 1886-S7,
like other young, and, for that matter,
old men, they became possessed with
the idea that the way to get rich was
to buy real estate, and, instead of SELL
ing my real estate and paying my in
debtedness, as subsequent events have
proven would have been wise, and as I
believe I would have done had 1 been
at home and in good health, they each
purchased large amounts Of real estate
on their own account.
AS the paper issued by my sons have
matured from time to time I have felt
1t my duty to assist them in the only
way 1 was able to assist them. by in
dOrSing their notes, and thus [ have
become liable as an indorser on Will
extent
OF $l89,0O0 and on Samuel E. Dawson S
notes to the extent Of $4,000. Behind
each of these there is real estate of con-
siderable value.
In about 1886 I was induced, in con-
nection with my two sons and other
gentlemen, to participate in the pur-
chase of a tract of land containing
about 574 acres, adjacent to the city,
and several lots near Post siding with
i1, +Iona al
which was conveyed to a corporation
called the Gladstone Land company.
The money to pay for this property
was principally borrowed, with the ex-
pectatiOn that enough of the lots to re-
pay the money thus borrowed coulQ
be readily sold. A good many lots
were sold, but the balance of the in
debtednesS, with it's accumulated in
terest, taxes and expenses, has been
carried all these years on shOrt-time
bills payable Of the Gladstone Land
company, indorsed by the original pro
prietors. On these notes I am now
liable as an indorser to the extent of
$243, 900, which is practically the entire
Indebtedness of that company.
The value of the Gladstone Land
company's assets, which are availab BILE
as a primary fund to pay these notes,
is prOblematic. Such has been my
confidence in the future of the city and
the ultimate value of real property that
[ have believed that the Gladstone
Land company would ultimately pay
out.
ST. PAUL PLOW COMPANY.
Something like twenty years ago I,
i'll connection with several other Of the
then rich men Of the city, organized
the st. Paul Plow company, more with
he Of hill -,
than with the expectation Of becoming &
p1 actical manufacturers.
From the start UP to quite recently
the company has resulted in a loss
each year. My original associates
dropped out in the early years of it's
existence, but [ thought [ would carry
it through and establish a successful
and important manufacturing concern,
which would be a credit to the city
and furnish employment to laboring
men.
l have put into the stock of this con-
Germ from first to last over $50, 600, and,
when [ was unable to put in any more
money in this way, resort was had to
raising money on the notes of the
plCW company bearing my Endorsement.
By these means L have become liable
as indOrser on the notes of the st. Paul
PloW company to the extent Of $500, 800.
AIiC ~ L dU1 lCW mas 0SlaD-
lished reputation for the plows and
other agricultural implements which
it manufactures, and they command a
ready sale at prices which will pay a
profit. L have little hesitation in say
ing that, if they could be continued
with sufficient capital, they could pay
interest on it's Indebtedness.
If the company is closed out, it will
deprive about 100 families of their pres
ent means of livelihood, and would re-
suit in loss to my estate and the
holders of n their notes Of probably
100000 to 100000. 1 own about one
half of the stock.
REHABILITATION.
To recapitulate: At the beginning Of
the unfortunate and disastrous year.
which has now just closed, found my
self an old man, more than seventy
years, broken in health and largely
incapacitated by the infirmities of age,
burdened with the following Indebted
ness:
o. My individual Indebtedness,
amounting to ................... $765 992
~ My Endorsement the notes Of
my two sons NEUTRALITY-SUSPICIOUS.. 312 600
(3) My Endorsement on the notes of
the Gladstone Land company -. 243, 900
(D My Endorsement the notes Of
the st. Paul Plow company .. 500, 900
Total .......... .................. 81 621 1872
oic. IO1~ %ox1,,