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

ness Wnlcn mas Deen run Tor years I'M
der my name and largely on my credit
From it's organization the Bank Of
Minnesota has been regarded as Daw-
sons bank. My credit and it's credit
have been so interviewer in the public
mind that [ have thought that the de-
srruction of my credit, by means of al
lowing any note Of mine OF on which l
was an endorser, to go to protest,
would Immediately create a run upon
the bank which would compel it to
close it's doors.
There has never been an hour dur
ing all these terrible years that 1 could
not contemplate my Individual embar-
rassment and my individual loss with
entire compoSure. All the struggles
which I have made have been with q
view of protecting the credit Of the
bank.
The manner in which I have carried
a large part of the Indebtedness has
been in the usual way of having the
Gladstone Land company and the st.
Paul PlOW company make their notes,
which I would indorse and then send
them to note brokers in the Eastern
cities for sale. Before such notes would
become due other like notes would
be forwarded and sold, and from their
proceeds the first notes would be paid.
There have been times since the panic
year. 1893 when notes W,sliId not sell fast
enough to meet those outstanding at
maturity, and then the hank has come
to the relief for a few days 20 protect
the paper. Then in a few days the
notes would sell and the bank be re-
imbursed.
This seemed to work well, and the
hank for long time was not called
upon to loan these concerns larger
amounts at any one time than the most
conSerVat tive management would have
a business man in st. Paul who has
not, at times, been compelled to call
upon his local banker for just such as
sistance.
There came time during the pres
iGential election period when such pa
per would not sell in the East, and the
bank took up the maturing paper, as
it had done before, with the full ex-
pectation that in short time the
sales would again reimburse it. More
paper matured and was taken up, and
still there was no sale for my paper
in the Eastern market. By this process.
little by little, the bank took up and
paid for, and now holes:
Of my own individual notes ..... $97, 900
OF the notes of-the Gladstone company $4,000
OF the notes of the St. Paul PIow Co. 100000
Of4S- E. Dawson ,.,.................. $4,000
lOldl S45u,UUO
I beg that you will note that neither
l nor my sons have profited by the
bank taking this paper. We each of us
owe just as much as before, the only
difference being that we owe this sum
to the bank instead OF to other people,
while the failure of the bank has de-
strOyed the value of the stock of which
and my family held $275,000, which
cost $375,000.
READY TO SURRENDER ALL.
The value Of my estate, which [ shall
willingly surrender, to be equitably di-
Vided among my creditors, depends al
most entirely upOn> the value OF real
estate in and about the city of st. Paul
Under a forced-sale, at this time, it
goes without saying that it would bring
but small percentage of what / have
always regarded it as fairly worth,
and the proceeds would pay but a per-
centage upon my Indebtedness. But it
seems to me that if it can be held for
a few years until there are again pur-
chasers of real estate in st. Paul, it
would pay the entire indebtedness and
leave a fair surplus
In my experience in st. Paul, / have
seen times before when it was impos-
sible to sell real eStateg followed in
few years by quick sales at high prices.
I believe that my estate has intrinsic
values equal to a large amount in eX-
cess of my entire liabilities.
l have now recounted in brief the
misfortunes which the Hast six years
have brought to me and my family.
1t is my opinion, however, that, If the
bank can be rehabilitated and placed
under proper management, in the end
the assets will pay every dollar of its
liabilities with interest.
AS to my personal affairs, it is my
intention that all my property shall
be equitably distributed in payment
of nv debts and tO 9ccOmpliSh this
result, I shall cheerfully adopt such
methods as the law allows and the ma
jcrity of my creditors shall deem for
their best interest.
AS much as 1 regret it, this seems
to be all that I can do at my time of
life. l am too old to begin new busi-
ness career or to build up new for
tune, either to pay debts or to trans
NIT to my family.