The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1897-11-12
j. A. WILLARD VOLUNTARILY
ASSIGNS TO GEO. II. CLARK.
This Step Taken to Keep Faith With His
Creditors, Several Being About to Take
Judgment--Duluth Motor Line Suits
the Cause--Direct Liabilities S4S0,OOO,
E..t gsr. .- ia .,rs go. en- -.
Exceeded by tte Assets--Indirect LA
-...lJ Hl.F h.. -, = .r..".
bilitieS Larger. I'd .5 ... t....

III uCSOlICS Jul "ooJ w
day to chronicle the voluntary assign
ment. of Mt John A. Willard to Mr.
Geo. H Clark, for the benefit Of his
creditors. The assignment papers
were filed with Clerk of Court
'Thorne at about three o'clock Tues
day afternoon, but the fact did not
become generally known until today,
as Mr.. Willard mailed certified copies
of the papers to all of the counties in
which he owns real estate, and de-
sired that these be filed before pub
licity was given to the fact of the as
signment having been made.
Mr. Willard estimates his direct or
personal liabilities at about S4SO,000,
practically all of which is more or
less secured with what at the time
the loans were made was supposed to
be good security. The indirect iabii
ties, or the paper endorsed by
Mr.. Willard for the companies in
which he has been interested, amount
to considerably more than the direct
liabilities, but how far they will affect
him cannot be known. Some of
these concerns may meet their obliga-
tions entirely, and others may pay
large portions of theirs, and it will
take time to determine how many of
this class2of liabilities will eventually
be presented to Assignee Clark for
payment. ~. O. -g...., .... ...
The assets, consist largely of real
estate. especiallyeyDuluth property,
and 1t is difficult to estimate their
values. The value of he entire as
sets before the erdepreeiation OF. the
years following 1892 was at least
three or four times theodlrectofiabili-
ties. l1ngl9 r5r>o r' l.Y5.ss... q. u.
Mr.. Wizards financial troubles. be-
gan with the depreciation of values
of every kind that followed after the
year 1892. He was at that" time
largely interested in land companies,
manufacturing concerns and building
companies. and the drain on his re-
sources was very heavy. He was;ob-
liged to meet not only his own debts
but in some instances the debts of
those associated with him in business
The stock of these corporations is an
absolute loss to him, to an extent
@approximatlng 100000. Aside from
probation in values of his real estate
and his other assets, This depreca-
ton was particularly marked at
Duluth. ri t@s:,~ -u. ..
For several months Mr.. Willard has
been endeavoring to get his creditors
to extend their claims until 1900, be-
lleviDg that with returning prosper
ity he could meet them all. The
most of the direct creditors and d
very large majority of the indirect
creditors consented to this PROPOSE.
ton, but it could not become opera
tive and allow those who did not con.
sent to get preference by securing
Judgments. i'm. H.. ...... ... T
The Immediate cause of the assign
-sment was hge,suits brought against
Mr.. Willard and nine other directors
of the Motor Line Improvement Co.
of Duluth, on paper given for the ben.
eft of that company. This paper
aggregates $780, 900, but only small
portion of this sum is involved in the
suits. The most of the creditors
of the = Motor Line company
we're willing to wait and lie,
its work out, but a few brought
suit ndfnothingfcould be done with
them Mr.. Willard had previously
assured all ofshis creditors that he
would not.ailoW a suing creditor tt
get an advantage by. securing judg
ment, and his promise necessitatee
an assignment to prevent such pref
erence. These suits. have been con
tinued from time to time since las
July and August with the hope AM
expectation that the company ,woult
he able to turn property and pay tn,
claims. They could be no losger de
ferred, and the plaintiffs could hav
JUL llOLl Iof IL w NON
16. There was no relief, and goo
faith to all of his creditors compelle,
Mr.. Willard to make an assignment
before these judgments were taken
and this he did.
The direct creditors Sare largel
outside of the state, including tn
heaviest. Mr.. Willard owes very lttl
to any bank in Mankato, and what h
does owe is July secured. He doe
not owe the banks of ST. Paul, Mir
neapolis or Duluth to any large e1
tent. His home in this city snort
gagged for $1,000.
& About ten days ago, the Willar
Live Stock Co.. of which Mr.. Willar
was president, made an assignment t
e