The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1898-01-27
Andrew j. Smith Assigned.

to Lucas Kells on Tuesday. olhce
1893 he has been in deep water by
reason of the universal hard times, and
but for the timely assistance OF local
bankers and capitalists he would
sooner have been forced to give up the
fight.
Mr.. Smith came to Sank Centre In
1872 and opened the Citizens Bank
with little capital, but he kept 1t turn
ing rapidly and proftably. and ten
wears ago he was undoubtedly the
wealthiest man in Western Stearns.
and compared favorably with any cap
talist in Central MINES ota in avail
able capital and credit. He had &C
cumulated wealth rapidly, and was
worth at a conservative estimate a
quarter of million dollars in produc-
tive property. Then it was that ne
made fatal error in judgement.
Minneapolis property was active and
advancing by leaps and bounds with
a rapidity which has seldom been
equalled in any speculative era any
where. A tempting offer was made to
him to exchange unencumbered prop
erty in this city and vicinity, lnclud-
ing valuable farms in Western Stearns
Todd and Pope county for equities in
what promised to be profitable city
real estate. The transaction noted at
the time, was one of the largest deals
in real estate ever made in this Nlcin-
ity. His purchases exceeded S200, 600,
including valuable productive and
residence property, and a large num-
Der of vacant lots. AS indicative,
may be cited the so-called Dean ware
house on the Minneapolis and St.
! Louis and Great Northern tracks,
valued at $4,000; the Moline ware
house $4,000: another tract of 12o
front feet valued at $62, 500, and other
property reas onably worth then $40
900 more. unfortunately these pur-
chases were made at the point of the
maximum Imitation of the speculative
bubble. 1t burst, and like hundreds
of others he saw the property shrink
to onethird Of its apparent value al
most in a single night. This property
was all heaxily encountered, and Nj.
Smith, feeling that the recession of
values We're only temporary, protected
his interests by paying in large sums
of cash. F'ise added to the unfortH-
aate conditiSn of affairs the Moline
warehouse burned, the mortgage re-
ca;ving the Insurance money and Mr.
Smith rebuilt the structure, and has
never had a tenant for it since. In
terest and taNes were met at great
vain hope that a turn in the adverse
tide was at hand And SO it is to-day
that if he could res lie one half
cost on these unfortunate~' .~...... ..
Investments he w@s-~. .~ .;
of wealth.
The ~ '.'ras. w. -. S. -sr. a.
flee of r,Ts%.@5 a... 3: oo..>. "5'
pulling G@; 20 80 n@
future, sa.a,i nsrao4= cd
serious3 >, @ur SyfiaEa H. ,...st year
and mo } tses 1stt iaee ,ery profitable.
His assignee, sar. KeHs left for St.
Cloud on business connected with the |
assignment as soon as the deed to him |
was executed and very little can be as
certained yet as to the exact condition !
of the estate. An inventory is being !
made now, and the schedules will not |
be ready for several days. For some |
time he has been selling valuable |
Sank Centre property and applying
the proceeds to the payHient of debts
in the endeavor 20 tide over the i'm
pending trouble. But to no avail.
Among the recent transfers as shown
by the Register of Deeds records are |
the following: on Oct. 81; 1897, to An
drew Schneider, of Sank Centr,~c lot !
1or 5000. Nov. % he decided lots to the |
amount of'$6, 900 to E. w. Decker
Nov L property to Christopher A.
n and and P: Bertram Hanson, in
which consideration is given at S., ZOO. i
Oct. %, he decided to his brother at
octagamie, Wis, Sank Centre prom
'rty for which the consideration is
$1,000. Jan. 3, 1898, he sold to G.. M.
long, of Osakis, Sc, 600 worth of prop
'rty. ,
Mr.. Smith still owns some valuable
property in the city-Garfeld Terrace.
he Linden House, several OUTLYING
esldences etc., all of which will 90:
the hands of the assignee. a.
What his liabilities are in
1g could not be ascertained fhnk.
[ans Hansen is the heavies4 &-day
n certificate of deposit .'credito'
has some sort of sec Cor whiel
Ie various rumors <iity. Their
ERALD will not Civ .f9at, but ia
'ncy to any of t E increased Cur
wait specific inf aetn, preferfhg t
For Mr.. SIM ,rhiation.
mily a. vast ma, III S4;,o h