The Sauk Centre herald., 1898-01-27
andrew j. smith Assigned.

1
gle which would have been abandoned
long ago by less determined man
Andrew J. Smith made an assignment
to Lucas Kells on Tuesday. Since
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.
MIR. Smith came to Sauk Centre In
1872 and opened the Citizens Bank
with little capital, but he kept it turn
ing rapidly and profitably, and ten
years ago he was undoubtedly the
wealthiest man in Western Stearns,
and compared favorably with any cap
talist in Central Minnesota in avail
| able cauital and credit. He had ac-
cumulated wealth rapidly, and was
worth at a conservative estimate
quarter of million dollars in preduc-
tive property. Then it was that he
made a fatal error in judgement.
Minneapolis property was active and
advancing by leaps and bounds with
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, incaud-
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 $500, 600,
including valuable productive and
residence property, and 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 $76, 900; the Moline ware
house $4,000; another tract of 125
front feet valued at S62, 500, and other
property reas onably worth then $40
900 more. unfortunately these pur-
chases were made at the point of Sthe
maximum Imitation of the speculative
bubble 1t Iburst, and like hundreds
of others he saw the property shrink
to one-third Of it's apparent value al
most in single night. This property
was all heaHily encumbered, and Mr..
Smith, feeling that the recession of
values were only temporary, protected
his interests by paying in large Sums
of cash. Fife added to the unfortH7
aate condition of atfairs-the Moline
warehouse burned, the mortgagee rel
caiving the insurance money and Mr.
Smith rebuilt the structure, and has
never had a tenant for it since. In
terest and taxes were met at great
sacrifice of valuable assets in theg
vain hope that "a turn in the adverse
tide was at hand And so it is to-day
that if he could rea lize one half .3.s-
cost on these unfortunate~',, zl4,-g7s>s;as,.,~.
investments he wesz'S 9.it' .}&@ @r NJaEs~
of wealth. ..." ~. - ~. .,+
THE - ,4,a:j5ts r~A j: .ls' ~sscscft, !
flee of T,Tsseat. lH"aAv ~ .bot>-s ii }
pulling 1Gro9Eh 10. ~ rr"-s:o@a% !
future, 2;S 2a.ss,i aszsf.asS. oca7 sutt1-ed
seriousts. @pt @,sfi " a. LAST year
and mo 3 q bes sery profitable
- His ass nee, .ar Kells 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 |
Sauk Centre property and applying
the proceeds to the psyMent 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. ~; 1897, to An
drew Schneider, of sauk Ceatrsc lot !
'or $500. Nov. % he decided lots tn III.
of'$6, 900 to E. w. Decker
Nov. property to Christopher A
@ and an! + F: Bertram Hanson, in !
which consideration is given at 81, 900. j
'ct. 70, he decided to his brother at
>ctagamie, Wis, Sauk Centre prop
rty for which the consideration is +
5000. Jan. 3, 1898, he sold to C. M
'ong, of Osakis, Sc, 600 worth of prop-
rty. II
Mr.. Smith still owns some valuable
roperty in the city-G Garfield Terrace !
le Linden House, several outlvinp
esldences ETC., all of which will 90.
the hands of the assignee. a.
What his liabilities are in
lg could not be ascertained thnk-
ans Hansen is the heavies- 6-day
certificate of deposit sSecredito,
has some sort of sec FOR whioi
e various rumors siity. Then