The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-01-19

the facts In the matter of my insol-
vency'
Following is the copy of the conf
munication which Mr.. Corser sent to
the Times yesterday
MR.. CoRsER's STATEMENT.
On or about the 1st inst, as I had informa-
ton which 1 believed to be authentic, that
in the Times would appear a publication of
matters relating to my business reputation
in connection with my insolvency and
Segment in 1893, Mr.. Elwood OF our Office,
called upon you and requested that before
you made any further publication. you should
thoroughly inform yourself as 10 the matters
at issue, that the publication when made
should not be misleading to the public nor
unjust to any of the parties concerned. Mr..
Elwood, upon his return, brought to me
your assurance that such inyesti CATION
should be made prior to the publication. To
the best of my knowledge and belief no in
yestigation has been made which could con-
vey to you accurate knowledge as to the fol-
lowing points which you raise by inference
in the communication published in the Times
of this morning, entitled "Corser's Business
History. :"
The important points as I understand them
are:
l. Did Mr. Corser in his exhibit to the
Northwestern bank in July, 1891, make any
misleading statement?
q Did Mr. Corser at the time Of his
signment. or previous, or subsequent thereto,
cover or conceal any property in his own in
interest of either by indirection?
8. Was there at the time Of Mr.. Corsers
insolvency, since, anything that should re-
fleet upon his business integrity, his bus-
methods, except that he engaged, IN the
closing months CT 1891. in wheat speculation,
which, during 1892, involved great loss OF
nearly quarter million dollars, and did not
inform the banks or the general public OF
the fact that he was engaged in very large
operations in wheat
4. Has Mr.. Corser, directly or indirectly,
in hic in he If any
member of his family, any property at the
present time. in the form of real estate,
moneys or otherwise, or has he had any
such properties at any time since his
signment which have not been fully covered
as to their value by just and legitimate
claims of creditors, which claims he is pay
ing as rapidly as his income permits; and
finally,
5. Such investigation should have been
followed by the conclusion which an honest
and impartial examination should show as
to whether Mr. Cerser was subject to any
criticism as to his business method and his
assignment other than that Of speculative
operations of which knowledge was kept
from the public and the banking interests.
To the best of my knowledge you have not
sought to procure information which should
cover all these points. You have not inter
viewed myself Mr.. Elwood. nor our
signee, nor cur attorneys. Messrs. Hahn 6,
Hawley, nor sought to see the books of the
inSolvent firm to ascertain by a care
full examination whether Mrs. Corser or any
one in her or my interest, has any property
at the present time, or retained any prop
erty at the time Of the assignment, which
should have been used for the payment OF
the inSo,vent firms debts. I have assumed
that this must be a most unfortunate over
sight your part. There has never been
any npeasantness between US Of which
have had knowledge, and for that reason
dismiss any imputation of personal hostil-
ity. | do not choose to impufe venality to
you, and therefore dismiss the possibility
that you may have been led to the publication
in this mornings Times by a cash consider
otto p th.ar
glad to publish the statement which l make
of the facts relating to my insolvency, espe>
cially as this is the first public statement
which have made. your article being the
first to which | have considered it suitable
to make any reD-y
have received appointment indicating
the confidence of Gov. Lind in my personal
and business integrity. The facts relating to
my insolvency have been before him for
weeks, together with private letters written
by those who for any reasons have opposed
my candidacy. and have made use OF my
insolvency IN 1898 reasons against my
appointment. Gov. Lind has unquestiorablv
investigated this question and thereupon ce-
termined his action. The facts relating to
my insolvency are follows:
Early in 1891 l had large property interests
in Minneapolis, which included those held in
my wife's name well as my own, as all
subject to my Indebtedness. These properties
amounted in the aggregate to nearly 81, Co.,
0oG and all indebtedness covering my
own and my wife's estate. reduced the net
estate to about $500. COO The operations OF
CofSer ~ Co.. which at that time did not
include any speculative ventures had IN
CURED large Indebtedness.
Between October, 1891. and the date OF our
assignment, January. 1898. we had incurred
great losses in purchases of wheat options
which losses were mainly during the last
half of 1892. need mt enter into the causes
which led to these speculative operations in
wheat further than TO say that Mr. Eiwood
and myself owned large wheat farm near
Croekston. Mimi. from which the crop OF
1891 was about so 600 bushels and as we sold
the crop we began the purchase of options
which. mainly by my persistent advice,
swelled to total of nearly 900 bushels
before our failure.
When our assignment was made all Of our
properties were involved, including those
held in the name of Mrs. Corser as well as
others. None of these properties held by
Mrs Corser were at the time OF my assign
ment Of any considerable value beyond their
encumbrances. Certain of these properties,
BY the aid Of the Endorsements made by
friends, after my insolvency were used as
basis of credit to pay existing Indebtedness
here. In this I especially refer to Electric
Light and other stock, pledged with the
Northwestern Guaranty Loan company to