The Superior times. [volume] (Superior, Wis.) 1870-1912, 1902-02-22
CONSOLIDATED LAND COM
PANY'S TAXES.
County Board Accepts Their Proposition
to Pay 100000 in FUN For
Back Taxes.

i
the proposition of the Consolidated
Land Co to settle in full their back
taxes by the payment 100000 which
was unanimously accepted.
The proposition was considered a
fair one, and a large number of promi-
nent business men and citizens had a
resolution before the board recommend
ing that the board accept the 100000
which is to he paid not later than
March 80, in cash.
The following is the petition of the
Land Co:
To the Honorable County Board of
Douglas County:
The petition of Scion l.. Perrin and
Henry S butler, as receivers of the
Superior Consolidated Land company,
respectfully states and shows:
That Superior Consolidated Land
company was organized in the year
1889 to buy and sell real property in
Douglas county and especially i'll the
city of Superior in said county. II
purchased large quantity of lots and
bloc ks practically unimproved, lying
between Central Park and the easterly
city limits, the bay of Superior and
West Forty first street, a large por-
ton of which are situated in the
marshes of Superior and AlIouez bays,
and in the bottoms of the Nemadji
river. Much of the property was pur
chased at time when realty values
ran high; but soon after the purchases
were completed values began to de-
crease aud speculation and investment
rapidly diminished and soon entirely
ceased.
The company, during the early
years of its existance, located i'm
provements and Industries on and
near it's property, and in various ways
sought to enhance the value thereof,
and increase the taxable values and
add to the population at the easterly
end of the city. 1t spent large sums
of money in the construction Of the
Terminal & Belt Line railway, and for
bonuses for mills elevators and other
mprovements, including the building
of about fifty dwelling houses, and
made concessions of real estate by
way of bonus or donation, and did
many other things in the hope of max
ing a market for it's real property and
increasing the wealth of the city. 1t
become indebted in various ways to
the amount of nearly 100000 nearly
all of which was expended for the pur-
poses mentioned.
When the panic of 1898 struck the
country, Superior had it's full measure
of depressed conditions, and the prop
erty owned by this company, in COM
mon with other real estate in the city
and elsewhere became a drug on the
market. The company was unable to
pay its taxes, and soon defaulted in
the payment of interest. 1t never
paid dividend on its stock and has
paid no interest on debts since 1896
In 1897 in suit brought to foreclose
two mortgages given to secure bonds,
we We're appointed receivers of the
company and took charge of its prop
erty and assets. Since our appoint
ment several attempts have been
made to re-organize the company.
These efforts were futile and nothing
was accomplished. 1t is exceedingly
difficult to induce people to put up
moneys on properties, vacant, unim-
proved, unstable, declining in value,
yielding no revenue, and subject to
heavy annual charges for taxes, etc.
Finally, however, there has been
formulated plan of re- organization
with the result that the necessary
moneys have been provided to pur-
chase the properties and form a new
company.
Arrangements have been made to
the satisfaction of the stockholders
and with the creditors for settlement
of their claims, and a decree has been
entered in the mortgage foreclosure
suits, directing sale of the property.
In the plan of re organization, the
sum of 100000 and no more, has been
set apart to be used in recovering the
properties of the company sold at tax
sales, and to pay the taxes of 1901, and
for these purposes we now offer to
pay said sum.
The property Of the company has
been, during many years. assessed at
much beyond its actual market value.
In our opinion, the sum offered
amounts to as much az payment of
a full tax based on fair assessment.
The moneys expended by the COM
pany in building dwellings and the
Euclid hotel and in giving the bonuses
in money and lands which secured the
large Touring mills, elevators and
docks, has been productive of proper
ty which now and for several years
past has yielded the city large revenue
in taxes.
It may be further stated that during
the time OF depressed conditions since
1898, besides the 100000 which we
now offer, the company and the re-