The Redwood gazette., 1902-04-09
GOES INTO LIQUIDATION.
United States Savings & Loan Co. Forced
to Suspend Business.

The United States Savings & Loan
Co. Of St. Paul, which concern owns
great deal Of property in this city,
a portion Of which is the~Commer-
lcial House, on which extensive i'm
provements iare now being carried
on, has gone into voluntary liquida-
| ton.
The step was taken last Friday at
the request of Hon. S. T. Johnson,
public examiner, who sent letter
advising the action toJohn Douglas,
the director in charge Of the COM
pany, and who recently visited this
city and consented to improvements
to the company's property at this
point. The public examiner is in
charge Of the Office, with Mr.. Doug
las acting manager.
| In his letter to the board of direc-
tors OF the company, requesting
them to 90 into liquidation, Mr..
! Johnson advanced four reasons for
the request. He stated that it was
apparent that the company could not
get new business sufficient to re-
place the Withdrawals OF maturing
stock that the courts in several
! States have shown hostility in mortg-
age foreclosures, hampering realiz-
ing on past due contracts; lack of
new business and q failure to pay
off withdrawing stockholders, and
the unfairness of collecting from
present members to pay withdraw
ais.
The assets of the company are
placed at $500, 900 and the liabilities
at an equal figure. The expenses
Of liquidation are expected to cause
a sufficient shrinkage to give the
creditors about so cents on the dol
lar, although Mr. Douglas expects
the company to pay out more than
80 per cent In an interview Mr..
Douglas said:
q think the assets equal to the
liabilities. and I believe that until at
least one-half of the assets are dis
tributed the income from the prop
erty we hold will pay all OF the ex
penses of liquidation. Every piece
of the property is improved and it
is all rented advantageously. It is
really making money still for the
shareholders.
'sThe real trouble was the diff
Guilty to get new business. Build
ing associations have suffered re-
Gently and people distrust them.
| To the best of my knowledge not
one of the local associations in this
section has survived, and after our
association goes into liquidation, but
| one of the fifteen national concerns
/ will remain in Minnesota.
Our assets are largely made up
of real estate holdings. We have
about $500, 900 in that sort of prop
.erty. As / said before, this is pay
ing well. but houses and lands will
mot pay for stock Withdrawals. We
are obliged to dispose of the real es-
j tate.
For some time many of our share
holders have been pressing, and con
\ sidering the fact that we could not
get new business, we deemed it best
to liqnidate The time is much more
favorable now than it was even .
year or two ago. We have SOLD
more real estate in the past si1
, months than we had disposed of be
fore in two years.
The company is doing business
all over the United States. and has
3 holdings all over the country. W.
! have about twenty-five pieces o
property III St. Paul. OF course w
Z have no liabilities outside of th,
+ shareholders, and the shareholder.
!. are partners. It is partnership
. land not a corporation.
e is not our intention TO pusl
!. persons to whom we have mad,