The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1913-02-20
GUARANTORS TAKE PROPERTY
Many of the Men Who Contracted to
Take Lots in First Subdivision Fail
to Meet Contracts Placed in Bank
Many Attend Public Meeting Friday.


Guarantors Of the fund raised o.
the Kenosha Industrial Association t.
secure the location of the plant OF tn
Mae Comber, Whyte Wire Rope Com
pany in Kenosha are facing a sal
state Of affairs and it is beginning Y
look as if the guarantors will be tore
ed to take over large portion OF thu
property of the Kenosha lndusutfla
subdivision and provide for the pay
ment of the remainder of the amour
due to the manufacturing company
| A meeting Of the guaransols wa
held at the council chamber IN th'
city hall on Friday evening, but NJ
final action was taken in the matter
At this meeting a report on the tunt
was made. This showed that there
was still a little over $4,000 to b
collected on the contracts for lots soil
more than year ago. There are still
more than 14O Of the lots unpaid TO,
and the banks which undertook thu
work of collecting the money on tn
lots and making the payments to thu
manufacturing companies find tina
they have nothing on hand to NEE
these payments as they become due
The company was to receive a tota
of $37.500 from the industrial asso
citation and Of this amount but 81, O0t
has been paid. The re aiming $4,000
is due at the present time but thu
banks have no money with which tt
meet the payments.
Nearly one third Of the men VIII
agreed to purchase lots in the subdi
vision and aid in securing the location
Of the big plant have WEIGHED on thei
contracts. Forty of the meni-ant
many of the number are prominent il
the business life Of the city-Wht
signed contracts for lots have no
paid single cent on their lots anC
they have notified the officials Of thu
association that they do not want tht
lots and will not take them. Others
who have made initial payments OF
ten dollars on lots refuse to continue
the payments and have notified the of
fcials of the association that they are
willing to give the amount of the first
payment as contribution to the funC
but that they do not want the lots ane
will make no future payments. The
officers of the association have nc
use for the lots. What they want i
money to meet the demands. Tho
guarantors have signed the guarantee
on the showing that the other. people
Of the city had signed contracts tx
purchase these lots.
Many Of these men have been solicit
ed by the officials Of the association
to continue their payments, but they
have declined to do SO. The lots were
sold ON land contracts and if payments
are not made at once the contracts
will probably be declared invalid anc
some plan found to dispose Of the
property. The association now has 8
little over $4,000 outstanding on the
property and all of this is due at the
present time.
There are forty-eight Of the leading
men of the city who have signed the
guarantee to the banks and these -mer
feel that it will be a decided hardship
for them to go down into their pockets
and pay the money that has been sub
scribed for the lots. The building ut
OF the subdivision has been steady anG
1t is claimed that the lots sold a year
and a half ago have largely increased
in value. Under the terms Of the
land contracts given to the purchasers
OF lots the contracts can be voideC
and the money paid in taken by the
association if payments are allowed te
run over the regular thirty day period
In many cases the purchasers Of lots
have made no payments since the first
Of last August. The guarantors viii
meet again on next Monday evening
at which time some formal plan will
be suggested to force the payment OF
the claims against lot purchasers.