, 1873-04-12
100000 FOR NOTHING.
How mn Order Of Chicago Court Pnt
100000 In tho Pockets Of
Banker In Twelve
Months.
What the Court Will Do in tho Mat
ter if Called Upon by the
Creditors.

TIT could hayc banked my monoya In any
other but the bank soloctod by tho Court, could
havo malo per cont for tho creditors on $780,
0D0," said prominent Assignee, yoBtorday, to
our reporter, roforrtng to tho artielo In Thurs
day'e TRIBUNE ahowing that ono banker in this
city Is carrying nearly tho whole Of tho funds Of
bankrupt companies Without tho payment Of
intoreas. "Almost any bank In tho city would
hayo given mo Q por cent" he added. "How
much do you suppose tho banker reforrod to ia
making out Of these funds7"
"Oan't say; perhaps pcr cont"
"Pahnwl Ho emit mako loss than per cont,
and on Q great part eprobably mnkes all OF 2 per
cont por month. II ho can't he simply can't do
what othors aro doing every day"
"Well; but that would amount to over 100000
since tho 1fp."
"OertninlY. Nobody could possibly object to
Mr. 6cammon making the best Of . golden op-
portunity; If nothing bottor was to DO dono :;
but the evil complained Of is, not that scammon
pockota--the money, but tho creditors lose Il. 7
toll you, md you can mako uBe Of tho informa-
tion II you like, that there has hardly boon any
timo that could not got s per cont interest On
ali the funda could deposit"
"In that caso, why did you not apply to Court
for M order to change The bank7"
= "DecauBo an ordor had alroady passed. dosig-
Fast3s nssing. !. eesnm0n's Bank tho depository of
,' without II any bond, or tho deposit of aoou-
without any bond, or tho deposit Of any &c.
curitiea.. Tho order was a. old one; has been In
"And no change was made when tho othor
trust depository bank Of tho same peraon
'.None." -. .
q, &1m Hrac md II &1,aa
''No.' suppose It was nobody's business"
sand when 1t becamo apparent that large
numbers Of companies would fail, and that tho
aggregate deposits would reach millions, was no
change talked Of 2"
"Not ut oil. People had too many other things
to think Of, Besides, there is another btnk that
receives bankruptcy deposits.-the Illinois -"
; M %o Us T6eas ssems ts efs bs
dtspoaition to blame the Court; but don't SEQ
what he could do. Without q complaint being
made involving the solvency Of tho bank, tho
Court could not make any order ehangiuE the
solyency; and no Assignee in this city has ven
tured to make that charge. It would be danger
GUS work. Tho banks .solyenoy muBt not bo
lightly impugned. II tho Court vera to change
tho bankore, 1t might be takon as On imputetion
to do that"
'"Perhaps, It the Court Was potitlonea to di-
rect auch change to bo male as would secure
tho creditors reasonable interest and absolute
satoty, His Honor might make IN ordor."
swell, Sir, am ono OF tloBo men that think
Judge Blodgett would make such an order In d
minute It lie thought the facts juHti1od it,"
"What they muat Do, then, IL to approach the
Court with q potftiou."
II think ao."
And the reporter ehouldered his pencil and
marched Of.
Tho reporter thon waited on Judge Dlodgett
and asked his Honor il tho Court had over passed
on any petitfon to ohnngo tie banks used a8 de-
positories, or to compel the payment of interest,
His Honor said that the Court had never passed
on said question. The Inv required that the
Court sh ould designate banks to hold the funda
Of bankrupts, and tho Court had accordingly
aolectod two bankB in this city, respecting which
selection no complaint had boon mado. II tho
parties Interested failed to reproaont to tho
Court that their funds wero In danger, tho Court
could take no action. With respect to interest,
it was matter Of bargain between tho
banker and Assignee. II the Assignee faiIod to
obtain interest, 80 much the worae for tho
creditors, and the better for tho bankor aud ho
supposed tho Aasignpes mado tho best arrange
naollts In their power 1t all eyonts, tho Court
know OF nothing to tho contrary, for no COM
plant OF any kind had boeu made.
The creditors of bankrupt insurance companies
will have Perceived from tho foregoing tl1at the
remedy Ia In their own hands. At tho ne1t moot-
ing, il thoy bring proasuro to bear, they can un-
doubtedlY carry resolutions requiring tho AB-
eignee to petition the Court for power to deposit
with banks that will give interest. In these
dnys Of tight money, tho creditor who will oppose
slch motion can only do 30 through some siu-