Daily press and Dakotaian. [volume] (Yankton, Dakota Territory [S.D.]) 1875-1880, 1878-02-05
FARMERS CREDITORS.
Meeting Last Night to Further Consider
the Problem 4
o. Now 70 Gel a Great Deal out d q Liae.

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OF Now 10 Gel 4 Great Deal out Of q Lille.
After Due Delibsration the Creditsrs De-
eide to Place Mr.. Farmer Ia Bank
rsptcy.
The meeting was called to order bv 8. l..
Sphinx. Major Dewitt wss chosen chair.
man ard W.. 8. Bowen secretary.
Maj y Dewitt having stepped out just pre-
vious to Wis election % president, Judge
Brookings was chosen.
8. L. Sphinx stated that his object in call
ing the meeting Was that, frat he had not
much faith any Of the time In the success of
the plan adopted BY the last meeting. aud,
second, G.. Z. Mccoy had begun suit a.d
had. after being expostalsted with. refused
10 withdraw his suit. He, in conjunction
with Mr.. Farmers attorney, had drawn up
q contract which had been signed BY q gr.st
many creditors. The meeting had been
called to see if Mr.. Farmer be placed into
involuntary bankruptcy. 1t would take one
fourth of the creditors in number to place
him in bankru ptcy. Mr.. Mccoy had the
start of all the othe r creditors-would have
precedence of all other creditors if Mr.
Farmer was notthrown into bankruptcy or if
ether suits were begun. Mr.. Sphinx could
see no other thing to do than to accept the
bankruptcy horn OF the dilemma. 1t would
take about fifty creditors, representing one
third of the Indebtedness, to throw Mr..
Farmer into bankruptcy. He then eA-
planned the whole process preliminary to
bankruptcy. 1t rested with the creditors 10
say what they would do. A suit had been
begun and there was therefore nothing
He had, in consequences, called this meeting.
1t was impossible to tell how much the es
tate of Farmer " ould pay. In his schedule
he had reported $1,000 worth Of flour. Mr..
Jenal had looked oyer the -four aud had
found only about 500 sacks, worth about
$500. Farmer said in regard to the dis
crepancy that he had sold about half Of it and
1t had MT been put on his books, through
some oversight. Creditors had from this
circumstance became suspicious regarding
all of Farmers assets. Mr.. Farmer may
not have been to blame. 1t may have been
a mistake. The assignees had not yet gone
through the books, because the matter was
yet unsettled and they did not feel like in
curing additional expense.
Mr. Fogerty thought it strange that Mr..
Farmer forgot things SO quick. He thought
If a man would make such q mistake and
tell a falsehood about it he would do it in
other things. [Applause. He first thought
MI. Farmer had failed honestly, but it
didn't look like it now. [Applause.] Mr..
Fogerty wss willing to give two years Of his
life to unearth the whole matter.
A. F. McAuley wanted to know that if
the -four was in the warehouse why it was
not kept there.
Mr.. Sphinx said there were 600 sacks of
-four at st. Helena which had been attached.
This was claimed by Jno. H. Charles.
Phil. X. Faux favored bankruptcy. He
didn't see any other course. If Charles and
Farmer had been guilty of criminal fraud
in removing -four, the law would reach
them. Mr.. Faulk was decidedly in favor
of putting Mr.. Farmer into bankruptcy.
Mr.. Sphinx proposed that a vote be taken
to see how many creditors wanted to put
Mr.. Farmer into bankruptcy.
Judge Brookings spoke, favoring bank
ruptcy very strongly. The expense would
be great, but he saw no other course.
Mr.. AcAuley moved that a committee of
three be appointed to invite Mr.. Farmer to
come before the meeting and explain the
discrepancy in the -four transaction.
| Mr.. Stafford thought it would make no
difference where the -four was.
Phil K. Faux was in favor of first voting
on the proposition to 60 into bankruptcy.
Mr.. McAuley's motion was put and adopt
ed. A. F. McAuley, John Fogerty and
james Prentiss, were appointed as the com
mittee.
p. K. Faux moved that a vote be taken
on the proposition to place Mark N. Par
mer in bankruptcy.
"A AADAuA WV Va I q &hS NAN
there was IN unanimous vote in favor of
placing Mr.. Farmer in bankruptcy.
Mr.. Sphinx called on the creditors to put
their names on = paper. that they might be
known as parties to the suit. II the credi.
tors desired him to take charge Of this mat
ter he wanted to know it. He was ready to
commence proceedings in the morning.
james Grove moved that Mr.. Sphinx be
appointed attorney for the creditors to begin
and carry out proceedings. The motion
was adopted.
At Mr.. spink's request the following .credi-
tors came forward and placed their names to
. paper, together with the amounts Of their
deposits
James Grove. ................ .......... 81, 1925
j.. ID. Prentice. 1900
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