Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1884-05-09
Meeting of Creditors.

pointed at the previous meeting tc
investigate the affairs of the bank
made its report, which was read to
the meeting.
Mr.. CHAIRMAN: = The committee appointed
one week ago to investigate and inquire into the
condition of the assets of Henrys Bank, SO
called, and other matters, respectfully report as
follows:
That they have examined the accounts entitled
bills receivable, promissory notes due the bank
determine in the limited time given to this ex-
animation, they have discovered no serious
errors in said account; and that they have e1-
amined the cash account from April 18th, the
day business closed, back for several days, and ii
seems to balance correctly. That they have ex-
amined the accounts of John ]. Ross, Joseph 81.
Gundry, Marshal & Ilsley, bankers in Milwaukee,
and some others back for q few months anterior
TO the failure. That two of the committee have
been to Linden and looked after the value of the
lands and mining interests in that vicinity. and
have sent n messenger to Dodgeyille to look up
some matters of record: have written letters to
Dakota to ascertain the value of lands there.
After such examination your committee sub
the following facts as Of material interest to the
creditors:
That VIM T. Henry and Mrs. Strachan were
Joint administrators of the estate of John Stra-
chan, deceased; That John ]. Ross and ]. NJ.
Smith were sureties on said administrators bond.
and that Mr.. Henry at the time of his death,
July ., 1884, was indebted to said estate in about
the sum of $4,000; that Thomas T. Parmele was
the cashier of said hank, and Is son of the
assignor Mrs. Emmr Henry.
That on the 9tn liz, ii April, 1884, there were
transferred from the assets of said bank to the
said Strachan estate, notes and mortgages to the
amount of four Thousand, nine hundred and
and 30-100 dollars and with in
terest added, making five thousand four humid
red and forty. five and 4O-l00 dollars; and on
the 10th day of April one hundred dollars were
charged to said account; and on the 18th T.. o
hundred dollars more were charged to said ac-
count, making in all transferred from the assets
of said bank on the 9th, 10 and 18th OF April,
1884 the sum of five thousand. seven hundred
and forty-tiye and 40-100 dollars. That all these
assets except the items of 500 on the 10th and
$500 on the 18th. were delivered by said Parmele
on the 9th of April to J. NJ. Smith, who is also
attorney of said estate, and that according to
the scheduled statement by the assignee said
bank still owes said estate on open account the
sum OF s., 2S9.S1.
That on the 10th day of April, 1884, there were
taken from the assets of said bank the sum of
fourteen hundred and thirty-five dollars in
notes at THEFT face aud transferred to the estate
of Martin Phalen; that no mention is made of
the accrued interest on said notes. That on the
same day, April 10th, there was paid to ]. NJ.
Smith, attorney for said estate, from the cash
assets Of said bank the sum OF two thousand
dollars; that the entry on the day book is
" Paid to JIM. Smith to take to Dodgeville to
pay Fitzpatrick judgment and other Claims
81, O0O." That on the 18th day of April three
dollars more were paid from the assets
of said bank to the estate of Phalen. making a
sum total paid from the assets of said bank to
DAYS of April of six thousand four hundred and
thirty-five dollars, not accounting for accrued
interest on said notes, leaving said estate in
debted to said bank in the sum OF one hund-
crued interest. That said Thomas T. Parmele
is administrator de bonis non of said estate,
and that r. d. Pulford, w. II. Curry, John
GRADER, Jas. W. Hutchinson and John Hadfeld
are his bondsmen and that said Parmele in
formed us that with the exception of two
thousand dollars paid to J. NJ. Smith, attorney
for said estate, he paid said assets to his bonds
men.
That John J. Ross was in Chicago, Ill, on
the 10th of April, 1884, and gave his note to
N. W. National Bank for five hundred dollars,
and had the proceeds placed to the credit OF
Henry's Bank; and it also appears that he
pledged his word for the payment of over
drafts on said N. w. National Bank; and that
upon his return to Mineral Point on the 18th
of April there we're paid to him from the assets
of said bank, on account of his note given in
Chicago, the sum of five hundred dollars. There
were also transferred to him from the assets of
said bank, collateral security for said over draft
promissoly notes to the amount of twenty eight
hundred dollars, which he still holds. No liza
bilities having been incurred on his pledge we
understand the notes will be returned. 1t ap-
pears on the examination his account of that the
bank is indebted to him on open account in the
the sum of three hundred and forty-two dollars
and siXty-two cents.
That Joseph H. Gundry, the present assignee,
has had considerable deal with said bank for a
long time, especially through January, Febru-
ary March and April last; that on the oath of
January he drew out $1,000, leaving a balance
of 81, 29Z2S; that the last deposit was made
March Sd, and that then there was balance in
his favor of s., 1851; that on the 10th of April
there was balance due him of S2,779.11. That
on the 10th of April he obtained draft for
S5l5 which is charged S515.lG, and has since
been protested; and that on the 18th of April
he drew out on his check $500, which leaves
l, TN IaIt 70 hnTn IN fl,.A 8
S20.S9.
That after the close of business hours on said
10th day of April Emma Henry, the present
assignor and legatee under VIM. I. Heury's
will sold and conveyed TO said Joseph H. Gun
dry a quarter section of land in the town of
Mitllin, in this county, for $500. That he, as
claimed by Parmele, paid for it by giving said
check for $500 and $500 in 4 per cent gov
bonds, valued at $1,000; that said deed
is dated April 10th and recorded April 18th,
That these $500 in L, s. Bonds, valued at
IS, geo, is the three thousand dollars paid by
Parmee to his bondSmen on the 18th day Of
April the day the bank failed, to help out the
Phalen estate. Thos. 7. Parmele, treasurer.
April 18th, drew ont s1O2.54, church money
that account.
Amounts paid out on the 9th, 18th and 18th on
the foregoing accounts:
To Strachan estate S5,745 10
To John J. Ross collateral, etc....... 2, 800 90
To Joseph II. Gundry, trade in land ... 1850 60
l.
$50 81
That the managers of Henry's Bank borrowed
of Marshall X Ilsley, bankers in Milwaukee. the
sum of ten thousand dollars, and that there were
deposited collateral security for said loan the
notes:
K. ]. Penhallegon Il Son-due May 4.....Si 900 90
+. Allen, Jr.-due June 6................... 500 90
Thos McGinty Il Geo. Chamley-due
NOV. ls....:......... 500 90
n. Graber-on demand. ,206 80
l.. GRADER and s. W. White-due Sept. 81 600 90
John Hattield-due June ACKNOWLEDGEMENTS. 1000 90
Ed. Cullen-due July 4..................... 800 90
John CollinS-due Oct 800 90
N X Van Natre-due Nov. 6.................. 200 90
Total..................... $40, 4O6 SO
Interest to be added to the balance of S406.S9.
1t is claimed that there is balance in the New
York Bank of S50.66 although they have refused
to pay several drafts.
That according to the report of the N. W. Ma.
tional, Henrys Bank owes its2240. "a, but on ex-
of said account we find a credit of
sl05Sl6 on April 18th the day after the assign
ment, which would make said Indebtedness on
the nth the day Of the assignment S3275.5
That there are now notes and evidences of
debt on hand in the hand of the assignee I'M
pledged to the amount of S7lT5.96.
That the annual income of the mining land
Mt Linden Is from $500 to $4,000, one-half Of
which to-wit $3.50 to $1,000 belongs to Henry's es-
tate. That John.J. Ross owns one-half OF said
land, and that its value il somewhat speculative
depending on the amount of ore remaining.
There were upon the grounds April 18th about
two hundred tons of ore, and that Henry's estate
is entitled to one-half of one-seyenth-the dues
Of the value of said ore. There are now mining
thereon some thirty to forty men on tribute or
who pay dues; that they believe some of the
lands can be sold at the schedule price by the
assignee, but that the greater portion will shrink
some in converting them into cash.
That Mr.. Henry, in his life time, sold several
tracts of mining land and reserved the mining
right, but your committee has been unable to
determine the value of such Interest.
That Mr.. Henry, in his life time. entered into
contract with Moses Lyman, of Waverly, n. Y,
by which he bought in the territory of Dakota
1880 acres of land more or less, at Sc. 25 per
acre, and that Mr. Lyman is to have six per
cent. interest for the use of his money principal
and Mr.. Henry is to receive one-sixth of the
profits, but what it is or viii be worth we cannot
tell.
That in the opinion of your committee the
assets described in said assignment will shrink
from twenty-five to thirty thousand dollars in
them into cash to be used in paying
liabilities.
The committee has opinions as 10 what is the
best course to pursue as to an assignee, but deem
It best as committee at this time to rest their
report substantially on bare statement of facts,
ALEX. WILSON,
SAM. J. WRIGHT,
JOHN HADFlELD.
CYRUS LANYoN,
II. d. EVANS.
Mr.. J. H. Gundry, the assignee
of the bank, through counsel asked
to be allowed to resign and have q
new assignee appointed in his stead.
On motion the meeting voted to ac-
cept his resignation, and reccomepd-
ed P. Allen, Jr., to be assignee in