The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1892-07-28
THE BOYCOTT.

prevailed in this county. The depositors
were so numerous and the losses 81
heavy that it was with the utmost diff
Guilty those having charge of collecting
the assets of the bank were permitted to
proceed as their Judgment dictated. The
assignee of the bank, Mr.. Piening man
noted for his sterling honesty and bust
ness ability, was SO harassed by reports
of his working in the interests of IndI-
viduals that he actually sought release
from his trying position, offered to resign
donate his fees and give bonus of $500
for his release. The attorneys were ac-
cused of everything under heaven and
everyone who counseled moderation and
proceeding IN business way was charg-
ed with being bought up. There were
good reasons why moderation was adyis-
able, reasons affecting the interests of the
creditors but which could not be made
public In justice to themselves the as
signee and attorneys should have with
drawn from the case and let the creditors
who were disposed TO question their mo-
tives run the matter to suit themselves.
The expert. Mr. Burke, who is account
ed one OF the best in the state, took one
month to make an examination of the
books and every one conversant with the
work done, says the time taken was re-
markably short for an undertaking so
large. He received a salary of SO per
day and expenses paid. But the assignee
who had to receive hundreds of claims,
make an examination Of the books, make
provision for converting the assets of the
bank into cash, deal carefully with assets
which were extremely doubtful IN value
so as to realize most from them in behalf
of the creditors, take legal counsel for
every sep taken SO that no mistake
would be made, was denounced as a thief
and charged with being in collision with
the former proprietors of the bank, be-
cause he did not at once collect all that
was due and satisfy the demands of the
creditors. When it is known that most
of the paper In the bank can be made to re-
alize anything at all only by very cautious
procedure, that the largest and only valu-
aLie asset of the bank Is the insurance
money which will not be paid in for a
month yet, that the affairs of the Manito-
woe Manfg Co. from which it is hoped
something may be realized are still I'M
settled, the difficulty under which the as
signee labored may be partly understood
but not fully realized. But to counsel
patience was to invite suspicion.
TIE arrest of Mr.. Shove was no doubt
fastened by his own actions, though it
was quite certain to come in time though
| the manifestation of passion exhibited
might be lacking. When the character of
the banks assets made clear that money
was received after the solvency of the bank
might be questioned by any prudent
manager, 1t became a foregone conclu-
| sion that his arrest would follow He
could not understand the bitterness of
the people who had lost their money
| through him, particularly of those who
had lost their all and those who had
earned their money by hard, manual labor.
His references to the good he had done
the city but inhamed the wrath OF those
whose money he had used and lost. Then
his offer to again take charge of the bank
under the direction of trustees with a
promise to so manage it as to pay 30 per
cent. to creditors led to the belief that
he had money. The Pilot does not be-
lieve that I. G. Shove has any money of
any consequence This opinion is shared
by all who have examined the matter
carefully, though the vast majority be-.
lieve otherwise and they were strength
ened in the belief by the character of his
offer
The Pilot instinctively shrinks from
saying anything harsh of man when he
Is down, but in offering criticism of the
course of those who sought to punish
Shove's bondsmen, it cannot with justice
to all treat Mr.. Shove with ill-timed elem
ency. No matter how grand his schemes
were for the advancement OF the city, the
fact remains that in these schemes he used
The money of hundreds of people and IN
der circumstances which made ii extreme
ly doubtful that he could ever repay
them. AS before said The Pilot does not
believe that this money was converted
to his own use, 1t is unpopular and even
dangerous to say this but The Pilot be-
lleveS and asserts it nevertheless. While
morally, this lessons the offense it does
not excuse Mr.. Shove from taking money
from people who We're Impoverished by
its loss or who could lily afford to lose
1t. The loans made outside the factory
on insufficient security were sufficient to
swamp the bank, and the loss on these
will wipe out the banks capital and eat
up good portion of the deposltors'
money. Indeed the loans to the factory
are among the best assets in the hands
of the assignee. No excuse can be made
for this reckless handling of depositors'
money and excuses, In part, the bitterness
which many of the creditors regard him.
The Pilot does not believe there was
any criminal purpose in loaning this
money. This belief is naturally a corol- |
larry of that, that Mr.. Shove appropriated
none of it to his own use. He had long
been so accustomed 10 having things |
bend to his will that he felt he could |
command in every situation. What he |
wished to have happen is what he believ-
ed would happen and he was impatient |
of anything which questioned the infalli-
bility of his Judgment. His egotism led |
him to believe that the offer made de- |
positors that he could so manage the as
sets as to pay them more than could be |