The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1892-04-28
THE BANK FAILURE.

{. Shove Banking Co, but will be prepfr.
ed to do so this evening. As both the
attorneys and assignee are extremely
cautious to 90 nothing that the law does
not openly permit, the difficult of securing
data upon which to base good conjecture
as to the condition of the bank may be ap-
preciated. For three days Pilot reporter
has haunted the lawyers, assignees and
every avenue OF possible information and
has by piece-meal secured pretty ac-
curate knowledge of the condition of
affairs, though it is in no sense official It
will vary but very little from the inventory
of the assignee to be filed this evening and
may be accepted as not only approxim-
ately correct but as almost absolutely so.
The condition of the bank on paper is:
Liabilities ..........S4 13,03464
Assets. .....-.,........-. 536,S05.07
This does not include bank furniture
which even on forced sale will realize
$1,000.
The assets include paper in large
amounts on which little or nothing can
be realized aggregating S374,207S9. OF
this S50,904.22 is absolutely worthless
being secured by stock In the Manitowoc
Manufacturing Co., the individuals, ex-
cept In one case for small amount. hav-
ing no financial standing. The remain
ing 1923, 303.67 may pay a small per cent.
but is not to be considered valuable
asset. In this Is Included the amount
due from the Manitowoc Manufacturing
Co. which is Sl93,2O611. o. this Sl29,-
3O297 are in notes and 500, 1903 IA, book
account. Should all the insurance, S59,-
600, go to the bank the percentage which
the bank will pay will be considerably in
creased. Not much can be realized from
the remaining S130,O9756 if payment is
forced and but a small percentage if time
is given.
Calculating on the above and regarding
as worthless the assets amounting to
1914 ,207.S9, the bank will pay 3415 per
cent. to creditors. at the very worst,
counting an asset of S29,47711, which
may be considered fairly good as a total
loss, the bank will pay 90 per cent. of it's
Indebtedness
There are in small securities on which
little or nothing can be realized, S1076S.
10; but this sum will be more than made
up by what will be realized on securities
frnc tnIp W. ~ Il
lation.
Assuming that the insurance money
Will become an asset of the bank; that the
other large securities which do not in
clude the S50,90422 treated as worthless,
will pay about 70 per cent, as it is reason
able to believe they will on their collater-
ais; that % per cent. of the paper against
Individuals aggregating S10,768, 70, will be
paid IN view of the character of the men
whose names are on it; that all the socur-
tiles classed as good and which there is
every reason to believe are SO, will pay
their face, then the bank will pay 60 per
cent. of its Indebtedness. This is The most
favorable showing; % per cent is the
poorest. Should the insurance money 90
to the Manitowoc Manufacturing Co.,
whose indebtedness outside the bank is
$4,000, the banks share would be S4s, 302,
and it would pay little over 80 per cent.
on its indebtedness. What it will pay
lies between the extremes 90 and 63, and
will probably be about 40 per cent.
These figures are predicated largely on
a reasonable time being given the debtors
to meet their obligations. If it is sought
to realize Immediately on these securities
there will be ashrinkage and the mini
mum percentage above given is probably
what creditors will realize.
The amount of money IN the bank in
currency, coin, etc. at the time of the
suspension was S1S,S0217.
The representatives OF the insurance
companies left on Tuesday without set
ting anything definitely. 1t is now quite
evident there will be Il suit between the
assignees of the defunct concerns for the
possession OF the insurance, which will
prove very important asset for the sue
cessful contestant. People are waiting
anxlously to learn what per cent. the
bank will pay, and many believe that the
statement of the amount will be accom-
panied by payment. But it will take
some time to collect what is due the
bank and some nice management to real.
ize on securities which may be classed
doubtful.
There is considerable talk among cre6i-
tors to employ an expert to examine the
books. There is no better bookkeeper
IN the state than the one employed by the
L. G. Shove Banking Co. and so the
books may be pronounced absolutely
correct. The inventory will show every
thing necessary and the character of the
paper held by the bank can easily be as
certained. The indebtedness of five firms
to the bank reach the enormous sum of
$3.50, lo5, and but very little of this well
secured. The notes secured by stock in
ohio -uauiCo"oc NAL uldcGuflnS w. nave
been made absolutely worthless by the
fire. Many OF these notes in any event
were worthless and as to what the stock
was worth it is utterly impossible totell.
1t seems to have been issued without re-
gard to the financial standing of the SUBJ
scriber and returned to the bank as co.
lateral
ED HAMILTON of Two Rivers returned |
last week from New York where he was |
on business. Mr.. Hamilton is one of the |
most successful manufacturers in the |
northwest, having in few years built up |