Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1894-01-12

MllWaukce, Jan. S,-Unite,3 Statns
Senator John l.. Mitchell arrived in Tho
81! .nlS morning from Washington.
ne VII rtilialn out few days. Just
now long he was naahlc to state TODAY.
Senator Mitchell stated that miscel..
laneous business had made il necessary
to come to Milwaukee M nresenf
that OF the resumption of the Marine
hahk beng among the most important.
Regarding the possibilities of the banks
reSuming, Senator Mitchell WAS unable
to state. He had just arrived in the
city and pleaded ignorance of the later
, action of the receiver. as he had non
time to lnfrom himself. He ,xnressefi
the nope that the bank would open.
Senator Mitchell did not have much
to say regarding the Wilson bill, 1t
had its friends and its enemies the
, number of each tallying very equally
with the representation of both parties.
The bill, he thought, would not reach
the senate for some time. and many
changes would possibly be made he,
fore it was finally passed.
Wednesday will decide the fate of
the Marine bank. Receiver Washington
Becker stated this morning that n
all OF the extensions were not In at
that time it would be impossible for
the bank to resume, according to the.
plan outlined in his letter to the de-
poSitOrs.
J. Receiver Becker also stated that IL
the plan failed there would be no
further attempt made to reopen the
bank. He had done all that was DOS
sible, and If the depositors were not
willing to aid him, the project must
go under.
Attorney Alfred Cary, Mr.. Becker's
legal adviser, confirmed the statement
Of Mr.. Becker. Yes said he,
"wednesday is the day. If all the ex-
tensions are not III by that time we
will give up. In fact, we are simply
forced to, as there will not be the
necessary time to make the arrange
ments before the 18th, as named in
the letter of the receiver to the de-
poSitors.'
Since the second letter of Mr.. Becker
to the depOSitOrs not more than $780,
OOD or $4,000 has come in, leaving
creditors representing in the neighbor-
hood of $500, 900 still to be heard from
1t may be possible that the holders of
this will agree TO the extension before
Wednesday but it is considered hardly
possible.
A meeting of the stockholders and
business men Of the city was held at
the bank this morning and an attempt
will 10 made to bring in all of the
creditors.
The Prospect Of failure OF the plan
Of resumption is q matter Of consider
able regret among merchants and
large orDpS tors. The resumption OF
tn, hank would insure the payment of
tnrir ciaIus in full, while if the plan
fails it is thought that that bank will
hardly he able to pay more than 50
cents OH the dollar.
Judge Johnson rendered an import
ant decision-important to all con-
cerned in the Milwaukee banks which
have failed-at the opening of court,
this fornoon. An assignee Of q bank
rupt house had deposited money in the
Marine bank shortly before the bank
closed. He wanted his money returned
to him, claiming that the deposit was
IL trust fund. Judge Johnson overruled
the motion. Had he granted it and
done likewise in all cases in which
special preference was claimed, Judge
Johnson said that very meager assets
would be left for ordinary creditors.
The judge said that perhaps the high
CT court would override him, but he
preferred Il ruling from the supreme
court OH this important point rather
| than to render the sweeping decision
which would make SO many preferred
creditors The application had been
made by Il. Maxwell, assignee Of A.
f. AschcrInann.