The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1897-09-03

| frmed on the bid Of j. B. q ID.
Richards. Under this arrangement
Mr.. Hamm, representative OF Mar
shall, Field g. Co., was called to the
stand. He testified that he believed
the stock of goods was worth more
then the highest bid offered. Was
willing to give $50, 100. Had put in a
bid for that amount, accompanied by
certified check for 81, 500. Would be
willing, if the court should refuse to
confirm the sale, to put in bid for
that amount. On cross-eXamination
by Mr.. Cray, he said that he made
this offer on his own account. Was
induced to come here by Marshall,
Field & Co. This firm had no interest
in the matter, and would not profit by
it further than an increased amount
on their claim against the stock.
Said they would not aid him in any
way other than they might loan him
money if he wanted it.
Mr.. Lay was then called to the
stand and said that he was connect
ed with the credit department of
Marshall, Field & Co. Said he had
spoken to Mr.. Hamm about putting a
bid on the stock. Had done so
because Mr.. Hamm was very
successful in handling such
stocks. He could not come at that
time. Had induced him to come up
at this time as he believed the bids
put in were too low. and that money
could be made under a higher bid.
Mr.. Hamm was in no way connected
with the firm of Marshall, Field &
Co. He had, however, worked fol
them at different times. Nothing
new was brought out under cross ex'
animation.
W. E. Young, for the receiver,
thought that there was not enough
more in this bid of Mr.. Hamm tC
pay for re.opening the matter. They
should do the best possible for the
creditors, but did not think that
there was much material benefit in it.
B. D. Smith, for Mr.. Hamm said
that the bid of his client showed that
the bid of Mr.. Richards was 81, 900 toe
low, and was willing to put up a
81, 500 forfeit to bid again in case the
sale was re-opened.
The court announced that it would
decide the case at 7:3O this evening
as he wished to take the matter under
advisement.
W. L. Comstock, addressing the
court for the receiver, said that the
one thing was to realize all that pos
sibly can be for the creditors. The
court should not be swayed by senti
ment. 1t was not known that the
best price can be received by sealed
bids, and if at any time before tn
sale is confirmed a higher bid should
be received, he did not see why any
creditor should object to getting al
they possibly can out of the stock. L
looked to him as though more coulC
be realized.
W. E. Young thought that it was
the duty to keep faith with those
who had made bids. Considerable time
had been spent in working up these
bids and he thought these parties
should he kept faith with.
Mr.. Young and Mr.. Comstock re
marked that the views they put forth
were their own in the matter ano
that they had not consulted the re-
ceiver as to it. The court remarked
that it looked as though the receiver
was not represented.
Mr.. Cray said that he had spent
much time in helping to work up the
bids put in, and as the attorney OF
two important creditors did
not care for the slight increase
made, he preferred that faith be kept
| wit tbosa mbO had hid