The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-06-16
BANKRUPTCY BILL READY
COMPROMISE REACHED AT
LAST BY CONFEREES
Concessions on the Part of the
House to Nelson Met by Conces-
sfOns From the Minnesota Sena-
pected In Roth Branches of Con-
Eress.

WASHINGTON, D. c., June 15-Con-
gresham Fletcher said this afternoon:
The bankruptcy bill will soon be
taken up. 1 have positive assurances
from Gen. Henderson that an agree
ment has been reached and that the
Dill will be considered" Senator Mel
son confirmed the statement.
The conferees on the bill have reach
ed an agreement upon a compromises
proposition which embodies both the
voluntary and Involuntary clauses, but
limits the involuntary clause much
more than was the case when the bill
passed the house. The penalties as fix
ed IN the house bill have been mitigated
a good deal, and the changes are of
such a character that both sides feel
that they have gained their point
Senator Nelson, who was the leading
advocate in the senate OF the bill that
PASSED there, which provided only for
voluntary bankruptcy, says he is salts
ned With the bill as agreed upon and
that he expects the conference commit
tee report to be presented in the SEN
ate tomorrow. He thought that there
would be no trouble about it's adoption
in both houses.
Judge Ray, of the house committee.
who has had more to do on the part
of the house conferees than anybody
else, also expressed himself as satisfied
with the bill as agreed upon by the
conferees.
The house members found it neces-
sary to get Nelson's support in order
to carry the bill through the. senate
and therefore had to make concessions
which Nelson finally met with conces-
sions on his part.
The principal contest ranged about
two essential questions of what con-
stltuted acts of bankruptcy and what
preferences should be allowed on the
part of the debtor in advance of the
bankruptcy
A new statement of acts constituting
acts of bankruptcy has been prepared
by the conference committee but it fol-
lows In the main former provisions eX-
cept that the provision is omitted that
1t shall constitute an act Of bankruptcy
When the trader has suffered, viii III
solvent, execution from the court Of
record for $500 or over, or a number
of executions aggregating such amount,
against himself to be returned NO
property, unless amounts shown to be
due by such execution, shall be paid
before application is filed" In view Of
the fact that such return might be
made III single county when the debt
or had ample property in some other
county, that provision was changed
The language CT the provision bearing
upon this subject as drawn by the con-
ferees is as follows:
Acts of bankruptcy by person shall con-
slst ~ of his havirg conveyed, trans erred
concealed or removed CIR permitted to be C n
cesled or removed any part of his property
vita intent TO hinder, delay CT defraud his
creditors or any of them or {2) having trans
ferred while inSolvent any portion of hi
property to enc or more such creditors wi
intent to prefer such creditors over his otter
creditors. or (3) having suffered or permi tied
ference through legal proceedings and no:
having, at least five days bsfore fnil sale
OR disposition of any property afTfc:ed b.
such preference, violated OF discharged such
preference, or az made general assig ment
fer the benz 1T of Eis CT ditor., CT 90 adm lit
his Willingness to be adjudgel bankrupt on
that account. 49,! {tt8eE 1fc+- r-o--e : -
1t shall be complete defense to proceed.
iEgs instituted under the first subdivision If
this section to allsge and rrove that tt party
proceeded against was not inseIyent as de mel
in this act at the time OF the filing OF tn,
pet1tlcn against him, ard II soyency at .ucl
date Is proved by the alleged bankrupt o.
cee0ings shall be dismissed and under said
SUBDIVISION the burden of proving S / encJ
shall be On the alleged bankrupt
The provision regarding preferences
and transfers of property in advance
of bankruptcy renders transfers invalid
when made within four months of
bankruptcy, except in ordinary course
of trade for full value. Preferences
given within four months are also in
valid.
1t is provided that a person may be
declared bankrupt when it is publicly
known that he is in an insolvent con-