The representative. [volume] (St. Paul, Minn.) 1893-1901, 1899-10-19

ONE MILLION TWO HUNDRED
DOLLARS OF DEBTS, AND $275 900
OF NOMINAL ASSETS, WORTH $685.
600!
Michael Doran, Jr., referee in bankruptcy
Tor Ramsey county, yesterday submitted
his official report concerning bankruptcy
matters conducted before him during the
six months ending Sept. 30, 1899. Accord
ing to his report there have been 1O7 petit
tions filed within the referee district of
Ramsey during that time, all of which have
been voluntary, being cases where the
bankrupts themselves have begun proceed
ings as opposed to voluntary, where the
creditors take the initiative. Of these 107
cases, Is have come under Mr.. Dorans
immediate reference, while the remainder
have been presided over in his absence by
H. T. Kyle, of Faribault Mimi, the other
referee for the Third division of Minnesota.
In the cases conducted before Referee
Doran the total assets, as scheduled, amount
to $249, 634.54, and the total liabilities to
$500, Sc. With the assets and liabili-
ties in the cases conducted before Referee
Kyle added, the scheduled assets would ap-
proximate $275,000, and the liabilities
$1.200,00O But the liabilities as contrasted
with the assets are the only figures that
represent anything real and indisputable
Bankrupts seldom fail to schedule them
with detailed accuracy. But the assets are
y,
are concerned. AS scheduled they appear,
at times, most promising and as such ap-
pear in the daily reports. But investiga-
ton, some conversation with the bankrupt,
or the work of subsequent apprasement
generally develop that the scheduled assets
are either exempt, OF no benefit, in conse-
quence to any one except the bankrupt, or,
If real estate, incumbered beyond all hope
OF equity; or, IL prOmissOry notes or other
evidences of Indebtedness, beyond the hopes
OF the bankrupt, the creditors and all laws.
However, the report requires referees to
I schedule assets of every nature, and as
there seems to be tendency to enter real
estate at boom" prices and worthless &C
counts and other evidences of debt at their
face value, the assets make a very credit
able showing as compared with the libili-
tiles. ,-~--~
AS matter of fact, out of these 1O7 cases.
the actual amount from which unsecured
creditors received any benefits would not
reach $4,000. The showing made by one
estate alone, a lasting credit to the integ-
rity OF the bankrupt himself, is responsible
for fOur-ffths Of this marked contrast.
That estate developed $4,000 liquidated
assets, Satisfied the secured creditors COM
pletely. and paid 40 per cent to the general
creditors. But this was notable exception,
and more Of a credit to the individual than
the fault of the law.
The average cost of conducting these 1O7
cases approximates $S5, but here again,
the estates which develop assets contribute
most literally to this average. In cases
where chance finds some assets the estate
is abliged to look after the attorney charges
for the bankrupt and the trustee. and every
possible expense growing out of the bank
ruptcy proceedings, while in cases where
Their are no assets the expense to be borne
by the bankrupt seldom reaches $40 outside
his attorneys fee, and is the general aver
age. unaided by glowing exceptions
Rotten! Rotten! Rotten!
NEARLY A MILLION AND A QUAR-
TER, OF DEBTS AND $4,000 OF AS
SETS.
That is enough to make an Old-fash-
toned mans hair stand on end.
Oh!z The prosperity! The golden
prosperity! l. d.