The Wisconsin tobacco reporter. (Edgerton, Wis.) 1877-1950, 1899-05-12
DIR

LIABILITIES ON 20 PER CENT DIVIDEND.
Claims upon which dividends have
been declared and not called for. 1856 n
Claims objected to upon which dlvl
dends are to be paid in accordance
with stipulation. Observation-Disclosures. 1893 SO
80 per cent on claims filed objected to 1928 "a
Bal due A. A. Jackson, attys fees. 1000 90
Bal. due Clerk of Circuit Court. ...... 1870 IS
S61OS "A
When Receiver Towne took hold of
the affairs of the bank less than $4,000
in cash was available. In the year and
a half that has elapsed he has succeeded
in swelling this amount to nearly
S1O5,O0O The statutary liability of the
stockholders, of course, is not taken into
account in this statement, which, if it
was all collectable, would yield $4,000
more in assets. A suit already pending
in court to define this liability, relieving
the receiver from collecting an amount
equal to the face value of the stock held
by these individuals, some of whom are
ready to pay whenever the amount due
is determined by the court.
Under the head of assets the receiver
lists several pages of notes aggregating
fully S150,OO0 among which he considers
but $14,7OO to be good and collectable.
Here is where the great shortage will
appear. More than 100000 worth of
promises to pay are scheduled that it
will be very difficult to realize on. That
a bank should accumulate such an
amount of worthless paper, equal to-
twice the capital of the bank, is of itself
a sufficient reason for failure were it
legitimately conducted on other lines.
1t will be noticed that claims to the
amount $3728,24 filed with the court
have been objected to and the court has
not passed upon them. 1t is hardly
probable that all of these will be allowed.
Two dividends have been paid the de-
positors, one in January, 1898, of 20 per
cent and a second one of 10 per cent last
fall. If the offer of $4,000 made by the
attorney for the stockholders in settle
ment of all demands against them had
been accepted the bank would have paid
out little over 60 per cent of it's liabili-
ties. But the settlement having been
rejected it is left now for the courts to
determine what the future will bring the
depositors out of the wreck.
The demands of the plaintiff depos-
itors asks for a Judgment against the
case is on the calendar for the present
CcTu vi UuC UuOClOll
to postpone trial has been entered by
the defendants.
Doubtless some of the depositors will
be disposed to find fault with the mag
nitude of the expenses attending the
receivership. The allowance to the re-
ceiver when it is considered, extends
over period of more than year and a
half of time, is certainly not extravaganza.
Very few receivers, we imagine, in mat
ters where so large interests are involved
are content with S. per day for time
actually spent in the discharge of such
duties. The expense account altogether
will be found to be very much less than
have attended other bank failures of less
magnitude in the state if a comparison
was made. But the allowance of this
account lies wholly with the judge of the
circuit court and if he thinks the ex-
penses too high will order deductions
accordingly.
It will doubtless be matter of inter
est to print for the sake of comparison
the last sworn statement of the condi-
ton of the Bank of Edgerton made to
the bank examiner Aug. Is, 1897, which
was as follows:
RESOURCES.
OVerdraftS 2,77l 70
RANKING hOI1Se. furniture and fixt11raS On