The Wisconsin tobacco reporter. (Edgerton, Wis.) 1877-1950, 1900-01-26


ton to End all Litigation.
The movement to bring about a set
element of the litigation in the Bank Of
Edgerton matter spoken of last week
has reached point now where direct
proposition is made by the stockholders
and directors through their attorneys
which is as follows:
EVANSVILLE, Wis, JAN. II, 1900
i. Ii. TOWNE Esq,
EDGERToN, WIS.
DEAR SGR-Replying to your com
munication in respect to a settlement in
the matter of the Bank of Edgerton, in
which you say that the committee here
tofore appointed by the depositors has
requested you to act as a mediator for
the purpose of bringing about settle
ment between the depositors and stock
holders and directors Of the bank, we
beg leave to say:
The stockholders and directors repre-
scented by us earnestly desire to make
any far and equitable settlement that
can be brought about.
We would, at the outset, call your at
tention to the fact that majority Of the
stock was held by Mr. Burnham and the
Hutson estate We understand that the
depU5itOrS do not expect to realize any
thing whatever from these two sources.
The remaining stockholders we're not
bankers and none of them were familiar
with the management of the bank. They,
like all the rest Of the community in and
about Edgerton, trusted to the integrity
of Mr.. Burnham who personally con
troIled the affairs of the bank. This
trust was violated by Mr.. Burnham to
the great surprise OF the entire COM
munity.
The stockholders and directors further
relied upon the periodical examinations
which were made of the affairs of the
bank by the State Bank Examiner, as
they had the right to do, and supposed
shat il there was anything wrong with
the affairs of the bank or that the books
did not show the true condition Of it's
affairs, that the matter would be prop
erly reported by him, he being an expert
in that line Of business.
The people we represent were unfOr
Cunate enough to be interested directly
or indirectly in the stock of the bank.
After your communication, in which
you desire us to make a proposition look
ing towards an adjustment OF the con-
troversies, a meeting was held at which
IL part of the defendants in the action
brought by the depOsitOrS were present.
AT tIat meeting the defendants expressed
a desire to end the litigation if it could
be done within reason.
In canvaSSing the question as to how
much money could be raised for that
purpose some of the defendants proposed
to pay in an amount towards settle
ment, which, if you knew all the circum
stances, you would say was not only just
On Cneir part but very generous After
ing over the matter carefully we Sc
cured pledges which will produce an
amount equal to forty seven thousand
five hundred dollars ($47, 10000. In
raising this sum of money some Of the
defendants pledge substantially every
dollar they have in the world. Others
pledge far more than half Of their entire
worth, and others pledge sums which
will greatly cripple them financially.
We state these things to show to you
that there is y sincere desire on the part
of the defendants to bring about an ad
ju5rment.
iC may be urged that nearly two years
ago these same defendants made an
offer of fifty thousand dollars S50,000.O0)
TO settle this matter. In reply to that
we desire to say that at that time fifty
thousand dollars could be raised by the
defendants with far greater ease than
fJrty-seven thousand five hundred dol
lars can now he raised.
You will remember that one Of the di-
rec,ors removed from the state before
the bank closed, but was willing at the
time of the previous offer to aid consd-
era uly in the adjustment of settlement
His position in the matter is now changed
and jOr that reason we are in different
position with reference to a settlement.
One of the other directors has died, leav-
ing very little or no estate. At the time
OF the previous offer this director was
willing to mortgage his homestead even
in order to raise his portion towards an
adjustment Of the settlement. His death,
of course, further materially alters the
situation. He left a widow and a young
child and the same results cannot be ex
pected of them that might have been
expected had the husband and father
continued to live
In raising this amount, in some in
stances parties have pledged substan-
TALLY their last dollar. Others have
pledged more than justice as between
man and man would require of them,
and others will materially cripple them
selves financially.
Taking these things into consideration
our offer is one which we feel is more
than just on the part of the defendants.
Should it be still further contended that
Notwithstanding all the reasons which
have been enumerated the defendants
should at least make as good an offer as
the one they have heretofore made. we
will say that if the offer which was made
before will produce settlement it may
be that some of the defendants can be
induced to still further contribute to-
wards that result so as to bring said sum
up to fifty thousand dollars (S50,00000)
To summarize this matter we can now
offer forty seven thousand five hundred
dollars (S47 500 with a possibility of
making that up to fifty thousand dollars
(s5OuOO)
You understand that some of the de-
PENDANTS insist that there's is no legal
liability whatever upon their part, and
That others insist that there is no liability
on their part aside from that of the
L j.