Omaha daily bee., 1902-05-30
WANT RECEIVERS REMOVED
J. K. Cooper Alleges Management Of Officer
4 Pussy Estate is Too Expensive,
OFFICIALS FILE A GENERAL DENIAL
Assert that Deals Pending Would
Render Chsnge at This Time I'm
wiae-Dividend from Estate
Of Thomas onlcer.

- NH'
A petition asking for the removal Of L.
F.. Murphy and John Bereshelm as re-
ceivers OF the onicer & Pussy bank was
fled Yesterday In the district court by j.
X. Cooper and others, claiming to represent
a majority Of the \bank's creditors. The
petition also asks that the creditors be
permitted to name some one person 10 act
as receiver 10 act In winding up the estate
OF the bank.
In support Of the application 1t is al
legged that the present expense Of the adj
ministration Of the estate is greater than
justified by the amount Of business done,
that L. r. Murphy was bookkeeper and con-
Adential clerk Of the banking firm of on
Ger & Pussy for many years prior to the
failure and that Receiver Beresheim is
head OF a large Banking institution, to the
affairs Of which he devotes his entire time.
It is further asserted that Receivers
Murphy and Beresheim were not appointed
at the reques. OF or with the knowledge
Of the creditors Of the bank, but at the
instigation and suggestion Of Charles T..
Ofhcer, who was administrator of the estate
Of his father, Thomas oficer, the senior
member of the defunct' banking firm. 1t is
claimed that the creditors have the right
to select the receiver.
Attorneys for Mr.. Cooper state that this
action is not intended in any way as a
personal attack on the receivers or with the
intention Of criticising their actions, but
that the creditors feel that the time has
come when enc receiver can be dispensed
with and the business Of closing the estate
done by one man.
Receivers File Answer.
AS soon as copies Of the petition were
fled on the receivers they filed their an
swers in order that a speedy hearing might
be had before the. court. They deny that
Mr.. Cooper represents a majority of the
creditors or anybody but himself and his
lawyers. While admitting that Receiver
Murphy was for many years ~bookkeeper IN
the employ of oflcer & Pussy, they deny
that he was a confidential clerk and deny
also that their appointment was suggested
and brought about by Charles T. Ofncer.
J 1t is also denied that Receiver Beresheim
devotes his entire time to the affairs Of his
bank.
They defend their administration as
economical and wise and allege that the
large attorneys fees they have been COM
PEELED to pay have been to a great ex-
tent necessitated by the unwise and I'M
providert litigation instituted by the cred
itors. including the applicant in'the suit at
lar.
They state that since their appointment.
they have collected 1886, 711.73 and dis
bursed $3O9, 312.o5, leaving a. balance Of $27,-
500. 6s on hand; that eunder Tofders Of the
court they have paid preferred claims
amounting to 1884, 451. 70, which has de-
creased the Indebtedness to 1906, 294.02.
They state further that there are now
pending four sales Of property aggregating
$50, 900 and settlements Of other claims
amounting to $40, 900 and that they proposed
to shortly declare a dividend Of 8 per cent.
That the receivers have yet $50 1000 worth
Of property to dispose of comes as a great
surprise to the creditors, as II this is the
case there ought to be sufficient means to
pay a dividend of nearly 10 per cent in
place Of 5 per cent.
OhBcer Estate Pays Dividends.
They call attention to the fact that so
far during eighteen months OF the receiver
ship they have received no compensation
except 81, 304, which has been paid to Re-
ceiver Murphy. 1t is claimed in the answer
that Receiver Murphy, by reason of his
familiarity with the books of the bank and
) his acquaintance with the creditors has
been peculiarly qualified to manage the de-
tails Of the receivership and has given to
1t his entire time, while Receiver Beres-
helm has given his counsel, judgment and
time to the handling Of its affairs, collec-
tion OF its claims and disposition Of its
} assets.
In conclusion the receivers say they have
, no personal desire to continue the ardu-
GUS labors Of the trust, but they aver that
, a change OF receivers at this time would
be unwise, expensive and against the in
terests Of the persons interested and that
. there is no warrant. cause or reason for
the application Of Mr.. Cooper being nled
, and ask that 1t be dismissed.
Judge Wheeler Is expected to hear the
) application this afternoon.
. J. J, Stewart, administrator Of the estate
Of Thomas onicer. deceased. senior member
OF the defunct banking firm Of ohicer &
i Pussy. hled his hrst report yesterday and
. secured an order OF court authorizing him
to pay q dividend of 5 per cent to the
creditors OF the bank.
The claims against the bank originally
amounted to 1851, s42.s9. Preferred claims
to the amount OF S5s. s42.4s were allowed
I and paid in fuI. leaving a balance Of t577,
. 6OO.7o. upon which two dividends amount
a ing to IS per cent have been paid.
Administrator Stewart In recommending
. the payment OF this dividend says in his
: report that although the assets Of onicer
q Pussy are not entirely exhausted, there
: is no question but that they will be In
sufhcient. and further that he believes thai
= after both estates have been exhausted
~ that Thomas Oficer will be insolvent and
: that therefore In his opinion 1t would
I be perfectly safe to distribute now th'
= funds in his hands.
Under the ruling Of Judge Macy all cred
= itors who filed their claims against thu
receivers Of the banking Arm are entitled
= to participate in the distribution OF the as
. sets Of the ohhcer estate, although the!
"a may not have nled their claims also agains
y the estate.