Omaha daily bee., 1902-04-26
BANK IS LEFT OUT
Must Look to Crystal Lake Bank for Money
on 0renshaw Account.
CREDITORS CONTEST MOTHERS CLAIMS
II IL f. Allowed 70 stand VIII Cut
They Receive from As
sets of Groceryman in
the Middle.

Al the nearing yesterday before Referee
Mayne in the w. II. Crenshaw bankruptcy
case the creditors passed a resolution d.
recting that the trustee make no claim to
the bank at Crystal Lake, Ia, the control
Of which young Crensbaw was alleged to
have secured on a capital consisting solely
of nerve as an asset of the estate, in view
Of the fact that @. s. Gilbertson and G.
J. Thompson, the owners of the bank, had
agreed to make no claim against the funds
Of the estate in the hands of the trustee.
Referee Mayne, although no order has
yet been made by him to this effect, de-
cided that the Omaha National bank, which
cashed one of the $1,000 certificates of de-
posit secured by Crenshaw from the Crys-
tai Lake bank and which filed a petition
Of Intervention in the bankruptcy proceed
ings. will have to look to the bank or Gil
bertson & Thompson for the payment Of its
claim.
Crenshaw's mother and sister, whose
claims aggregate S4,95O, waived any claim
to preference under the mortgages given
them by Crenshaw the dry he disappeared
from Council Bluffs, but agreed to allow
their claims to go in as general creditors
and to participate in the assets. The
claims Of Mrs. Crenshaw and her daughter,
however, are objected to by the general
creditors on the grounds that the mort
gage given to them by the bankrupt was
for the purpose Of defrauding his creditors.
Referee Mayne took under advisement the
adjudication Of the claims Of Mrs. and Miss
Crenshaw.
Makes Considerable Difference.
In the event Of the claims Of Mrs. and
Miss Crenshaw being permitted to stand,
the estate will pay about 40 per cent, but
10 49,, 49, ItgoIIAuvaA fhn OrodtNnru uptlI
receive between so and 80 per cent Of their
claims. The schedule o. Indebtedness filed
in the proceedings amounts to 3s,3S9.13
including the claims of Crenshaw's mother
and sister. The funds in the hands Of the
trustee amount to 34,0S6.O9.
F. A. Hickman Of the First National
bank Of this city, who in the earlier stages
of the proceedings acted as receiver, was
appointed trustee for the creditors.
One OF the creditors who since the bank
Tuptcy proceedings against Crenshaw were
commenced has given the acquisition by
C%renshaw Of the control of the Crystal
Lake bank some investigation, gave It as
his opinion at yesterdays meeting that the
young man was not the Napoleon OF finance
that he was credited with being. He stated
that he believed Crenshaw, in being in
duced to buy the bank, had got the worst
end Of the bargain and that 1t was when
he saw he had assumed a load he could
not carry he availed himself Of the oppor-
tunity to cash one Of the certificates Of
deposit and decided to go way rather than
face the music.
The Investigation made by this creditor
shows that on February 1 Crenshaw went
to Des Moines, where the negotiations for
the sale of the bank by Gilbertson and
Thompson to him we're begun. That was
on Saturday. On the Monday following
Crenshaw. accompanied by one OF the own-
ers of the bank. went to Crystal Lake. He
was only in the town one hour and when
he left he had with him certificates Of de-
posit aggregating $40, 900, issued by the
cashier who was In the employ Of Gilbertson
and Thompson. From Crystal Lake Cren-
shaw went to Sioux City, where he at
tempted to cash the certificates, but failed.
On February 8 he cashed one for $4,000 at
the Omaha National bank. The Omaha
National bank corresponded with the Crys-
tai Lake bank regarding the certificate and
all Of this correspondence shows that the
Of that bank. Neither the Omaha National
bank nor Gilbertson and Thompson have
made any effort to apprehend Crenshaw and
1t was stated at yesterdays meeting that
neither Of them wanted to. On behalf Of
Crenshaw, 1t was stated that II he had been
In entire control of the bank, as had been
asserted, he could have taken possession
Of the cash which was in the vault and
which amounted to over s.. 1000.
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