Omaha daily bee., 1903-01-23
BENNETT TELLS OF FAILURE
Head Of Bankrupt Company on Witness
Stand Before Referee.
GIVES NAMES OF THE SHAREHOLDERS
Tells of the Relations of the Build
ing to the Mercantile Company
and How Estimates on
Cost Failed.

w. r. Bennett has been examined by the
creditors Of the bankrupt company before
Referee Clapp in federal court. He was
placed on the stand for the purpose Of inn
parting Information regarding the manner
Of conducting his business, Of keeping the
books and the relations Of the Bennett
Building company to the w. r. Bennett
company. The examination was conducted
by w. w. Morsman.
The situation was at all times a severe
strain on the witness, reaching a critical
point shortly before the noon adjournment
during a recital of the history Of his failure.
All the misery of the last two months and
the bitterness Of his defeat rose in him and
choked his voice. The court room became
absolutely still except for the voice Of the
speaker and those present gazed at the pa
pers on which they were making notes or
out of the windows.
Mr.. Bennett explained how one friend,
whose name he could not give, had been
unable to furnish the financial support he
had promised and that the total cost Of
building and stock had risen $10O,O 900 above
what they had expected.
"some Irons Were
81 have had all sisters and no brothers
to help me in this enterprise" he said.
They have done all they could, but there
was much they could not do. For instance,
there is an art in the marking Of goods,
which should be attended to by one of the
firm. There we're so many such things to
be seen to. 1t was impossible for me to
cover all OF the ground. And So he
finished, with some difficulty, some OF
the irons in the FIRE we're burned"
The examination brought out the holders
"a a.. n.,,.44 nrf1dg,- ap,naNy g4nolr oo
follows. w r. Bennett, 1888 shares; S. F.
Bennett, 1000; +. w. Brown, 100; Irving
Allison, 1. These shares had never beer
paid for and there is now an agreement
between w. r. Bennett and ]. e. Baum
whereby the latter will possess them in
case he and his associates can secure the
composition of a company to manage the
Bennett store. They are held now in
escrow by G. w. Rainey. "Mr. Baum
said Mr.. Bennett, 'is the only one whc
has shown any disposition to befriend the
BENEFITS In the reorganization Of a com-
pany and fix matters so that we might
be given positions from which we could
look forward to some time being on oul
feet again"
The shareholders Of the w. r. Bennett
! company were given as follows: w. r
Bennett, S7S shares; S. F. Bennett, 81
shares; Cornelia E. Bennett, 40 shares
Mrs. Wade, 40 shares, and Mrs. Brown, Al
| shares. One hundred and thirty-nine shares
are still in the name of Mr.. Bennett'i
mother, who is now dead. According to
the memoranda carried by W. R. Bennett
the lot on which the Bennett building
stands cost s15O,OOO and the barn building
cost $4,000.
The testimony of w. R. Bennett wa:
continued yesterday afternoon, when q
number OF minor points were brought out
This ended the session of the creditors
The various departments owned by indir
viduals in the Bennett store will open to-
morrow Tor business. They will be con
Quoted on the first floor. The question o.
opening the remainder of the store is in the
hands of Judge Munger for decision.