The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1903-04-23
Attorneys for the KenOsha State Bank
Carry the Receivership to the
Supreme Court of the State.
DEPOSITORS TO BE PAID IN FULL
President OF the Bank Offers Surety Bond
of Twenty Thousand Dollars to AS
sure Payment of Creditors.

DG1OIG the CLOSE VI duOluCI WCCh IL
is possible, and indeed probable, that
Frank S. Komp will again be in charge
Of the Kenosha State bank pending a
decision of the Supreme Court on the
appointment of Receiver.
Cooper, Simmons, Nelson & Walker,
of Racine, who represent Mr.. Komp in
the litigation, this morning forwarded
to the attorneys in this city copies of
the appeal from the decision of the
Circuit Court, and the case will be
taken to the Supreme Court at once.
In the order, which has not as yet been
signed by the Circuit Judge, but which
will be signed if it is approved by the
attorneys representing the deposit
ors, the Court provides that pend
ing the settlement of the receiver
ship in the Supreme Court of the State,
the moneys and books of the bank
shall be turned over to the former Off
Gals, and that they be allowed to settle
with the creditors IN person. The Re-
ceiver will then take no part IN any
fexther action that the bank may do.
The order provides that before the
property is turned over to Mr.. Komp
and his associates, pending the appeal,
the latter shall furnish surety bond
signed by two sureties or by a surety
company, subject to the approval OF
the Judge. The bond will be given tc
assure the Court that all creditors will
be paid on demand, or on such notice
as their claims against the bank allow.
This bond has been prepared and the
surety named is the Fidelity and De.
posit company Of Maryland. This is
the company which bonded Mr.. Komt
as treasurer of the Modern Woodmer
Camp, and it is claimed that he has
convinced the company of his SOW
lency.
Should this bond be secured one Of
the strongest companies in the country
would be backing the bank, and there
would be no doubt but that every cent
Of Indebtedness would be paid. This
arrangement may be perfected yet dur
ing the present week, and IN such
event the depositors will be paid off as
fast as they make demand for their
money. 1t will then be possible foi
Mr.. Komp to elect whether he will
close up the business or continue the
bank. The order has been received
with favor by the attorneys for the de.
positors, and they will undoubtedly
send the Judge an approval of the
order this afternoon. Mr.. Komp was
at the bank this morning, and it is
said that he will begin the work OF
paying off depositors as soon as the
order is signed.
In the meantime legal fight is or
between the Receiver for the Kenosha
bank and the Receiver for the Wau
conda bank, both claiming funds de
posted by President Komp in the Corr
Exchange Bank in Chicago. The
Wauconda people are the first to act
aud they have asked the courts to is
sue an injunction to prevent the money
being paid to the Receiver Of the State
bank.
The cashier of the Chicago institu
ton states that the Wauconda bank
had no account in the Corn Exchange
and for this reason it appears certain
that the money will finally be awarded
to the Kenosha bank.