The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-03-14
ICE MAN WINS A
HEAT IN COURT
Judge Holt Refuses to Force
Charles w. Morse Into
Bankruptcy.
CLAIMS OF THE CREDITORS
TFlNANcIER EXPECTS TO PULL
OUT If GRANTED TIME

New York, March 13.-Charles W
Morse has won a temporary advan-
tage in his fight to escape the bank
ruptcy into which certain CT editors are
attempting TO force him. Alleging in
sufficiently secured claims aggreSatiag
nearly a quarter of a million dollars,
Charles A. Hanna. as receiver Tor the
National Bank of North America, and
two former employees of the same in
stitutiOn. today filed with Judge Holt
in the United States circuit court pc
tition that the once multi-millionaire
Ice man be declared a bankrupt. In
opposition counsel for Morse repre-
scented that c. G. Bringle and F.. b.
Shotwell. two of the petitioners we're
not creditors within the meaning of the
law and that their alleged claims were
unliquidatable because the operations
concerned were based on stock .rans-
actions. Upon these representations
the court refused to appoint a receiver
pending determination of the status %
each petitioner.
Gains Further Time.
Counsel for the petitioners were ct.A-
fident tonight that the move OF Morse
would serve only to briefly delay~~an
inevitable receivership. 1t WAS admit
ted, however. that Morse's best fight
Ing asset was time, furnishing further
opportunity TO win over ere 1itors to
his plans of rehabilitation.
Counsel for Morse claimed tonight
that the great majority of creditors
had been convinced that their inter
ests would be served best by giving the
financier a chance to pull out I'M
hampered. Those engaged N the task
OF learning the exact condition. of
Morse's finances figure that his Iiabili-
ties are about $4,000 600 and his assets
approximately $4,000. 000 estimated at
the present market value of securities
This latter estimate is held unfair by
the promoter, whose argument has
been that bankruptcy proceedings
forced upon him would mean d sacri q.
flee that creditors might escape
through delay until financial condi-
lions readjust themselves
Claim of the Receiver.
Mr.. Hanna's claim as receive. is
based on two promissory notes
amounting to s203. 321. The present ap-
proximate value of the securities held
Is stated to be s15O,000. Mr.. Pringles
claim is for the purchase price of
thirty shares of the capital stock of
the National Bank of North America.
which, il is alleged, Morse induced
Pringle to buy by false and fraudulent
representations. Upon the discovery
4of the fraud. says the petition, Prin-
( gle elected to return the stock to
Morse and he demanded the return of
the money paid. The demand was not
acceded to.
The claim of ShotwelI is likewise for
the price of thirty shares of the same
stock.
The act of banlr,Iptcv alleged is
that on Jan. %. 1908. Morse, while in
solvent, transferred a portion Of his
property to one or more of his credit
ors, naming the Fourteenth Street
bank and Philip Q. Britt in the way of
preferential payments
Another alleged act of bankruptcy IS
that on Feb. 5. 1908. Morse permitted q
judgment of s155,75 to be entered
against him in favor of Robert A. -.
Smlth in an action wherein Smith was
the plaintiff and Morse defendant. in
The state supreme court Other UT
specified acts of bankruptcy are al
legged.