The daily sentinel., 1912-03-25
FAILS
To GET THE
$4,000
Another Important and Interesting
Meeting of the Union Trading
Company Is Held, and Some
Lively Tits Are Had.

3 S. u. Schenck. president and Z,
= general manager of the bank !,
!, rupt Union Trading company, :,
: the affairs of which are being !,
= Strengthened out, was not al !,
: lowed claim of $4,000 for sal Z,
:, airy, by Referee in Bankruptcy :,
:, S. ID. Trimble. =
:, Attorney w. G. Sheldon, with .,
:, a claim of $4,000 for legal ser =
Z vices, was allowed $1,000. e
= J. Perry, Denver, claim for {,
= endorsement, disallowed :,
:, Stockholders offer to take :,
: over property of company at Z,
!, sc on the dollar. +
:, :, = = :, = $685. {, :,
The following account of the last
meeting of the Union Trading COM
pany is taken from Saturdays Pue-
bio Chieftain:
With former President Schenck of
the Union Trading company ION tri-
al again yesterday, an interesting
day was spent in the bankruptcy
court. in the federal building. Since
the Colorado concern which controll-
ed IA stores at the time it went
under, has been in the courts,
Schenck has been on trial much of
ferent angles.
Saturday Schenck was given a
hearing on a proposition particularly
dear to him. He had made a
claim to the bankruptcy court for a
little over $4,000 for back salary,
said to be due him for services dur
| ing the years 1919 and 1911, for
(which he was not paid in full Rep
resented by Attorney Miles G. Saun-
ders, Schenck made a stubborn fight
for the claim, but it was disallowed
by Referee Trimble. The fact that
Schenck had received from the COM
pany a present of TO-, 900 shares of
stock was considered sufficient to ap-
pease him, considering that he re-
ceived what We're considered fairly
good wages during the time he
served the company.
1t was insisted by Schenck that he
could have drawn his entire salary,
, about Sl4, 900 year, during the last
period of 2 months, by virtue of his
contract, had he so desired. He stat
ed that he did not need all the money
for living expenses, however. and
drew only what he actually needed
His vouchers were all o. k'ed, he
stated, but he was anxious to keep
the company IN good financial cOnQl-
tion and did not desire to drain the
treasury more than was absolutely
! necessary, as ready money was a
rather scarce article during the last
year.
1t is probable that the holdings
of the company will be taken over
by the stockholders at Use on the
dollar, the proposition was made
yesterday and the stockholders were
given one week to make good on the
composition proposition. Next Fri
day another session of the bankrupt
cy court will be held and if by that
time the stockholders have come to
I the front with the money, they will
be permitted to take back the real
estate, farm lands and notes of the
company 1t will mean that the
creditors will be paid off at the rate
/ of FAC on the dollar.
1t was necessary for the court to
j meet until late in the night to com
plete its work Saturday A number
of claims were considered and some
of them were hotly contested. AT
torney Frank C. Goudy of Denver,
strenuously fought the claims. 1t
was announced by Attorney Saun-
ders that he will take an appeal to
| the federal judge.