Bank of Edgerton (Edgerton, WI)

Article Text

Edgerton, Wis., Nov. 15.-[Special.]--The committee appointed by the depositors of the defunct Bank of Edgerton says in its report that all endeavors to bring about an amicable settlement having failed. it is the opinion of the committee that legal steps should be taken to protext the depositors' interests. While expressing their confidence in Receiver Towne, the committee believes that the best results can be secured by the appointment of a new receiver on account of the relationship between Mr. Towne and the president of the late bank. A meeting of the depositors called the same day, after hearing the report, decided to recommend to the court for Receiver George C. Sutherland of Janesville.

Article Text

Notice

A special meeting of the stockholders of the Edgerton Pottery Co. will be held at the office of the company in this city at 2 o'clock p. m., Wednesday October 25, 1899, to consider the mortgage interests of the Bank of Edgerton, the receiver wishing to foreclose on the same. A full attendance is desired. By order of C. F. MABBETT, Pres. W. H. POMEROY, Sec. Edgerton, Wis., Sept. 25, 1899.

Article Text

Notice

A special meeting of the stockholders of the Edgerton Pottery Co. will be held at the office of the company in this city at 2 o'clock p. m., Wednesday October 25, 1899, to consider the mortgage interests of the Bank of Edgerton, the receiver wishing to foreclose on the same. A full attendance is desired. By order of C.F. MABBETT, Pres. W. H. POMEROY, Sec. Edgerton, Wis., Sept. 25, 1899.

Article Text

Good News for Depositors

JANESVILLE, Wis., June 18.-M. C. Jeffries, of the law firm of Fethers, Jeffries & Moat, went to Edgerton today to pay over to L. H. Towne, receiver of the defunct Bank of Edgerton, the sum of $54,000, the amount fixed by the court to cover the liabilities of the directors and stockholders of the bank to the de= positors. Dividends amounting to 30 per cent have already been paid, and when the depositors receive thi additional amount, which is to be paid to them Wednesday, they will have received 50 per cent on their claims.

Article Text

STOCKHOLDERS PAY UP

Compelled to Make Up Bank's Shortage to Depositors. Janesville, Wis., June 20.-M. G. Jeffries, of the law tirm of Methers, Jeffries & Meat. went to Edgerton yesterday to pay over to L. II. Towne, receiver of the defunct Bank of Edgerton the sum of $54.000. the amount fixed by the court to cover the liabiliDividends ties of the depositors. amounting to 30 per cent have already been paid. and when the depositors receive this additional amount they will have received 50 per cent on their claims.

Article Text

STOCKHOLDERS PAY UP

Compelled to Make Up Bank's Shortage to Depositors. Janesville, Wis., June 20.-M. G. Jeffries, of the law firm of Methers, Jeffries & Meat, went to Edgerton yesterday to pay over to L. H. Towne, receiver of the defunct Bank of Edgerton the sum of $54,000, the amount fixed by the court to cover the liabilities.. of the depositors. Dividends amounting to 30 per cent have already been paid, and when the depositors receive this additional amount they will have received 50 per cent on their claims.

Article Text

-Miss Mulligan, of Beloit, is a guest of Mrs. Scott Hatch.

-The annual school meeting of Joint District No. 8, of Edgerton and Fulton will take place next Monday evening July 2d. Likewise similar meetings will be held in every school district in the state on that date. Every one who has the good of the public schools at heart should be present.

-Atty L. E. Gettle has been engaged to deliver a 4th of July address at Neillsville. We can assure the people of that place that Mr. Gettle will give them a good hot speech and possibly pluck a few feathers from the American bird on that day.

-Receiver Towne has been steadily paying the 3d dividend to the Bank of Edgerton creditors during the week. While there has been no rush of depositors after their money they have been quitely dropping in for their share of the 30 per cent. dividend now being distributed. In all now 50 per cent. of the bank's indebtness has been paid. There will probably be a final dividend of a small amount yet to come after the expenses have been paid and all the affairs of the wreck closed up.

-The itinerary for the summer outing of the Wisconsin Press Ass'n has been received and includes a trip along the valley of the Wisconsin river beginning at Kilbourn and ending at Tomahawk. Stops will be made at Nekoosa, Grand Rapids, Waupaca, Stevens Point, Wausau, Merrill, Tomahawk and Rhinelander, with a few days camping at Plum Lake. Altogether it promises a pleasant trip.

-Billy Dickman, the light-weight champion of this place, met a signal knockout at Shullsburg Friday evening in a sparring match with Alex Doleman. His opponent was 40 pounds heavier and while Billie gave them a good exhibition, in the sixth round he was forced to the floor, striking upon the back of his head and made insensible. The blow was a severe one and Dickman was only able to return by Wednesday.

-From all sources comes the information that next Wednesday will be the largest and grandest day that Edgerton ever had. People from the country, people from the surrounding cities and villages are making preparations to come here and celebrate, and Edgerton is making arrangements to entertain upwards of eight thousand on that day. Everything is shaping for a grand, good time and there will be no charges for any of the entertainments. The races are booked to be the best we ever had and the one by horses owned by local blacksmiths promises to be a prize winner. The vaudeville show will be a rare treat in itself as the company is composed of artists in their line and they have been secured at a large expense. The parade, the music, the speaking are all worth coming miles to see and hear. Edgerton will be dressed in holiday attire, with stars and stripes, red, white and blue bunting and no pains or expense will be spared to please and entertain. In the evening there will be a grand ball in Royal Hall for those who care to dance. Come early and stay late and we will guarantee a good time.

-Yankee genius has planned many contrivances for the pleasure and pastime of the youth and maiden of these great United States, one of them is called "The Ocean Wave." It is operated on the plan of the merry-go-round and is supposed to give you a correct imitation of a ride upon a large ship sailing the main. During the past week an Ocean Wave has been giving the young people of Edgerton a chance to invest five cents for a ride upon the rolling sea. A few nights ago a young man dressed in his other clothes started in to treat a very pert young lady to all the good things that his salary would permit him to buy. They had lemonade, pop, soda water and ice cream dished up in the latest style, and then arm-in-arm they strolled to where the sweet strains of music rolled out from 'neath the Ocean Wave canvas. The young man dropped two nickles in the slot and secured a couple of reserved seats on the deck of the "Wave." Steam was up and away they went, round and round, up and down, out and in until the whole world seemed to be revolving for their special benefit, and for awhile the trip afforded them more pleasure than anything since the first circus came to town The young lady not being used to sea-faring, became suddenly sick and had a longing to part with the mixture of cream, pop and soda water. Just where, and when and how would be the proper way to do it she did not know. She leaned toward her escort a trifle, turned deathly pale and spasmodically drenched him with all the goodies which he had bought for her at the restaurant. It was a sorry sight, a sad plight. She blushed he blushed

Article Text

BANK ASSETS AT AUCTION

Edgerton Receiverships to be Wound Up Soon. Receiver L. H. Towne of the old Bank of Edgerton, which closed its doors nearly four years ago, will apply to the court for an order to dispose of all the remaining assets. The aggregate of these will represent an indebtedness of over $115,000 and will doubtless be offered at auction to the highest bidder. After Receiver Towne has pounded away on these claims for nearly four years the whole bunch of what is left will not present a very juicy picking to any collector. But the receivership is to be wound up and everything goes at the best offer, and the sale promises to be an interesting one.

Article Text

To Whom It May Concern

All persons are hereby warned against purchasing of L. H. Towne, receiver of the Bank of Edgerton, or any other person, that certain promissory note of $1050, dated April 1st, 1893, signed by H. R. Houfe, interest paid on same to April 1st, 1896, and $50 on principal, as the same has been fully paid by me and can not and will not be collected. H. R. HOUFE. Dated Edgerton Sent. 28th 1901. 3-3

Article Text

To Whom It May Concern

All persons are hereby warned against purchasing of L. H. Towne, receiver of the Bank of Edgerton, or any other person, that certain promissory note of $1050, dated April 1st, 1893, signed by H. R. Houfe, interest paid on same to April 1st, 1896, and $50 on principal, as the same has been fully paid by me and can not and will not be collected. H. R. HOUFE. Dated Edgerton, Sept. 28th, 1901. 3-3

Article Text

Bank Assets Sold Cheap

On Saturday, Oct. 19th, occurred the fourth anniversary of the closing of the Bank of Edgerton, and a reminder as well of the greatest financial disaster that ever occurred in this city. The occasion was made impressive by being selected for the date for disposing of the uncollected assets remaining in the hands of the receiver. Acting under authority of the court, Mr. L. H. Towne as auctioneer, appeared before a crowd that assembled in front of the postoffice at 10 o'clock with a long list of securities that originally represented fully $60,000. He announced that he would proceed to sell each item separately and finally the whole bunch in together and whichever way brought the greatest sum would be confirmed. The first tender was the paper of a former business man aggregating $2,150.00, and the munificent sum of one mill on the dollar was offered. The bidder was finally prevailed upon to raise his offer to $2.25, when the prize was knocked down to him. In offering each item down through the list, many of the securities failed to receive a bid, so the aggregate amount received for separate sales did not reach $200. While this proceeding was going on a syndicate of speculators was quietly formed and when the entire block was offered the bunch was sold to E. C. Hopkins, acting for the combination for $330.00. The paper of most value in the lot was a paid up policy for $1000, due at the death of the insured now 47 years of age, whích has a cash surrender value of $143. What the syndicate will be able to realize out of $60,000 of apparently worthless paper aside from the insurance policy is extremely problematical. Friends of some of the makers of this paper might be willing to pay small amounts to get the notes out or circulation and this seems to be the resource these purchasers banked on.

Article Text

WHERE THE MONEY WENT

What Was Obtained From the Old Bank of Edgerton Assets and How Disbursed. Those of our readers who remember back nearly five years ago and recall the circumstances connected with the failure of the Bank of Edgerton will be interested in the figures which we present below. The payment of the final dividend which is now nearly completed returns to the depositors all they will ever realize out of this financial wreck. In the four dividends which have been paid very close to 53 per cent. was paid back to the creditors. The Bank of Edgerton closed its doors Oct. 17, 1897. The stirring times that ensued when meetings of excited depositors were held have not been entirely forgotten. Lawyers were present anxious to stir up litigation and The Reporter was severely critcized for suggesting that it would be better for the creditors to keep out of the law and try and save to themselves all that it was possible out of the failure. If we mistake not, an offer was once made by the stockholders to take the assets and pay the depositors 65 per cent. of their claims, which was rejected. The litigation that ensued run through several years, some phase of which went to the supreme court three different times for adjudication, and it was the depositors' money that has paid the costs and attorney fees. Now after all the delays the creditors get this final accounting and receive but 53 per cent. The first statement issued by Receiver Towne showed the liabilities of the bank to be $335,533.33, while the aggregate assets, including the good, bad and indifferent, amounted to but $241,963.55, an apparent shortage of over $93,000. After working for more than four years the receiver collected but $134,856.48, indicating that $171,000 of the assets were worthless. A statement of the receipts and disbursements is as follows: RECEIPTS.