Jasper County Democrat, Volume 7, Number 5, Rensselaer, Jasper County, 7 May 1904 — BANKS ABE PRIVILEGED [ARTICLE]

BANKS ABE PRIVILEGED

Not to th« Some Clas* as Other Creditor* in Certain Caret. Save a United States Judge. Chicago, May 4,—The suit brought by the trustee of the George H. Phillips company to recover from the Rank of Montreal $200,000 which the members of the firm had <h? posited shortly before the collapse of the corn corner in 1902, came to an abrupt ending in the United States circuit court Judge Seaman took the ease from the jury and announeed a derision in favor of the bank. The court held that a bank was not tn the same class as other creditors of a b&nkiept Judge Seaman's decision pmctto&Ry means that the small creditors of the Rbtmps company will receive but a alight percentage on claims, while the banking institution comes out almost entirely whole.