Show DESPERATE ATTEMPT I TO REPEAL REP EAL LAV LAW II I I Washington Feb C GArter GAfter After devoting almost Its entire session s s lon considering I Ithe the subject the tho house today passed a abill bill hlll making several amendments amendment to the tho national bankruptcy law Mr Clay Clayton Clayton Clayton ton of Alabama made a desperate but unsuccessful attempt to secure the re ro repeal peal eaI of oC the law ho and his supporters i claiming that It had served s its pur purpose pose 1 I The bill is designed to correct in inequalities inequalities equalities in the administration of the tho I bankruptcy law In various parts ot 01 the country and amends the We statute by br I regulating the duties lutie and compensation com pen Gatlon of or receivers In lii order to pre pro prevent vent oat excessive fees It also provides that tb t any moneyed business of or com commercial mercial corporations except a municipal I pal railroad or banking corporation I I con cnn file tHo a petition for Cor bankruptcy thereby eliminating tho the discrepancy that has heretofore existed when Mme ome court decisions barred many cor corporations In one circuit that would bo admitted Into bankruptcy in a lOtho The Th bill restores the tho language of or the thenet thenet net act of 1867 which has hn boon bean fully Cull set settled tied by h of or the courts Jt pro provides provides vides further furLer that In any an composition proceedings it Il will not ho be necessary to havn an In a adjudication a n i com is ll thereby removing the IDO stigma of bankruptcy that always attaches under such Buch circumstances It III prevents a few creditors from forcing o T I by b involuntary proceedings a I debtor into bankruptcy and amI then after atter re rc receiving calving secretly their additional com corn compensation compensation or otherwise adjusting their affairs with hankers bankers In order to have hae the petition dismissed without tho knowledge of or the other othor creditors It enables a n trustee with the consent of the ci editors creditors to appear In their bo boo behalf half IlaH In proceedings In court connected with his discharge thereby lessoning lessening the tho expense by b separating It from Crom the whole estate It confers ancillary Jur Jurisdiction jurI Jurisdiction I so that nil all the assets ot or the i estate can be he substantial substantially ly Ir In one court thereby obviating the filing of o suits In different courts where the tho property might happen to lie It provided so 50 that If a n creditor has rea rca reasonable cause to believe that he be was receiving a Il preference that such shall be cause causo for or tho the creditors discharge With practically no debate tho the mea men measure measure sure of the President vetoing the tho cen II I BUS sus bill and the tho bill itself was re referred referred to committee for action At H tho house adjourned |