OCR Text |
Show siiii' given oi HE'S GOOD FAITH fense Seeks to Prove Bank's Rehabilitation 1 President's Aim. (crt of counsel for John Plnprreo, on in Juilffo J'n F- Tobln's division of Third district court on a clmriro of vins deposits in the Merchants' bank . it was insolvent, was directed to-wlmiins to-wlmiins from Ji w- hnuiids. under .vnirinatlon, admissions pointing 10-; 10-; ;Jd' udlli on the iurt of Mr. Fln--'in et'ort to rehabilitate the nftalrs i inn'k after he became president. -.s bruuUt out that C. A. mazier. r Mate bank commissioner, despite alters of warning to the bank ol't'i-' ol't'i-' tl-'it a eencr.il straightening up of rs of the institution must be made, anol;ed for a position as cashier not liter the date of the last official n was further brought out that, "as president of the Western Live- & Loan coniDany, Mr. Glazier car-"a car-"a I'.eivy deposit of the company's 3 in the bank, amounting to as much h 000 at one time, unsel went into the affairs of the Packing company, the holding of h concern's paper by the bank was need by the state as evidence against defendant, and undertook to show Mr filigree had 'materially reduced -ompany's Indebtedness to the bank 'Ik his tenure of office and that he further reducing it at the time the closed by reason of having achieved refinancing of the packing company ..... null ,-if nreferrprl Mr. Edmunds admitted that the " was under the necessity of keeping jacking company going in order that .lebt to the bank should be worth Ming at all. jnsel adduced from the witness and accounts the fact that Mr. Plngree, ', taking office, succeeded in Retting ' per cent levy against the stock of bank, raising thereby 5125.000, and this, together with the $40,000 sur-"and sur-"and $20,UUO in undivided profits, was ted toward retirement of bad paper bv the bank at the time he took of-Concerning of-Concerning the three quarterly divi-3 divi-3 paid in 1917, counsel succeeded in lg from the witness the statement the net earnings of the bank during time covered by the dividends was :cess of the dividends after all costs . )erations had been met. |