Show x of Banking fLaws Laws Draws Cheers t tIn In Packed Courtroom I Le Calls Local Ex r or ey y of f mines ners Playmates Directors t l to The duram OGDEN Teb Cheering 19 1 19 Cheering heering by punctuated proceedings in tors e tio court rt of Judge George S. S Barker morning when hearing was inon in iress on the petition of ot the state eo commissioner and the examiner of the Ogden State bank banke with before the court together e offered by counsel for de de- d ec t on settlement of their I rs opposing a rims En on the basis of or an offer by the of the closed closed Beer iCer and directors I The roe hearing nearIng will determine utter ether claims of depositors will be end further lia lia- tiled lity of the officers and directors d Th The aggregate claims of e depositors is' is amount to r to settle etUe was made by the ate ite bulking department d whereupon pe petitioned the the the- court to enter an or or- toe the department to ac- ac lit offer and liquidate claims on basis Subsequently depositors held a am m us meeting g h here re and authorized e ea employment ent of counsel to oppose a e eba bank bink commissioner and examiner chute U THRONGED Cr Crowds Crowds- filled every available foot ace in the courtroom long before c t time the forthe hearing to begin Wh When Lindsey Rogers Salt Lake Lakee larney e representing a client of the thes the's Ink s 's trust department declared the thel l ink ak rs were playmates of If directors and said the legislators rho framed Utah's banking blinking laws ild not be bo proud of their work veers rs resounded from the spectators id Ii the court was forced to rap for forden den Valentine Gideon of counsel for the thede ite tte I bank commissioner said he tM Mr Rogers' Rogers comment i i the state tate banking laws Mr dr Rogers declared he would bate bat bat- e to his contention that trust ends shall be declared preferred dm liars over all assets in the bank DEMURRER Arthur H. H Woolley of counsel for depositors depositors' committee cling more than 1000 depositors rued the demurrer filed by him td hii associates He contended that site te Bank Commissioner Walter H. H W k lacks authority to make a ament ment with the directors and that court lacks jurisdiction in the thea liter a He argued that the record L i U case thus far fails to designate Ie e date when the bank became inI in in- I tont enL ent He contended this date is lI in determining the liability 11 rids ads committed after that dateS date Counsel Carmel el for Commissioner Hadlock S Slate Wi Bank Examiner Sherman tats M will later present their argue eats au In ln support of their contention tithe the e Petition for acceptance of k settlement offer oHer should be ac- ac W and d. d then it is expected the suit will rule on the issues coming Clore More It it Camel l for r dep depositors tors Thursday aed with the court objection to the theand theon TO on and the matter was then set ct bearing Friday The petition is ise ged ged e on three principal W ds That the bank commissioner tbt t. t bank a ai examiner cr in n charge carge eno o authority in law to fix or settle the liability of the officers or directors of the bank that the court courtis is without jurisdiction in the matter matterand matterand matterand and that the petition o of the bank commissioner commissioner com com- missioner and the bank examiner does docs not state facts sufficient to enable enable en en- able the court to determine whether or not It would be to the best interest of the depositors to accept the proposed proposed pro pro- posed settlement on the grounds that thai the report and petition are manifestly insufficient and uncertain LIST OBJECTIONS In support of the objections entered the depositors set out In their objections objections objections as filed lIed the following instances of insufficiencies and uncertainties Withdrawals of deposits by stockholders stockholders stock stock- holders and directors other than A. A P P. BIgelow and E. E C C. C Olsen dividends paid to stockholders and directors when the bank was insolvent for which stockholders and directors may maybe maybe maye be e liable amount of funds improperly improper improper- 11 ly y invested amount of ot loans made on insufficient securities and the details de de- de tails alls thereof what loans were made upon insufficient security and details thereof what amount of loans if any were vere contrary to the laws of the state of Utah and when made and to whom what is the amount if it any for which directors are arc answerable for forthe forthe the he losses sustained by the bank and its ts creditors and what is the liability of the directors and former directors what are the terms and provisions of the he proposition submitted to the bank commissioner for the adjustment adjust adjust- adjustment ment and settlement of all claims against the directors and whether it t is severable as as to the several amounts mounts and offers stated and whether the amounts and nd property offered have been placed in custody of the commissioner and examiner WANT VANT INFORMATION The objectors also desire to know what amount of stock is owned by Miss Helen Towne Mrs Florence Towne Shurtliff Mrs Edna T. T Spargo and the James H. H Spargo company and what is the financial worth of each of them Further the objectors tors ors desire to know the amount of the liability of ot O. O J. J Stillwell as trust officer and upon what transactions did the same arrive and the lays lars ars thereof Also what is the amount of the liability of Walter N. N Farr Tarr as cashier and the particulars thereof hereof What funds it was asked are now In n the hands of the examiner and what as dividend can be immediately paid to the creditors if said aid offer o of settlement is not approved approved ap- ap proved roved or accepted The value of the he things other than cash offered by jy A. A P. P Bigelow in settlement of all his liabilities to said bank and its creditors What investigation it also was asked has been made by the bank commissioner or the examiner in charge and the facts disclosed with respect to the assets sets of the various directors and stockholders as the basis asis for the allegation in said slid report that hat the amounts of money offered by said directors and stockholders are all that they are able to pay what amounts and property are being offered of of- ered in settlement of the stockholders stockholders' ers' ers liabilities which are arc definite and certain and what amounts and property prop erty are being offered in compromise and settlement of ot directors' directors liabilities as distinguished from stockholders' stockholders liabilities and what amount in deposit deposits de de- de posit posits was received by said bank after niter and when said bank was Insolvent |