Show I I DANK BANK OI DIRECTOR T TTO OUSTED TO f fH FOR CHECKING H KIN rIN Defendant Acknowledges ledges He Asked Resignation of an Associate Who Was in Opposition to Methods A OMISSION that the resignation A A tion of C. C P P. P O as director of the Merchants bank was requested by J John Pingree Filigree because of Overfield's O strenuous objections to certain loans carried by bytho bytho bytho tho bank hank was brought out today In ht tho cross examination of or Pingree at nt athis athis hl his trial now In pro progress before Judge John F F. Tobin and a a. jury Jur in the district district district dis dis- court Is charged with having ha received deposits In the Merchants Merchants Mer Mer- chants bank when acting as president for that Im Institution and when he knew It to be Insolvent Tho testimony was adduced In connection connection con con- with the examination of ot the affairs of tho the Chewing Gum I company In which was a stockholder an and to which the bank banI I had loaned afterwards charged to the profit and loss account of ot tho bank CARRIED HIS PARTNER Another admission extracted from I the defendant w was wg g that in 1916 he was wa as associated with E B. C. C Davis is In the brokerage business In this city and that during this time Davis was carried carried carrl car car- rl ried d on tho the payroll of ot the bank at a salary salar of ot a month Tho witness further admitted that tho the employment of Davis was as objected to b by Bank Dank Commissioner Commissioner Commissioner Com Com- missioner Glazier Pingree acknowledged that when he came from Ogden to assume the presidency presidency dency of the Merchants bank he was wasa a stockholder In the First National bank banI of ot Ogden and that the latter bank at that time was carrying a deposit In tho the Merchants bank hank of about H He lie then testified that th there re were withdrawals on the p part rt of tho ho First National until somo some time In 1917 the account was wag closed THOUGHT IT PROPER Another Item taken talen up was wa a loan h by the tho bank of or I 1500 on a note of P. P I C C. Kittle secured b by stock In tho the Sixes I l Mining company on which the bank afterwards paid assessments of H- H 7 Tho The witness said the notes I and the assessments were ere credited to the profit and lo loss account of ot the bank banI am and constituted part of the Items from I which tho bank paid dividends He lie i said he considered ered this a proper bookkeeping bookkeeping book book- keeping ef entry The Tho witness was asked Mke to explain tho the Indebtedness of by the Sullivan Sul- Sul Ihan lIyan Plaster Block company which was credited to stocks an and bonds through stock of ot the com company pan held by hy bythe bythe hythe the bank bani when as a matter of oC fact all th the tho stock Issued b by th the com company pan did dill not exceed He lIe said he could not explain tho the entry as It had been handled b by Mr Ir Ford and he had not thoroughly Investigated it NOT DIGESTIBLE The witness admitted that tho the In Indebtedness Indebtedness In- In of ot the Utah Packing and Provision company to the bank bani W was S Smore more than It should ha have ha 3 been and that the bank accepted d stock for tor the notes noCes In order to reduce that Indebtedness Indebted indebted- ness nes lie He said ald the tho directors considered tho stock goo good 11 and that they the had made arrangements to sell most o of It so that I Ithe the Indebtedness would have hao been I wiped out c When asked aske wh why the stocks and bonds held b by the bank were carried carrle for or such a long Ion time the witness re replied replied re- re re-I re plied 1 could not eat cat them and I r could not dispose of them at what I thought I they were worth so BO I had to hold them I |