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What Was Said Wednesday Afternoon at Court House-Judge Says With an Expenditure of $500 or $600 Commissioners Have Uncovered More Than $100,000 Which if Recovered is Money Well Expended. After calling the assignees and made out like I thought so at the their attorneys into court as well time, but I tried to get the Court to see the other view. And with as the depositors' committee appointed to represent the latter in reference to these payments of the affairs.o the defunct Commerthese people who deposited money cial Bank & Trust Co. on Wednesin the bank on the day the bank day afternoon Chancellor P. Z failed; it was presented to the Jones, during the proceedings apCourt on the statement that the director had refused to take this pointed T. Brady, Jr., and A. A. Cohn to recover money for the inmoney as that of the depositors and the receivers asked for instructions stitution by suits, fixing their compensation jointly at $1,000 and 25 to pay it back. It appeared to the per cent. of all the money recoverCourt and to me that that was ed through such suits. A demurright and the people were paid. rer to the order of the Judge to Whether there would be any chance pay the special commissioners, of winking such a' suit, it would was also overruled by Judge Jones have to be filed in the Justice of and yesterday the assignees honorthe Peace's Court and then, if not ed his order for $400. $150 of this satisfied with the Justice's decision it would have to be carried to the amount was for Allen Thompson, attorney of Jackson, and $250 for Circuit Court. Well, there are W. P. Wildberger, the accountant, some other objections there in the who has been at work in the bank report, for instance with reference here. to the Bank of Meadville, in order to get the facts before the Court OPENING OF PROCEEDINGS. in that case as to who was responsiIn his preliminary remarks Judge ble or who should be sued, it is Jones said among other things, in necessary to go out there. Those the case of the receivers at the things occurred about eight years Commercial Bank, referring to the ago and they would have to go Commissioners' réport: back that far. It is reported that they have BANK OF FRANKLIN SUIT. handled this affair from the time If they sued the Bank of Frankthey took hold of it in a capable lin, possibly they would have to go way and in an economical manner. out there though I haven't looked It is suggested that the service of into the matter. That was our one of them may be dispensed with; purpose in taking up the report of but this occurs to me that, if that these commissioners. We didn't done, the compensation of the know and haven't known through other receiver would have to be inout the investigation at the Bank creased or, if put on a commission as to what the commission would basis, the commission would be report. We never made it our practically as much or more as business to inquire and, if we their salary now, provided the limhad, I don't Suppose Mr. Wilditation is put on the amount of salberger would have told us. ary they may receive. 1 think, if Of course, these assignees, if the the two receivers are to continue, court thought the Bank of Franklin there should be some limitation ought to be sued, would sue. put on the salary that is to be paid They would want to be backed by to them, in other words, it should the decision of the Court because a not exceed a certain sum.' suit against a bank for $63,000 'The complaints made, as a rule, would be a rather serious thing. pertain not to the management of the receivers, but to the bank manINVESTIGATION OF BOOKS agement and they report these So far as the investigation of the things and these liabilities which books of the bank is concerned, as they think the creditors of this in. they state now and always, they stitution have a right to recover, don't object to an examination of and I do not see any reason why it the books, but they claimed and cannot be arranged whereby these still claim that the allowance in things of the past may be handled this matter would be illegal and by the depositors who may sue for that the order of the Court would the benefit of all the creditors of not protect them in the payment of the bank and by an attorney apthe allowance and I suggest that pointed by me as Chancellor to repin order to protect all parties conresent them in that suit and let the cerned that some one who was represent management go on with sponsible for it would give a bond the collection of the accounts of to the assignees to save them harmthe institution which are now in less against the wrongful payment their hands of these sums of money; to save CASSEDY REPLIES these assignees harmless in the event they were not protected by Hon. H. Cassedy, speaking for the order of the Court Of course, the receivers, who were present, in if we were to wind up the estate to connection with the matter of the morrow or this year, we would all bringing suits said probably get out of it because of As I understand the law, the the Court's idea with reference to receivers in the bringing of a suit the legailties of the matter: but as must act first. If they refuse to I understand it, some of these act, if they are requested by the days. we will have to come before creditors to act, and fail to do so, some other Judge and that Judge then the creditor can act for himcould come in behind an order of self. And the creditor in the liti. this Court and disallow an expendigation ought to be responsible for ture of this Court. the expenses. Now, a suit against SUITS TO RECOVER the directors of the bank would ordinarily come at the end of the adAbout the suits to recover,' ministration of the affairs of the Judge Jones said, "1 do not think bank, if the creditors were not it 19 a question as to whether the pard. That's on the creditor's attorneys of the receivers would part. Then, on the part of the or would not do their duty stockholders, it would come at the think their personal connections end of the administration of the W 1th these matters are such as to estate when he was able to demake it improper for them to hantermine his loss, ordinarily, but dle these matters and at least, to if a suit is to be filed now, by some make it more desirable for more creditor, then that creditor would disinterested persons to handle have charge of his own suit and the them because of the results that Court that had jurisdiction could might be reached. We have got to allow out of the proceeds of that consider the question of satisfying suit money for the expenses to be people who are interested in this paid out of what was recovered in matter. I think that that ought to that suit but not out of the general be considered and in justice to you estate. If we would just come and gentlemen, I believe it would be sue and sue and sue, why the exbetter for some one else to handle penses of this thing would eat up it for, if you were to arrive at certhe estate. A lawyer expects his tain conclusions you would be critpay whether he wins or not. unless icized however sincere you might he takes the case on a contingency be and in some items you are perbasis. He represents his client to sonally interested. think the deability positor whose name may be used that he can ought not to have to bear the exhis loses, the it; he best he has of feels done best. and, not It if help has be penses of the court. He ought to that the be treated as a special commissioner and, if he loses by expenses it sued been Foundry but suggested it & is Machine Company Arrington be apparent that no suit ought to be borne by the estate. would lie. They would plead the My idea is to have the attorney fix final decree of the court If apsum and charge that against the pealed, they would plead a settle. estate and then to put the other ment. It looks like we made a part of it on a contingent basis. mistake en that settlement. COURT HAS POWER TO CAST the DECIDING VOTE. that suppose Court Mr decided Thompson thought wrong my power to appoint Whether I thought so or not,
