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OUTWEIGHS TRADE THEY BRI Place on Board of Institution One of G1 Responsibility-Character Also Is Necessary Attribute. BY I. A. FLEMING. make money, and paid them their own pocket. It was Bank directors have serious duties however, that this was done wi and obligations which they assume on approval and consent of the ba taking office, under 02 repeated each aminers, immediately after election and before exercising the duties of office. Heavy Losses Sustained. Bank directors should be selected In December, 1921. the banki wholly for their ability, reliability and partment ordered the directo character as primary consideration. charge off about $80,000 wor with their ability to get business and paper. This charge-off impair help along the bank, as a secondary capital of the bank. By agre condition. with the comtroller's office, Here is the oath that directors of rectors were permitted to pu national banking associations are these doubtful assets from the obligated to subscribe to: for $44,000, which was found Oath of Director. sufficient to cover the impairm capital. T. the undersigned, director of Evidence also showed that i the located at being a the capital stock of the bank citizen of the United States and creased from $150,000 to $300,00 resident of the State of that the directors of the bank do solemnly swear (affirm) that I one exception, did take some will. SO far as the duty devolves new stock. on me, diligently and honestly ad minister the affairs of said associa Numerous other charges. ri the gamut of omission and ce tion; that will not knowingly violate. or willingly permit to be viosion, were made, including lated, any of the provisions of the ing evidence against the chara statutes of the United States under the president with a prison rec which this association has been The judge in the Superior Co organized; and that I am the Niagara County, N. Y., recited owner. in good faith and in my items of negligence charged an own right. of the number of shares the jury to decide whether of stock required by said statutes, vestigation the directors had subscribed by me or standing in was all that was necessary or my name on the books 0/ the said Evidently the jury decided a association: and that the same is ly. for judgments varying from not hypothecated, or in any way 000 were rendered against direc pledged as security for any loan or individual cases. debt. Subscribed and sworn (affirmed) to before the undersigned this of day Baltimore Markets Notary Public. Some of the Duties. BALTIMORE, September 10 cial).Closing grain quota It is the duty of a bank director to Wheat, No. 2 red Winter, spot, have thorough knowledge of the loans No. red Winter garlicky spot, a bank. how made and how se Corn-Domestic, No. spot, cured, or extended on lines of credit agreed upon by the officials of the corn, 5.50 per barrel nominal ank He is or should be informed at No. 2 white. spot, 55 nominal; very session of the directors as to white, spot, 54 nominal. Rye, I the extent and character of loans 1.05a1.10. made during the past week, of any Market for white potatoes con bast-due paper and the reason there, to hold steady under moderate r and should be informed regardfrom all sections with a good d ng the loans of his fellow directors prevailing for well graded stoc ven more closely than of others. inferior, sunburnt as well as un Many bank officials and directors potatoes are not desirable and al prefer to make credit applications at ings of such move slow even other banks, but Washington's leadsharp difference in price. E institutions prefer that their diShore. Maryland and Virginia rectors and officials should use their are bringing 3.00 to 3 25 barr own bank when in need of credit. 1.50 to 2.00 for No. 2s which 'We will loan them what they are enstock sells mostly 1.25 as to titled to and no more. It would be a and condition. Demand for serious matter if we numbered on potatoes and yams continues lig directory, directors in whom we under fairly liberal receipts the acked faith in credit matters and rules generally easy at 2.00 retained in position as a director" barrel with No. 2 stock selling Directors expect much of their of half price. Stock must grade icers and are entitled to all informato bring top values, however. ion available as to the credit ratsmall or irregular stock is h ngs of borrowers. It is also necesmove, while culls are not war sary that the directors shall be inany price. formed weekly of important matters that may affect the standing or the Truck Demand Fair. future of the bank nor can the diA fair demand prevails in mos rectors dodge the responsibilities they for native and nearby garden have assumed. but prices generally favor buye Penalties Provided. the market rules easy at the fol quotations Stringless green be Serious penalties are imposed for to 75 basket: beets. 2.00a3 p neglect and the suits that may recabbage and carrots, 2.00a4.00 n for various neglects may aggrecorn, 10a20 dozen: cucumbers. gate important amounts. basket; eggplants, 35a40 baske Stockholders may hold the direcbeans. GO: onions. 1.50a2.25 p ors, and stockholders and directors lbs.: peppers, 25a35 basket: S) subject to heavy assessments. on their stock holdings in the event of 30a35 basket: squash, 30a40 basi matoes. 20a30 basket; packing nability to pay depositors in full. 40 bushel. A bank in process of liquidation in this city was forced to meet a 33 1-3 Under very light receipts of issessment on the shareholders. and nearby fresh gathered eg market has ruled firm all week Celebrated Geneva Case. a good and constant demand for The Geneva National Bank of Geshowing quality for which buy neva, N. Y., contrary to the usual not hesitate to pay a premiur of banks in like position. had quotations. All eggs of doubtfu failed without loss to depositors, the Ity. however. are slow sale ge falling on the stockholders. even at sharp discounts and Suits against the directors followed, shipments and careful gradir he shareholders charging: necessary to command top valu Negligence in the performance of The market closed today at 3 duties. their a dozen for firsts in free cases, Suffering and permitting the propcrease of 3 cents a dozen over o erty of the bank to be wasted and prices Monday and 33 cents a for current receipts which is a squandered. Permitting the accounts of the bank increase of 3 cents a dozen. be inaccurately kept, with incom plete entries being made. Poultry Market Steady. Permitting insolvent persons to The general live poultry overdraw their accounts. rules steady to firm under a Negligently loaning moneys of the good demand for large fat stoc bank to irresponsible persons without small, thin fowls are slow sale adequate security side prices and shipment of th Loaning excessive and illegal is not advisable as it tends to amounts to irresponsible parties. the value of the better stock. Not making accurate and truthful chickens, 2 pounds and over. el reports of the affairs of the bank. readily at 24 to 27 a pound, but Permitting excessive loans to irreer stock and Leghorns are not sponsible persons to be concealed and tive at 20 to 25. With the appre permitting such concealment to be the Jewish holiday. demand carried into the records of the bank. hens is showing an improveme Neglecting to make complete and stock must be large and fat a accurate examinations of the bank at under 3½ pounds to bring top least twice a year. of 20 to 26, as all lighter fowl an Failing and neglecting to give the horns are generally slow sale a bank's business proper care and at18. Old roosters in ample supply tention and failure to administer its to 16. affairs in a careful manner. Demand is good for large fat Directors Deny Guilt. 4 pounds and over, which cle readily at 20a22, but smaller, The directors replied with denial of as old ducks, are slow sale at charges and demanded a jury trial. Demand for guinea fowl has ea The plaintiffs offered objection, but a and values show a decline at Supreme Court judge issued an order each and shipment of birds un framing the issues in the case and auof pounds not advisable. Pigeor thorized a jury trial on charges tinue to hold steady at 20a30 negligence and excessive loans. for both young and old. Notes Charged Off as Losses. Cattle Prices Very Firm Upon trial of the action, Justice The general live cattle marke James P. Hill presiding, the stockvery firm under light receip holders, as plaintiffs, put in evidence a pecially beef cattle and de large number of notes, aggregating weight calves. Market on the $1,200,000, which had been given to lines is very firm and all firs the bank by its customers, and proved stock meets with ready sale that the amount of these notes had values, but all under grades ar been charged off the books of the sale at low and irregular prices bank as losses. tations today at Light street wh They also put in evidence the Beef cattle, first quality, pou books containing the minutes of the 10; common to medium. 5a8 bt meetings of the board of directors, the to quality, 6a8; cows, choice to oy-laws of the bank, the customary 6a8; common to fair, 4a5: oxen statements of condition rendered by quality, 6a8; milk cows, choice the bank to the controller of the curcy, per head, 50.00a75.00; comi ency and the reports of the examifair, 30.00a50.00; calves, veal, nations of the bank made twice a pound, 141/2; large, fat, 10a121/2 year by the Federal bank examiners rough, 8a9: rough and common and all the books of account of the sheep, choice, 4a5; old bucks bank. The period covered by this lambs, Spring, choice, 13a13½ locumentary evidence began in Janugood. 10a12: common, thin, 7a8 ary, 1917, and ended in October, 1923, straight, 10a11: SOWS, 7a9: stag when the bank closed its doors and its live pigs, 13a15; shoats, 10a12. business was taken over by the new bank, which was called the National NEW YORK MARKET Bank of Geneva. Bank Examinations. NEW YORK, September 10 Rye barley steady; No. W The reports of the bank examiners from January, 1917 to September 1.11% f.o. b. New York and
