The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-03-17
REPORT.

1OMe HOnOra6te INC General Assembly, O he Sme U
Ohio.
In obedience to the provisions of the act ito repeal
the charter of the German Bank of Wooster, and to
close lis AFFAIRS passed January 81, 1912, the under
signed Bank Commissioners visited Wooster the see
ond day OF February, inst caused the injunction ais
lowed by the Hon. Joseph R. swan to he served and
under the authority ofa writ Of mandamus took posses-
sion of all the property Of the bank that could be found
and delivered the same into the hands OF Receivers,
appointed for that purpose They have also inspected
The books of the bank, and examined under oath its
officers directors, and other persons having knowdge
ofthe management and condition Of the institution; all
of which will more fully appear in the documents ap~
pended TO this report.
The principal agent engaged in the resuscitahon oth
German Bank Of Wooster, was Benjamin Bentley. AS
Cashier of the bank at the time of its bankruptcy in
1915, he familiar with the claims against il, and the
condition ofis stock The deposition off ID. Well
and the schedule oftransfers show that trflng
amount only ofstock purchased of individuals.
NJ. ID. Wellman believes that the stock at the time of
the failure in lSlS transferred TO the bank in pay
ment ofdebs by the stockholders. This statement Is
corroboraed by the books ofthe bank.
Prior to the meeting on the 23l July 1888, for the
appointment of directors. only 435 shares had been pur
chased Ofhi5 amount 400 shares were obtained Of Ad
amson Bentley "without any consideration except Ia.
vors previously rendered"
The transfer book exhibits the following transfers &
assignment on the 18th July 1888:
Benjamin Bentley To,
H. B. Wellman, share; VIM. McComb, do: Joseph
Watson do; James S. Irvine do; M. d. Welman,
do; VIM. Chids, do; John Robinson. do; s Bent
ley, S do; Levi Rawson, do; L. Chestnuwood,l do.
Every ofthese individuals were appointed drec-
tors at the meeting the 93i, mentioned above 10
what manner they came in possession Of this stock and
the consideration ifany, paid for it so far as we nave
been able TO arrive at the facts will be found in their
deposi,ions. M Wellmau,: tesfes that he has no
recollection of purchasing share Of stock OF Ben
Bentley in July 1885," VIM. McComb President Of
the bank. paid Bentley no consideration, and the ba'
the stock he paid in the paper of the old bank
S. Bentley received his shares without payment or be@
ing called upon for the same, and he believes the trans
fer was made to him for the purpose Of making him
director. VIM. Childs told that stock, enough 10
make him eligible director was transferred to him
by Benjamin Bentley RaehS waS not to pay for :hsn
| nor has he since. Levi Rawson, supposed stock was
transferred TO him to make him director. lie never
made bona fde purchase ofsock in the German bank
of Wooster, ofthb Weilmdn's, ofBenAnin Bentley, or
any other person. Joseph Watson tostieS that he
owned any stock in said banRtphs knowledge: has
hG bvef purchased any stock and dknew ofno transfer
to his namC. Sofar we have been enabled to trace the
assignment and transfer Of stock at the organization of
| the new boardofdirectoIS.
The testimony of H B BWelmAh, James s Trvne
John Robinson and Levi Chesnutwood has not been OBJ
tanned. The fact however, that one share only was
transferred to each Of them renders it probably that
they made purchase ofstock at that time, and that
the whole proceeding mere entry upon the books
either with without the knowledge ofthe persons
constituted directors. The transfers made Jus
ly Is, 1888. On the 23d of the same month two In
dlviduals called directors viz I. G. Jones and Rob-
er Bentley, met and appointed the board Of drec.
tors (See minutes ofthat date.) As appears on the
transfer book Thomas G, Jones had transferred all his
stock the bank, and four !shares more. The stock
book, however, shows balance in favor Oft. Jones
of eight dollars seveny-fve cents, but the appearance
of erasures and fresh entries would lead agreater
lance upon the transfer book. We therefore, deemed
it necessary TO take the deposition of Mr. Jones, which
fully sustains the opinion above expressed that more
lance should be placed the transfer book, than the
stock book and particularly Mr. Jones has recol.
lection of purchasing stock since May 81 1920. r. G
Jones that he transferred May2l, 1920 to the
president, directors, and Co.. OF the German Bank of
Wooster all the shares he held in the capital stock of
said bank exceptions" and subsequently, that the
LIST day of January, 1921 he sgnedan transferred TO
Eph Quimby FIVE shares in the capital stock of the said
bank and further, Thomas g. Jones sswears TO the cor.
rectness ofthe following transcript of the minutes Of
the proceedings of the directors ofsad bank, held
July 20, 1888.
At meeting ofal The directors belonging to the Ger
man Bank of Wooster-present, Thomas q, Jones &
and Robert Bentley
| ResoLusd, That Hiram D. Wellman, William Nc,
Comb, Joseph Watson. James s. Irvine M Well.
man. William Childs, John Robinson S. Bentley, Levi
Rawson, Benjamin Bentley. and Levi Clesnutwood'
be and they hereby appointed directors of said bank
10 m the vacancies that now exist in the board Of dirsc>
! tors Of the said bank.
| T. G. JONES,
| ROBT BENTLEY
| Here we have presented the anomaly Of Thomas G.
| Jones as director, presiding "a board of directors
consisting ofhmself and another, and resolving new
board into being directly in conravention Of the statute
passed February 90, 1916, IAN acto incorporate cer.
tain banks therein naed and to extend the charters Of
existing incorporated banks, 20 "that the direo-
tors for each Of the aforesaid banks shall be annually
elected the lst Monday Of January, by the stockhol
ders, for the time being, and each director shall be a
stakeholder the time Of his election. and resident
within the state, &C. In the concluding part of the
same section, we have the following, "And il any
cancy shall, atany time happen among the directors Of
any ofthe aforesaid banks, by DEATH resignation, or
otherwise the residue othe directors Of such bank, for
the time being sha elect director to fl the vacancy
The 2st section provides for the general meeting Of
stockholders annually for the purpose Of eecling di-
rectors after giving thirty days notice in some newspa,
| per,
The plan ofmaking accommodation directors as pres
viously referred TO- we find brought down to January
I94l. John Hanna, swears, that he ownsone share
ofstock in said bank, transferred and assignedl0 him
by Benjamin Bentley; that he has not paid for said
share Of stock, either to Benjamin Bentley, or BY nsa-
menis to the bank and supposes was transferred to-
him for the purpose of making him direcef. y w,
McMien had stock transferred to him by Betjamn
Bentley and tesfes "ha he did not At lIal time, NOT