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

mans and B, Bentley. All the purchases Of
stock bsfore the resuscItation on the 23d Of
July 1888 were 435 shares by B. Bentley,
and transfer Of forty shares by E. Bond 10
the Bank August l, 1888, the bank, (that
lie, Benjamin Bentley,) transfers H Wells
man 9S5 shares, and NJ ID. WelImau 2i2S
shares. Twelve days aferN ards, NJ. d. We'll
man transfers to BeOjamin Bentley 1863 shares
The nature of this transaction is peculiar, and
q reference to the deposiliOns Of B. Bentley
and NJ. d. WeIlman. does not render i. alto
gelher clear and satisfactory 10 the mind
Mr., Bentley swears that there was an under.
standing with NJ. d. WeIIman, at the time The
bank transferred 242S shares to him, that he
should transfer, "wIthou consideration" 9th
or than that Ohich he gave, TO deponent, 1858
ehares, which was accordingly done on the
18th day of August, 1888" Bentley's depo-
sltOn also states, that 3ll2 shares of stock,
were transferred to M, d. Weman, and H.
Is. WelIman, by order of the Directors of the
back, without any consideration other than a.
grcsmeEt on their part to pay The balance due
on said shares 10 the Bank, which was abou!
Sl6 25 each share"
The shares of stock in the German Bank
" " VOShOi dIE INo uOlldlS udCuy bUu
being assigned with an agreement TO pay on
iy SIG 20, was equivalent 10 having an In-
stalment Of SS Is paid on each share, when
IN fact, they were worth nolhIng-the Old bank
belng insolVeDt; and largely indebted 10 the
government and TO individuals. M. ID. Well
mans explanation Of the transfer Of 1868
shares Of Benjamin Bentley, is widely diffe>
rent from that gwen by Bentley himself His
testimony is, that as near as the deponent, re.
collects, he aud his brother held SAID stock as
security, until Benjamin Bentley paid half The
amount Of money which The said WeIImans
ta 'asbed; and that said Benjamin Bentley
paid them IN Ohio currency, about one half Of
which was IN notes Of lhe German bank of
Wooster" On the subject of stock payment
he swears 'rhat deponenl, and his brother,
Hiram B Weman, paid on heir capital stock
sixty thousand dolars S30 900 deposited in
the city Of New York. with James Boyd & Co.
Consequently, BeDjamin Bentley must have
paid The WeIImsns on or before the l3h day
of August, 1888, about $4,000 one half of
which was in the notes of the German Bank
Of Wooster. 1t will be seen by reference to
the minutes Of the D reCtors, that The first or
der for the signing of notes for circulation was
July 80, 1888, to the amount of $4,000
~ This was thirteen days before the payment
was made by Bentley tothe Wemans, Pc
Ilod of time, perhaps sufficient 10 sign such
an amount Of notes as would liquidate The
debt.
Assuming that the testimony of B. Bentley
M. u. Wellman and VIM. McComb is correct,
there was abou, 100000, paid on the capital
stock. How long this sun was retained as
capital in said institution is somewhat uncer-
tain. Mr.. Bentley is charged Nov. l6, 1887:
"Paid per bill, b. Bentley dated September
2, S2l,3l4 A." The date of This bill was
ony 6fty-nine days after The first order for The
issue of notes. This Indebtedness was sGb>
sequenlly increased to SOL, 1926, or as he him
self teslIfes under oath, 'about SOL ,000"-
IN regard to the debts Of lhe Welmaus, there
is direct testimony in point, without reference
10 the books. J. W. McMlen, Teller of
the Bank, swears, "that soon after the banks
commenced business, H. B. Wellman, and
NJ. ID. WeIIman, obtained loans of The bank
TO the amount of about 1872, 900, as near as
depoDent recoIIects. Tha! the amount of LA
bility 10 the German bank of Wooster. by the
'Wellmans, continued 10 be about 1872, 600. un-
iii they sold thar Stock 10 Benjamin Bentley
in July or August, 1873"
M. d. WeIlman swears, "hat from thirty
TO sixty days after tho Bank commenced bu.
sines4, in 1888, deponent and II. B Wellman
obtained loan TO the amount Of from 80 600
10 l5,O00 as near as he can reCollect. That.
in the course of four or six months their in
debedness amounted 10 $50 900, or more, az
he believes, and was afterwards increased to
$35, 900 or $4,000 in bonds and drafts. -
The stock of the WeIIman 6, and the premi.
um on il, were subsequently, applied TO the Ii
quIdation ofthis debt With the exception Of
a few dollars, no payments were made on ca.
pital stock, besides the $50, 600 above refer
red 10. The testimony above quoted, shows
that more than that. amount was soon drawn
oui by the individuals making the payment,
and that instead of its being refunded 10 the
bank and used as capital, their Indebtedness
continued to increase far above the amount Of
their original payments on stock.
The debt of the Wemans soon rose to on
amount exceeding their stock, and was never
iessened, but increased, until they disposed of
their stock to Benjamin Bentley: Bentley's
liabilities 10 the bank, which soon afler resus-
citation, amounted to $3l, ,9l4 AZ, was increa-
sed by purchasing the stock. and assuming
the liabilities Of the Wemans. and other eau
seS, TO $9l, 1926. Although the witnesses all
sWAaF Thai The N Vment nf SiV tv ihou@and nj.