Weekly national intelligencer., 1848-10-21
FROM rHE BASKEns' aAeAzIsE roR ocroprn.

U
| Baktmore, and others.
| FROM BANKERS MAGAzISE OCTOBER.
In order understand the points which arise in this
| it necessary state the facts somewhat in detail.
Talbot Jones, Of the city Of Baltimore, died in the yea
1884, having first duly made his last will and testament ant
appointed his Samuel Jones and Andrew d. Jones BIZ
executors whom letters testamenay granted in the
same year.
The tesaor died possessed of large amounto property
different kinds and owned the time of his death two hun
dred and eghywo shares of stock in the Commercial
Farmers Bank OF Baltimore, standing in his on the
books of the bank The dividends upon this stock is the
matter in dispute.
The estator by hi. last will, bequeahed in trust for the
complainant, during her lite in the following words 81
der and direct that my hereinafter named or the
acting Of them, shall receive the dividends
from time time, declared and made payable on my stock
in the Commercial and Farmers Bank of Baltimore in trust
that the said dividends shall be paid RENTED by my
executors the survivor, acting of them my
sister Maria Lowry, lately of Dublin in Ireland,
during her natural life, and after her decease her laugh
ter Mary Lowry should she survive her mother during the
lifetime OF the said Mary" And in the succeeding clause
of the will this stock together with other property and also
the general residue of his estate, bequeahed Samuel
Jones and Andrew D. Jones' and the survivor Of hem and
the heirs executors and administrator of such survivor in
trust for sundy persons named in the WILL in certain propor
ons therein mentioned subjec 10 the devise of the dv
dends (on this sock his sister and daughter afore-
said"
In 1889, upon bill filed in the Chancery Court Of the
State by Of the parties interested in the partition of the
property bequeathed in the last mentioned clause of the wilt
decree passed directing among other things that Samuel
Jones and Andrew d. Jones should hold these hundred
and eghytwo shares Of stock in trust, pay the dividends
TO Maria Lowry during her life and after her deah to be d.
yded mentioned in the decree. Mary Lowry, the daugh
ter, died before the decree made.
In this proceeding Maria Lowry, the complainant, was
made defendant and the bill taken PRO confesso against he
upon publication in The usual form. But process
served upon her, did she appear answer had she
any interest whatever in the suit BY the decree VIM. b.
Norman, Josiah JONES' and Emily j. Albert entitled To
this stock upon the death of Mrs. Lowry and, that
count has been supposed to be advisable to make them par
ties in the before the court.
After the death of Talbot jones' Samuel Jones carried on
business, his individual account in the of Talbot
Jones & Co.. and the transactions in the Of Talbd
Jones d Co., mentioned in these proceedings, the
actions of Samuel Jonrs, his own individual account
The stock in question continued to stand the books
the Commercial and Farmers Bank in the name of Talbd
Jones' until May 4, 1912, when transferred to th.
Merchants Bank by Samuel Jones, the other not
joining in the transfer. This transfer appears made
as security for loan obtained by Samuel Jones from the
Merchants Bank his private account, under bis
camille style and Of Talbot Jones Co.; and the
ney being afterwards paid the stock transferred to him
by the hank, under the and syle the 18th d
June in the year, and the 10th OF the month";
transferred by him, Talbot Jones Co., himself and
Andrew d. Jones' executors Of Talbot Jones. On the Goth
Of August following, Samuel Jones, signing his act
executor again transferred this stock TO the Msr hants
Bank which continued hold pledge fo sundry
of money made from time time to Talbot Jonrs d Co un
til the llth Of December 1916, when it transferred
broker, and sold pay note which fell due the 4h Of
that month"; and had been protested for Talbot
Jones Cothat is say, Samuel Jones-stopped payment
in September, 1885, and in January, ls47, pettoned for the
bene6! Of the iusolvsnt laws Of this State is admitted on
all hands that ne is utterly nsoven and unable pay any
part Of the dividends due to the complainant.
After the last transfer the Merchants Bank the dividends
either paid its orders in favor Of Talbot Jones Co
drawn BY the bank and paid him, with the
exception Of the last dividend which fell due before the stock
sid This yet in the hands of the bank except the
OF 39 4s, which has been paid out Of for the
stock.
notwithstanding the transfer of the stock in 1912 the
amount u the dividends regularly paid the
panan by the executors until November, lS45 hut the d.
dend declared at that time has been paid her. any
Of those subsequently declared She had notice Of the
transfer Of this stock until October 1885, after the last e the
loans above mentioned had made by the Merchants
Bank And the Sd OF December following (he day be-.
fore the note became DUE she gave the bank notice Of her
| claim.
When the stock was first transferred by Samuel Jones 70
the Merchants Bank certificate issued by the CONNER
csl and Farmers Bank in the following words
"No. 7O7. COMMERCIAL AND FARMERS BANK
OF BlLTIsoRE, Mar 4, 1915.
"Ths is to certify that the Merchants Bank Of Baltimore
is entitled TO two hundred aud ninety shares in the capital
stock OF the Commercial and Farmers Bank OF Baltimore
each OF which thirty dollars have been paid but which have
since been reduced by Of Assembly twenty dollars
share transferable at the said bank only personally by
/ attorney.
"292 shares. TRUEMAN CROSS, Cashier"
This certificate delivered by Samuel Jones to the Mcr-
chants Bank when he obtained the first loan and
delivered TO him when the money paid and the
transferred 10 Talbot Jones Co similar certificate was
again issued by the Commercial and Farmers Bank when the
second transfer maJc to the Merchants Bank and was
retained by until the stock transferred to the broker to
be sold as herein before mentioned
This summary statement Of the facts far as they arc
mIeria 10 the decision Of the Il is very clear that the
money due the com snan has been grossly misappied
and the question is whether she IL entitled to relief against
the banks, either of them. Samuel Jones undoub
edy liable but be IL admitted be insolven she can
obtain redress from him. As concerns the Merchants
Bank We see ground upon which il be held liable be-
yond the amount Of dividends remaining its hands does
not appear that the bank when accepted the pledge u this
stock when II made is loans had any suppose
that the sock bad been held by Talbot jones' or thai
transferred to the bank by Samuel Jones of his
ecuio In order TO obtain tho loan upon the pledge OF this
stock Samuel Jones did nothing more than produce the GER
cae Of the Commercial and Farmers Bank showing that
two hundred and eshwo shares Of stock had been trans
ferred the Merchants Bank But the certificate did not
show by whom had been transferred nor 10 whom Il had
previously belonged and according the usual coutse Of
business, the presumption that il belonged to Samuel
Jones himself The Merchants Bank appear 10 have acted
under that impression for when the first loan was paid and