The national Republican. [volume] (Washington City [D.C.]) 1866-1870, 1869-10-05

4
n.,s.r, u,s,-.s,o.
r. ~, $500.
INC Msonen' upo" 'ne soemurret IN 'ne
case OF Joseph b. stewart vs.. The National
Union Bank Of Maryland, the National Me-
chsnlcs, Bavk. the National Ixchsnpe Bank,
"a 49,. yh,.h s.r.n 1. ~. s.n.-.o,
u- "'' sesa" IN 'ne eupe,'o
Cour on THURSDAY, is MI progressing,
Tbs plaintiff In the case has Ned general
creditors bill against the above named
banks and the late firm of Bayue a Co.. and
Wn,,.. :, NJ. .,,., a.. Ch.. - m.
Dyno' hneu n N"ap'nau anu nv
RATIO X. Riddle, trustees OF said ntm OF
bayne q Co., and alleges that the said Stew
ART and others are croditors by Judgment
and Otherwise against the late nrm OF Bayne
q 70. 70 tne amount OF near soOOt0O0i that
bsync q 20. and the SAID banks had deal.
lngs ana MADE loans o. money That were He
gal and void, and Ia absolute violation Of
the twenty-u'ntn section OF the national
banking law, which provides that "thc total
naoiltles OF any association or any one per-
son or company or hrm or corporation, In.
cluding IN tine liabilities OF q company or
nrm tne liabilities OF the several members
thereof, shs,l a no time exceed one tenth
part OF the capital stock OF such association
scsuaiiy paid in;' and the bill then goes on
70 show that where, by the aggregate CAPT.
s<is " suNso pehh'b u o''" " 'seO"s NNNo,Vyy
could lawfully nave pecn loaned 10 said
Bayne Coz that being sccdt ten per cent.
OF their Joint capNais, mat loans were made
70 enormous amounts In excess OF ten psr
cent, ana that AFTER al otner payments the
sum OF aoout sooV,oVV is alleged 70 DC due TO
SAID banks from said baync q GO. at the
present time, ana lor which they hold as Sc
curitics ABOUT tooO,VOO OF the assets Of the
said hrm Of Bayne q Co., and said Stewart,
hlmaa1( M sNh ~. a..
rs the sum OF ten per cent, or about $780,
600 Of tho respective capitals Of said banks Is
all the said banks could lawfully claim,
that the overplus, or say about t60O, 900, OF
OF the said assets should be applied to tho
payment Of the Judgment and claims or him
self and other creditors.
The creditors bill also charges that said
Lawrence 2, Bayne applied for the benefit OF
the bankrupt law on or about the 3oth day
Of May, 1868, the said arm having previ-
ously, to wit. about the Sd day Of May, 1866,
made general assignment Of all their effects
for the benefit Of creditors; that among the
parties shown as creditors besides the said
Stewart and others were the three banks
| above-named, whose Joint credits were named
at about tsoo, 600, and who Jointly held about
$3.50, 900 Of the assets OF Bayne Il Co., ~
| stated; that about three weeks ater said
Baync applied for the benefit Of the bankrupt
law, 70 VIII, On OF ABOUT the Sod OF June,
1893, the said banks entered INTO an alleged
| fraudulent transaction with the said trustees
Of Bayne q Co., who, for pretended con-
sideration Of one hundred dollars paid by
each bank, sold, relinquishcd and delivered
over all right Of redemption or reycrslonary
interest Of said trustees Of the firm Of Baync
q Co. In and 10 the said $3.50, 900 Of assets;
aud that on the same date, 10 wit, the esd
| day of June, 1853, The said banks, for a con-
sideration or one hundred dollars each paid
| to them by the trustees Of said Baync Il Co.,
executed full and absolute release to said
Lawrence p. Bayne Of all debts of said Baync
individually as q member of said firm OF
Bayne Il Co.
And the bill further CHARGES that the rre-
tended sale OF the assets OF the said Arm, NJ
Baytle h Co. to the said Banks BIZ said trus-
tees was fraudulent and void. and that the
\ release executed to said Baype. as a member
Of said firm, is In law and eoulty n valid re-.
Lease of ALI the members Of saId arm ana
hence of the firm itself. and that ther, ia In
reality no debt due To said hank Nam ala
Arm Of Baync q O. rScn wcrc il not iiIe"ai
and void a. ,Iicred hocanso Of tho oIiosad
l III -. =,