, 1877-09-02

mony with the ideus of the Committee. Thew
unanimously asked me to make this request
| MIR. Bonney-The present Committee can on
~ represent Il snail part OF the depustors, AMI
| the Court should be prepared to take pruu.ptly
any action that might be necessary, anu tue
postpouement should not be indefinite,
we should not be compelled to serve
| fresh notice. They arc to act tonight, and NO
can come in Monday or Tuesday prepared to
| press the matter il necessary. We ask the mo-
lion be deferred until Monday or Tuesday.
Mr.. H1gll-That is my ,lea- 1t would be
much better to hare some definite time
| Mr.. Snith-The effect Of fixing some definite
| time would involve the necessity OF the parties
| and counsel coming here again. It Is now Ut
! terly impossible to determine what would be a
| suitable time, and it is very easy to call this
! thing UP again il it ID necessary hereafter
Judge Williams should be inclined to grant
the request OF the counsel for the Committee.
They are most nearly vested with authority to
any time to notify the counsel for the Commits
tee il it is wished to bring the matter up again.
L shall be in Court any day to take it up, This
leaves it practically in the hands OF the attor-
neys ior the cosnplainants. will adjourn it
indefinitely.
Was, however, filed in the Circuit Court,
so as to give the Judge Jurisdiction, IS
Mr. Bonney remarked, OF tic subject
Z. I;adclifre, Robert A. and Samuel Il. Smith,
G. P. Eau1es, Madison Taylor, D. ", Nelson,
john Conway, Albert Beach, F. 4. SeI7ert, ".
Il. Cornish, ". 5. Wilcox, Thomas Carroll, B.
F. Jordan Thomas E. snlliyan, +: A. Lang,
positors III the bank. who file the bill for them
selves. and for all others interested vino may
come in, and the defendants the State Savings
Institution, D. D. Spencer, D. 5. Smith. u. II,
Turner, Daniel Goodwin, DR., A. D. GIild. c. Il.
Bulklcy. and J. Q. Adams, Trustees Of the bank,
and 4. B. Taylor, - claimin.. TO bc the Assignee
tlereoi." Tie eomylanant9! after stating the
organization Of tie Company in 1853. aver that
deposits, and that tho TRUSTEES and
officers Of the bank were also trustees Of the
tlei}ositors, bound to exercise due diligence.
The defendants aboyc-naHlcl constituted The
was Prcsiden. Of the bank, Smith Vice-Presi-
dent, Guild Cashier, Bulislcy Assistant Cash
icr, and Turner, Goodwin, Bu!klcy, and Guild,
members Of the Executive Committee. The
bank made its assignment Aug. ;..s1. and, just
before this, MANY OF the Stockholders trans
tcrrcd tl,ci- stock to the bank. This assixH-
,,ent, it is claimed, is void, as having been
made without authority, for the Trustees and
oi|icers had no authority under the law to sir
render. ahan'lon, or transfer their trust With
out the consent OF all persons interested
in tue execution Of the same, or On the
order Of a competent Court. At the time
Spencer abscondcd it IS stated he owed the bank
Sl79,177.4U with interest. The conplanauts
all the assets so wasted and nisapplied, thev
having been guilty.of gross tnisnana.tnent,
having suffered the assets to be wasted aud
10 Hn .n!laown extcot, and having
their trust.
MI:. TAYLOR,
it is further stated Is preparing an inventory oe
the property Of the tank, but le has not as yet
fled 1t, nor i1us be given any bond for the due
performance Ut his duties, SO that the deposit
ors are wholly without protection lis control
of the assets At all IS wrongful, and contrary to
law, because the assignment to him was void.
also allese that the transfer Of
.hcr stock bv the stockholders SO short 4 time
ocforc the future Of the bank, and with the
that it was insolyeut, was fraudu-
ent, and should be set aside, and they still held
esponsibie- Con,pfainan.s therefore ask that
ome tit person may At once De appointed Re-
ciyer to wind up the affairs OF the institution;
hat Mr.. Taylor and tile bank Trustees may be
njoiued from interfering with It's affairs; and
hat the Trustees may be required to account
or all the assets committed to their charge.