The Indianapolis journal., 1889-12-27
CuLLINGS FROM THE COURTS.
A Decision by Judge HOwland Which Proba-
bly, Ends the Famous Bank Suit

-
bly, Ends the Famous Bank Suit
Judge Rowland rendered a special ind-
ing yesterday in the case of William Need
ham and others against John c. Wright
and others, in which $1,000 damages were
demanded. Eleven years ago the Indiana
Banking Company bought of the defend
ants some S23S 600 worth of stock in the
First National Bank at 65 cents above par.
The Banking Company paid $1,000 for
their stock, and judgment was demanded
to cover the loss alleged to have been sus-
tanned by the increase above the par value.
The sale of the bank stock was effected
in February. 1878, and in 1854 the Indiana
about for some cause to which to assign the
failure, the stockholders concluded it was
due to the transfer of the big block of stock
of the First National Bank. though nearly
six years had elapsed since that transaction,
aud no complaint had been made. Two suits
were, therefore. entered just few days be-
fore the statute of limitations had
run, one by John G. s. Harrison, as re-
ceiver. and the other by William Needham
and the other stockholders in the bank.
The first mentioned suit is still pending in
Judge Howe's court. where it was origi-
nally brought, Mr.. Harris0n's interest in it
having been assigned to Judge Rand.
who succeeded him as receiver. This action
is never likely to get any further along
than it is now. The plaintiff has recently
amended his petition. and the defendants
have filed demurrer, and there the matter
rests. Judge Howe has given no ruling on
the demurrer.
The case in which Needham and others
were plaintiffs was entered two or three days
after the receivership suit. and resulted on
one trial in a verdict for them for S154. 200.
but this was subsequently, set aside and
pleas in abatement argued In turn before
Judges Walker, Ayres, Sullivan and How
land. Two of these pleas were to the ef-
feet, first. that the receivership suit was
still pending and the plaintiffs. therefore.
had no ri ght of ofaction;second, that the piaint-
ifs. with the exception of Needhaln. had
assigned their claims to Joseph Keeling
and one Ditmars, the former being assignee
for the Marion county stockholders and the
latter for the johnson county stockholders;
that in thus assigning their claims they
had assigned all cause of action. and the
suits should have been brought by the
signees. Judge Ayres held the pleas badly
brought and they were amended. judge
Sullivan hel two pleas good and o third bad.
Two weeks ago Judge Rowland asked the
defendants to prove their pleas: which they
did, by Introducing the record of Judge
Howe's court, showing that the receiver
ship suit is still pending. and other records
showing the ssignment of allthe plaintiffs,
excepting Needham. The Judge took the
evidence. and yesterday rendered his de-
cision that the pleas were good in law;
that the surviving partners cannot main
tain an action. and that the plaintiffs had
no cause of action at the time the suit was
brought.
AS the matter stands, unless the Supreme
Court should reverse Judge HOwlands de-
cision, which is not probable, the Needham
suit is likely at an end.