St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-06-06
THOSE GUARANTY NOTES.
WITNESSES M THE SI3EE7ER TRIAL
TELL ABOUT 7HEM
SOME QUEER F1NANc1ERIxG.

SOME QUEER FINANCIERING.
The Trial Is teplete With Figures
and Technicalities Regarding
the Manner of Negotiating
Business by tho Guaranty Loan
Company - Attorneys for Dc.
tense Object to Everything.
The Streeter trial Is going to prove a
very dry and uninteresting affair. and
were it not for the fact that the defend
ant Is charged with stealing over mill
ion dollars, the attendance at court
would be small. The present case, how
ever, involves but a 'trifle" over 1870.
600. The attorneys for the defense will
make life burdensome for the states
legal representatives, inasmuch as they
will object to the proceedings and wit
nesses at any and all times, claiming, of
course. that the indictment was not
proper one. Yesterday morning Mr..
Percival was put back on the stand, and,
among other things, read portion of
the records of the meeting held by the
committee appointed to investi-
gate the charges brought by John
ii. Burke. Charles Robinson, clerk
Of the Guaranty Loan company.
read the minutes of the meeting of de
rectors held Jan. %. 1891, which con-
tanned the statement that Messers.
Eustis. Fletcher and G. II. Petit were
appointed a committee to pass upon all
future loans to be made by the com
Dany. The report further states that
Mr.. Menage called MIR. Streeter to the
chair. remarking that inaSmuch as he
was personally attacked he would re-
sign from his position rs president of
the company. The directors refused to
accept his resignation. These directors
were W. ii. Eustis. G. ii. Petit. w. S.
Streeter, H. E. Fletcher, Charles Rob-
inson, B. Band, q. A. Pillsbury and
Thomas Lowry.
The witness also read tine minutes of
meeting held subsequently,, which
contained the report of the committee
on. loans. which stated that reliable and
disinterested parties had declared the
loans made Oh certain property. uuder
investigation. were good. MIR. Percival
was recalled at this point of the pro-
cerdings to read minutes showing that
| the directors were excepting tab'' OH
| both Mr.. Burke and Mr.. Trlpp. Minutes
of several other meetings were then
| read. MIR. Percival stated that Mr.. Men
age was not in the Office more than half
| of the time from December. 1892,
to May, 1893. When heG5 was
absent Mr.. Streeter had general charge
of the entire business of the office and
working force. signing checks, selling
of paper and renewing of notes. He
also employed and discharged the help.
On cross-eXamination Tie witness stated
that Mr.. Streeter joined the company in
the fall of 1855.
Now" said Mr.. Lancaster. Ibid Mr..
Streeter ever employ any one for the
company to your actual knowledgeE
Not to my actual knowl edge" was
the reply.
Mr. Lancaster endeavored to drive an.
other nail by asking the witness if he
knew of a single incident where Mr..
Streeter discharged an empiOye. Mr..
Percival replied that Streeter had di-
rected him to discharge Miss Rosen-
Grams. Witness stated that large por-
tion of the time Mr.. Streeter received
all the mail of the company and
opened it. Witness stated that he him.
self Endorsed large part of the guaran-
ties on the notes. He alSo admitted
other officers besides Mr.. Streeter signed
checks. Ii. K. Cole usually attended 10
the bank balances, although MIR. Street
er had at times.
Now, was it not also an exceptional
thing for Mr.. Streeter 10 attend 10 the
selling of papeI?" asked the attorney.
''4es. Sir,o was the reply.
Mr.. Percival admitted that Mr.. Ne.
mage had materially favored him in the
matter of loans and advice.
''In fact. you always We're closer to
and were more acquainted with Mr..
not? asked the attorney.
YES, sir. looked to MIR. Menage as
the head of the department"
NOW, MIR. Percival, as a matter of
fact. don't you know that there were
large number of NOES that were not
taken before the board?'
No, sir.''
whats that?" demanded Mr.. Lam
caster.
II answered No, SIR" was the reply.
MIR. Percival stated he always took
the notes on loans into the room when
the directors met. from the superin-
tendent of loans. MIR. Lancaster
thought that it would have been an
easy matter for Mr.. Percival to have
known that many of the noles never got
before the board, as the daily records
showed the numbers in, rotation. The
witness stated that the notes did not 20
before the board in regular rotation, and
that he paid but little attention to this.
Mr.. Lancaster presented the records to
show that large percent of the notes
were never presented TO the board. MIR.
Perciyal was asked it he did not know
that often notes were sold. discounted
and the proceeds turned over while. the
notes were on their way East, before
the loans were given to the board to
pass upon. Witness replied in the
negative.
"Now. Mr. PercivaI, how many notes
were going through the Guaranty Loan
Company, on2the average. each day dur
ing 1892" asked the attorney.
Il should say ten or fifteen day."
"This would make the average about
150 notes per month, and you carried be-
fore the directors at each meeting but
from twenty or thirty?"
Eyes. SIR"
MIR. Percival stated that he was ap-
pointed as acting vice president of the
company in 1887 and 'SS.
The state took the witness in hand
and asked him who he went to when
paper was to be drawn. Mr.. Percival
stated that he went to Mr.. Streeter.
The register of short time loans No. 2,
I