The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1896-04-04
IRISH AMERICAN BANK
The Directors Are Sued BY An Indfg"
nant Creditor.

William C. Baxter has begun an &C
ton in the district court against Jerry
Coughlin, Michael Nash, John P. Rea,
Frank w. Shaw James II. Bishop, 10
seph Scallen, Thomas E. Bishop and
John E. Gould, which shows that the de-
positors Of the late lamented Irish
American Bank are unforgiying, and
purpose to push every possible action
against every man who had hand, di-
rectly or indirectly, in the failure OF the
bank, without regard to any other ac-
ton or circumstance.
In the action just filed, in which George
r. Robinson is the attorney, 1t Is al
legged that the defendants named were
the duly acting and qualified directors OF
the Irish-American Bank, with full ana
actual knowledge of the working affairs
of the bank from the time it was a los
ing institution, and knew of every deal
made. 1t is specifically alleged that the
defendants, with full knowledge of the
insolvency of the bank, and with intent
to cheat and defraud the plaintiff and
others doing business with the bank,
falsely pretended that the bank was. solv-
ent, and kept the bank open, with full
knowledgeaof its insolvency, and invited
and requested plaintiff by such repre-
sensations to do business and deposit
moneys with the bank, well knowing it
could not be paid back to the plaintiff.
The plaintiff says he relied upon said
representations and pretenses, and was
deceived thereby, and so relying did de-
post between October, 1895, and Janu-
airy, 1896, money to the amount OF $4,000
with the bank. On January IS, there
after, the bank owed him $31,097, when
it made an assignment He claims that
at this time the bank had not sufficient
money in it's hands to pay so per cent
of it's liabilities, as the directors well
knew.
The plaintiff, by reason of the alleged
wrongful and fraudulent acts, claims
that he is damaged to the extent OF SoO,~
900. The specific act charged is that on
December 81, 1895, the defendant wrong
fully, and with intent to cheat and de-
fraud plaintiff. and to place the money
beyond reach of plaintiff SO he could not
draw it, wickedly and ccrruptly colluded
and conspired together to falsely repre-
sent and pretend that the bank was SOW
ent and safe, and had sufficient money
to pay it's obligations, but on account OF
only temporary stringency were unable
to realize on it's collections. They desired
to retain for definite length OF time
the money standing to plaintiffs credit
for the purpose of obtaining from the
American Savings and Loan Association
the amount of money herein mentioned,
but in truth and fact to obtain said
money to appropriate to their own use
and the payment of other claims against
said bank which they desired to prefer
to the claim of plaintiff as further in
ducement to obtain from plaintiff that
the American Savings and Loan Associa-
ton already had on deposit in said bank
a. large amount of money, exceeding $15.-
900, and that the association had agreed
with the bank that il plaintiff could take
a time certificate for the amount of his
deposit for three months. that said cor
poration would place in like manner in
said bank an additional amount aggre-
eating S125,O00, and that it was solely to
enable said bank to realize on said agree
ment with said association and until said
bank could realize upon an assessment
then made upon the stock OF said bank
that they desired plaintiff to agree to
turn over his deposit.
1t is further alleged that the defend
ants then and there deputed NJ. W. Nash
and Joseph Scallen to act for all of them
in making the false and fraudulent
statements, and that on December %
they told him the bank was CALI right,
was good" etc. 1t is further alleged that
all the statements made were false, even
to the American deposit, and he asks for
sac, 900 as damages.
The worst of the action is that Baxter
has attached the property of all the de-
PENDANTS and it is tied up now under at
tachment papers, which hold all the
property of al the defendants.