The record-union., 1898-12-17

testified in relation to Article VIII. of
the bylaws, that he thought Alsips
minutes of the meetings Of the associa-
ton were not accurate at all times. He
paid many of the bills and made loans.
vouchers and warrants were turned
over to the Treasurer. He collected
rents and incomes, paid taxes and many
other things.
Attorney Seymour offered to show
that Mr.. Alsip acted as General Mana
ger of the association, made loans, ex-
amined abstracts, paid bills, borrowed
money and pledged securities of the
association without authority of the Di-
rectors
that it was not cross-examination and
the objection was sustained
witness resumed that case never
arose where stock was forfeited under
the bylaws for failure to pay monthly
oues for more than six months. The
treasurer had no means of knowing
VINO was delinquent except through
notlncation by the Secretary and the
secretary did not notify him.
Ell DORADO LAND VALUES.
Ihomas Frazer testified that he was
Tor some years Supervisor of Ell Do
rado County and later was Register of
the United States Land Office here.
lie nad been on the NJ E. stock place
some years ago. He did not think the
lana was worth more than the Gov
ernment price, $3.50 an acre. There
were not more than or 4 acres out of
the o6 cultivated, there being small
number of fruit trees. 1t would raise
trult with water. Was about five miles
py road from Ell Dorado station. The
improvements We're worth probably
$500.
When the railroad was first extended
10 Placerville it was worth perhaps
double what it is now He knew of
one piece of land that was taken for a
mortgage, but could not recall any
sales lately. He was sorry to say that
most OF the mortgages up that way are
Ior more than the land is worth, as
land has much deteriOrated in value of
late years There is no ditch or water
except springs on the side of the ridge
On which the Stock place is situated,
and no one has been living there for
several years
SECRETARY FIELDS RECALLED.
Secretary Fields, formerly of the
building and Loan Commission, was re-
called and testified concerning the w.
y. Brown notes. He had found from
the records evidence of two notes, one
Tor S0,SOO and the other $1475, among
the loans in the report of 1895. One of
t. II. Anson was 5000 and one of w. P.
Summer for $3.50. If there were any
delinquent interest it would be included
IN the list delinquent from members
A motion to strike out the testimony
was denied
IN amending the report of 1895, he
applied the Dexter rule to the compu-
tation of value Of the sixth series of
stock, as that was the rule under which
the Association was working at that
time, they having formerly worked
under another rule
A long argument ensued between
Messrs. Johnson and Devlin over the
latter's question as to how long the
Dexter rule had been used by the AS
sociation
The witness, being asked to explain
The Dexter rule said that to explain
II in few words would be to say that
1t was simply a compound interest ap-
plcatlon to the monthly payments.
He thought the Dexter rule best suited
to associations like the Union.
Mr.. Devlin asked a number of uues-
tons relating to the practice of Build
ing and Loan Associations as to re-
serve fund. Mr.. Johnson objected to
them, and Mr.. Devlin offered to prove
that up to 1897 there was only one as
sociation in the State that had a re-
serve fund. An objection to it was
sustained.
BANKER MILLER TESTIFIES.
Frank Miller was the next witness
and identified and explained the dating
stamp used in his bank, and appeared
on various papers exhibited by the
prosecution. 1t was done in order to
show that the defendant corporation
was the treasurer of the Association.
The warrants were addressed to the
Treasurer of the Union Building and
Loan Association, and made payable at
the bank Of D. o. Mills & Co. One
bundle, he thought, dated 1896 came
into the bank in exchange or at the
paying desk. Another bundle, dated
1871, he thought, came into the bank
as deposits
Mr.. White moved that all the evil
dence of witness be stricken out as in
competent and irrelevant. The motion
brought on a long argument as to
whether the bank was the treasurer of
the Association and bound by its by
laws as an officer, the prosecution con-
tending that it was and that the stamp
on the warrants showed it was
The motion to strike out was denied
Mr.. Seymour, in beginning his cross
examination, asked the prosecution to
produce all the checks and warrants in
its possession showing transactions of
the bank with the Association, but Mr..
Johnson objected to producing them at
this time, and the Court sustained the
objection.
Mr.. Miller testified that the warrants
We're honored and charged to the ac-
counts of the Association. Mr.. Alsip
would often have a payee endorse the
warrant, pay him the money, endorse
the draft for the Association and pass
it through the bank to the Associations
account. That was a usual method of
cancellation. The items on the credit
side in the transcript of account with