Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1899-06-22

amount, or properly secured. In
| March the bank was again visited, and
| the examination disclosed the fact that
these loans not only still remained
unsecured and unpaid, but contrary to
instructions given by the bank exam
liner they had been largely increased
| Mr., Kidd at that time Instructed the
! president to call a meeting of ,he
| board Of directors at once and by res
| olution appoint a discount committee.
| which committee should be required to
| pass upon all loans above specified
| amount, which was accordingly done.
\ few days thereafter he called the
board of directors to his Office at the
lpitol, and after going over the af-
fairs of the bank in detail, drafted a
| resolution authorizing O. NJ Turner,
president, to take active charge OF The
bank, with instructions to the board to
hold a meeting upon its return and
adopt the same, and proceed at once
to collect or secure all the large loans
to which reference is above made.
The records show that this resolution
was adopted April /, after which time
President Turner was in charge of .he
bank until 1t closed
Upon the same day (April u, Mr.
!. Kidd gave. legal written Notice 20 he.
officers and directors calling upon them
to place the bank in a safe condition,
under penalty Of causing publication
to be made in local papers of its conIi-
ton as by law provided. At the expi-
ration OF the thirty days consul.a-
ton was held with Mr.. Turner, who
stated that the prospects were very ia
yorable for the payment Of a large
proportion of the large loans, and IN
consequence Of this informc ion an eX-
tension of time was granted Ere.
quent correspondence with Mr. Tuner
gave hopes that his statements might
prove correct.
On the nth inst. a letter was written
Mr.. Turner asking him to call at the
capitol on Monday last for the purpose
Of consultation before taking final ae-
ton, but in tne meantime Mr. Turner
had received adyices from the south 10
The effect that no funds could be eX-
peCted from that quarter, and, rather
than attempt to borrow funds to con
tiuue business, he concluded to close
the bank.
All Of these large loans were invested
il a cattle ranch in Mexico and an ir-
ligaton plant and lands in Texas, n
both Of which the cashier was and is
now largely interested In inyesu-
eating the banks affairs, Mr.. Kidd
found that Mr. Joice entered into ~
agreement with Mr.. Brictson to loan
him a certain sum of money, the con
sideration being that he, Joice, should
receive half of the profits of the ven
ture. The money used for this pur-
pose was presumably funds of the
bank, as several notes for large sums
given to MIR. Joice and endorsed by
him TO the bank are now a part Of
it's assets. Mr.. Kidd has caused Mr.
Joice to make an assignment of this
contract, together with all his other in
terests in the south to the bank
The responsibility for the failure of
the bank" said Mr. Kidd, rests with
its officers, and chiefly with its cashier
as that official was implicitly trusted in
he management Of It's affairs. He
went to the extreme of recklessness in
using the funds Of the bank and al
lowing them to be used by others to
bolster up speculative ventures in
which he was SO largely interested;
and it can hardly be presumed that
these methods would have been prac-
ticed had he not became personally
involved in these transactions. The
other officers of the bank and the d.
rectors should have given more atten-
tion to its management, as they had
ample warning Of the reckless methods
which were being practiced, yet they
seemed reluctant to interfere for the
reason that the cashier and his brother
owned or controlled a majority OF the
stock Of the bank, and assumed that
their wishes should control 1t is TO
be hoped, for the good Of all parties in
terested, that these investments may
prove profitable. If, however, such
should be The result, 1t viii have been
brought about by business methods Of
a crude and speculative character and
by transactions far removed from those
which should characterize a legitimate
banking business. ! know little, per-
5oually, OF Mr.. Brictson. 1t is not for
me either to defend or censure him,
but / have little sympathy with meth
DDS which would shift a responsibility
Of this character from where 1t rightly
belongs MIR. Brictson has the same
right that any other citizen has 70 Dor
row from any individual or bank that
will favor him with the loan. II he
has made mistake In judgment it Is
his loss. It was optional with the
bank, however, 20 make or refuse to
make the loan Bank officials who
handle a banks funds, which are in
trusted 10 their keeping, have no right
20 part with them for any purpose
without using due diligence In protect
ing them from loss or possibility Of