Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1899-06-22

which committee should be required 10
pass upon all loans above a specified
amount, which was accordingly done
a few days thereafter ne called the
board OF directors to his Office at the
capitol, and after going over the al
fairs OF the bank in detail, drafted a
resolution authorizing 0. NJ. Turner,
president, TO take active charge Of the
bank, with instructions TO the board 10
hold 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 1, after which time
President Turner was in charge OF the
bank until it closed.
Upon the same day april -, Mr.
Kidd gave legal written notice to The
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 a consulta-
ton was held with Mr.. Turner, who
stated that the prospects were very ia
vorable for the payment of a large
proportion of the large loans, and in
consequence Of this information an eX-
tension Of time was granted. Ere
quent correspondence with Mr.. Tuner
gave hopes that his statements might
prove correct
On the 18th 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 &C
ton, but in the meantime Mr.. Turner
had received advices from the south tC
the effect that no funds could be ex-
pected from that quarter, and, rather
| than attempt to borrow funds to con-
| tinue business, he concluded to close
| the bank.
All Of these large loans were invested
| il a cattle ranch in Mexico and an IT.
rigation plant and lands in Texas, II
both of which the cashier was and is
now largely interested. In investi
eating the banks affairs, Mr.. kidd
+, found that Mr.. JOice entered into II
| agreement with Mr.. Brictson to loar
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 sum:
| cyiu 70 Mr. Tnian an6 on1nrcnH hJ
him to the bank are now part D
it's assets. Mr.. Kidd has caused Mr.
Joice to make an assignment of thi
contract, together with all his other in
terests in the south, to the bank.
THE responsibility for the failure O
the bank said Mr. Kidd, ''rests will
it's officers, and chiefly with it's cashier
as that official was implicitly trusted il
the management of it's affairs. H
went to the extreme Of recklessness il
using the funds Of the bank and al
lowing them to be used by others tt
bolster up speculative ventures il
which he was so largely interested
and it can hardly be presumed tina
these methods would have been prac
ticed had he not became persOnaall.
involved in these transactions. TIL,
other officers Of the bank and the di
rectors should have given more atten
ton to it's management, as they hat
ample warning of the reckless methods
which were being practlced, yet they
seemed reluctant to interfere for tn,
reason that the cashier and his brother
owned or controlled a majority of tn,
| stock of the bank, and assumed tina
their wishes should control. 1t is tt
be hoped, for the good of all parties in
terested, that these investments ma!
prove profitable. If, however, sucl
should be the result, it will have beer
brought about by business methods O
a crude and speculative character anC
by transactions far removed from those
which should characterize a Legitimate
banking business. | know little, per
sonally, of Mr.. Brictson. 1t is not fol
me either to defend or censure him
but I have little sympathy with meth
DDS which would shift a Responsibilities
Of this character from where it rightly
belongs. Mr.. Brictson has the same
right that any other citizen has to Dor.
row from any individual or bank tha
will favor him with the loan. If he
has made mistake in Judgment, it is
his loss. 1t was optional with the
bank, however, to make or refuse tc
make the loan. Bank officials who
handle banks funds, which are in
trusted to their keeping, have no right
to part with them for any purpose
without using due diligence in protect
ing them from loss or possibility OF
| loss.
This may in all fairness be said: a
proper regard for the interests of the
| creditors of the Dane County bank
would suggest the injustice of casting
any uncalled-for odium upon Mr.. Brict-
| son Or doing that which will in any
way injure his credit, for, I have rea-
sons for believing that Of all those who
| have borrowed the funds of the bank
for the purpose of making these south
ern investments, he is the most trust
worthy and reliable, and the one who
is most likely to pay dollar for dollar
Of his Indebtedness"