The Butte inter mountain. [volume] (Butte, Mont.) 1901-1912, 1901-06-03
MINERS UNION MALGAMATED
hearing OF the Petition to Enjoin the
Daily Bank and Trust
COMPANY.

The hearing Of the petition of John
J. Quinn, president Of the Miners union
and about twenty or thirty other MEM
Ders OF the union to enjoin the Daly
Bank & Trust company from investing
$4,000 of the funds Of the union in stock
of the Amalgamated Copper company in
accordance with resolution adopted at
a meeting of the union on May IL was
commenced in Judge Clancys court to-
day.
The petitioners were represented by
Breen & Backel and the defendants by
w. w. Dixon, A. ]. Campbell, T. s. Ho-
gan and Jesse B. Roote. Messrs. Dixon
and Campbell. however, appeared only
for the DAILY Bank & Trust company.
while Mr.. Roote espoused the cause of
Clark g. Bros. bank and Mr.. Hogan
looked after the welfare of Charles
OBrien. James F. Murphy and John
Shea as trustees of the union; John
Murtha as vice president and John M.
Sullivan as treasurer, who in their off,
clal capacity authorized the DAILY bank
to buy the stock.
All of the papers in the case were read
by Mr.. Brown. Among them was an affi-
davit made by John D. Ryan, vice presi-
dent of the DAILY Banking company. In
1t Mr.. Ryan set forth the nature of the
agreement between three Of the five trus-
tees and treasurer of the union relative
to the purchase Of the stock. He said
that on May Is these men had, through
the First National and Clark banks,
placed in his bank $4,000 for the pur-
chase of the stock and on that day he
had telegraphed the money to the Ma
tional City bank Of Ney York with In
structions to turn it over to H. H. Rogers
In exchange for 500 shares of Amalga-
mated stock, that on the 18th of May
word had been received by the Butte
bank that the purchase had been made.
This occurred, said Mr.. Ryan, before the
action to prevent the money from being
invested had been commenced.
A copy Of the agreement between the
bank and defendant representatives of
the union was attached to the affidavit.
This agreement is to the effect that the
bank will purchase 500 shares of the
stock within thirty days and have it
issued in the name Of the union or its
trustees; that the bank will, at the end
of year, buy the stock from the union
at 500 per share, a total of 100000 if it
desires to do so after giving the union 80
days notice, and that the union must sell
it.
the agreement further says that the
bank agrees to loan the union any sum
of money up to $4,000 on the stock dur
ing the year provided the union pays 8
per cent for it's use. and that all diti-
dends on the stock during the year are
to go to the union.
In the opening statement Mr.. Mackel
said:
I'VE shall show to the court that the
proper authorities did not sign the ORDER
authorizing the purchase Of the stock.
We shall show that before the stock was
bought IL it was bought at all, the bank
had notice that the order had not been
properly signed and that if the stock
was purchased it was not purchased with
| the money Of the union. We shall
| further show that the money is still lin
| the city and has never been expended
! for the stock"
| Alexander tombstone, cashier at
Clark's bank, testified that the union
once had money on deposit in his bank.
but had none there on the 18th of May.
He was not permitted to go into details,
but will be called again.
Jeremiah j. Hanley. financial secre-
tary Of the union. produced the consti-
tuition and bylaws of the union. the OBJ
ject being to show that no union funds