The Detroit times., 1908-08-01


things required. Since Mr.. Hills
charges were filed. the bank has filed
a statement with the Oakland County
clerk as required.
The letter OF Mr.. Hill TO the treas
urer of the state Is as follows
Detroit, Mich. July IL, 1908.
Hon. John T. Rich, Treas,
State of Michigan.
Lansing, Mich.
Dear Sir-I beg to call your atten-
tion to the fact that certain persons
are engaged in business as brokers
at Farmaington in this state under the
fictitious name Of Pennington Elk
change Bank" and have been engaged
therein several years.
THAT in the Rand McNally Bankers
Directory of 1908, the above institu-
ton is shown TO be a private institu.
ton, with officers, as follows: p. ID.
Warner, president: S. ID. Holcomb,
vice president; C.. w. Wilbur. cashier.
The financial condition shown, as fol-
lows. Paid up capital. $4,000; sur
plus and profits, S1,250; deposits, 1927,
410.
There is sign upon the banking
house with the fictitious name OF
Pennington Exchange Bank and on
its notes and checks Is the same fc-
titious inscription, but without any
statement either on the sign or on
the notes, checks, etc, as to who are
the real owners OF the property and
the business such as the law requires.
Section 5275 of Compiled Laws OF
1897 provides that in the case OF any
brokers holding themselves out as
bankers, that on their sign and sta.
tionery the names OF the persons car
rying on the business shall appear.
So Ii is apparent that as TO the own
ers OF the business of the Farming
ton Exchange Bank, they are violat-
ing the law. -.
THE penalty for such violation as
fixed in the act is, upon conviction. a
fine or not over 5000 and costs, or by
Imprisonment of not more than six
months; and under section 5276 the
state treasurer Ia TO refer such mat
tiers to the attorney general. who may
begin suits in the county where the
business is being done.
IL am not able to furnish you with
the names Of all the parties against
whom these suits should be brought,
though the so-called officers OF tho
bank would probably be proper sub
jects. In the last Legislature Manual,
published by the state, In the bio
graphical notice of Gov. Fred NJ. War
ner, 1t states that he is owner In IL
cheese factories and Is stakeholder
and director I'm the Harrington Ex-
change Bank
Il am unable, however, from any
filed report or statement thus far to
fix the ownership of this business as
to the proportionate Individual inter
ests therein.
AN act was passed being No. 101
of the laws of 1907, to regulate the
carving on of business under an as
sumed or fictitious name providing
that a certificate should be filed with
in 80 days after the act took effect
showing the true or real full name or
names of the person or persons own
ing. conducting or transacting the
same with the home or postoffice ad-
dress or addresses OF said person or
persons
II think such a certificate should be
filed with the county clerk OF Oakland
county, but after a search OF his rec
ords. he was not able TO find II, and
| conclude II was never filed. This
act provides that failure 10 comply
with it's provisions. shall be punished
on conviction with fine of not less
than S25. nor more than 500. or by
Imprisonment in the county Jail for
a term not exceeding thirty days; or
by such fine and imprisonment, In
the discretion OF the court
Il enclose form OF the note which
the brokers calling themselves the
Pennington Exchange Bank put out
in which the form Of their transactions
Is shown.
THAT a firm OF brokers should thus
hold out their institution as a public
bank. doing business under the bank
ing laws OF the state. subject TO the
state inspection and state regulation
as these people seem to have done
for a term OF years. is not only most
extraordinary, but most misleading.
A.. s-..... 80, Tho hfIIofdac