Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1908-02-26
Affairs of Green Mountain Saw
ings Bank to Be Wound Up
Under Courts Direction
RECEIVERS BOND is $4,000
State Auditor Carroll Makes the APP
pIication = Banks Capital Stock is
Exhausted, With Additional liabiI'-
ties Of Over 17,0o0-Exceed Total
Assets by $4,000.

Upon the application Of Auditor of
State B. f. Carroll today the Green
Mountain Savings bank was placed in
| the hands of a receiver, and Judge
Parker appointed A. A. Moore, dl-
rector of the Marshalltown State bank,
to take charge Of the insolvent mstl-
| tuition Mr.. Moore's bond was fixed at
$40, 900, which he furnished. He goes
on his own surety, together with
Cashier p S. Balch and Vice President
George A. Turner, of the Marshall
town State bank 7 he bond has been
approved by the court.
The petition for the appointment OF
a receiver sets forth that the bank mas
become insolvent thru the mismanage-
ment of it's officers, and is in an UNI
safe condition. In order to protect the
interests of its creditors, and preserve
the assets of the bank from being lost
or materially impaired. it is claimed
necessary that receiver be appointed
WINDSOR OuAbluoo SouN's'S"'
State Bank Examiner Leland Wind
sor is quoted in the petition on the
condition of the bank. AS far as the
bank examiner can ascertain, the petit
ton cites, the capital stock Of the bank,
SIC, 900, has been exhausted. and in ad-
dition thereto the liabilities Of the
bank amount to s17,759.S6. The as
sets. according to Mr.. Windsor's eX-
aminat ton, are not to exceed $l5,S44.'2,
which leaves the liability of the bank,
over and above it's assets. at $l2,oo0
Receiver Moore went to Green Noun
tain at 1880 this afternoon to take
charge Of the bank.
Cashier johnson Talks.
Cashier d. A. Johnson, or the BANK,
was in the city today, and accompan-
led Mr.. Moore home this afternoon.
No blame is attached to Mr.. johnson
for the banks condition, either by the
officers, directors, or local bankers.
They realize that he was not in con-
troll of the banks policy, and that as
soon as he was aware that things We're
not right he made efforts to get them
straightened out.
Mr.. Johnson does not agree with
President Mac Diarmid in the latter's
statement, made on Monday, in which
he said that the factionalism between
the Lynch and Thomas crowds, was
in a large measure responsible Tor the
banks condition. Mr.. Johnson sald:
while no doubt the factionalism re-
ferred to did hurt our business,
would not say that it was In any way
responsible for the banks condition.
To my mind Impractical business
methods had everything to do with it.
Those in charge were trying to do too
big things on too little capital.
johnson Believes in Mac Diarmid.
81 think Mac Diarmid is entirely In
nocent of any intentional wrong doing
in the conduct of the banks AFFAIRS,
continued Mr.. Johnson. IF he has
done anything that is contrary to law
he has done it because CT his lnexpef-
fence in the banking business, and not
because he intended to do an unlaW-
full act'
This same sentiment is growing as
the case progresses. A banker in this
CITY said Tuesday night that he be-
as a cats paw, and did not Intentional
ly do anything that would result In any
loss to depositors or stockholders.
Mac Diarmid's Father Arrives.
Mr.. William Mac Diarmid. of the
Omaha World Herald. reached the city
this morning in response to telegram
sent him by his son. Mr.. Mac Diarmid
is one of the pioneer newspaper men OF
Omaha, and has been in business there
for forty years. The last thirty years
have been spent on the World-Herald,
in which he is a stakeholder.
Mr., Mac Diarmid is completely
broken up over the turn affairs have
taken, and shows by every word that
he feels the disgrace of his sons arrest
keenly He firmly believes in the doc
tors innocence of any Intentional
wrong doing, however, and says that
his son has been the victim of mis-
placed confidence
The time for DR.. Mac Diarmid's
hearing has not yet been fixed, and he
is still in Jail in default Of $4,000
bond.
McEIhinney Talks.
The Waterloo Courier of Tuesday ev-
,,,,1,1icbaS ho fol1ouvinp interview