The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1908-10-22

kinnon's Ashtabula bank. Green adj
mitted being a stockholder in that
Dank, anc when asked about other
banks he evaded answer by referring
to newspaper reports. After much
qulbbling this direct question was
put:
q. Are you a stockholder in the
Union National bank?
A. don't care to answer that.
Q. You said you were a stock
holder in several banks: | think this
is matter of public interest.
A. | won't answer any other ques-
tions along that line.
Mckinnon Did Not Try to Get Hiqher
Rate of Interest on State Deposits.
When questioned why he did not
try to get more than i " per cent in
terest from active repositories (de-
positaries having a running account)
and 2R per cent on inactive deposi-
tories, Mr. McKinnon claimed that
he used his own judgment in the mat
ter and that the law fixed the min
lmum. There was no competitive
bidding for deposits. On this point
Mr.. McKinnon testified:
@. You never tried to get more?
A. No, sir.
Q. Why didn't you?
! A. l didn't want to, I thought l
was doing right.
Q. What effort did you make to
get more than "a per cent from the
inactive and IL per cent from the
active?
A. never tried. ..
Mekinnon's Interest in Banks HAVING
State Deposits.
The last day of McKinnon's exam,
ination, he said he was not willing to
tell the committee in which banks he
owns stocks but would do it if the
committee insisted. Parts of his tes-
timony on that point follow:
Q. What banks had you any stock
in during the period that you have
been state treasurer?
A. l have stock in the Union Ma
tional, Columbus Savings and Trust
Co, Commercial National Bank and
in the Capitol Trust Co. Also in
the Marine Bank of Ashtabula.
Q. How much stock do you own in
the Union National Bank of this city,
Mr.. McKinnon2
A. Well, 1t depends good deal in
the construction you put on the word
own" / could tell you what is in
my name, and what l really own, but
they>are two different things, they are
two different questions.
@. Well, you can answer it to the
extent that you might put on the
word "own." / will not attempt to
construe the word for you unless you
. want me to. Put your own construc-
tion on it and then answer It,
A. / win tell you what my hold
ings are that is of stock in the bank.
The Union National 100 shares.
Mr. McKinnon testified to having
rs shares in Commercial National, so
shares in his own name and so shares
in his wife's name in Columbus Saw
ings & Trust Co., and 10 shares in
Capitol Trust. when he was asked
about the Marine Bank of Ashtabula
A. Well, between myself and my
family have the majority of the stock
in it. just a slight majority l have
forgotten just the exact number of
shares.
Q. Can you tell what the total
stock in that bank is?
A. 100000
Q. And you own the majority?
A. Yes, sir.
@. Did you acquire this stock all
of ii nee you have been state treas
urer, Mr. McKinnon?
A. Yes, / think have. Yes, !
know have. j want the committee
to understand that there is vast diff
ference between actual ownership and
Lwhat you subscribe for-what is held
in your name. A man can hold a
great deal of stock in his name and
not be Ntke owner of it. wish that
to be clear.
What Mr.. McKinnon meant by this
distinction between actual ownership
and what is held without being the
owner Of 1t was never explained,
One OF the important results OF the
treasury probe was the disclosure
that 100000 of state funds was de-
posted in a bank at Ashtabula, cap
itaJized at 100000, and controlled by
McKinnon, his family and deputy,
Mr.. Green; also $25O,OOO in the Col
umbus Savings and Trust Company,
of which McKinnOn is director, and
Harry NJ. Daugherty, attorney for
McKinnOn and Guilbert in this in
vestigation, is a director, and first vice
president. sl75,G00 in the Capitol
Trust Co, of which Auditor Guilbert
is president and his deputy E NJ
Fulllngton, Il 4 stockhNlder and d.
y rector; and 100000 In the ciaeinnati