The herald and news. [volume] (Newberry S.C.) 1903-1937, 1910-10-18

snow tQaC Lle company udQ IeCe1Feu
the money for these drafts.
In answer to the cross-examination
by Mr.. Dominick, Mr.. TaIrant stated
that he had been assistant cashier
of the bank during the years 1906
1907, and 1908, during that time there
having been three cashiers, E. A.
Carlisle, F. n. Martin and ]. H. Hun
ter. In 1908, Mr.. Martin was cashier,
and Mr.. Tarrant stated that Mr.. Car
isles account had been overdraWn a
great deal Of that time. In answer
to questions as to why he had cashed
these overdraft checks of Mr.. Carlisle,
Mr. Tarrant stated that they were
signed by Mr.. Carlisle who was presi-
dent of the bank. Mr.. Dominick
brought out testimony to the effect
that the checks we're not signed by
Mr.. Carlisle as president of the bank.
Mr.. Tarrant was asked if Mr.. Car
Isle was the only one indebted to
the bank, and replied that he did not
know about notes, but that there we're
other directors who had overdrafts.
Mr.. Tarrant stated also that the
discount committee appointed from
the board had full access to the
books, though he did not recollect
any particular examination Of them,
and said that he did not remember
having any instructions to turn down
these overdrafts checks. He stated
also that there had been some fric-
ton between Mr.. Hunter, cashier,
and Mr.. Carlisle, as president.
An examination of the bank books
showed no deposits to the account of
the Cold Point Granite company from
the date of the first of the drafts in
November, 1908, to the end of the ac-
count. An examination showed also
that three demand notes of the gran
1te company were not on the mote
ledger" and Mr. Tarrant could not To-
cate them on the records of the bank,
but had no doubt that they were re-
corded somewhere. The notes were
placed in evidence, however. He stat
ed also that Mr.. Carlisle had said the
drafts which had been refused pay
ment, would be attended to. 1t was
also brought out in the testimony that
none OF the employees of the bank were
bonded, though there appeared to have
been move to that end some years
previous.
Among the principal witnesses of
the forenoon was Mr.. J. A. Black
welder, who was intimately connected
with the affairs of both the bank and
of the Cold Point Grs.4-,e company,
having been a director of both. He
was next sworn, and gave a history
Of the organization Of the granite
company. This had been formerly a
partnership between Messrs. NJ A.
Carlisle, J. D. Davenport, S. B. Aull
and ]. A. B1ackwelder, but was later
incorporated with capital Of $50 900,
at which time it appears that Mr.
George T. Bryan become stockhold-
er. These five stockholders, it de-
veloped, each agreed to sign note
for three thousand dollars, it being
estimated that the $4,000 would be
sufficient to pay the Indebtedness of
the concern, and leave a slight mar
gin, the quarry having been already
opened. At this time Mr.. Carlisle was
president, and Mr. Blackwelder secre-
tary and treasurer.
It appears that only three of the
stockholders signed this note, and by
means of larger note, of the cor
poration as whole, they we're each
relieved of their Individual RESPONSE
bility IN the matter. In May 1906,
about six months after the first elec-
tion of officers, Mr.. Blackwelder re-
signed as secretary and treasurer, but
continued as manager of the affairs
OF the company.
When questioned if the property of
the Granite company was worth its
liabilities, Mr. Blackwelder hesitated,
and said it depended on how the mat
ter was considered. Considering the
opportunities and possibilities of the
company, the company was solvent
in his opinion. The assets of the COM
pany were enumerated and found to
aggregate about ten or twelve thou
sand dollars, and Mr.. Cochrane, in
his efforts to bring out the alleged in
solvency of the corporation, endeavor-
ed to make the witness state that the
corporation owed about $4,000, with
assets of about ten or twelve thou
IL r.