The herald and news. [volume] (Newberry S.C.) 1903-1937, 1910-10-14

SSAHN3SSSS,
ruary 8, of that year, was found, but
it does not appear to have been
brought out satisfactorily that this
was entirely adopted by the directors.
A note, however, of the Cold Point
Granite company, made on December
29, 1906, was located, which had been
put on the books on January "a, 1907,
and Mr.. Doninick attempted to show
that this fell within the term covered
by the committees approval, but does
not appear to have been entirely sue
cessful. An examination into the J..
J. Lane account was postponed until
certain records can be obtained from
Newberry, which are promised the
court this morning.
Another examination into the min
utes, however, showed a report from
the finance committee, under date Of
April 18, 1907, stating that ali loans
had been examined by the committee
and found in good shape. In Mr.. Hun
ter's handwriting was found written
here the letters "Appr" signifying that
the report had been approved by the
directors.
Mr. Matthews was asked what ac-
ton had been taken in regard to Mr..
Carlisle's Indebtedness after Mr..
Matthews became president of the
bank. A letter was read from Mr..
Carlisle to Mr. Matthews, making an
offer to make an assignment, and
offered to the bank a list of life in
surance policies, aggregating about
ten thousand dollars, face value, ten
shares Of stock in the B. F. Johnson
Publishing company, and $1,875 in
cash, in settlement Of his Indebted
ness to the National bank. This prop
osition was made with the statement
that all the personal obligations Of
Mr.. Carlisle was to be marked off, and
he be sent a receipt in full.
The minutes of the directors meet
ing following this were put in evi-
dence. At that meeting, the offer was
considered, there being five out of
seven directors present, and a resolu-
ton adopted that the president is
hereby authorized to make settle
ment with NJ. A. Carlisle Of his per-
sonal obligations with the National
bank, with full power to act, in the
premises" When asked what action
was taken by him, Mr.. Matthews stat
ed that he had sent Mr. Carlisle re-
ceipt for them, which was read some
what as follows:
"I hereby acknowledge receipt of
policies to be applied to the personal
obligations of NJ. A. Carlisle, and also
ten shares of the B. F. Johnson Pub
fishing company stock, and S1,S73 in
cash, to be applied in above agree
ment. When policies are properly
signed personal obligations will be
marked paid and delivered.'' These
obligations were stated to amount to
about $4,000. This receipt made men
ton of note of $500, of J. A. Black
welder, which had been mentioned in
the list of property by Mr.. Carlisle
together with the policies, but which
had not so far received the indorse-
ment to transfer it.
"Have you received the insurance
policies that are set out here?" asked
Mr.. Dominick. Eyes"
where are these policies?" Here" :"
"In whose possession" "The
bank
"To whom do they belong?" eve
think the National Bank Of New
berry,"
"You had possession of them from
the date they were turned over to
you until this time?" Eyes"
When asked if the bank used them
and treated them as its own property,
Mr.. Matthews stated that it did, and
further cross-examination brought
out that the bank paid the premiums
on them, and carried them On the
books as a portion Of the assets, to
the amount of about $4,000, the face
value being about $4,000. Mr. Mat
thews stated that he had received
everything mentioned by Mr. Carlisle
in the letter with the exception Of the
note referred to; that the cash was
In the form Of checks, which we're
cashed after being kept for q time.
When asked II the bank had ever Fe-
turned to Mr. Carlisle his notes,
marked paid, according TO the agree