The weekly tribune and the Cape County herald. (Cape Girardeau, Mo.) 1914-1918, 1914-11-27

AclcEcS WAS A4Iftput j41 A2StCNASh y
summary petition for tn
recovery Of the property, and t2l thu
with respect to said la shares
of stock Of said Bank respondents
under the direction and ruling OF
= said Referee make this their sep
arate return and respondents
aver, that seventy of the said
shares were by said Glenn pledged
on September 80, 1913, to the
First National Bank of Granite
City, Illinois, as collateral secur-
ity on a 100000 note Of said
D. 4. Glenn and others. and forty
shares thereof were by said Glenn
on September 10, 1913, pledged to
the Continental and Commerce.
National Bank of Chicago, Illinois,
as collateral security for the
$7,580.00 note of said Glenn and
others to said Continental and
Commercial Bank; that in the
month of March, 1914, said Glenn
sold ten shares of said 121 shares
to on Clay Lutes, and one share
thereof to one F. w. Morrison;
that said pledge of said seventy
shares of stock was duly and reg
ularly foreclosed on May II,
1914, and under such foreclosure
was duly and regularly sold to
Giboney Houck, and that said
Continental Commercial Bank
$500 note with $1SS.75 interest
accrued thereon and said shares
securing same were duly purchas-
ed from said Continental and
Commercial Bank in August, 1914,
by George S. Summers, in his in
dividual capacity as a member Of
a committee of stockholders of
said First National Bank of Cape
Girardeau; that said Summers
acting for said Committee, ae-
quired said stock for said Com
nittee for the sole purpose Of
distributing the stock Of various
applicants for stock in said Bank;
and\that said Summers still holds
said stock for such purpose and
for no other. Respondents fur
Their aver that at no time since
said 121 shares of stock were or
iginally issued, have the same
or any part thereof been owned
or claimed by said Morrison,
Houck, and Summers respectively
in the manner as above set forth,
and have been so held since said
Lutes, Morrison, Houck, and Sum-
msrs respectively purchased and
received the same, as above set
forth and that it is beyond the
power and authority of these re-
spondents as officers of said bank
to deliver said shares or any part
thereof to said trustee"
The trustee filed reply to the fore
going return which denied general
hose allegations of the~return whie
related to the disposition of the on
hundred and twenty-one shares of tn
stock of the First National Bank o
Cape Girardeau, and made certain al
firmative averments which it is no
necessary to notice. --
Upon the issues as thus presente
to the Referee it is clear that tn
respondents occupied the position q
adverse claimants, and their right
the property in controversy could nc
be summarily determined by a Refere
in Bankruptcy upon an order to sho'
cause, but could only be adjudicate
in a plenary suit instituted in sem
court of competent jurisdiction. JaC
luith VS.. Roweley, 1873 U. S. $40; Bar
les VS.. Hawarden Bank, 178, U. S. 524
Trust Co. VS.. Cominger, IL
U. S. IS; First National Bank VI
Hopkins, 90 Am. B. r. 434; Johnsto
VS.. Spencer, 81 Am. B. R. 500; Coone
VS.. Collins, % Am. B. r. $40; In R
Hogan, 10 Am. B. R. S57.
The other order of the Referee her
under review was made pending tn
order to show cause, above referred t
and enjoined and restrained Georg
S. Summers from selling forty share
Of the stock of the First Nations
Bank of Cape Girardeau, Missouri
which Summers had notified the trus
tee in bankruptcy he proposed to SCI
under the terms of a collateral not
held by him.
A careful consideration of the evi
dence as certified by the Referee com
oels me to conclude that the restrain
ing order made by the Referee wa
and improperly made
and that it should be vacated and Sc
aside. The evidence clearly shove,
hat the forty shares Of stock in CUES
ion had long before the adjudication