The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1915-12-17


contract was expressly against the
law Of both Missouri and New York
and that the ST. Joseph Lead Com
pany was actually carrying on bank
ing business in partnership of the
Trust Company and against the law,
and by SO doing lost large sums Of
money; that during September, 1908
the Trust Company, by and with the
consent of its officers and officers of
the Doe Run Lead Company, pur-
chased 100000 Of the Doe Run Lead
Company's capital stock and retained
the same, though the stock declined
in market value to $156,OOO, until the
dissolution of the Trust Company
that between June 1, 1918, and Oc-
tober 1, 1918, it was determined by
the officers and directors of the Trust
Company to voluntarily dissolve the
Trust Company, and that in pursu-
ance to this determination Edward A,
Rozier and M. P. Cayce were appoint
ed liquidating trustees, and all the
property of the Trust Company was
conveyed to Rozier and Cayce for the
purpose of making final dissolution
of its business as Trust Company.
That prior to the conveyance of the
assets of said Trust Company, on or
aobut February 16, 1912, the said
Trust Company, with the knowledge,
consent and approval of it's officers,
who were also officers and directors
of the st. Joseph Lead Company, pur-
chased from the Doe Run Lead Com
pany, with the knowledge and con-
sent of its officers and directors, 49,
$50 shares of the capital stock of the
st. Joe Lead Company and paid there
for $193,600.00; and at the time of
the said purchase the actual market
value of such stock was lower than
the price paid therefor and did not
exceed $8.25 per share, or a total of
S159,720; that this transaction re-
suited in great loss to the Trust Com
pany and also to the St. Joseph Lead
Company, which last company was the
largest stakeholder of said Trust
Company; that this purchase was in
violation of the statutes of Missouri,
and that by reason thereof the officers
and directors of said Trust Company
are personally liable for the debts of
said Trust Company; that at the time
of the above mentioned conveyance
Of the assets of said Trust Company
to said Rozier and Cayce, and at the
time of the liquidation and dissolu-
ton of said company, the total assets
If the said Trust Company, including
1880 shares of st. Joseph Lead Com
pany stock and 5000 shares of the
capital stock of the Doe Run Lead
Company, and all the other assets of
said Trust Company, did not exceed
S516, 1898; that the liability of said
Trust Company, including the cost of
liquidation, did not exceed S467 sos. so;
that there remained after payment of
liability and costs the sum of $4S,-
485.44 for distribution among the
stockholders of the said Trust Com
pany, of which the st. Joseph Lead
Company owned SO 1-3 per cent of the
stock of said Trust Company, and was
entitled thereby to receive about for
ty thousand four hundred and four
and 53-100 dollars $40, 404.53), and
the minority stockholders of said
Trust Company were entitled to re-
ceive about eight thousand and eighty
and S1-100 dollars ($8,0SO.8D; and
that by reason of the purchases and
retention by the Trust Company of
said 5000 shares of the Doe Run Lead
Company stock and 1880 shares of
st. Joseph Lead Company stock, the
assets of said Trust Company became
greatly reduced and said Trust Com
pany sustained a great loss of over
one hundred ninety-nine thousand
two hundred and forty-five and Ga
100 dollars ($199,245.64), and that by
reason of the holdings of the St. Jo-
seph Lead Company of SO 1-3 per
cent of the stock of the Trust Com
pany, and that by reason of the dis
tribution and delivery to it of said
stock hereinafter shown, was forced
to bear 83 1-3 per cent of such loss
to one hundred and sixty
six thousand thirty-eight and 3-10O|
dollars; that among the assets of the
said Trust Company the promissory
notes of Jane E. Parsons, widow of
c. B. Parsons, the sum of fifteen
thousand seven hundred dollars (S15,-
70O), and the promissory note of R.
R. S. Parsons for the sum of twenty
six thousand nine hundred and sixty
dollars ($26,960.00), and the promis-
sorry note of the estate of G. B. Par