Rocky Ford enterprise., 1915-05-21
BANKERS IN TROUBLE
A. II. Bushey, Late President Peoples
Home Bank, Brings Suit Against
Predecessor, q. NJ. Coffman

Thru the medium OF papers rcceiv
ed last week from Erie, Kan, the
trouble between A. II. Bushey, recen;
president OF the Peoples Home bank
of this city. and the first president OF
that institution, G. NJ Coffman, be-
came more than the matter for street
gossip that it has been for some
months, and has resolved itself into
squabble that must be settled by
the courts. Says the Erie Record:
"A sensational set of charges pur-
porting to outline how he was feeced
on the purchase of a bank in Rocky
Ford, Colo, and compelled to give
his note for land he did not want, un-
der threat of run on the bank he
had acquired, is contained in a peti-
ton filed last Saturday night in the
district court at Parsons, in suit
brought by Allen II. Bushey. promi-
nent for many years in school affairs
in Kansas, against Geo. NJ. Coffman.
former resident of Parsons. and now
president of the Labette State bank
at Altamont.
Fred A. Sabin. John Madden and
c. f. Cooper represent Mr.. Bushey
in the litigation and Farrclly & Ev-
ans, of Chanutc: Cline & Stratton, OF
Erie, and w. d. Atkinson, of Par
sons, represent Mr.. Coffman. The
suit is not only for the recovery OF
$4,000 that Bushey alleges he was
deprived of on Misrepresentation by
Coffman. but it also asks an cxecu-
ton of the court against Coffman in
person which would hold him in the
Labette county Jail until the money
is paid.
In his petition Bushey alleges he
4. II.
he bought of Colfman one hundred
and forty-eight shares of stock in the
Peoples Home bank of Rocky Ford,
Colo, of which Coffman was pres-
dent. He paid him $4,000 for the
stock, he asserts.
Coffman was fully aware of the
condition Of the bank. including the
value of its assets and capital stock.
and particularly with the notes and
bills receivable owned by the bank,
he alleges.
At the time he bought the stock.
Bushcy declares Coffman represented
to him that it was worth over $50 a
share, had an earning power of IS per
cent and that the bank was in
flourishing and prosperous condi-
ton" Bushey also declared to him
that there were not over $500 in notes
which could not be collected by the
bank.
Bushey's statement declares that
when he became installed in the bank
he found that the statements Coff-
man had made as to the value of the
stock, earning power and soforth,
were untrue. All the notes were not
collectable, he alleges. and he says
there were other evidences that what
he had purchased had been misrcpre-
scnted to him.
After the sale. Coffman continued
to hold the office as president of the
bank until January 5. 1914, when he
left the state, according to the petit
ton. Bushey. then assuming charge
of the bank, learned definitely that It's
condition had been misreprescnted to
him, he asserts.
Bushey, in his petition, declares
that the condition of the bank was
such, and non-collectable notes were
compelled to sell his stock so that he
could realize only $500 on it.
Before Coffman left, according to
Bushey's petition, the retiring presi-
dent forced Bushcy to buy water
rights on land under threat of caus-
ing a run on the bank This threat
was that Coffman and his two sons,
Clyde c. Coffman, cashier, and
Thomas +. Coffman. assistant cash
ier. would leave the bank, so that
Bushey. inexperienced in bank man
agement, would be left alone and
confidence in it would be DESTROYED.
according to what Bushey states.
The plaintiff the petition CON
tinues, "in fear of the shame and dis
grace to which the closing of the
bank would subject him and his fam
lily. signed the note and took the
deed
The petition declares the note was
obtained by durcss and undue influ-
ence and was not given OF Bushey's
own volition."
Bushey asks for judgment OF
S23.947.S+ against Coffman for the re-
covery of what he alleges he lost on
the stock; the delivery of the 81, 500
note to the clerk OF the district court
here, money for the amount OF Tie
note~if that document has been sold
or gone; and lastly he asks for lie j.
suance of the execution for tie ar
rest of Coffman if the damages are
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