Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-07-24
AYERS CONTROLLER
"JUGGLED" STOCK
A. E. Jones Admits at VIII
Iiams Hearing He Has No
Documentary Evidence.
Mr.. WILLIAMS DENIES.

Hearing before the Senate commit
tee on banking and currency, which
is considering the nomination of John
Shelton Williams to succeed himself
as controller of the currency, was
taken up today, with additional testi-
mony by A. E. Jones. representing the
minority stockholders of the First
National Bank of Uniontown, Pa,
closed by the controller.
Mr.. Jones said that in his opinion
Mr.. Williams had juggled 10000
shares Of coal stock, part of the col
lateral of the bank, for personal profit
or for the profit of his friends, but, on
examination by members of the com
mittee. admitted he had no documen-
tary evidence to support such a
charge.
Charges Willful Negligence.
Mr. Jones accused the controller of
willful negligence in not submitting
in writing copy of an agreement
made between the controller and J.
V. Thompson. president of the Union
town Bank, as to how 5000 shares of
stock in the Liberty Coal Company
and 1000 shares in the Wetzel Coal
and Coke Company should be applied
! to the assets of the bank and the di-
rect obligations of Mr.. Thompson.
For more than four years our
community had been in a turmoil"
said Mr.. Jones, land stockholders in
the bank have lost hundreds of thou
sands of dollars because the oral
agreement between Mr.. Thompson and
the controller has not been carried
out"
In his previous appearance before
the committee Mr.. Jones said that
the stock was to be used, first, in
securing payment on all Indebtedness
OF Thompson to the bank; second, to
secure and protect all depositors of
the bank from loss; and third, to Sc :
cure the payment of the notes of
Thompson held by other banks
Explains Accusation.
DO you charge that Mr.. Williams
had any personal interest in using
the coal shares of the bank as he has
used them?" asked Senator Newberry
of the witness.
Yes, 1 do" said Mr.. Jones. .In my
opinion he wanted to depress the
price of these shares either for his
own profit or in the interest of some
of his friends"
What led you to that opinion 90
asked the senator.
Il think his whole action in hand
ling the affairs of this bank bears
out such conclusion" the witness
added.
Mr.. Williams was present at the
hearing and frequently prompted the
senators to question the witness by
submitting notes to them bearing on
the testimony.
Controller Calls Jones 'Slanderer.'
When Mr.. Jones concluded his testi-
mony Controller Williams Immediately
began his rebuttal.
Il want to denounce Mr. Jones as a
contemplate slanderer for making that
statement, that l had any personal in
terest in administering the affairs of
the Uniontown Bank" said Mr., Will
liams. turning and facing Mr.. Jones,
who stood but a few feet away Mr..
Jones made no reply to the controller,
but took his seat at the table.
Mr.. Jones has absolutely no basis
for the conclusions which he drew
before this committee and / cannot
denounce his attitude too strongly"
added Mr.. Williams.
In response to questioning from
Chairman Mclean, Mr.. Williams SAID
Thompson was very indefinite and
that it was eventually clarified by a
court order. When Mr.. Jones called
at the controllers Office, early this
month, and asked that the terms of
the agreement be given him in writ
ing, said Mr.. Williams, the controller
refused to comply because the matter
was then before the courts for inter-
probation.