Opinion ID: 1506485
Heading Depth: 1
Heading Rank: 6

Heading: Claims against the Wisconsin Holding Company and the Brandywine Bulletin

Text: The books of the Bankers Company showed claims against the Wisconsin Holding Company for services rendered. Thus, there was an entry as of December 31, 1935 of $9,485, and on June 30, 1936 another entry of $3,765.20. Again, for the six months ending December 31, 1936 there was an entry of $9,500. Assuming that there could have been any services actually rendered to this company, it is hard to see how White could have thought the accounts of any value; for at that time it had no other asset than the shares of the Bankers Company. Had White known this, obviously it would not have been honest to put in the claim without some notation. He swore that he did not know what were its assets, but, as usual, that he relied upon Gaffeney. But he did know that at most it could only have been the mere shell of a company, managed in the office of the Bankers Company, and he also knew that the confirmations of the account, when he asked for them, came from the girl Stapleton; and that when at his demand book accounts were changed into negotiable notes, it was she who signed them. He also put among the assets in the statement of December 31, 1936 eight notes aggregating $8,053.60 of the Brandywine Bulletin, one given for services rendered and the others for loans. The Bulletin published a magazine in the office of the Bankers Company, which had no subscribers and was gratuitously distributed, though it did carry advertisements, from which we may assume that it had some income. However, Gaffeney had bought it for $150 in December, 1935, Stapleton was apparently in charge of it, and it was highly improbable that it could respond for so substantial an amount.