Jasper County Democrat, Volume 10, Number 41, Rensselaer, Jasper County, 11 January 1908 — NEXT SATURDAY [ARTICLE]

NEXT SATURDAY

Date For Meeting of Parker Bank Creditors. ft TO BE HELD AT REMINGTON. Creditors Requested By Referee Bowers to File Their Claims—Orand Jury Likely to Investigate.

The first meeting of the Parker bank creditors will be tysld at the bank building in Remington at 10 a. m., next Saturday, Jan. 18, at which time Referee Bowers of Hammond will be present. At this meeting the creditors may prove their claims and elect a trustee, etc. The referee requests that claims be filed prior to said date if possible. A creditor cannot vote for trustee until bis claim has been filed and allowed. Creditors are practically united on W. H.Cheadle, a former trustee of Gilboa tp„ Bentos county, for trustee it is reported. ‘ > It is the general opinion that a grand jury will be called for tho February term of court to investigate Mr. Parkers banking methods, and it is practically a foregone conclusion that a number of indictments will result. fThe bank has been insolvent for many years, it is alleged, and every deposit taken has been in violation of law, the penalty for which —embezzlement, it is called—is a fine of double the amount of th 6 deposit and from two to fourteen years imprisonment for such offense, under the amended act of 1907, page 14. Regarding checks and drafts that were given before the bank closed its doors, unless due diligence was used by the holder in getting them cashed they will be the losers, and not the makers, or senders of the eheoke or drafts. "Due diligence” in this matter seems to be construed about the same by the courts, it not being

governed by special statue, and would probably mean within 24 hourß, say for a man in town where the bank was located to present a check for payment, and two or three days for one residing several miles from the bank on which it was drawn. In the case of drafts, if the money was in the bank upon which it was drawn, say a week or ten days after it was drawn, and the party to whom it was sent curried it around in his pocket a week or two before getting it cashed, and when it fincdlv reached the bank upon which it was drawn the bank issuing it had exhausted its balance and the draft was protest* ed, the sender cannot be held liable, but the holder must be the loser. A 1140 draft sent out by J. A. Teter to an Ohio man some four weefcs before the bank went broke and drawn on New York, came back protested, but it evidently had been carried about three weeks by the man Mr. Teter sent it to before he got it cashed at his local bank. The man to whom it was sent and not Mr. Teter is the loser in this case.