Held Responsible

Pacific Press Publishing Association · Mountain View, California · Mar 7, 1911

FromSigns of the Times, Vol. 38, No. 10.

Held Responsible.—In the settlement of the collapsed Northern Bank of New York under control of Joseph G. Robin, the directors, W. F. Havemeyer, J. H. Flagler, C. M. Schwab, John W. Gates, Robert M. Thompson, pleaded ignorance as to the conduct of the bank's affairs. But the court held them responsible for the debts of the bank to the extent of $240,000. The World's Work well says: "The principle is, that if one becomes director in a bank, he must also assume responsibility for the management. It is a sound principle—that directors must direct or suffer the consequences."