1396 �CLUTZCN cL . 1396
.,�hereas , it was proven at the trial in the United
States District court in Little hock, _�rkansas, wherein the
city of Little Hock was plaintiff and L . Fadfield, and
Fidelity Deposit Company -:Jere defendants , that the city
of Little 1-pock had, by its ordinance , ordered and directed
L . D. Hadfield, as treasurer of the city of Little Rock,
to deposit in the American Lxchange Trust Company, the
Peoples Trust Company, t. e Union Trust Cor_pany and the
E&nI ers Trust Co pany the _coney that was on deposit in the
respective banks when they ceased to do business .
And , whereas , it was proven that a short time before
the American Exchange Trust Company ceased to do business ,
Mr. Hadfield informed the mayor, the board of public affairs
and the chairman of the finance committee of the city council
that he desired to withdraw the deposit in the American Lx-
change Trust Company, and after a conference with those city
officials he was instructed by them to leave the money on
deposit in said bank, and to accept from said bank a suffi-
cient amount of bonds tc cover said deposit, which instructions
he followed.
And , whereas, after said LAmerican Exchange Trust Com-
pany failed, the liquidating agent of that bank recovered
through the courts the bonds that were deposited with Is.
Hadfield as collateral for the deposits .
And, ,a e- eas , in said trial in the United States Dist-
rict Court, a judgment was rendered wherein the cause was
decided aaversely to the city of Little Rock, and its com-
plaint dismissed.
And, whereas, an appeal from said judgment v uld in-
volve expensive , and perhaps fruitless litigation for the
city of Little Rock.
And , whereas , it is the opinion of the city council
that the money on deposit in the Peoples Trust Company will
finally be paid to the city of Little Rock approximately in
full.
And, whereas , the city council finds that C . D. Had-
field, as treasurer of the city of Little Rock, in depositing
the money in the above named respective banks, and in failing
to withdraw the deposit from the American Lxch.an=re Trust
Cowrany, as trying in utmost ,Tcod faith tc work in harmony
and cooperation with the ether elective officers of the city
of Little Rock. And that in his conduct he was following
instructions from the mayor and the Little Rock city council,
and was free from any fault cr negligence on his part.
There-fore, be it resolved by the Little Rock City
Council that the city attorn;:y be and he is hereby instructed
to dismiss his appeal from the judgment of the United States
District Court wherein it was decided that C . D. Hadfield
and Fidelity & Deposit Company are not liable for the actions
of the said C . D. Hadfield. And further, that he be and he
is hereby instructed to dismiss the suits pendins in the
Pulaski Chancery Court against Bankers Trust Company and
Union Trust Company.
Pr:
/az - /41 -cam
Adopted: February 16, 1937
Attest. Approved:
City Clerk. Mayor.