STAYING THE MARKET.
QUEER TRANSACTION BY A BANK. I UNITED VBRRB ASSOCIATION.; (Received April 13, 11.30 a.m.) Melbourne, This Dat. An application was made yesterday for the removal of Mr. Priestly, late manager of the Federal Bank, from the position of liquidator in the estate. Prieetly's evidence showed that .£ll,OOO had been taken from the Suspense Account to buy the Bank's own shares, in order to check the falling market. No one suggested that suoh a prooedure was illegal. His Honour remarked— l will tell you honestly what my view is. It is that the transaction was illegal, and it is a question whether it was not alao highly fraudulent.
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Bibliographic details
Evening Post, Volume XLVII, Issue 87, 13 April 1894, Page 2
Word Count
110STAYING THE MARKET. Evening Post, Volume XLVII, Issue 87, 13 April 1894, Page 2
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