St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-12-23
SUING BANKER kEAN.
Many Actions Commenced
Against the Dead Institution.

CHICAGO, Dec. 22.-Suits were begun TO-
day by number of other depositors in S. A.
kean's bank who want the amount of their
deposits returned TO them on the ground
that the bank was insolyent when the depos-
its were made. At the present rate If all
claims OF persons who made deposits within
ihlIIy Gays before the suspension. are al
lowed, they promise to eat up nearly all of
the assets, to the exclusion of other cred
lturs. The assets continue to grow less. 1t
is now estimated that the bills receivable.
which were scheduled at 1870. 0nn, will not
realize 100000. Its said that mong these
is note for $4,000 made by hrm which
failed four years ago. Another asset of
doubtful value is note for $4,000. Inyesti-
gation OF the banks books shows further
that Mrs. Culver's account at the bank was
overdrawn $500, and Morton Culvers ac-
count S6.600. Many other accounts are
also overdrawn. The attorneys for de-
posters are prepared 10 ask the
the ground that he is 81 ecial friend of MIR.
Kean. In response to subpoena. Morton
Culver. husband of Mrs. Culver who was at
one time special partner in the bank. ap-
reared in court this morning He testified
that Mrs. Culver had an interest IN the bank
to the amount of 5 5000, and as far as he
knew there had never been settlement of
the partnership account. though he had en-
deavored to secure one. The partl,ershin
was to have been wholly dissolved last Feb
ruary. This witness believed thai the hnsi
ness was profitable. but that Mr.. Kean con
Quoted 1t ID eXtravagant manner and could
never be brought to make a statement of the
condition of the bank till recently. AZ
torney Mayer went into the value of the
securities given by Mrs. Culver. and elicited
some Sc nsationl facts in regard to them
MIR. culver testified that his Wife's Interest
III the bank amounted to S35, 900 deposited
IN the bank in the shape of mortgages. The
bank had only been able to realize 81. OOO
on them. OF these securities S25, 900 was in
the shape Of notes and mortgages given nv
r
commodaton paper. For this service Mrs
Culver paid Hanchett SIS, The witness
said he did not know that Mr.. Kean had
included these accommodation securities in
his statement of assets to commercial
agency. but Attorney Mayer volunteered the
information that such was q fact Mr.. Cnl
yer said the understanding was that his wife
Should not be liable for the payment of this
was to look to Hanchett for the money
Cashier " arne WAS then called. and testified
that at the time the bank Suspended Mrs
Culvers account was overdrawn S6.b36. and
Morton Culver's So, 1870. These oyerdrafts
were allowed by Mr.. Kean's express orders
Further questions elected the fact that an.
other member of the family. John C,nIver ,
member OF the Cronin jury, was indebted to
the bank for So SEQ on discounted note of
his, Endorsed by Banker Kean himself.
1t furt her appeared that on Dee Mr.
kean had renewed l. r. Hit paper for over
$4,000. the only, security being swamp
lallu Son. az. Inc DOCKS also showed that
Mr.. Kean had discounted his own paper for
S32.3 and his wife's for $4,000 The
security for Mr.. Kean's notes was Sioux half
breed scrip. signed by Spotted Tail, as the wit.
hess understood.
Banker Kean then took the witness chair
He testified that certain shares of stock of
the Postal Telegraph Co.. held by the old
firm OF Preston, Kean Il Co., were now in
the hands ms of Judge Horton, trustee of that
firm. The attorneys for the depositors viii
claim that this stock belongs with The assets
OF the bank. Mr.. Kean testified that his
wife owned some real estate and that she
was good for the $1,000, of her paper held
by the bank. Cashier Warne has testified
Daizel. the weil-known journalist in the
form of a note of hand. was among the as
sets. Mr.. Warne said he did not know the
value of this piece of paper. Attorney Mayer
scoH ed at it as an asset, saying that 1t had
Deen on the books for years: thai judgment
had been recovered upon l. against Dalzell,
with result, and that he was now out OF the
country Mr.. Kean was asked about this
piece of paper. SAID he
Well, We have the judgment against him
and some of his notes l consider 1t fairly
good asset. He is in business for himself in
New York and London, and is making
money. He says he will pay it,
.sIn your statements to commercial agen-
c1es did you include the Dalzell claim among
your assets?'
Il believe sou
ton Ill the county court to-day 20 recover q
large amount of securities which he sent S.
A.lKean & Co. on Dec. IL. He says that the
day named he sent two notes for s., 900 each,
and eight notes for $4,000 each, and large
amount of certificates of stock in the Ma
tlonal Linseed Oil Co. as collateral The
notes were to be converted into cash and the
balance held to his order. He says that one
OF the notes had been sold to the Merchants
National bank, where the cash now is but
the balance of the securities are now in the
asslgnees hands. and they should not be
added to the regular assets, but kept In trust
Tor Mr.. Woodman. The assignee's attorney
was directed to answer the petition by Satur.
day.
New ORLEANS, La, Fec. 22.-Tbe credit
ors of V. and A. Meyer held meeting this
afternoon. They made statement showing
that the assets of the New Orleans and New
York houses, which are virtually the same,
amount 10 81, 756, 934, and the liabilities to
$685. 63. They asked for one two and
three years extension, promising TO pay in
full. committee of creditors was APP
pointed to Investigate and report to an adj
iourned meeting tomorrow evening.
LONDON Ont, Dec. 22.-The assignment of
John Elliott & Sun, manufacturers of agri-
cultural implements, ETC, in this city, is an
noGnced. The liabilities embrace So, 900