St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-08-07

500 a month. Some of those have not.
been deyoting their time TO the North>
western Guaranty Loan company ex-
ciusively. l feel certain of that. Moth,
ing Is shown in this report concerning
the management of the Northwestern
Guaranty Loan Building company
Nothing is set out to showing wha,
salaries are paid to those who are il.
charge Of that building and who mar
age it. The charges for expenses, you
will notice, cover all kinds of expenses
up to and including even Office rem,
and gas. / should like some eXplana-
ton if the receiver is to receive $50, 00o
annually besides these items. I have
heard a good many rumors concern
ing the administration of affairs, but
do not want to say anything now.
don't want to make any charges. 1,
seems to me to make an allowance or
$4,000 a year as receivers fees is to
make an enormous allowance. It seems
to me it tends to prolong these mat
tiers. This matter ought to be pro-
longed until the estate is fixed up. The
dues ought not to be paid until the
collateral has all been sold and realized
upon.
WILL SUE STOCKHOLDERS.
Col. George Ripley arose as soon as
Attorney Harrison had completed his
remarks, and made a general obJec-
ton TO allowing the receivers claim, on
the ground that no suit had ever been
commenced against Leren Fletcher,
W. D. Washburn, Thomas Lowry and
the other officers of the defunct COM
from such suits than from any other
direction. Col. w. E. Dodge rather
took exceptions to these statements,
and considerable across the table spar
ring occurred between the attorneys
concerning the liability OF officers Of
corporations. Finally Col. Dodge called
the turn by stating that now there had
been change OF attorneys, the suit
will be commenced.
Byron Sutherland also entered a long
list Of objections to items in the vari-
Gus schedules, naming several which
Were. objected TO by Attorney Harrison
in the latter's remarks before the
court.
Judge Russell, however, ruled that
there We're no specific objections eX-
cept to certain items, and he decided
these We're not of sufficient Importance
to call for any further delay.
Charles n. Hamblin, for the trust
company, was put on the stand, and
related that he was with the Mime
apolis Trust company for four years.
He gave the names Of the directors of
the trust corporation, and stated that
its government of affairs was vested in
an executive board Of five members.
NO officer or member of the corpora
ton has exclusive control he stared
IN answer to questions, and no one
had the right to dictate. The point
was made by one of the attorneys that
all expenses, except the salary of
Charles n. Hamblin, We're enumerated
IN the expenses as per schedule, and
that the 500, 0G0 practically represented
the value placed upon his work by
the Minneapolis Trust company. This
MT. Hambiin refuted, stating that the
executive board, composed of the presi-
dent and first and second vice presi-
dents, together with two ether mem
bers, acted upon every question that
came up, and held daily meetings for
TINS purpose, directing him, as assist
ant secretary, how to proceed. The ex-
ecutive board devoted much time to
Guaranty Loan matters. Going into
dIferent items, he explained that every
step taken was under the immediate
direction of the executive board The
persons included on The salary list.
under schedule NJ, he stated were those
1amlllar with Guaranty Loan matters
who gave the receiver valuable in
formation concerning the collateral.
which was scattered all over the coun-
try. The rem for rent was caused by
the rental of more room in the Kasota
DOCK: OFFICES Were engaged on the
fourth floor, and these were devoted
other similar explanations of expense
accounts were also made by the wit
ness.
SAM HILL TESTIFIES.
President Samuel Hill was the next
witness. He related the relation OF
Guaranty Loan affairs TO the executive
board, stating that more than half OF
the time OF the members of this board
was devoted TO considering the affairs
OF the wrecked organization, and il was
made the important subject of con-
Slderauon the greater part of the time
Wnen occasion demanded. He was
proud of the record of the trust COM
pany as receiver, and pointed to sew
eral deals that had been made through
the influence of himself and other off,
GERS, which, he believed, could not have.
been made without the aid of persons
with high financial standing. James J.
Hill had been called in upon every
important. occasion, and had aided II,
carrying some of the deals through.
by means of which money had beer.
realized to the estate. Not only this.
but the trust company had taken the
estate when no other corporation OF
individual would have done so, ana
had. by advancing gold from its own
vaults when money could not be OBJ
tanned at any price from banks, tided
the affairs of the corporation over the
Stringency of 1893
Daniel BaSSett and w. H. Dunwoody
both members of the executive board
followed, and conceded with the states
ment made by MIR. Hill that more thar,
half OF the time of the executive board
was spent in the consideration or
Guaranty Loan matters, and that two
members Of this board received no
salary, while the other three, as off,
GERS of the corporation, only received
the nominal amount OF s., 500 annually.