The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-12-24
+. A. SEYMOUR AND w. H. LIGHT
NER TAKE HOLD OF BANK OF
MINNESOTA.
PROCEEDINGS IN THE COURT.
PUBLIC EXAMINER KENYON MAKES
A STATEMENT OF ASSETS AND
LIABILITIES.
CREDITORS HEARD BY JuDGE.oTIs.
Indicated Their Preferences in the
Matter-PrOceedings Begun-@by
Eastern Creditors. -

Judge Otis yesterday appointed
Frank A. Seymour and w. H. Lightner
receivers for the Bank of Minnesota.
In the forenoon a number of attorneys
representing the stockholders and
creditors of the bank appeared before
the court to urge their claims in the
appointment of the officers. In the aft
ernoon Bank Examiner Kenyon filed
his report of the condition of the
banks affairs, and also applied for
receiver.
Among the gentlemen who walked in
to the chambers of the court were VIII
liam Dawson, ST.; William Dawson,
Jr., Robert A. Smith, Henry p. Up
ham, Hitler Horton, James E. Mark
ham, Attorney Nelson, Attorney Spiel,
Ambrose Tighe, Attorney Dewitt.
Judge Otis asked if any wished to
address the court
Horton spoke first
He desired to speak as one of the de-
positors and for all of the depositors.
All had heard rumors as to the appoint
ment Of certain men as receivers. The
present situation was one almost with
out parallel, in that stockholders and
depoSitors were fully agreed. Speaking
for himself, he would say that now,
that the bank was closed, he found
IlIllSClI WITH 9I1U III MS pOSS6SSlO1l
He had in the bank trust fund Of
some $4,000 or $4,000, and neither
he nor the other depositors thought
| it fair that the officer of another bank
| be appointed receiver. If such man
were appointed, it would not be to his
| interest to reorganize the bank as a
| rival institution. Among other Consid
| erations that should operate at this
| time, was this: that there are many
| debtors to this bank who ought not
| to be pressed at this time. If forced
| to the wall the result would be diSaS-
/ trous. The depositors were all agreed on
one man, man who would not be anx-
! ious to act, and whom it was now said
| they could not have.-John d. o. Brien
a man of thorough honesty, integrity
and capacity. Every man, woman and
| child having money in the bank would
| be glad to have him appointed; but
! they were told that he could not be
/ appointed. If an officer of another
| bank must be appointed, then he would
insist on the appointment Of a lawyer
| in whom all had confidence, and If
Mr.. O'Brien could not be appointed
| then he would ask for Horace Bigelow.
| The interests of the Bank of Minnesota
| would then have the advantage Of
| the oversight Of one of the largest
| banking institutions in the country.
| The depositors did not wish another
the bank was bound to pass into the
! hands Of Mr.. Seymour, then the de-
| DC sitors wanted man to act with him
! as coadjutOr, a man of their choice.
! If a man friendly to the depositors is
appointed they believed that the Bank
of Minnesota might once more be placed
| on it's feet, and the suffering people
relieved. 1t was not a question of OBJ
! tanning a job for some man, but rath-
err a question of getting the money out
| Of the bank into the hands of the de-
positors.
T. j. McDermott agreed with Mr..
! Horton. Some one should be appointed
to protect the interests of the creditors
and stockholders. There should be no
! precipitate action, but an opportunity
to agree should be afforded. He OBJ
! jected, on the part of the men whom
he represented, to the appointment of
All officer of another bank. He named
Mr.. Spill, Mr.. McNair, and Mr.. Hard
! lex, of the Minnesota News company,
as fit men for the appointment. If an
officer Of another bank was named,
/ then some one with coordinate powers
should be appointed to act with him.
Attorney Nelson counseled delay
for the purpose Of arriving at an agree
! ment. There was no complaint Of any
bad management of the Bank of Min
| nesota, and some assistance might be
| had If the proper appointment was
| made and the bank once more put on
it's feet. This could only be accom-
| plished by amicable proceedings. 1t
was certainly safe for the matter to
go over for twenty-four hours.
Mr.. Darragh, the city attorney, ad-
dressed the court He represented the
| city treasurer and, for the moment,
| the county treasurer. The city has on
| deposit in the bank 100000, and the
county $1,000. To be sure, these de-
| posts were secured by bonds, but it
would be undesirable to bring any
suits on the bonds. He thought the
| wishes of Mr.. Dawson, Jr., and +. A.
Smith should prevail with the court.
| This failure was an honest one. The
| community had always believed in the
men of the Bank of Minnesota, and
still believed in them. John D. O'Brien,
who represents a large class Of de-
! positors, would be good man for re-
ceiver If he could not be appointed
with Mr.. Seymour, then he thought he
might serve with Mr.. Bigelow.
Ambrose Tighe, representing q num-
Der Of the directors Of the bank, ad-
dressed the court. If the rosy views
which had been expressed by some OF
the gentlemen present, should fail to
materialize then the loss would fall
on the stockholders. No meeting Of
the directors had been held since the
failure. The appointment might be
I postponed until a meeting Of the stock
holders and the directors could be had,
/ and an agreement arrived at All OF
them were creditors and had an ulti-
mately liability as well. This meeting
was g. surprise to nearly all of them.
Judge Otis, replying to the gentle
men present said that he had given
the most careful consideration to the
matter, and should continue to do so.
He expected to appoint men without re-
proach, men who would carry out the
trust faithfully and would be accepta-
BILE to the majority of all the interests
1t should be borne in mind that after
all had been said, the responsibility
rested alone with the court, and the
court would do that which was just
and right in the premises.
Mr.. Kenyon in his petition made the
following statement Of assets and LA
hilities of the bank:
Assets-Real estate. aggregating about
S281 900; cash. $45, 000; personal property, con-
sisting Of loans. discounts, promissory notes,
claims and demands, furniture and fixtures
and other species of property, $,675,oo0
Iiabilities-To depositors, 81, ,000 The la
biIities over and above all assets $4,000
T,.dcna OtiS' order Amounting the re-