St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-02-05
FARGO MAN COMES DOWN ON THE
PIONEER SAVINGS AND
LOAN.
HE SAYS 1T OWED HIM $500.
OFFICERS OF THE ASSOCIATION
MAKE AN AFFIDAVIT AND Sc
CURE A VACATION.
THEY BRING 1903 INTO COURT.
Citizens Bank Creditors to Have q
Dividend-Other Minneapo.
lis News.

Erasmus D. Angel of Fargo, brought an ac-
fion in the district court yesterday against
the Pioneer Savings and Loan association in
which receiver was asked for, and also a
restraining order to prevent the association
from proceeding with any of it's business or
corporate rights until the hearing should de-
termine future events.
On the showing made by the pJaintiff q re.
straining order was granted, but it did not
hold good for any great length of time. as
Judge Belden, at O'Clock last evening, issued
a counter order vacating and discharging the
restraining order, on the grounds that 1t was
unnecessarily and improvidently issued and
not IN any way necessary for the protection
or benefit Of the plaintiff. The order was dis
charged upon application of the defendant
charged upon application of the defendant
company.
In asking for the restraining order the
piaintif states that he is the holder of stock
certihcates to the amount of $500, which ma
tufed last month. He alleges that they have
not peen paid, and that, in fact, payment has
peen refused thereon, and he therefore as
serts that the association is insoIyept and
unable to pay its debts. WEIGH & Hayne. at
torneys for the plaintiff assert that they have
been unable to secure yery commandments
report of the condition of the concern
In securing the discharge of the restraining
oroer yesterday, Emerson Cole made affidavit
" VIZ ChCSI lHdJ lHS assets OF the CORPORATION
are S5lS, 432. The total liability on ali classes
Oh STOCK, bonds and other evidences of indebt.
eohess outstanding at this time according tn
the an1davit, is 1881. 465. Mr. Cole states fur
ther that he is well satisfied that the assets
OF the corporation are amply able to paw and
discharge its liabilities to stockholders. bond
noiders and all classes of creditors in fuJI
Inc monthly receipts of the association are
stated TO be $4,000, and the monthly disburse
nlehts TO retiring stockholders are equal to
the receipts 9' ~
In conclusion the affidavit says that the as
ISOLATION is amply able to pay and satisfy the
demand OF the plaintiff, and for that purpose
mas Drought into court the full sum of S303 *
demanded by the plaintiff to be paid to him
the court shall so direct, upon surrender
Oh the certificates described In the COMPLAINT
ana afhdavit. The fact is set forth that the
restraining order would prevent the defendant
IRON iron collecting rents paying to their creditors
ana stockholders moneys due and owing TO
them to the extent of many thousands of
collars, which it is ready, willing and able
10 pay, and will otherwise seriously impair
the business and injure the credit of the cor
poratlon and damage its numerous stockhold-
ers and creditors beyond reparation
The representations of the plaintiff and his
attorneys, upon which the restraining order
was issued, are characterized as false and
without any Justification or excuse whatever
The matter will be heard Saturday at special
term. "po''"i