The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-12-25
JOHN ID. O'BRIEN, ATTORNEY FOR
THE BANK OF MINNESOTA,
TALKS
ABOUT THE REcElvERSHIP.
OUSLY HANDLED BY THE BANK
ITSELF
THAN In ANY OTHER MANNER.
Those Interested VIII Try to Bring
About Speedy Reorganization
of the Institution.

In the opinion OF John ID. OBrien
attorney for the Bank Of Min
nesota, the affairs OF the bank are il,
such condition that a speedy reorgan-
ization should be expected AS a bust
ness proposition the stockholders de-
sire it; the depositors of the bank are
hopeful that the receivers will soon
be discharged, and the affairs of the
bank again placed in the hands of the
officers. Mr.. O'Brien said yesterday to
a reporter for the G 10 b e that he
thought the suspension of the bank was
pressed forward with too great rapid
ity. He further said:
Although was the legal adviser of
the bank, the conditions which culmi-
mated in the appointment of the re-
ceiVers moved so rapidly that.I was not
consulted as to the course to be DUR
sued until after the application for the
appointment of the receivers had been
made. The affair was pressed with such
speed that no meeting of the board Of
directors could be held, and the first
1ntimation that most Of the directors
had that such a proceeding was on foot
was when the application had been
made, and 1as practically determined
by the court. think it is greatly to be
regretted that such an important step
was taken with such haste Even now
1T Is impossible for any one to give more
than an estimate of the exact value Of
the assets of the bank The statements
in the morning papers are simply a.
conjecture as to the value of the assets
from most conservative standpoint.
Then you think the criticisms of the
hgures presented by the state bank ex-
amlner in his application for a. receiver
are not well founded" was asked Mr.
O'Brien, who replied:
1t must be evident that no one can
In the course Of few hours examina-
ton make an estimate that will be at
all reliable. One thing is certain and
that Is, that whatever the assets of the
bank amount to, they can be more ad-
vantageously handled by the bank
user IN the ordinary course of business
than they can be by any receivers in
formal proceedings through the courts.
The borrowers from the bank, too.
cannot be properly dealt with through
recelVership. Much hardship must
result to them as well as to the bank
by summary winding up Of it's af-
fairs at this tine'
w nat 90 you think the future of
the bank will be, Mr.. O'Brien?''
These considerations, to which 1
have referred" he replied, .'have led to
determination on the part of those
interested that the bank will be reor-
gained at once, and as soon as the
necessary preliminaries are arranged
an application will be made for the
discharge Of the receivers and the bank
will resume business. I have talked
50 L. -
hoFderS and they are all enthusiastic
in their advocacy Of this idea. This
spirit will greatly facilitate the work
of reorganization"
Referring to the attitude Of the de-
positors, Mr. O'Brien had only words
of praise and admiration for their
course since the doors Of the bank
closed. He said:
1.-THE temper shown by the depositors
is admirable. The Bank Of Minnesota
had grown to be almost an historical
institution in st. Paul; the relation be-
tween it and its customers had a senti-
ment in it beyond mere confidence in
its financial ability, and the news Of it's
suspension was q beWildering and stun
ming blow to them. Yet / think it
would be hard to find a. parallel to the
cool bravery which the hundreds of
men and women who found their mon
ey tied up by the suspension met the
difficulty. More thoughtless people
might have set the town ablaze with
excitement that would have threatened
every financial interest. I think the
depositors have saved themselves, the
bank, and, perhaps, others as we'll"
MeSSrs. Frank A. Seymour and Will
lam H. Lghtner, receivers of the Bank
Of Minnesota, filed their bond in the of
flee of the clerk of the courts yeSter-
day. The bond is in the sum of 81 ,000,-
600, and the bondsnan is the American
Surety company, of New York. The
bond, which is one of the largest ever
executed in this country, is signed by
Thomas 3. Scott, resident vice presi-
dent of the company, and A. NJ. Wick
wire, acting resident secretary The
bond meets the approval of Judge Otis.
A New York telegram yesterday says
THE sheriff today received an attach
nlent for $3.50 against the Bank of
Minnesota, of st. Paul, in favor Of Mary
H. Se1nple, on an assigned claim Of
c. E. Oakley & Co., Western bankers"
A meeting of a majority Of the de-
positors Of the Union Stockyards bank
was held yesterday afternoon, and a
petition signed requesting Judge Cros-
by, of the district court, at Hastings,
to appoint a receiver separate from the
Bank of Minnesota. Names suggested
We're Frank Hankey, of Hankey Bros,
live stock dealers; J. P Nolan, city
recorder, and =. j. Gahan, city treas
urer, all of Soutir. st. Paul
We LeNINGG CUP.
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