The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-08-12
ALLENIANNTA RECEIVERS, ACCORD
ING TO COMMITTEES REPORT,
RECEIVE LITTLE MONEY.
DEP0SITORs TALK 1T OVER.
THE HANDS OF ATTOR-
NEYS.
sCHEFFER WAS ON HAND, TOO,
But Was Not Allowed to Remain In
the Meeting After He Had Gone
There.

A score of depositorS of the ALE
MAMMA bank met last evening at 15
East Third street to listen to the re-
port of a committee appointed to re-
port on the condition Of affairs Of
the bank and as to recommendations
as to the best and quickest way Of re-
ceiving a part of their deposits. AL
bert Scheffer, president Of the sus-
pended institution, was one Of the per-
sons who attended, but was notifie1 i
before the meeting was called to or
der that the Attendance W0ul1 be linz
tied to the creditors oe the bank, and
none of the stockholders or debtors
of the bank would be allowed a voice
or, for that matter. to attend the ses-
sion. Mr.. Scheffer made a short but
forcible talk on his rights as an A1ner1-
can citizen to go where and when he
pleased, but the gentlemen in charge
of the meeting could not near him
and he did not remain.
George A. Ladd as chairman Of the
committee appointed at the last meet
ign of the depositors, submitted re-
port recommending that The depositors
engage firm of attorneys, and that
steps be taken to turn the assets Of
the bank into cash as soon as possible,
The report stated that the rece.7ars,
Messrs. Palmer and O'Brien, had been
visited and agreed that the attorneys
employed by the depositors could work
with them to good advantage The
committee reported that a certain firm
Of attorneys had agreed to take the
claims of the creditors on a basis OF 8
per cent, if the aggregate amount Of
claims was over 100000, and per
cent, if the amount was less than that
sum. The firm had also agreed that
no cash would have to be paid down
by the depositors, and the percentage
would be on the amount collected, and
not on the face Of the deposits.
N. c. Frederickson, who, as admins
traitor for the estate of his sister, had
ST. 400 in the bank at the time it closed,
advanced the opinion that the percent
age asked by the firm. recommended
by the committee was too high, and
that the work should be done for about
half the sum named.
Mr. Ladd explained that there was
no penalty attached for not signing
the agreement with the firm Of attor-
neys recommended by the committee,
and those who did not wish need not
sign. He thought 8 per cent of the
amount collected on the claims was a
reasonable amount. .a,,
Otto Silberman said that the money
was coming in very slowly from those
who were indebted to the bank, and
read figures showing that Receiver
Auerbach, up to the time his resigna-
+ ton was accepted had collected $7,417, :
"A, while the present receivers had,
after sending out three notices to debt
ors of the bank, only succeeded in col
lecting about $500 as the result Of their
labors. Mr.. SHERMAN stated that the
receivers had informed him that the
worst assets of the bank were the
notes. Under the circumstances, he
favored the engaging Of attorneys to
press the claims, and was willing to
give the percentage asked by the firm.
The report of the committee recon-
mending the employment of the attor-
neys was approved, and those who de-
sire to sign the agreement can aff1X
their signatures within the next week.
When you discard that straw hat,
what will you wear?
A Gordon!
We thought so. Out August 18th.