The Saint Paul globe., 1897-04-11
PAY OF RECEIVERS
OPPOSITION TO THE REQUEST OF
FRANK SEYMOUR AND w. III.
LIGHTNER.
OTIS MAKES A STATEMENT.
TELLS HOW HE HAPPENED TO
MIKE THE SELECTIONS HE
DID.
CREDITORS WATCHING THE CASE
Should Work Without Draw
ing Any Compensation.

When the receivers Of an insolvent
bank apply TO the court for compensa-
tion for their services, the depositors
of the bank keep close tab on the date
of the hearing. At least Judge Otis was
impressed to that effect at special term
yesterday forenoon when the applica-
ticns of Receivers Seymour and Light
ner, of the Bank Of Minnesota came
on for a hearing.
Thinking that the application was to
be heard by Judge Kelly, the deposi-
tors at first swarmed in and about the
little court room on the second floor
of the court house, where Judge Kelly
is trying court cases this term. Appris-
ed that the hearing was to take place
before Judge Otis in court room
No. 4, the crowd rushed upstairs and
quickly occupied every seat. The later
arrivals stood up.
During the proceedings one of the
interested spectators, T. j. O'Brien, ad-
dressed the court ard objected to the
allowance of any compensation to Re-
ceiver Seymour, because of Mr.. Sey-
mour's indebtedness to the bank. Judge
Otis admonished Mr.. C'Brien and the
other spectators, that the ordinary pro-
cedure of the court required that those
interested should speak to the court
through their attorneys.
The applications of Receivers Sey-
mour and Lightner, for a monthly COM
penSatiOn were heard, but the entire
matter was continued until next Satur-
day. Mr.. Lightner did not ask for any
specific amount, but Mr.. Seymour ask
ed for a monthly allowance OF $3.50.
.l,s
was manifested by the depOsitOrS pres
ent, inasmuch as Mr.. Seymour admits
that he is Indebted to the Bank of Min
nesota in the sum of $23,000
Counselor McDermott, representing
certain depOsitors, suggested to the
court that the matter be continued for
one week. in order that the securities
for Mr.. SeymOur's Indebtedness might
be looked into. Attorneys for other de-
positors favored a continuance of the
matter. 1t was also objected that the
amount of compensation which Mr..
Seymour expected to receive was in
definitely stated. He asked for a
monthly allowance Of $3.50. How much
more did he expect?
At this stage of the proceedings
Judge Otis made the following state
ment:
am glad to see so many persons present
here. those who | suppose are creditors OF
the bank and interested il these proceedings
Mr. Seymour was recommended by the at
torney general of the state. by the president
and cashier Of the bank. and his appoint
ment seemed satisfactory to all concerned
He was acknowledged to be a man thorough
ly competent for the trust and 1t was stated
that his whole time should be given to the
work of the receivership. The appointment
of Mr.. Seymour strongly commended itse,t
10 me as a proper one.
did not know at the time that Mr.. Sey-
mour was indebted to the bank; I did not
see him until the appointment had been
made. / believe that everyone would have
said that his secured paper was as good as
gold. Had l known that he was a debtor
of the bank. some further examination might
have been made at the time.
/ have been advised that he has devoted
his entire time to the work and that his
services have been valuable and necessary.
! understand that he has taken measures
TO make his debt good with security He
owes the bank $23, 900. secured as well as
he can secure it. His services are very valua-
bic, and the creditor is yet to be found
who desires his removal. He is entitled tO
compensation so that he may be enabled to
hive. If he is compelled to turn over all
his earnings, he must retire from the re-
ceivership of the bank.
As to MT. Lightner, his appointment was
asked for by no one. He was not aware
that he was to be appointed and did moi
know OF the appointment until after 1t