The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-19
Minnesota Savings Bank r1ay Pay Its Army of
Depositors That Amount i'm
Two Years.
Report Submitted to a Large Meet
ing of the Depositors.
Resolutions Unanimously Adopted Requesting VIM
Bickel to Resign the Assgneeship-Reorgan-
iZation Committee Named.

bank examiner was Oct. to Oct. Z, 1885, This
report was, owing to a probable oversight
not filed with the governor until Feb. 6, 1897
and Gov. Clough allowed your committee the
privilege of inspecting it early this week.
Mr. Kenyon, to whom application to see the
report was first made, thought he was not
JuStlhed IN letting any see the report
and was of the opinion the reports filed in
his office which he made to the governor
were not public records. Attorney General
Ch1Ids was not asked to give formal opin-
ion on the question, but stated to one of the
members of your committee that at least
SO far as suspended banks were concerned he
would advise that the depositors should be
permitted to examine the report. And this
was also the view taken by his exceHency, the
governor.
In this connection we would also saw that
section Is of the original act of 1867 requires
the board of trustees on or before the first day
OF December of each year to report to the
state auditor (since 1887 the bank examiner)
the amount deposited, ETC., and generally
clear exhibit of the affairs of the institution.
"A report was probably filed in December,
Iog9' but none was filed Dec. l, 1896, or any
prior or subsequent date.
returning to the report made by Mr.. Ken
yon as a result Of his examination in October
1879, we find that at that time. in round
Mortgage loans, $5S,374 judgments, $19 1856;
stocks, bonds, etc., follows 1 u S. bond
$1l3; Z shares State Bank of Good Thunder,
YtOV, SHdI SS VI JH0 G6rIldnld Dank, SZJf,
21a shares of Northern Exchange bank, $475;
shares Minnesota Savings bank $512 Tax
certificates, 81, los.
If our construction Of the law is correct
and we are satisfied it is, the bank had no
right to loan money the tax certificates or
on the shares of stock of the State Bank of
Good Thunder Germania bank, Northern Ex-
change bank or Minnesota Savings bank.
The bank examiner reported the bank held
the following doubtful and poor loans
Sundry loans, marked in Schedule
Sundry loans secured by stock in
savings bank Observation-Disclosures. ,048 A
Security Real Estate Investment Co.,
Hazel NJ Bickel ... 9815 "a
H. Burkhard NEUTRALITY-SUSPICIOUS.. 8720 SO
Sundry doubtful loans, marked Xxx. 1900 90
Total ............. =. ............ .s52 ,g53 81
That the good loans amounted to $48, 4G5. 81.
That real estate amounted to $48,295.91, and
that the total assets at that time, including
about 50, 400 of cash and currency, amount to
$257, ,6S2.74. This included the doubtful loans
shares Of stock, and SO on.
1t should be said In this connection that
note of Hazel M. BickeIs now appears in
the bank. The not was taken up.
LIABILITIES.
The bank is indebted to about 2 400 different
depositors and persons, of which zoos are
depositors in the savings department. The
400 additional depositors have either opcn
accounts or time or demand, certificates of
deposit Subject to correction, the following
are the liabilities:
Due savings bank depositors ...... .$179 424 81
Time certificates Of deposit .......... 713 SO
Demand certificates of deposit. ........ 2325 26
Cashiers checks .................... AIS 90
c. l.. Horst, city treasurer .......... 10000 co
Frank E. Edmund, county treasurer. 2.6S8 IA
Due open-account depostors ..... 1854 "A
Allemannia bank, overdraft ......... 5902 SO
Another bank in New York ......... 10000 90
The American Bank of New York :. 1900 90
Bank of Merriam Park ............ 759 90
Stockholders, par value of stock ... 25 600 90
Total liabilities are ............ .s274142 10
1t should be said that the stock is an asset
at the present time, SO far as the depositors
are concerned, on account OF the double or
treble liability to which they are liable under
existing laws. We are not positive that we
have all Of the liabilities, but think so. By
allowing for incidental liabilities not men
toned in the above list additional $S5S. 90
it would make the liabilities $275, 900. Sub
tract therefrom the $25 900 due the stockhold-
ers and the net liabilities $3.50 000.
ASSETS
Turning now to the assets, we desire to
say generally that we divided them into three
classes to their value, namely, good, bad
and fair. By the word fair we meant to say
that the value was unknown to the committee.
The entire asset might be realized In many
instances, and in many instances it might
be entirely worthless, so we cut the assets
which we classed fair in two placing one
half of them with the good assets and the
Good. Fair Bad
Bills Receivable. .$79 139 AZ $78 639 27 $8 976 40
Foreclosure acct 6,160 25 1906 A ....
Judgments ...... 5,556 81 3039 08 1921 q
Single stock liza
biIty ........ 1900 90 1850 90 14,45o 90
Stocks and bank
stocks ..;...... -: 10000 90 ........
L. S. bonds..... 113 90 ........ ........
Auxiliary banks. 1000 90 ....... ..
Tax certificates. 1850 % ........ ......
Cash and items. $500 90 ....... ..
Bank fixtures. 1,2G0 GO ........ ........
Total ..... .s106, 235 90 $99, ,333 70 $27,247 II
Add u Of fair. 49, 666 80 ........ 1866 so
Total .......s155, 9o6 10 ........ $77,914 60
Real estate. 1000 90
Total ......$189, ,906 10
Possible addi-
ton from dou-
BILE liability. S,875 90
Sale of charter. Is, 900 90
Total .$213, 1881 10
Unavailable as
sets 83, ,914 60
We have repeatedly asked William F. Bickel
and he has repeatedly promised to furnish
with a schedule of the stocks and bonds
held by the bank. He has so far failed to do
so, except he has stated that there was United
States bonds to the value Of $113, and ten
shares of the Merchants National Bank of ST.
Paul, which he says cost the bank 81, $50. He
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