The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-06-27
HUGE TRUST THEIRS
O'BRIEN ARE APPOINTED BY
JUDGE KELLY
TO SUCCEED Mr.. AUERBACH
IN THE RECElV EIRSHIP OF THE
SUSPENDED ALLEMANNIA
BANK.
MUST GIVE BONDS IN s2So,ooo.
Court Explains That 1t Is Economy
to Appoint Attorneys to These
Positions at Present.

Judge Kelly has appointed Timothy
r. Palmer and John d. O'Brien re-
ceivers of the Allemannia back, to sue
coed Maurice Auerbach, resigned. The
order accepting Mr.. Auerbach's resig
nation and emitting him to be dis
charged and appointing Messrs. Palm
er and O'Brien receivers in his stead
was filed yesterday. The order requires
them to furnish a joint and several
bond in the sum of $250,O00 conditioned
| for the faithful discharge Of their du-
ties as such receivers.
The significant conditions attached to
the appointment are that no attorneys
fees will be allowed for legal services
| incidental to the receivership, and the
compensation of the receivers shall in
no case exceed 1000 to each receiver
for each year of necessary service. Ac-
companying the order, Judge Kelly fl
ed the following memorandum Justify
ing his appointments:
The court regrets the resignation CT the
present receiver Maurice Auerbach, and in
view of his undOubted ability and fitness
for such trust and of the somewhat cOmpli-
Gated and clashng interests involved and
the many persons suggested, the choice OF
proper successor has become more difficult.
In making this selection l have been gov
erned solely by the desire to best conserve,
first, the interests of the depositors and other
creditors of this bank; second, that of its
general debtors; third. that of its stockhold-
ers, who may be called on to make up
deficiency in assets. and lastly, of this COM
munity. l recognize the delicacy and at the
same time the necessities of the trust, If
properly handled.
l have endeavored to find men who are
honest. capable, industrious, fearless. disin-
terested and discrete; who will use the best
means at the right time and in the right way
to gather and convert into cash the assets
of the ins0lvent bank; who will in a word,
discharge this trust without fear or favor,
and in way to work the least hardship to-
the debtors and stockholders of the bank and
to bring the best results to its depOsitOrs and
creditors.
1 have not omitted to consider carefully
the petition presented me signed by very
many depositors fayoring the appointment CT
MesSrS. Joseph NJ. Pottgieser, William Hamm
and Bernard kuhl such receivers. l
recognize fully the personal worth OF each
Of these gentlemen. l recognize also the
propriety for a most economical administra-
ton of this trust. and that it is proposed that
the three above-named gentlemen shall serve
without compensation. But l cannot shut
my eyes to the fact that each of them is, or
has been so connected with this bank, either,
as past or present stockholders, or as inti-
matelS or personally interested with other
stockholders. which. in my judgment rem
ders his appointment Inappropriate, even un-
der such favorable conditions.
With a view to the administration of this
trust in the manner l have indicated, l have
named two gentlemen without suggestion
| from them their friends, and to the end that
eceaomy will go hand in hand with fitness,
it will be understood that l have selected
these gentlemen, each eminent in his pro-
fession that the estate may have in the re-
ceIvers the best legal counsel, and with the
distinct notice that no attorneys fees will
be allowed. In all estates ordinarily, and for
the best of reasons" the receiver: is entitled
to employ. an attorney or attorneys, but in
this case none will be needed. And in case
this trust be accepted, it will be with the
knowledge that but modest compensation can
be aliOWed-in no case to exceed $1,000, to
each receiver for each year of necessary
service.
In this matter 1 have had submitted to me
many names Of citizens well qualified, many
Of whom it would have given me pleasure to
select but I consider this trust of an ex-
ceptional and extraordinary character, and
have made my appointment in that view.
Messrs. Palmer and O'Brien will fur
nish their bond and enter upon the dis
charge of their duties as receivers to-
me rrOW.
Their appointment meets with very
general approval.