The Saint Paul globe., 1897-08-05
ONLY MEANS DELAY
SCHEFFER DEGREES PROPOSED
ACTION o FSOME ALLIE
MAMMA DEPOSITNORS.
THEY TALK OF LEGAL ACTION.
HE SAYS 1T is SPENDING MONEY
FOOLISHLY AND DELAYING
THINGS.
INTERESTING MEETING HELD.
Committee of Five Appointed to
Take Action in the Interest
of the Creditors.
THEY TALK OF LEGAL ACTION.
INTER ESSTING MEETING HELD.

There was a warm time in the large
store room of o. & S. Silberman ON
Third street last evening. Notices had
been sent out to a number of the de-
positors of the Allemannia bank, call
ing for meeting, and about 100, IN
cluding several ladies, responded. The
meeting was called to order by George
A. Ladd and the object of it was stat
ed-to take some action which would
protect the depositors.-
After some discussion it was decided
to appoint a committee of five, this
committee to have full power to under
take an action in their names for the
benefit of all the depositors, or to take
any other steps they might see ut TO
enforce the liability of the stockhold-
ers Of said bank, or take any other ac-
ton they might deem expedient. The
persons named as this committee are
Adam Mason, George NJ. MeGarry,
John Krey, j. Firestone and George A.
Ladd. his committee will meet Sat
urday evening and map out cam
paign to be submitted to an adjourned
meeting of the depostors to be held
next Wednesday evening. motion
carry on the work and to employ an at
torney if thought best, subscription
would be raised by a contribution OF
Il of / per cent on the sums the de-
positors have tied up in the bank. 10
make the organization permanent, y.
II. Hubbard was elected chairman and
O. Silberman secretary and treasurer.
After some informal discussion, some
one called on Albert Scheffer, the pr6i i
dent. of the bank, for a few rema!f J.
Mr. Scheffer said in substance:
'I have been somewhat entertained
by your proceedings, and merely find
that 1 had anticipated the objects of
the meeting-to enforce the the double
liability of the stockholders. I am
glad to see it; have been doing all
1 c2n to further your interests and will
act with you. The two men now en-
gagged as receivers are doing all they
can to hurry up this matter; we have
done good thing by changing receiv-
ers, and I have had the receivers bills
for services cut down from $4,000 to
$4,000. That looks as though [ was
looking out for your interests, don't
it?"
Some one in the crowd intimated
that a meeting of depositoIS had been
called by Mr.. Scheffer to follow out his
wishes, to reopen the bank, and thai
meeting did not represent the entire
list of depositors; also that the state
ment had been made that if they
didn't look out for their own interests
they would not receive bht 10 cents on
the dollar for their claims. At this
Mr.. Scheffer'S temper rose and he said:
4 am going to do my duty by the
majority Of the depositors who have
signed an agreement that the bank be
reopened [ am going to reorganiZe
the bank, and if you folks want 10 help
me, all right. You accuse me of get
ting up meeting Of depOsitor5 to suit
MY own convenience. Well, this is far
from being representative meeting of
depCsitors. [ am going to act with the;
majority. I don't blame you for feel
ing suspicious when Z know that evil
reports are being spread to unsettle
your peace of mind by persons who
have no interest in the bank or you,
either. This other meeting you talk
about was not called by me; I mad
nothing to do with it. 1t was called by
J. M. PottgieSer, who was anxious that
something be done which would yield
the most money to the depositorS and
do it the quickest. You are perfectly
COIIecl III CclIlHS lIllS meeting anu dp-
pointing a committee to see that every
thing is beng done for your best nter-
ests, and I am glad that you have done
so, but when it comes to employing
lawyers you are not only spending
your money foolshly, but you are de-
laying and hampering the receivers. l
have been hard at work for you all
along, and then the first thing l knew
7 was indicted by the. grand jury for
grand larceny, and had to stand trial,
but I won out, and ] am going ahead
with the reorganization Of the bank.
You quoted from the printed report of
Receiver AUerbach, showing tNat there
was a shortage of over 5000 900 in the
statement of assets and liabilities
Well. that is caused by Mr.. Auer-
hachs valuation of the assets, and 1
don't think you will find another bust
ness man in ST. Paul who will agree
with him. His valuation is 5000 900 too
low"
Col. Scheffer was warmly applauded
as he resumed his seat, and Mr.. Pott-
gieser. in the back of the hall, corrob-
Grated what he said about the calling
of the meeting of the depositors Mr.,
Pottgieser also desired to- bet some
body 81, 900 to $500 that there wasn't
page in Receiver Auerbach's report
which was correct. The meeting then
closed