The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-13
ALVA r HUNTS SEARCHLIGHT
RESULTS IN AN ACTION IN WHICH
EVERY STOCKHOLDER Is HELD
TO BE LIABLE.
FOR DEBTS OF THE INSTITUTION
Congressman stevens and William
f. Bickel in 1889 Amended a Law
Which Had Been Repealed.

| an action in the district court against
| the stockholders of the Minnesota Saw
! ings bank that is likely to raise hob
with the reorganization scheme as wen
as the stockholders. Mr.. Hunts attor-
ney is his brother, Alva r. Hunt. VINO
| has offices with w. P. Murray at 30S
! Manhattan building. While the suit is
! brought to recover the sum of $420
! which the plaintiff deposited in the
Minnesota Savings bank, the legal
question involved is one of vital i'm
portance to the bank, its stockholders
and its depositors. 1t is claimed by the
plaintiff that the Minnesota Savings
| bank is not legally Incorporated. and
| has no valid charter and that in con-
! sequence every stakeholder is liable as
a co-partner in the business for the en-
! tire Indebtedness of the bank
The list of the stockholders is pub
! ished herewith. 1t is noteworthy that,
according to the complaint, Mr.. Hunt
has succeeded in ascertaining the
names of the stockholders of the Min
| nesOta Savings bank, a feat that the
| committee of seven and all the other
| deposftors seem to have been unable
| to accomplish.
| Mr. Hunt, the attorney, when seen at
his office yesterday, outlined the inter-
esting case as follows:
In 1858 the Union Savings Bank of
Rochester was Incorporated by J. V.
Daniels, J. B. Clark, Asahel Smith,
| Frederick T. Oldes and NJ. J. Daniels
as trustees. In 1873 the Union National
bank was organized by the same per-
sons, and the national bank took all
the business of the savings bank, and
| the Union Savings bank was closed.
| and its business wound up. Here is
where the matter rested for more than
sixteen years. In 1889 Congressman
| Stevens and the Bickels evidently
! wanted to start a savings bank in st.
Paul, with all the privileges of an or
! binary commercial bank-a bank with
! an opportunity to make money with
| out any liability.
The law in force in 1889 did not per-
NIT the organization Of a savings bank
with those privileges. Congressman
Stevens and the Bickels having prev
lously learned of the Union bank, at
| Rochester, hit upon the plan of secl1r-
| ing that old charter, granted under
| the laws Of 1867. Congressman Stevens
ana william F. Bickel were then mem
Ders OF the legislature so thew secured
the passage Of a law in 1889, purport-
| Ing to amend section II, chapter %.
| G L., 1867, increasing the powers of
trustees OF savings associations, or
| gained under the laws of 1867 ner-
hitting the trustees to change the name
ana place of doing business CHAPTER
| 20, u. L., 1857, was repealed by chapter
81, G. L., 1875, and this law in turn was
repealed by chapter 109 c. L., 1879.
! YOU at once see that the amendment
PASSED in 1889, purporting to confer
enlarged powers upon trustees of saw
| lngs associations was an attempt to
amend a law which had not been in
existence since 1875. The amendment
is absolutely void.
Amy way the Bickels and Congress
man Stevens in 1889, after paying Mr..
Daniels something for his rights I'M
| der the old Union Savings banks char
Ter We're elected trustees by the two
old trustees then surviving, and then
William Bickel. William F. BickeI and
| Congressman Stevens, voted to change
the name, and at the same time chang
| ed the place Of business to ST. Paul.
The old charter had then been dead
sixteen years, and they must have
| brought it to ST. Paul on ice. How
| ever that may be, the Minnesota Saw
| 1ngs bank was started in 1889, with the
Bickels at the head, and Congressman
Stevens as attorney and trustee.
The promoters must have soon rea-
lied that they had no charter for at
every session of the legislature. but
one, since 1889, curative and healing
acts were passed attempting to give
legality to their acts. But these acts
are as defective as the one under which
they assumed to act in 1889
The action has been brought" con-
tlnued Mr.. Hunt, upon the theory that
all the business transacted by the Min
nesOta Savings bank, or in its name
was done by its officers, trustees and
STOCK holders as a co-DartnershiD of
private individuals, the Minnesota Saw
ings bank having no legal existence as
a corporation. To sustain this view of
the case, it is only necessary to examine
the legislation had and acts passed at
tempting to give it legal status. It
is clear the void act Of 1889 was pass
ed, to get around the statute then in
force, relative to savings banks and
must have been carefully nursed to
have gotten by the banking or Judi
ciary committee. The assignment to
William Bickel, and the tenacity with
which he holds on in the face of clam
| orous depositorS is very extraordinary.
and gives foundation to the rumor'
that the assets are not up to par
1T isc the popularity of savings as
sociations legally organized under the
laws Of 1867, that causes the charters
to be considered so valuable. They are
| organized by few persons called
trustees and these trustees by filling
vacancies can perpetuate the bank in
definitely, and having no stock, it would
seem that there is no individual liza
bility
Zone or two Of such banks have Sc
cured, by special laws, the right to
issue stock, but even then the stock
holders do not seem to have anything
to say as to who shall be trustees They
are close corporations, as it were.
Such banking laws" concluded Mr..
Hunt, "are vicious and ought never to
| have been enacted"
The following is the list of the stock
holders named in the summons and
complaint, each Of whom, it is claimed.
is liable for the Indebtedness Of the in
stitution:
Frederick c.. Stevens, William F. Bickel,
John B. Hermann, J. II. Bloome John Nav,
ratil, John Jessrang, H. T. Smith, ]. c. Ken
nedy, H. D. Thompson, c. A. Ernst F. j.
Romer, Fred Marty, John Marty, j. j. Mar
ty, Charles Liedman w. NJ Trizyulny, Mat
simonitsch, Fred Struck, A. spangenberg,
Weller, T. E. Leonard, A. H. Bundle c. J..
Ehrmanntraut Ed Tubbesing, Peter Haupers,
G. j. Irvine Jr., William Berlandi NJ
Bouse, Ed S. Bean, Fred Marks, j. F. Fred
| ericks, John H. MoritZ, Jacob SINNERS, Bern
hard Roessler, Adam Snyder, c. j. Dorniden.
R. spangenberg, Max Toltz, w: E. Matheis,
Fahey. John Blom, Karl Simmon, Herman l..
| Schade, Catharine Geldermann, Julius Schnei-
| der, d. c. Kissell. Charles D. Kerr D. F.
Roussopolis, John Thrill, John F. Norrish, E.
R. W. Clark Henry Burkhardt, r. D. Czeif-
owitz, John H. Bayer Charles T. Weyl Wal
ter R: Wilmot, Hazel NJ. Bickel, Catharine B.