The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-08

lam Bickel was the proper person for
assignee. He had so expressed himself
TO Mr.. B1ckel, and that gentleman had
agreed that as soon as a suitable per-
son was selected he would retire from
the place. In view of this statement
Mr.. Hawthorne suggested that 1t was
not advisable to make any fight on
Mr.. Bickel. as that would simply lead
to litigation and result in the money
which might be handed over to the
depositors being spent in attorneys
ices. The committee Of which he was
a member had done considerable work.
They had gone over 1000 accounts of
depos1tors and examined a part Of tho
realty holdings. All the real estate
held by the bank had been obtained by
mortgage foreclosure, and for this rea-
son he was in favor Of the new assignee
being a man who had no spirit Of re-
venge against the Bickels to bring to
the position. The real estate examined
thus far by the committee, when aver
aged up, showed a loss Of at least 20
per cent. That meant that the valua-
ton Of the property would be $50
where the bank had loaned $1OO. He
cited few cases to show what he
meant, and called particular attention
ID the following as examples of what
the committee had found:
The property at 378 and $50 Topping
street had been mortgaged to the bank
for $4,000. It's value now was about
81, 800.
On the property at 433 Selby avenue
$2,649.73 had been loaned. 1t was val
ued at the time the loan was made at
$4,000, and was worth about that
amount today.
On the property at 242 Edmund
street 81, 867.12 had been loaned 1t was
valued at the time the loan was made
at x76O and I11nI of
The property at 998 Harrington ave-
nue. was mOrtgaged to the bank for
81, 1875. AT the time the loan was made
1t was valued at 5000, and the valuation
was now $1,000
On the property at 1908 Jessie street
$1,l1 mad been loaned. At the time the
loan was made the property was val
ued at $3.50, and the present value was
$3.50
questioned as to whether any of the
banks assets were in the nature of
tax certificates, Mr.. Hawthorne said he
DID not know. The notes that had been
examined were, he was sorry to say,
not as gilt-edged as he had hoped, and
he was fearful that the real estate
was the most valuable Of the assets.
AS to the charter the law provided
there should be five trustees. These
trustees could organize and become a.
corporation. When one Of the trustees
died or resigned another could be
elected in his stead William F. Bickel
and Fred c. Stevens, in looking the
matter up, found that here was a
chance where all the trustees could
get all the property. They found two
men living In Rochester who were trus-
tees under the charter. They had these
two elect three more, William Bickel.
William E. Bickel and Fred c. Stevens
The two Rochester men then resigned
a nd fINr0
their place. In the neighborhOod Of ST.
600 had been paid for the charter The
charter was now owned by the trus-
tees and its value was an asset that
would go to protect the depositors. He
had also found that the trustees had
issued stock, but although the attor-
ney general of the state held that this
could be done he had his doubts about
this part of the affairs Of the bank.
The two other trustees were A. S, Kilt
son and John F. Baker. His idea was
that by harmonious action the deposit
orS could get the most money out Of
the bank, and for this reason he did
not advise any litigation. What was
wanted was the most money for the de-
pcs1tors and not punishment for the
Bickels.
{ M. J. Costello, who said he repre-
serted $4,000 belonging to deposftors,
also favored avoiding any litigation.
There was, he said, an effort being
made on the part of a number Of
thoughtful and prudent gentlemen to
get possession Of the charter. Another
set Of equally ambitious gentlemen
were anxious to get the appointment
,!of receiver; or assignee in order to
make a good fat thing out of the bank
In the way of fees without any idea
of helping, the depositors. w. f.
Bickel, he had heard, was endeavor-
1ng to settle with the depositors at 25
cents on the dollar. He thought it
was about time that the committee
produced some figures as to the assets
and liabilities. He wanted some man
appointed assignee who, at reasona-
Die sum. would protect the interests
OF the depCSitorS and not be on the
lookout for the charter or endeavor to
shield the bank officials.
Otto SHERMAN informed the meeting
that so far as the charter Of the bank
was concerned there was a claim of
$4,000 against it, and the paper was
signed by William F. Bickel, who could
1t he would tell the circumst ances Of
the transaction.
Otto K. Sauer said he represented
depositors whom the bank owed 81, 200.
He was III favor Of some steps being
taken at once to remove the assignee.
Bickel, he said, was not acting fairly
in the matter. If he was, there would
be some statement made to the public
and the press and figures given out.
Bickel was not a proper person for as
signee, as it would be impossible for
him to sue himself. his wife, his
daughters, his son, and his sons wife.
The bank charter, about which SO
much had been said, Mr.. Sauer ex-
pIained was not worth a snap Of the
fingers, as assets. The bank was a
corporation; the charter belonged to
the corporation, and the corporation
was insolvent. The depositors would
find they would realize nothing. from it.