The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-01-19
DIDN'T CAUSE EANY SURPRISE
FOR SUCH Result HAS BEEN AN
TICIPATEDa FOR SEVERAL
WEEKS. Z
CITY GETS CAUGHT, of COURSE.
Public Examiner Kenyon Does
Answer "a Few Pertinent Cues
lions This Time.

OSfSHlu dIlu w dDdSna SIf00IS,C CLOSED us
doors, and through the means of a card
posted on the front window announced
that an assignment had been made to
William Bickel The assignee, up to a
few weeks ago, was the vice president
of the Allemannia bank. The announce
ment is made that the officers of the
savings bank decided that this was the
best step under the circumstances to
protect the depositors.
During the furry three weeks ago
the officers of the Minnesota Savings
bank pulled the sixty days notice on
depositors. Not only was the notice
given to savings depOsitors, but those
having open accounts with the bank
had the notice pulled on them, although
this was not put into effect until after
the closing of the Germania and Allie
MAMMA banks. Edward f. Hefn1ein
one of the officers of the institution
seen by G o b e reporter the night
the Allemannia closed, stated that the
Minnesota Savings bank was all right
The institution he said, had taken ad-
ventage of the sixty-day notice, and
was closing out all the open accounts
as far as possible Mr. Heinlein stated
VA NAAC%I 0o(C lAdls TIE Udilk savings
deposits aggregated about $3.50, 900.
The deed of assignment was executed
by William F. Bickel, who is said to be
the president, although, according to
the bond given thetcity in October last
Congressman-elect Fred C. Stevens was
president of theaifnstitution and w. F.
Bickel vice president and cashier. The
affidavit for the bond of the assignee
states that the assets will. figure about
$25O,OO0 and Mr.j Bickel states the liza
bilities are about $780, 900. +4'f..
The bank had on deposit $4,000 of
the money belonging to the city of st.
Paul and $4,000 8of the funds belonging
to the county. The money belonging to
the city is secured by bond in the sum
OF $4,000 given in October last, with
sureties in the following amounts: H.
l.. Schade, $4,000; George J. Mitsch,
$4,000; Charles E. Chapel, $1,000; Law
renee l. Casserly, $4,000; l.. D. Barnard
$1,000; Fred G. Stevens, 81, 500; Thomas
f. Conroy, $1,000. The county's s., 800 is
secured by bond in the sum of $40, 900,
with Joseph Ehrmanntraut Jr., George
j. Mftsch, Lawrence I. Casserly, Chris
j. Dorniden, Herman L. Schade and
The Minnesota Savings bank is one
of the few banking institutions in this
state yet operating under the provisions
OF chapter 49, OF General Laws of 1861
1t was Incorporated IN 1868 as the Union
Savings Bank of Rochester, Mimi, by
Senator Daniels, of Rochester and his
friends, and was operated in connection
with the Union National bank of that
place. In 1889 the legislature passed
law by. which such charters could
+ be transferred to other places than
where organized, and under it's pro-
visions in that year the Union Saw
ings bank was purchased by w. r.
Bickel and his associates, and it's name
+ changed to the Minnesota Savings
bank. It at first occupied banking
rooms in the Grand block on Wabasha
street, and in 1893 moved to the pres
ent location, corner Seventh and Wa
.basha streets. 1t has done a fairly
prosperous business, and passed
through the panic of 1893 without much
difficulty. But, under the requirements
of its charter, 1t was obliged to invest
one-half of it's deposits in real estate
securities, and the depression Of the
real estate market has rendered that
portion of it's saSsets unavailable at
present The officers have endeavored
to realize on their assets, but saw
there would be some doubt about doing
at the end Of the sixty days from the
time the notice was given their de-
poSitOrs; so, rather than sacrifice their
valuable assets the officers deemed it
best to make an assignment. William
F. Bickel is confident that, with wise
and careful mana cement of the assets
there will be no loss to depOSitors eX-
cept the necessary delay attendant
upon the adjustment. The charter of
the bank is a very valuable one. The
officers have several times refused an
offer Of SIS, 900 cash for it. and no other
like it can be had in the state at pres-
ent, and the assignment was made
that some plan amight be adopted that
would yield the utmost for the cred
itors.
The assignee, William Bickel, was the
first president OF the bank after its
removal to st. Paul, but resigned about
two years ago. Though he has had no
connection with the active management
Of the institution, he is familiar with
its business.
The action of the Minnesota Savings
bank in making an assignment takes
it out of the Jurisdiction of, the super
intendent of banks for the time being,
at least, and the first report ON it's con
dition will be made to the courts by
the assignee. Savings banks report to
Supt Kenyon once a year or semi an
nually in some cases, instead of on
call, as commercial banks do.a;.. The
Minnesota was one that reported an
nually and it's report should have been
filed Dec. /, but has not yet been re-
oeived by Mr.. Kenyon. The bank was
also examined last about q year ago.
Following is copy Of the last state,
ment of the bank, filed Dec. /, 1895:
Resources
Real estate security ................s $51.642 81
Collateral security .................. ,667 "a