The Saint Paul globe., 1897-06-06
AUERBAcH WILL ACT
ALLEMANNISs RECEIVER GOING To
BEGIN TO- ENFORCE STOCK
HOLEDRs, LIABILITY.
WITH THE CONSENT OF COURT.
IL
4 TB
ANNOYED ATE THE Eff
FORTS TO HAVE HIM REMOVED
FROM POSITION.
WITH THE CONSENT OF COURT
ANOTHER PETITION CIRCULATING
L.
This One Requests the Naming of
Hamm, KuhI and Pottgfeser-
Some AIlemannia History.

|
Within the next few days Receiver
Maurice Auerbach, of the Allemannia
bank, will through his attorney. Asa
Br1ggs, apply to the district court for
an order directing him to enforce the
double liability of the stockholders of
that defunct institution. This state
ment Will be news to the depositors and
creditors of the fallen bank to say
nothing Of the stockholders them
selves, who, have left nothing undone
to stave off this apparently inevitable
action on the part of the receiver.
AS has been already published, the
actual Indebtedness of the institution
is about $5500OO, while the assets as
inquired in the receivers schedules are
set at $237. $685. The liability, if all
collectible, would be 100000, and if the
matter Of being able to enforce the
double liability is decided in favor of
the receiver then the amount Of course
/ Will be $SOO,000. The liability on the
STOCK Is in the opinion Of those who
nave examined the banks affairs, the
pest asset avflable, the prospect of a
return on the enforcement being con-
sldered very good. The chain of events
leading up to this action on the part
! or the receiver will be noted with con-
! siderable interest by those who have
followed the closing Of the bank and
subsequent .maves with any degree of
| closeness.
1t will be recalled that lately petit
ton was submitted to the court asking
! for the removal of Receiver Auerbach,
and the appointment of Messrs Will
i liam Hamm, Bernhard Kuhl and Ed
ward Vanish IN his place This petit
ton the court denied. Within the past
few days second petition has been
circulated for the purpose of securing,
If possible, a majority in number and
amount of the creditors and liabilities
of the bank, and Which sets forth that
the slgners wish William Hamm, Bern
hard ;Kuhl and Joseph M. Pottgieser
named receivers, Twice Mr. Auerbach.
! Ihe> last part Of the document is as
follows: .; .
IheSe petitioners further represent that Will
lam lam Hamm, Bernhard Kuhl and Joseph NJ.
i fottgleser are each. Of them reputable citf-
Zens and electors of and in Ramsey county.
minnesota, wherein said bank is located and
mas mas It's place OF business, and they have Of
! iereu 10 act as receivers of said bank and
administer its affairs under the direction of
thls court without compensation for their
services as such receivers, and to give such
Donds ana securities for the faithful perform
! ance OF their duties as such receivers as this
! court may prescribe. = c-eg <5iGyufI
| wherefore your petitioners dc; hereby non1in.
| ate the said William Hamm, Bernhard Kufi
and Joseph, N, Pottgieser, as receivers of said
insolvepf bank andtb respectfully pray said
court to remove said Maurice AyeF6seh 6s PAS as
Of Of n
to this court may SEEM just, and! appoint said
persons so, neHliHa ated in his stead and if for
any reason said persons soi&nominated: shall
be unable to act as such receivers, then, to
! appoint in the place and stead of said Maurice
Auerbach, such other person or persons as
to- this court shall seem proper. ,; y -
A copy of this petition reached the
| eye of Mr.. Auerbach yesterday. and
that gentleman was half annoTed ei and AND
| half vexed at the continued efforts
to have him ousted. His wish was TO
fulfill the duties of his office to the
best of his ability and, as he saw if.
his duty now was to turn the assets
| of the bank into cash at the earliest
time and in the1most satisfactory man
ner a., :.
Mr.. Auerbach declined to make anv
statement. save that he was servant
! of the court, and while he continued as
such would continue the work or ac-
quiesce in any action the court might
take making any Change in his posi-
ton. Beneath this seemingly calm ex-
terror, it is said. there is a small tenn
pest raging, and, that there. is much
difference of opinion ,as, to what should
and will be done by the receiver.
Naturally the stockholders are worried.
not especially relishing the idea of
having the liability on their stock en-
fcrced at this n time. The statement is
hltntly made that, if the court should
appoint the three. men named, the pros
pect of any enforcement of liability
would fade away into thin. air. All
three Of the gentlemen named in the
petition have been and are now
stockholders in the -Allemannia bank.
| MIR. Han1m was a stockhoIder to the
amount of $23.800:, Mr.. Kuhl held. 81 900
while Mr.. Pottgejser held ten shares or
$1,G00. It is also reported that they
have all transferred their holdings. but
such action was taken within a year.
and it is provided in the statutes that
the mere transfer does not remove the
liability until a'year has expired. 49,.
The appointment by the court of
these three men would, it is argued
amount to placing the management, Of
the affairs of the bank in the hands
of Albert Scheffer. who is the leading
! spirit of a number Of concerns which
in the aggregate, owe the bank some-
! thing like 5000, 900 more Among the
companies named are the North ST
Paul companies, B. & T. Tobacco com
pany, Local Investment company, Twin
| City Packing company, Hauser Malt
ing company, National Plate Glass
company and others.
Some. conterded that to place
the liquidation %of the bank,s
affairs in the g.: hands Of Mr.:
Soheffer would be quite as expensive
| if not more so, than to allow Mr.. Auer.
bach to complete his duties as he has
begun them; but the stockholders do
not appear'sto be pleased at the pros
pect of having to4come up with the
cidents of the next week,nor two in
this connection bid fair to be wholly
| interesting. .&'S .ss -.
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