The Saint Paul globe., 1897-03-22
THERE'S HITCH
IN THE LAMBERT PLAN TO REOR.
CAME THE MINNESOTA saw
INGS BANK.
STOCKHOLDERS ARE WEARY
OF CARRYING BURDENS WITHOUT
HAVING A VOICE IN THE MAN
AGEMENT.
LIVELY MEETING YESTERDAY
Is Participated In by the DepOsitOrs
and Other Creditors of the
Bank.


Minnesota Savings bank attended a
meeting held in the hall at Third and
Minnesota streets yesterday afternoon.
Otto Sauer who acted as chairman of
the gathering, announced that it was
the proper thing to have a permanent
organization for the benefit of the de-
positors. He called on George G.
Lambert, chairman of the committee
appointed by the general meeting of
! depositOrs, who went over the report,
which was published at the time in
| the G i b e. Speaking Of the charter
! of the bank, Mr.. Lambert said it was
in his opinion a valuable part of the
assets. The committee of which he was
chairman had talked with F. c. Ste
vens and William T. Bickel just pre-
vious to Mr.. Stevens departure for
Washington. At that interview Mr.
Stevens had advised Bickel to formally
turn over the charter to the depOsitorS,
but Bickel said this was impossible
Otto Silherman interrupted to say that
he knew that a half interest in the
charter had been sold by BickeI to A
>. Kittson for $4,000. This Mr. L ambert
SAID had been talked about, but he
knew that no interest in the charter
could be legally sold. Any agreement
between w. F. Bickel and any one else
relating to the sale of the charter. Mr..
Lambert said. would be void SC far as
| the charter was concerned. Mr. Lam
| bert advised that the bank be re-
organized, and said that the assets for
the next five years would be about
$4,000 per year. The running ex-
| $4,000 per year. which would include
teller, bookkeeper, rent and inciden-
tals This would leave net profit of
$4,000 per year for the depositOrs. If
the receivers We're allowed to continue
| they would be forced under the law 10
/ turn the assets into cash as soon as
, possible. By this action the assets,
which under a reorganization could be
nursed along and made to pay dollar
| for dollar, would be lost to the deposi-
| tors. He advised that all the deposi-
tors should get in line and decide on a
! reorganization. His idea was not to
assess the depositors, but to assess the
stockholders about 5 per cent on their
! stock. A meeting of the stockholders
he understood, had been held last week.
and the twenty-five present were in
! IaVor Of such action providing the
bank reorganiZed. There was some
question as to whether the stockholders
were partners in the bank, or stock
holders. Either view of the question
would make the persons owning stock
liable, and the stockholders were will
ing to take the best end of the diff
Guilty, and stand a small assessment
Tor the purpose of reorganization. The
committee of which he was chair
man was now at work on the charter
matter
Leo Bruggeman said the idea of get
ting the charter from w F. Bickel in
an easy manner and without going into
the courts was useless.
One of the depositors announced
that Receiver Sheehan had informed
him that certain deposits had been
paid two days before the bank closed
It's doors. He had also been informed
| that the books of the banks did not
| show the same amounts as did the pass
| books of number of the depositors.
! These were matters which should be
! locked up and called to the attention
/ of the court
! Mr.. Lambert said he had no doubt
but that there were sufficient reasons
/ to have the trustees removed but he
! failed to see any advantage to be
gained by this action. He was. in favor
! OF reorganization, and said if the
! bank was not reorganized under the
present charter, it would have to be
under new one.
Otto Sauer urged the permanent or
| ganization of the depositors to watch
| the receivers and attend to other mat
/ terS which would be of interest TO The
| 6anQSifnrS 0Ioro mi
with Otto Sauer as chairman, z. Cream
! leaf as secretary, and Otto Silberman
! as treasurer, and a committee of six
! including the officers elected, was or
! dered appointed, which will have a
! general supervision of matters pertain
ing to the bank and the interests of
| the depOSitorS
William TrcZiyulny explained that
| he was one of the stockholders of the
! bank, and had attended the meeting
4 which Mr.. Lambert had referred to-
There were less than 25 present. and
! the first proposition made was to raise
500 and hire lawyer to attend to their
interests. He had informed those pres
| ent that he had been bled for all he
! would stand, and accompanied by five
| others had left the meeting Mr.
! Trcziyulny said he was the sixth per
| son approached when the bank started,
! and he went into the organization For
| the first two years small dividends had
| been paid, but since then nothing had
/ been paid, and beside he had lost what
! money he had on deposit in the bank.
The stockholders, so far as he knew,
/ had nothing to do with the affairs of
/ the bank, and he had never attended
/ or been asked to attend any meeting.
! The profits, if there were any, We're
divided among the trustees. If there
| was any chance to get the charter for
! the benefit of the depositors. he was
willing to join with them. Chairman
! Sauer explained that this was Just what
the committee and the officers of the
| permanent dep0sitOrs had been elected
/ and selected for, and after taking up
! collection for the rent of the hall, the
meeting adjourned.