The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-10-21
MOVEMENT TO RE0RGANIZE 1T
HAS ASSUMED LARGE PRO-
PORTIONS.
JUDGE OTIS RECOGNIZES IT,
AND DECIDES TO ALLOW UNTIL
OCT. 80 TO FORMULATE
PLANS.
HELD YESTERDAY.
Some Opposition to Taking the Mat
ter Out Of the Receivers
Hands.

The movement to reOrgan1ze the
Bank Of Minnesota, the progress Of
which was noted in the G l o b e yes
terday, has assumed such proper
tions that Judge Otis decided yester-
day to allow the promoters of the re-
organization scheme, as well as those
opposed thereto until Saturday, Oct.
80, to properly present their cases for
and against the movement to reorgan-
ize On the same day Judge Otis will,
in all probability, dispose of the ap-
plication of Receivers Seymour and
Lightner for leave to pay a dividend
Of 10 per cent to the creditors.
The application of the receivers
came before Judge Otis yesterday
forenoon pursuant to the continuance
granted last Saturday at special term
after hearing the statements Of At
torney J. J. Mclaughlin in behalf of
the creditors desiring reorganization.
At that time Mr.. Mclaughlin said that
he represented creditors whose claims
aggregated over 100000. Yesterday
forenoon the court room was crowded
with depositors and their attorneys.
Among the creditors were several
elderly ladies.
Mr. Mclaughlin, addressing the
court, said: 1t may be well to make
known who request the reorganization
of the bank. 1 stated the other day
that depositors representing about
100000, having requested reorganlza-
ticn. 1 am now able to state that
people representing more than 100000
ask it,
Judge Otis-Why has not this appli-
cation been presented earlier?'
Mr.. McLaughlin-I leave it to Mr..
Lightner to say whether 1t could nave
been done sooner or not. The amount
involved in the bank suspension made
it difficult to ascertain the facts soon
| er. The debts were easily ascertained,
| but the assets could not be- There
| was a large amount of real estate in
| the assets. The report by the receiv-
ers as to the assets, was not made to
| the court until about the middle OF
September
Mr.. Lightner-The gentleman is mis-
| taken. The list of assets was fur
| nished early in April. 1t is true, how
ever, that the value of the assets was
not reported until September
| Mr.. McLaughlin-That is 1t.
Judge Otis-The movement to re-
organize was proposed soon after the
receivers were named, but not pushed.
Mr.. McLaughlin-Tha is true. Con-
ceding that there has been negligence,
the question now is what is best to be
done? 1t may be said that what is
everybody's business is nobody's bust
ness, and the matter was allowed to
drag along. The names Of the petit
TONERS, now asking reorganization, is
evidence that it should now be done;
Judge Otis-Read the names and
amounts Of the petitioners.
Mr. Mclaughlin gave a list of those
desiring reorganization. While he was
making that statement to the court
several others came forward and add
ed their names Two such were elder
ly women. One, Mrs. Amelia Cooper,
a feeble old lady, said she had SLIPS
in the bank
DO you want the bank organized
again?"~ she was asked.
Il should say do" she replied en-
| phatically.
The following is the list Of those
anxious for the bank to be re-opened,
together with the amounts of their de-