The Saint Paul globe., 1898-05-15
WANT RECEIVERS REMOVED
MINNESOTA SAVINGS BANK DE-
P0sITORs ARE 1IssATIsFIED


duced Looking to. THE substltu-
tion of Heavy Creditors for the
Present Receivers-Matter Wns
Left without For,eea al Action:
A stormy meeting of the depositors
of the Minnesota Savings bank was
held for the purposes of. taking steps
! towards the removal of the present re-
ceivers of the defunct banking estab-
lishment. The meeting WaS in line with
ether meetings. held by5the depositors
during the last month IN furtherance
OF their efforts to secure the payment
Of dividend, by the receivers.
| No little dissatisfaction at the con-
duct Of the affairs of the bank by the
receivers was expressed. The NEE ting
lasted two hours and half, and was
attended by sixty depositors.
| j. NJ. Pottgeiser opened the meeting
with a statement cf the object of the
to secure the removal of the present
receivers, r. j. Sheehan and F. N
Dickson, and the appointment Of two
of their number in their stead.
| The committee, which was appointed
at the last meeting to, draw up a petit
tion to the court, made its report
which voiced the sentiments of those
| present as a whole, but there was
much Gi3s nsion as to the details.
The pe.tit on praying for the removal
of tn. receivers of the bank, as made
by the 90 N tt, e, is as follows:
We the undersigned, creditors of the
M;nnesoa a Sa ings bank. do hereby join in
this let Ii N o the honor bile dis rict curt
of Ramsey coun y, reques ing and ,peti ion
ing his cru to remove the present receiv-
ers of sad tank, T: D.: sheeaan and F: N;
privilege 10 the depositors and cseditors OF
said bank to appoint a commiftee CT seven
to advise with and assist the said receivers
in closing up said estate with the least
possible delay and with as II tie exI ense.
That the reasons for this request are:
That said receivers above named have held
Iosi ion since on or about the 2O;h day OF
February, 1897, that they s have collected
large sums of money. towit,- the sum of
he'd by them such receivers have MOI
been paid; that the creditors have received
no Fart or portion Of the, money collected;
4osa ast the Of said id sTags4 and snd a
estate for. an inadequate consideration, and
particularly did they sell and dispose of
one Judgment against Sam Dawson for a
sum far less in value than, the amount Of
said judgment, said judgment being a lien
on certain real estate property in the county
of Ramsey, state Of Minnesota, and was of
the whole value of the face;Mf sa d judg-
ment. amounting to about s2, 500. That the
said receivers sold the said charter of the
said Minnesota Savings bank for 5000 to
T. B. Scott; that said sale was made wi h
out any notice to the crsdE0r$ sof said bank
and for consideration far below the value
of the charter said Scott having within
twelve months theretofare offered $4,000
for said charter, said charter being of the
value of not less than $15,606 at the time of
the sale thereof by satdl receivers. That
said receivers have managed said estate, as
we, the undersigned creditors, believe. for
the purpose Of continuing themselves in
ofhce and to consume and eat up the as
sets in litigation and witness fees and
their own fees and attorneys fees. and not
for the benefit Of the creditors That said
---- and have o.
fered and agreed to accept the appointment
OF receivers of said bank without compen-
sation to themselves and not to exceed 81 900
Fer year for clerk hire and office rent. -
/ That the undersigned represent a MAJ
Jority In amount and number. Of the de-
posltors and creditors Of, said bank. ana
we request that the court consider this pe-
titlon and appoint the above named as re-
eelvers, and that said estate be with all
speed and with the least .poss; be eapense
wound up and that the creditors be paid
such sum as the estate VIII frealizef . = 500
Following the presentation of the
petition there was a lively discussion as
to the import of the meeting. Several
deposltorS asserted in no uncertain Ian
suage that the meeting was strictly a
BickeloF meeting, and called by the
friends Of Mr.. Bickei. Chairman Pott-
gieser assured the meeting that they
were gathered to. see If some: hing could
not be done to secure some of their
money back, and that Mr.. Bickel had
nothing whatever to do with the meet.
ing.
The principal point discussed follow
ing the disposal of the Bickel PROPOSE
ticn was the question of recommend
ing to the court the names of the re-
ceivers to be appointed. Inasmuch as
list Of the creditors of the bank
could not be had at the meeting, many
favored laying the matter over until
complete list Of the depositors could
be made ont. 1t was proposed to ap-
point two of the creditors most heavily
interested.
Fully two hours wereasPent in dis
cussing the feasibility of Baking such
action Immediately, or leaving 1t until
another meeting, when a. larger repre-
sentation could be had.
About fifteen speeches were made on
each side, and 1t was decided to lay
the matter over until next Saturday
night, when signatures to the petition
will be received.
Chairman Pottgieser stated during
the meeting that he thought if the
receivership was handled right they
would be able to yet realize something
SCHOOL ENTERTAINMENT.