The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-07-08
LIABILITIES
UNDER INVESTIGATION.

Gen. Pope met the officers of the bank
yesterday afternoon shortly before 6
o'clock in President Prendergasts office
and announced that the affairs of the
bank would be taken care of, and Deputy
Compton took charge of the books The
officers of the bank present were T. A.
PrendergaSt, president; John S. Prince,
vice president. and E. J. Meier, cashier.
Regarding the affairs Of the bank Gen.
Pope said last evening: Three very care
full examinations were made; the first pre-
liminary inquiry was made during Janu-
airy, another on Feb. IA, and the last COM
plete investigation was made April %.
Following the examination a very careful
appraisal of all the property owned by
the bank and mortgages given to the
bank was made, and since then a great
deal of time and consideration spent to
see If there was any way to avoid a re-
ownership, but the legitimate expenses
were found in excess of the revenue 81, 900
yearly for several years until the last
dividend period, May 80 this year. Inter
est since then was paid to depositors to
the extent of between $12, 900 and $14 600,
while not penny was being earned since.
aside from this large amounts were
loaned on inadequate real estate securi-
ties, necessitating their taking real es-
tate to the amount Of about $400, 000 The
mortgages which they hold are largely
of the same class as those which the
bank foreclosed and now carried as real
estate. The $1S5,000 of loans and dis
counts includes many apparently worth
less pieces of paper.
THE bank was capitalized with a capt.
tai of 100000, and under the provisions of
the law of 1867, under which the bank was
Incorporated, it eSsayed to do a CONNER
cial and savings bank business. It's ex-
perience has demonstrated the inherent
unSOundneSS of such a plan"
AS soon as the proper papers can be
prepared Attorney General Douglas will
make application to the district court for
q. receiver.
The officers Of the bank did not take
kindly to the action of the bank examiner
and expressed themselves with some
spirit when 1t was announced that the
institution would have to go into uouida-
ton. Eight years ago, according to the
various statements which have been
made from time to time, the bank was
over $4,000 to the good.
ITS HISTORY.
The Savings Bank of st. Paul was
originally the Minnesota Savings asso-
citation, which was organized in 1887 It's
officers were H. H. Sibley, president;
John S. Prince, secretary and treasurer.
There were three other members of the
association - Gen. w R Marshall
Charles McIlrath and Lorenzo Ellis 1t
was reorganized in March, 1873. and its
name was changed to the Savings Bank
Of st. Paul. The bank opened for bust
ness April l, 1873, the officers being w.
R. Marshall, president; Henry SaaIgard,
vice president; John S. Prince, cashier,
Mr. Saalgard resigned in 1882, since which
date Edward ]. Meier has been cashier.
The bank was formerly located at the
corner of Fifth and Jackson street, but
a few years ago 1t removed to It's present
quarters at Sixth and Cedar streets. On
the death Of President John S. Prince.
four years ago, Thomas A Prendergast.
vice president of the institution, was
chosen president. which position he now
holds. John S. Prince Jr. Is vice presi-
dent and Edward ]. Meier is cashier.
Inc Inc trustees are, according to the city
directory. John S. Prince, Thomas A
Prendergast. John A. Stees, John Caui-