The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-01-28
BLAME MIR. KENYON !
Continued from First Pare

Continued from First Page.
Matthew Walsh and John S. Nelson are the
suretfes upon the bond held by the state to
secure these monies. While these men were
fairly well -to-do at the time of the suspen-
sion Of the bank, there are none of them
now able to meet the obligations of the
with some of those mentioned upon the first
bond. have gone into bankruptcy and most
OF them contemplate SO doing.
PLEASE HELP EN- OUT.
The assets of this bank In the hands of
the assignee, as shown. by the accompanying
schedule, ought to be sufficient to satisfy the
claim Of the state, and we believe that if
the proposition, which we are about to make.
is accepted, it will result in the highest pos
sible returns to the people of the state Of
Minnesota.
1t will be observed that the assets of the
two banks are in some respects identical in
character, both having large claims against
the hands of a receiver. and because of the
close connection between the two institu-
lions, we have thought, best to consider the
assets of both banks in one proposition.
The financial condition OF all these bonds
men is such that it is out of the question to
collect any part of the states claim from
them, but proceedings on the part of the
state, in an attempt to enforce its claim,
would tend to ruin the business prospects of
those disposed to rebuild their lost fortunes,
without any profit to the commonwealth
BY placing these assets forthwith in the
hands of the state, the heavy expenses now
daily incurred for assignee and attorneys
fees and other incidental expenses would be
cut off. and thus greatly enhance the value
of these assets; and hence the claim of the
state would, in our judgment be speedily sat
ished We are, therefore,, led to make the
following proposition:
We will endeavor to procure an assignment
and transfer to the state of Minnesota of all
the assets of the State Bank of Minnesota
and all the assets of the American Exchange
Bank Of Minneapolis, in the hands of the
respective assignees of said banks, which are
listed and shown in the attached schedule
frmed by the district court of Hennepin
county.
In the event we are successful in thus pro-
curing transfer of said assets described in
said schedules, in the manner mentioned, then
said state of Minnesota, as consideration
therefor, is to receive and accept said assets
and property listed in said schedule as full
satisfaction and payment Of its said claims
against said respective banks, and fully re-
lease and discharge each of said bondsmen
from said liabilities as sureties on bonds of
said banks, given to secure the said indebt-
edness to the state of Minnesota.
We firmly believe that should this PROPOSE
ton be accepted by the state of Minnesota
and these assets placed in the hands of the
state. at the earliest possible moment, great
saving OF expenses can be made, and the
claim of the state speedily, paid in full. In
this way we will be relieved from the I'M
pleasant necessity of going through bank
ruptcy proceedings to secure a release, yet,
at the same time, will be doing all that lies
in our power to discharge the states claim
Should this proposition meet with your ap-
prevail, we would ask that you recommend
such action OF the part of the legislature as
would be necessary to carry the same into
| effect. Respectfully submitted,
A E. Rice,
s. E. Olson,
IT Guldbrandsen,
&C. B. Shove.
| BY Henry Eggertsen,.. Their Attorney.
Attached is a list of judgments held
by the bank assignee of the state bank,
nominally worth $188, 7031 10, but esti-
mated at $4,000.
There is also a list Of notes not sued,
aggregating s177,329. THE estimated
value of which is placed at $15, 900 A
list of real estate estimated value $39,-
| $40. Is
| A similar list for the American Ex-
| change bank shows: Real estate, So, 900;
notes, $500; judgments, $4,000; total,
| SIS, 500
THESE SUPPOSED ASSETS.
| But this list of assets is the real gem
! of the collection for which the state is
asked to pay $4,000.
! One item on which the state Is asked
to take a share is 7a claim against
Evert Nymanover for $183. Evert is a
fawn-eyed socialist. or was, and new
| er splendidly endowed with this
worlds goods, but, even at that, it
is a matter Of speculation if the claim
against him is not worth as much in
bulk as another claim which the state
/ Is offered against the Kosmos Pine
and Land company for S3f, 442 The
State bank failed in 1893, but the as
! signee has as yet been unable to dis
cover that the Kosmos Pine and Land
company had then, now, or ever be-
/ fore any productive assets beyond a
receipt from the secretary of state for
its articles of incorpora ton. Another
asset which the state is asked to as
sumo is a judgment against James r.
| Corrigan, a former probate Judge in
! Minneapolis, for s642. The once Judge
! skipped the town soon after his term
expired. When last heard of he was
a prominent Spectator" at a race
track a few miles out of Chicago.
| Still, $642 claim against him is, per-
haps, as valuable as a claim for $685.
SGT against Kristian Kortgaard, which
the state is asked in the next breath
| to collect and save aSSigneeS and at
| torney's fees. The state boarded Mr.
Kortgaard at Saltwater for quite a
considerable period, only receiving in
return the use of his splendid book
keeping talent Mr. .Kortgaard man
company run into the State bank for
| $685. and the International Land ard
Mortgage company for SIT, 199, while
| the State Bond and Investment COM
pany got scheduled at s17,753. The
Equitable Land company is in for 3d.
| 800, but it's assets are not really visible.
H. M. Bickel, presumably Hazel NJ.
| Bickel, is in for $1,000
It is practically the same sort of
St11ff that tho aSSipuea Of tho
can Exchange bank tenders to the
state In return for its claim of S19 600
against that institution. The American
! Realty company is in for S12 500, the
Kosmos for S, 422, the Equitable for
| IS, S36, the Atlas for $40, 1876, and Kris,
tain Kortgaard, the former convict
for 81, 500
The following extracts are taken
from letter sent by former
Clough a day before they went out
of authority:
CHILDS TO CLOUGH.
I have the honor to herewith transmit for
your consideration the communication just
received from Hon. A. E. Rice and others,
who are sureties on the official bond given to
the state, by the State Bank of Minnesota.
as a depository of public funds of the state.
The communication is accompanied by
schedules of assets Of both the State bank
and the American Exchange bank, another
insolvent depository Of public funds You
will perceive that it was estimated that the
value of the assets of the two banks is $e4
$40, and S19.5G9 respectively.
1t Is suggested by Mr.. Rice and the other
! gentlemen who have Joined with him in the
communication, that provision be made with
legislative sanction for the acquisition OF
the assets OF the said banks by the state and
that they be relieved from further liability
as suresres On the bond.