The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-07-09

price, ana curing the past year the DStIlk
had sold $4,000 worth of real estate at
much better figure than the book values
of property.
John Caulfield and ]. G. Prendergast,
two members of the board of trustees of
the bank, seen yesterday afternoon, were
inclined to the opinion that the action OF
Gen. Pope in, ordering the bank closed
was not the proper one. The real estate
holdings of the bank, the gentlemen said,
were not second and third mortgages, but
first mortgages on the property, and in
each instance the property was worth
the book value. A portion of the prop
erty which the bank was forced to take
on foreclosure was improved, and some
thing like $4,000 per year in rents was
secured from this source. The bank had
not been disposing of it's holdings, for
the reason that it was considered that
better price could be obtained within
short time for majority of the property.
BOARD OF TRUSTEES
The board of trustees are Thomas A.
Prendergast. ]. A Stees, E. ]. Meier,
John Caulheld, John S. Prince and J. c.
Prendergast. William Hamm was a mem
Der of the board, but stated yesterday
that he had resigned about a year ago.
w. S. Undertake was elected to fill the
vacancy caused by the resignation of
Mr.. Hamm, but one of the officials of
the bank stated last evening that Mr..
Timberlake had resigned several months
ago, and the vacancy had not been filled.
A number of depositors, as we'll as
those who have been doing a commercial
business with the bank are in favor, If
receiver is appointed, of having the
compensation of the officials fixed by
the court at the time he Is appointed.
The names of Gustave Scholle and Eonch
F. Berrisford have been mentioned for
j.
cides that the appointment of one is nee
essary
The sayings deposits. aggregating $685.
45S, are divided among 5000 depositors,
and they are largely small accounts, the
average being under $3.50.
MEETING OF DEPOSITORs.
A number of the depositors in the
Savings Bank of st. Paul met informally
last night and decided to call a meeting
for this afternoon at 2:36 so'c clock, to he
held at Assembly halls, Third and Wa
basha streets. Their idea is to talk over
what is the best course to pursue. for
their mutual benefit. Some of the de-
positors think it would be wise to select
an attorney to appear in court Monday
morning when the question of u receiver
comes up again. While they all desire
some good, competent man placed in
charge they do not want any of these
dollar a minute men if they can help it.
The less that is required to be paid for
a receivers fees and attorneys the more
the depositors are going to realize out
of assets of the bank
In connection with O receiver some of
the depositors thought if some good,
conservative banker, like Joseph Jockey,
of the National German-American bank,
or F. D. Monfort, of the Second Nation
al, could be induced to take hold of the
savings bank affairs for. reasonable
compensation, and enough . to employ
such clerical help as is necessary and
not require more than a portion Of their
own time to attend to the work, that it
would be most desirable thing.
OTHER INSTITUTIONS.
The announcements, that the Savings
Bank Of st. Paul had been closed had tho
effect of causing a rather panicky feel
ing among the dep0sitors of other bank
ing institutions. The State Savings bank,
at Fourth and Minnesota streets, had
quite rush Of depositors for Withdrawals
yesterday morning and before banking
hours We're over something like $4,000 had
been. Withdrawn. ssSxa.,~5
Presiaent~ Ferdinand sg!i lliuss2 however,
eassured4the: .depositorss that ffle5 bank
was all right, and a nllmbereo of those who
came In with the express purpose of can.
ceiling their accounts decided; TO -alIow.
the money, to renaafn:z- fPFesideht;s " Illus
had prepared and hung in the sBaflk where;
all who came inycould sees1tstlfe follow.
ing card: szzs=s ss,,saa5=ss;. ;.
Ii Cash on hand and available funds which
can be turned into cash in tWenty-fouri
hours: Cash, on hand, s166O0O United
States bonds, $64,500; " Chicago bof1ds,1
$4,000; New. Y ork bonds, $4,000; Boston
Sueur, Mimi, bonds, SIS 600; Council Bluffs,
To-, bonds, $4,000 Da yteH. O., bonds,
$4,000; Luverne, MINI. beHdsc $4,000 Ait
kin County, Minn.,r bonds, $4,000; Ramsey
County, Minn.YSbonds $4,000; Cleveland
and Ohio bonds, $1,000; other municipal
bonds, $105, total 1851 Geo. ---.-------
In round figures we have about 81, 2O0,-
900 in deposits said President Willius,
and, as you will notice by the card over
there. we have available cash on hand and
securities which we could realize on in
a days notice amounting Ito 1851, 900. We
could pay out money for days and never
feel it, and yet, as usual, some of the
people get hysterical and demand their
money.
Some of the people have already re-
covered from their fright, and will guar
antee that the greater part of the money
withdrawn today will be re-deposited
Monday. We have SO much money and
the rate of interest is so low that we have
stopped advertising for depo5itOrs.
Il received a call from Bank Examiner
Pope and he, realizing that the closing of
the Savings Bank Of St. Paul might cause
some conmotion among the depositors IF
other savings banks, gave me this let
ter" and Mr.. Willius exhibited the
following. bearing the signature Of
Mr.. Ferdinand Willius, State Savings
bank.
Dear Sir: Owing to the closing of the
Savings Bank of St. Paul there may be
apprehension and anxiety on the part of
some of those who have savings deposits
In your bank. You are authorized to state
that the department Of the public ex-
aminer has recently completed an examin-
alton of your bank, noting every item
of your resources, their character and
value, and does not hesitate to state that
the State Savings bank is perfectly able
to pay In full all claims against 1t. Hop
Ing there will be no unwise and unneces-
sary Withdrawals. I am yours truly ,
Cashier Ickler, of the Northern Savings
bank, at Sixth and Minnesota streets,
said the closing of the Savings Bank Of
st. Paul had no noticeable effect on the
institution he had charge, of. except that
many new accounts had been. opened.
during the day. Eve shall take no adj;
vantage of the sixty day notice required
by our rules as to the withdrawal of de-
posits," said Mr.. Ickler IF the deposit
ors want their money they can have it."
DEMAND FOR BOXES,
There was demand for2bexes In: the
safety deposit vaults yesterday and one of
the officials at the institution in the Ma
tional German-Amerfcan Bank building
said the demand had been so good that
all the boxes which rented at "a per year
had been disposed of during the day.
SAVINGS BANK DEPosITORs.
Meeting to Re Held at Assembly