The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-08-15

S1&neQ over to Its Officers.
Judge Brill yesterday continued the
hearing in the matter of the Savings Bank
OF st. Paul until tomorrow morning. The
action was taken in view of the meet
ing of the depositors called for last even
ing. The court thought that as the de-
positors are primarily the parties interest
ed it would be proper to permit them to
express an opinion, even should only
portion of the 5000 be able to get together
for discussion
Inc court room was crowded when the
case was called, and every available seat
was occupied. T. D. O'Brien, one of the
attorneys for the bank, called the at
tention Of the court to the agreement
drawn up for signature by the stockhold-
ers and depositors, giving the latter con-
troll of the bank in order to realize on
the assets. Almost all the stockholders
and depositors, representing over 500, 000
mad already signed it, he stated. The
agreement had been left at the bank
Tor signature, and those that had signed
mad done so without other suggestion than
that contained in postal cards sent out.
Mr. O'Brien asked for short continu-
ance to give an opportunity for the agree
ment to be properly presented.
This proposition was opposed by Hump
hrey Barton, who declared that he rep
resented two depositors, both of whom
were opposed to any further delay. They
had been willing to wait for enlighten-
ment, but since the committees had filed
their reports there was no further neces-
sity of waiting.
THE bank is ,OmnIatcIv inSoIveot ba
declared. "A receiVership is inevitable.
The delay in appointing a receiver means
that the expenses are piling up. The
Eank attorneys are not prepared to go
ahead, and that IS the reason they are
asking for further time. Here are four
high-priced lawyers to be paid out Of the
banks funds, cashier with a large sal
airy, corps of clerks, a bank establish
ment, costing $780, and two committees
that have already put in bills for ST.
90 The delay has already cost over ST.
500''
Mr.. Barton asked for the immediate ap-
polntment OF receiver with a limitation
OF the expenses. The committee reports,
he stated, had vindicated Gen. Pope
W. X. DonahOwer, assistant attorney
general, was of a similar opinion, and
after he had expressed it MIR. o Brien took
another inning. The continuance he said
would not be insisted upon unless favored
by majority of those interested. The
assets were 100000 below the liabilities,
and the bank would be able to nav 90
cents on the dollar If allowed to go on
ne thought all the liabilities could have
Deen met. Without any criticism of the
Dank examiner he believed that the bet
I terment In business conditions would have
enabled the bank to weather the storm.
incidentally, Mr. O'Brien called the at
tenuon of the court to the fact that the
committees TO examine into the value of
the assets had been appointed with the
express understanding that thew We're to
receive no compensation
Thomas Cochran and Humphrey BARTON
pointed out several clerical errors in the
report OF the real estate committee. and
the latter declared that he did not be-
Heve the depositors could get over rs
cents on the dollar, and that so cents was
not low estimate
Herehmer Johnson also reviewed the
reports, from which he deduced that the
total assets were $210, 46470 less than the
liabilities
J. M. Hawthorne suggested that Gen.
Pope be given the floor to make a speech
in defense of the newspaper attacks that
have been made on him
Judge BrilI-Mr Pope is represented nv
the attorney generals office
L. II. y Brien-Only partially
MI Donahower-The attorney generals
ONCE has no objection to Mr. Pope's adj
dressing the court
AT this point the court cut off the dis
cussion by giving his reasons for adjourn
Ing the case till Wednesday, as stated
above incidentally, he recalled the fact
that the committees had been appointed
with the understanding that they were to
get no pay.