The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-07-25

~ DGSAh W1Chs
A meeting Of the trustees of the Say
lngs Bank Of st. Paul was held yester-
day afternoon and plan talked over
which has the approval Of Bank Examiner
Pope and will obviate the necessity Of
the appointment Of receiver.
Another meeting Of the trustees will be
held this morning at IL o'clock, and the
minor details Of the plan decided upon.
The plan is to petition the court to allow
the bank to go into voluntary lfquida-
ton, with four of the trustees to be
elected by the full board to have charge
of the affairs of the institution. This
plan will permit the bank to open it's
doors and receive new deposits. and avoid
the expense of a receivership. In short
the plan is more for a continuance than
a reorganization, and as it appears to
be the best plan that has been submitted,
and is for the interest Of all parties con-
cerned, it will doubtless be allowed by
the court, if the necessary number of
depositors' signatures is secured
A paper will be Immediately circulated
among those holding pass books for their
signatures, and if 50 per cent of the de-
pos1tors favor this course the affairs of
the bank will be wound up by Huuida-
ton
The following without any of the small
er details, is the plan which has been
submitted to the bank examiner and
which has been approved and will doubt
less be adopted at todays meeting and
submitted to the depositors:
tirst-The immediate payment Of *
per cent on all deposits.
Second-The payment of 60 per cent
Wlthn the next three years, or 20 per
cent in each of the years, 1900, 1901 and
1872; ~ per cent to bear interest at z per
cent from July 1, 1900.
Thlrd-The balance of the % per cent
in residue certificates. to be payable
without interest, July l, 1903 All Of the
assets of the bank and the earnings of
the future to be appropriated to the pay
ment of these certificates
tourth-The deposits received in the
future, to be invested separately, and
not to be used under any circumstances
for the payment Of old Indebtedness.
Fifth-The stockholders to deposit their
entire holdings with the state bank ex-
aminer, with the stipulation that in so
doing the liability of stockholders is NOT
Sixth-No new stock is to be issued
from now on.
Seventh-The bank hereafter is to do
purely a savings bank business and no
commercial banking business.
Eighth-During the continuance of the
agreement, the bank examiner is to have
the right, after consulting with the cred
1torS, to appoint four Of the trustees OF
the bank.
Gen. Pope was seen yesterday regarding
the matter and said, 1.-The plan has the
approval Of this office, and will doubtless
be sanctioned by the depositors. The pay
ment of 10 per cent. of all claims against
the bank includes interest up to July l.
The bank, if reopened for the purpose of
liquidation, will confine its business en-
t1rely to straight savings bank business,
and no commercial transactions will be
permitted. In this way the depositors
will get much more out of the assets
than if receiver was appointed. The
money deposited with the bank if it is
reopened under the proposed plan, will be
invested under savings bank rules The
plan leaves the nomination of the four
trustees to have charge of the bank with
the public examiner, and men will be
nominated who will represent the de-
pOsitors."
Thomas D. O'Brien, who represents the
bank, was seen yesterday and had little
to say regarding the plan, except that
he thought no doubt it would be adopted
and said he thought it for the best in
interests Of all concerned.
There are fully 5000 deposiors and if the
plan goes through a meeting will be called
to explain the plan in detail Something
more than a rough draft will be prepared
at today's meeting of the trustees and
the matter put in greater detail.