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

had sold $26, 900 worth of real estate at a
much better figure than the book values
of property.
John Caulfeld and J. c. 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. J. A. Stees, E. j. Meier,
John Caulfeld, John S. Prince and J. c.
Prendergast. William Hamm was mem
Der of the board. but stated yesterday
that he had resigned about 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..
ago, and the vacancy had not been filled.
A number Of depOsitors, well as
those who have been doing a commercial
| business with the bank are in favor, If
| a 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. Berrsford have been mentioned for
| the position of receiver if the court de-
! cides that the appointment of one is nee
| essary.
The sayings deposits. aggregating $685.
ass, 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 meeting
| for this afternoon, at 2:3G o. 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 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 q 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. a reasonable
compensation, and, enough to employ
| such clerical help as is necessary and
not require more than portion Of their
own time to attend to the work, that it
would be a 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
I yesterday morning and before banking
hours were over something like $4,000 had
| been withdrawn. st1G>,.+e~E
President Ferd1pand I ILLUS. however,
/ reassu red.. the .depoSitorsg that the bank
was all right, and a numbereof those who
came In with the express purpose OF can
ceiling their accounts, Decided to allow
the money. to renqafn.z President; IKillius
had prepared and hung in the Bank where
all who came in$could sees.1tztlfG follow
| ing card: b. z=s;sszz; Il is,,.z7s, :.
Cash on hand and available funds which
| can be turned into cash in twenty-four
hours: Cash, on hand, $4,000; United
States bonds, $4,000; Chtcago ,bonds5a
bonds, $10,O0O: st: Paul bonds, $4,000; LIE
/ Sueur, Mimi, bonds, $4,000; Gouncil Bluffs,
To-. bonds, $4,000; Dayton. O., bonds,
kin County. .Minn.,r bonds, $4,000; Ramsey
| County, Minnsa bonds $S4, 600; Dodge
County, Minn.Ie.@:b e2, $4,000; Cleveland
bonds sos, 1000 total, 1851 $780,.
| In round figures We have about 81, 200,-
900 in deposits" said President Willius,
land, as you will notice by the card over
there. we have available cash on hand and
a days notice amounting to 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 commotion among the depositors IF
other savings banks, gave me this let
ter" and Mr.. Willius exhibited the
following. bearing the signature Of
Mr.. E.. M. Pope:
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
| value. and does not hesitate to state that
the State Savings bank is perfectly able
to pay In full all claims against It, 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. 1--WE shall take no adj
| vantage of the sixty day notice required
by our rules as to the withdrawal of de-
posits," said Mr.. Icl1ler. IF the deposit
ors want their money they can have it."
DEMAND FOR BOXES,
There was a demand for9 boxes 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 81 per year
had been disposed of during the day
SAVINGS BANK DEPOsITORs.
Meeting TO he Held at Assembly
Hall This Afternoon.