The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-08-12
WAIT FOR THE COURT
DEPOsFFORS OF THE ST. PAUL
SAVINGS BANK HOLD AN
OTHER MEETING
COMMITTEE DID NOT REPORT
Cannot Do So Until After the One
Appointed by Judge Brill Has
Taken Aetion-Mr. Cochran Says
That Money Can Be borrowed ON
Can BE Realized for the Property.

Can BE Realized for the Property.
Depositors of the st. Paul Savings bank,
to the number of sixty-eight, attended a
meeting held in the hall of the house at
the capitol last evening. 1t was expected
that reports from the committee appoint
ed by the depositors to examine the assets
of the bank would be made, but members
of two of the subcommittee announced
that it was impossible to submit reports
until after the committee appointed by
the court had reported. An adjournment
was taken to Monday evening at s
@ clock.
The meeting was called to order by ].
j. Egan, and Thomas Cochran selected to
act as secretary. Mr.. Egan alluded to the
small number of depositors who appeared
to be interested in the affairs of the bank,
and also to the fact that of the commit
tee of fifteen appointed by the depositors,
but two were present
S. B. Childs, one of the committee Of
fifteen, who had acted on the subcommit-
tee to investigate the tax title certificates
held by the bank, said the committee had
not been idle, but was not ready to report
The subcommittee had about completed
its report, but desired to first examine
the report of the committee appointed by
the court before submitting it's findings
The only question in considering the city
certificates of tax sales was as to the
value of the land. If the property was
of greater value than the certificate then
the investment was a good one. If the
certificate had been purchased ten years
ago, and additional certificates had been
purchased each year to protect the first
certificate, and the amount of all the
certificates more than equaled the value
OF the land, then the certificates were Of
NJ more value than the land itself Calls
were made for the chairman or some
member OF the subcommittee appointed to
examine as to the loans and discounts
but no one responded
Thomas Cochran, of the subcommittee
on mortgages and real estate. reported
that the committee had been keeping
track OF the committee appointed by the
court to examine the realty He suggest
ed, IN view of the fact that the court
committee had not reported to the court,
that the depositors adjourn to Monday
evening. Mr.. Cochran said he had been
informed by Mr.. c. D. O'Brien, attorney
Tor the bank officials, that when the com
mltteeS appointed by the court submitted
ehelf reports the court would be asked to
continue the matter for a day or so, in
oICer that the depOSitOrs might have
tlTne TO examine the reports BY Monday
evening Mr. Cochran said the COMMITTEES
would have had time to examine the re-
port or the court committee and rnnor+
something definite. He called attention
10 the fact that the bank had printed
Scl'eIhe Oh reorganization, and the de-
posters could secure copies by calling at
- sfv0lT II
ne paAh: All OF the depositors he stated
9lo.uo give this matter their attention.
Chalrmah Egan said it was apparent
TO any one that no substantial value cou1d
De placed on any piece Of real estate at
TINS time. In order to give realty any
value there must be q purchaser The
Value placed on the real estate by thu
committee appointed by the court would
probably be a fair one. but 1t would ONLY
De an estimate. So far as he could 500
lhe committee appointed by the deposjt-
ofS had done nothing. The subconmit-
tees would wait until the committee. an
pointed by the court had reported and
lheh pass expert opinion on the same
II would ne the report of experts on a Re-
port submitted by other experts. Moth
ing mad been done but meet and await
the judicial proceedings.
John T. Duffy suggested that tbora
should be some discussion or action on
! the part of the depositors REGARDING the
starting of the bank again In his oDin-
ION mistake had been made in delaying
| such action so long. Mr. Cochran did NOT
agree With either Chairman Egan or Mr.
bulIy. lie declared the depositors had
SHOWN great wisdom. They had prevent
ed the appointment of i receiver. which
would have resulted in a good share Of
| the assets being eaten up by q receiver,
and an attorney for the receiver AS r.
| was now II 1t came to receiver, the de-
! poSItors had the names Of persons and
! corporations to suggest to the court who
! would act in that capacity at a nominal
| salary The reports of the committees
| appointed by the court would be of the
| g! e&test benefit to the depositors Sneak
| ing as a deDositor he was glad that so
! much of the assets OF the bank was in
| real estate. There had been more sales
! OF realty in the past six months than in
| the past five years he stated that Fast
| ern money could be borrowed on st. Paul
! realty for more than the same property
! would bring on the market This showed
| him that St Paul realty had value and
! good value.
| Andrew Binnet interrupted the speaker
| to inquire if it was advisable for the de-
| positors to sign the plan of reorganiZa-
! ton proposed by the bank. To this in
/ quiry Mr.. Cochran said he had not signed
| the plan and would not do so until the
| report of the committees had been made
! to the court. He was not fully satisfied
! and would not be until he had seen the
| report Of the committee, and for this rea-
| son had no views as to the signing of the
| piar for reorganization.
NJ. r. Prendergast favored the meeting,
| adjourning to Monday night The com
! mittee would report to the court Monday
morning, and if there should be a meeting
| Monday night the depositors could take
| action which would
! ate action being taken by the court for
| the appointment of a receiver. S. s.
| Childs thought there was some question
| whether the Gepositors' committee could
| secure access to the report to be made to
| the court until it had been handed to
! Judge Brill. This report would be Of the
/ greatest interest to the depositors If
| the bank was solvent tie depositors
wanted to know it, If, on the other hand.
| the report of the committees showed that
| the officers had not been faithful to the
| trust imposed on them, then the deposit
orS should know it. If the report was
| filed in the court Saturday then the de-
| positors committee would be ready to
| report Monday night, but if 1t was not
filed until Monday morning then the
meeting should be held Tuesday night
! M. R. Prendergast stated that Judge
| Brill had directed the committee to file
! its finding two days before the matter
was to be taken up in the court, in or
der that the depositors might have a
chance to examine the figures. lie insist
ed that the depositors meet Monday even
ing. The motion was carried by a vote
of forty-five to fourteen and the meeting
| adjourned to Monday night at o'clock.
EXTRA ATTRACTIONS,
| Lake Shore Park. White Bear Lake