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

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| would not lose a cent. The bank had
! been forced to take deal Of real es-
| tate, but this was rapidly improving in
price, and during the past year the bank
| had sold $4,000 worth of real estate at
| much better figure than the book values
| of property.
| John Caulfield 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 a
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 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.
| Undertake had resigned several months
| ago, and the vacancy had not been filled
! number Of depositors, as 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
/ q ba ha q
| The names of Gustave Scholle and Eonch
| +. Berrisford have been mentioned for
] the position of receiver if the court de-
| c1des that the appointment of one is nee
| essary.
The savings 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 meeting
| for this afternoon at 2:3G o'clock, to be
| 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 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 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 a portion Of their
own time to attend to the work. that it
| would be most desirable thing.
OTHER INSTITUTIONS.
The announcement that the Savings
Bank Of st. Paul had been closed had the
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 were over something like SIS, 900 had
| been withdrawn.
| President Ferdinand Willius, however,
treasured the depositors that the bank
was all right, and number of those who
| came in with the express purpose of can
| ceiling their accounts, decided to allow
| the money TO remain. President Willius
| had prepared and hung in the bank where
| all who came in could see it the follow
| ing card -
Cash on hand and available funds which
hours: cash on n hand, $186, 600; United
States bonds, $64,5OO; Chicago bonds,
$4,000; New. York bonds. SO, 900; Boston
| bonds, $4,000; ST. Paul bonds, $84, 800; LIE
Sueur, Mimi, bonds, $13 OOO Council Bluffs.
$1,000; La1er9e, MINI, bonds, $1,000; Att
County, MINI, bonds. $4,000; Dodge
County, Mimi, bonds, $4,000; Cleveland
and Ohio bonds, $4,000; other municipal
! bonds, $105,000; total, 1851, 000.-- -
| In round figures we have about 81, 200,-
900 in deposits" said President WilIius,
| 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 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 I 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 depo3itors.
Il received 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 Of
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-
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 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.. Ickler IF the deposit
ors want their money they can have it"
DEMAND FOR BOXES.
There was demand for boxes in the
safety deposit vaults yesterday and one,of
| the officials at the institution in the Ma
| tional German-American 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.