The Saint Paul globe., 1899-07-16
LET IT BE REORGANIZED.

The citizens of ST. Paul generally whether deposi-
tors in the Savings Bank Of st. Paul not will re-
joice at the announcement which appears in our
local columns that the trustees and stockholders of
the bank have taken up the work Of reorganizng
that institution. 1t is clearly the duty of the rus-
tees and stockholders devote themselves earnestly
to the task of seeing that every dollars worth of
sets held by the bank goes to the depostors. The
people of this community have received too many
object lessons to the expense of receiver
ships, even with the most economical management
possible and it is highly gratifying find that the
gentlemen who have had charge of the savings bank
realize this, and have determined that their efforts
at least shall be directed to avoiding the disastrous
consequences of a receiyership
1t is not claimed by any person that the assets Of
the bank fall far below it's liabilities but that the
depositors will be paid most if not all of their
claims. The most sanguine friends Of the bank con-
hdently that under the improved business
dltlOns there will be surplus after paying the de-
pOsitOrs in FULL while the most pessimstic concede
that the assets worth at least rs per Both
of these claims Of course based upon the theory
that the assets will be carefully nursed for is con-
ceded all sides that if litigation is to continue
two more receivers to be appointed and the as
sets thrown upon the market and sold at forced
sale, great loss is inevitable.
There is question but that the condition of the
bank is the result Of the business depression which
has existed for the past few years. 1t will not be
claimed by any person that the management Of the
bank has frauduently diverted any of it's assets.
The bank has been compelled to keep invested in
real estate large proportion Of it's deposits. Neces-
Sarily the unprecedented fall in the prices of real
estate has been injurious to the bank but everything
that the bank has received is now available to pay
its depoSitors.
In any plan Of reorganization whic4l may be
adopted it be expected that the depOstOrs will
consent to extension for the payment of their
claims in full and it would further seem naturally
that the trustees would be unable absolutely guar
antee the full amount of each depostors claim but
there is why the trustees and public Of
fcials should not be able in the Of the next
few days to formulate plan in which they could
definitely state to the depositors when and what
proportion Of their entire claims could be paid to
moral certainty with the further provision that after
that amount has been paid the residue shall be ap-
piled to the payment Of the remainder of the claims
that the depOsitOrs may feel assured that they
getting the full benefit of all the assets Of the
bank in the spee1iest possible manner and at the
lease possible expense.
1t has often happened in the past that the officers
of financial institutions have been overwhelmed and
have given up in despair when disaster has over
fcers of the Savings Bank of ST. Paul the more COM
mendable and in their efforts carry out the laul-
able intentions they can, the G o b believes feel
of the sympathy and support Of the people of
st. Paul