The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-07-21

Report, as the Time Allowed Was
Too shOrt-It Is Demonstrated
That Affairs of the Bank Are in
Such Shape That the Appointment
of a Receiver Can Be Avoided.
Three hundred depositors Of the Say
ings Bank Of st. Paul met in the senate
chamber at the capitol last night and
listened to a report of the general COM
mlttee appointed to investigate the
banks affairs. ]. J. Egan presided and
opened the meeting with a review of ths
action taken by the depos1tors at differ
ent times since the failure. Little bust
ness was done and the reports submitted
were not complete, as the committee had
found that their time was too short to
prepare full statement. Arrangements
were made for a meeting on the even
ing Of Aug. II, at which time printed
summaries of the reports of the de-
positors and courts committees will be
distributed and detailed information CIV
en- of the work Of investigation.
The main interest of the meeting CEN
tered about the report of the committee
appointed on July to investigate the
banks books; real estate, commercial
paper, tax certificates and other assets,
with view of presenting the depositors
with an accurate statement of the af-
fairs Of the insolvent institution. AS
chairman of the committee, ]. E. Stryk-
er gave the following report.
Your committee have found that in
the time at their disposal they could not
W.
have made considerable effort to get at
the facts, but the magnitude of the I'M
dertaking prevented it's completion be-
fore this melting. After considering the
task before US the committee was divided
into four subcommittee as follows:
A committee to investigate the banks
real estate. A committee to examine
the commercial paper of the institution
not secured by real estate. A commit
tee to look after the remaining items
of assets, such as cash on hand, stocks
and bonds and other matters.
The real estate committee found that
owing to the number of pieces Of real es-
tate held by the bank, a thorough inves-
tigation would be impossible in the time
at their disposal. They investigated
a full report Twelve different pieces
Of property were looked over and esti-
mates made and these were compared
with the estimates of the courts COM
mittee, which is engaged on the same
work. The results were satisfactory.
OF the other subcommittee, the one APP
pointed to look after the banks COM
mercial paper found 1t difficult to COM
plete their work and ask for additional
low foe
meets with the same difficulty, as it
cannot readily secure necessary data.
The work of the committees, however,
incomplete, has demonstrated, however,
that the affairs of the bank are in such
a condition that a receivership may be
avoided with careful management. Pres
ent conditions are much more favorable
than at first thought. OF the item of
stocks and bonds 1t has been ascer-
tanned that the book figures, $93,OOO are
correct. This amount can be realized and
the committee already has an offer to
take the item for this amount. The
gentleman who makes 1t will trust to the
profits above this figure from the dis
position of these assets as his commits
sion Of the commercial paper, the
committee have been unable to COM
plete a report. 1t is certain that this
item will show some loss, how much
cannot be said. There will also be some
loss on the tax certificates. The COM
mittee has worked in conjunction with
the committee of the court, which has
gone through three-fourths Of the real
estate items, and would advise the de-
pOsitors that its final report can be de-
pended on for an exact statement Of
facts.
No one should become panicky yet. The
showing so far is more favorable than
! anticipated The committee especially
| of
of deposit to Minneapolis or other par
ties at a discount If the depositors
do not receive dollar for dollar they will
obtain nearly that Between two-thirds
and three-fourths of the assets are con-
tanned in the items Of real estate and
real estate mortgages. MT. 0tryher
was asked for an opinion as to what
amount the commercial paper would
bring. He replied that he was unable
to express an opinion for the committee,
hut personally considered that 1t would
be worth about $4,000.
Since the meeting held in Labor hall
Judge Brill has granted the additional
twenty-five days before taking final &C
ton, which was asked for by the de-
nositors' committee He has also in
structed the court committee to file it's
report within five days of the expiration
of the period in order to give the de-
positors time to review the report ana
make a statement De1Ore q oepo9ILolS
meeting. NJ r. Prendergast opened
short discussion with a suggestion to
+he stockholders that if any scheme OF
reorganization is effected a committee
of deDositors be appointed to place val
nation on all mortgaged property and
all real estate owned by the bank.
after this is DONE" he explained, the
derositors should be allowed to buy in
real estate with their deposits and In
+bis Uav utilize this item of assets.
would also suggest that since the de-
nositors have been receiving and 4 per
cent ON their money for the past few
wears they allow this committee to re-
hate this amount for two years and de-
duct if with the understanding that II
the hank paws dollar for dollar they re"
ceive their interest before other claims
are paid ...
The only discussion out of the routine
was occasioned by a motion OF Z. j.
Mcdonald that before the next meeting,
TO be held Aug. II, the deposltors' com
mittee prepare a printed statement or
the report of the court committee for
the use and information of the de-
nositors. This raised a storm of criticism
and was not clearly understood. I. w.
Criggs restored order by explaining that
q summarized report Of the work of the
court and depositors' committee would
answer the purpose. A motion to the eff
feet that such a statement De printed
was carried.
THE SECRET OF a CLEAR SKIN,
soft. white hands, and luXuriant hair is
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