The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-03-31
Mr.. DICKSON EXPLAINS
STATEMENT CONCERNING REPORT
OF RECETV EESs OF MINNESOTA
SAVINGS BANK
ONE RECEIVER rs ABSENT
Case VIII Be Brought Up for ADJ
Indication at the Special Term
of the District Court
Today.

Fred N. Dickson. one OF the receivers
appointed by the court two years ago to
take charge Of the affairs Of the Mime
sofa Savings bank, does not give any
particular encouragement to the deposit
tors and creditors of that institution.
Application has been made to the district
court by John Llndquist. who had 81 800
in the institution when it closed. to have
the receivers, Messrs. Dickson and Shee-
han, make some kind Of a report as to
the condition of affairs The matter will
come up at the special term of the dis
trict court today. MIR. Dickson, seen yes
terday, said:
THE report Of the receivers would have
been filed this week had 1t not been that
Mr.. Sheehan was called to Arizona by
the death of his brother. He will prob
ably return Monday or Tuesday, and
within a day or so after his arrival home
the report will be filed. The receivers
have not been. paid $1,000 per year. in
fact, only that sum has been paid to the
receivers since the spring of 1898. When
we took charge OF the affairs of the bank
there was little in sight. The bills re-
ceivable and notes, amounting to several
thousand dollars. were mostly worthless
or offsets. There were some forty odd
pieces of realty, situated in the out
skirts of the city. but the titles of each
piece were defective and the taxes had
been neglected. Some of tho pieces have
been sold, but the bulk Of the money col
lected by the receivers, aggregating about
$4,000, has come from the bills receiV-
able and notes which we recovered from
William Bickel after being appointed as
receivers. In each case the return OF the
collateral was only secured after legal
proceedings had been commenced and
fought out. When we first took charge
of the bank the books showed that about
$4,000 In bills receivable had been dis
posed Of on the last day the bank was
open for business.
There was but 81 in cash left, and an
investigation showed that BickeI had
taken the notes away with him. claiming
they were not part Of the assets of the
bank. Suits were commenced I'm the
courts here and affairs somewhat
Strengthened up. A suit was tried few
days ago I'm Minneapolis which. IL de-
cided In favor Of the receivers, Will net
the creditors about $1,000. To give an in
stance of the way business was con-
Quoted by the officials of the bank 1
will cite one case. A mortgage of $500
was given on certain piece of property.
When the mortgage came due it was
not paid. but the man who owned the
property decided it to a third person.
The person to whom 1t was decided gave
the bank a mortgage calling for $500,
backed by his note. Then the first mort
gage was satisfied and a quit claim deed
given the bank. For his trouble the third
ma rtW wa In Nuflf toly
$2S, 900 to pay 10 per cent dividend to the
creditors, who have claims amounting to
$3.50 900, and as there has been but about
$4,000 collected by the receivers this
would not go very far around. The re-
port Of the condition of affairs will be
filed In the court as soon as Mr.. Sheehan
returns