The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-02-01
BUSY WRITING CHECKS
OF SAVINGS BANK OF
ST. PAUL TO GET DIV
IDEND =
Is DUE WITHIN A FEW DAYS
The Security Company of Which Rec
ceiver Hodgson Is President send
Ing Out Circulars. to the Depos-
itors Setting Forth the Advan-
tnges of His Institution as a Place
for Saving Money.

Deposifors who had money In The Saw
ings Bank Of st. Paul when that insti-
tuition closed have lately received.
through the mail. a circular issued by q
trust company, calling attention to the
fact that the company issues interest
bearing pass books. receives deposits OF
81 and upward and pays per cent per
anrum compound semi and
also certificates of deposit are issued
drawing a per cent"
The information is also given in the
circular that money deposited at per
cent is earning SO Ia more than money
deposited at 5 per cent?
Another statement made In the circular
is 'the price of two cigars day will
make the difference between an old age
of ease and luxury and old age Of
toll and poverty"
The circular at its head gives the name
of E. ]. Hodgson as president Of the
trust company, which offers the induce
ments. Many Of the depositors of tile
Savings Bank of st. Paul were women
and. of course, the saving of two cigars
a day does not apply in their cases. The
same gentleman who Is president of the
trust company which is sending out the
circulars, and whose name is at the head
sof the concern, is also receiver of this
Savings. Bank of ST. Paul, and before
their money they. are, first anxious to
know when Mr.. Hodgson rs to payea
dividend. {
-.
Mr. Hodgson when asked yesterday.
about the possibility of dividend to- the
depositors of the bank, said:
/ DIVIDEND ABOUT READY
1.-THE total liabilities of the bank
amount to $1,070,000, and claims have been
filed aggregating about $f,000,0e0. The
last day for fling claims is Feb. %.
There are about 5000 depositors and we
are now preparing the checks for a
dividend of 20 per cent, which will. be
paid within "a week or ten days. [ did
not intend to say anything about the
dividend for the reason that we are In
rather small quarters and the announce
ment that a dividend would be paid
would crowd the Office with inquiries AS
soon as the checks for the 6.G00 depositors
are made out the court Will be asked for
an ORDER and have arranged so that
the order will be at once granted. 1t was
at first thought dividend would be paid
in December last but as only IL or ID
per cent was available at that time 1t
was decided to wait until 20 per cent
could be paid. In my opinion the de-
positors will ultimately get 70 per cent
of their claims. Some firms are paying
&c cents en- the dollar for claims of de-
positors. These firms commencedsslhy
paying 25 cents, but have raised the sum
until now I understand they are paying
% cents AS near as can understand
the firms have bought up about S3G000
worth of deposits The, sale of realty,
although there Is. not much demand, has
brought good prices. 1t would have been
impossible to secure the prices for 1t a
year or year and half ago, and l look
for greater activity In the spring. 1T Is
Impossible to say Just when the second
lfvidends 1Wstiiibe paid, hiItitlIe: money for
the second dividend will come largely
from the personal property in my hands ld:','
SAYS MATTESON DID 1T. - -
Asked as to-~the circular which the
trust company. of which he was ,presi-
dent. was sending to the depositors. over
his name, Mr.. Hodgson said he had meth
ing to do with that part of the business.
He supposed it was being done by
Charles d. Matteson, secretary of the
company, as the company sent out every
year circulars advertising its business.
AS to whether circulars had been. sent
to all the depositors of the Savings I,alk
Of ST. Paul he said ne did not know, as
he had nothing TO do with the matter.
How Mr.. Matteson became possessed
with the names OF SO many OF the de-
posftors Of the institution Mr.. Hedgson
did not say.