The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-26
COURT WILL HEAR
PLEAFOR REMOVAL
FRECEIVERCRAVES
He Is OrderedtoAp pearin Court
to Answer Serious Charges
Contained I'm Complaint of the
Petitioners.

Upon the petition of the Western
Realty and Investment company
which owns claims against the defunct
American Savings and Loan company
aggregating $100,0374S, Judge Lewis.
in the district court. yesterday issued
an order citing the receiver of the de-
funct company, Edward B. Graves. to
appear in court Friday. July 81. and
show cause why he should not be re-
moved from the position. He is also
ordered to bring into court all Of the
books and accounts of the concern. or
which he has been receiver since It's
failure. in 1898.
This is the second attempt made to
have Mr. Graves removed from the re-
eeivership, the first being last August,
at which time the application was de-
MED.
1t is charged by the petitioners that
Graves is dissipating the assets Of the
concern with a receivership expense
that is altogether out of proportion to
the size of the holdings. He is also
charged with neglect. bad judgment
and incompetency.
According to the petitioner, Graves,
as receiver, has been allowed $500 per
month compensation from the begin
ming of the receivership. At the start
Graves made a report showing assets
of $4,000. In a later report. made
Oct. 6, 1902, his report showed that the
assets had diminished $15,1S5.96. In
the time intervening between the two
reports the receiver had expended $31,-
321.97. the items of expenditure being
as follows:
Taxes paid Observation-Disclosures. 81, S51. -
Insurance premiums ............. ,30I S2
Repairs On property .............. 2,694. 81
Travelling expenses :............. 505 .94
Stationery and printing. ......... 444 "a
General EXPENSES al 4.U0
commissions 5Uo on
Attorneys fees ........,......... 694 9S
once force .................... 6'd04 81 81
Receivers allowance ............ 1850 20
Mr.. Tighe dissects the report in this
language:
"The item of office force included
$1,759.60 paid TO stenographers. $3.50
paid to a collector, and $3,995 paid to a
salariedA collector and office assistant.
In addition thereto, and included in the
item of general expenses, was an item
of office rent. taggregatings S1,596, or
$3.50 per MONTH. The receivers COM
pensation for the fifty-six months, at
the rate of $500 per month, aggregated
$16,S00,; of which only $7,S60.20 had
been paid, leaving a balance due on this
account of $S.939.90.se s. -
cit cost $40,261.17 to administer an
estate of $4,000. which had meanwhile
earned $10,940, or about $4,000 in ex-s
cess of its income. and, in spite of such
expenditures, said receiver had accu-
mulated no fund out of which any divi-
dand should be paid to said creditors"
1t is asserted that. eighty-seven
creditors, holding claims amounting to
$134.68317, have. spetitioned the public
examiner for the removal of Mr..
Graves as receiver. but that no atten-
ton has been paid-to- their request.
The petitioners assert that they
know but little of what has been done
by the receiver since Sept. /, 1902, but
they have learned from the court rec
ords that eight pieces of real estate
have been sold for less than a total of
$4,000. They presume that the ex-
penses have been going on at the rate
of Sis per month. and for these rea-
sons and others they want the re-
ceiver brought into court and made to
explain the condition Of the assets at
the present time.