The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-04-24

ms dinner, save when he has guests, and
then Mrs. Parker sets forth wine He oc-
casionally takes whisky high ball with
his meal, Altogether he is a strongly
apstemlous man. He smokes after din
ner, but never before.
Hesls No sIuggard. 5-a n
Notwithstanding the early hour at which.
ne rises and the steady vigor with which
he works. Judge Parker does not retire
before IL o'clock or midnight. He sleeps
soundly and is up again, clear eyed and
smiling, ats6;30 clock He averages less
than seven hours in bed. - 2
10 understand the judges business ca
pacity and his common sense way Of deals
ing with difficult situations, 1t is necessary
to know how he saved the Ulster County
Savings institution. In September. 1891,
this important bank which had deposits
of '$2,50O,0O0 closed its doors in conse-
quence of embezzlementss by the treasurer
and assistant treasurer of SUMS which,
with the dividends due, amounted to $780,
600. This wiped out the supposed surplus
and left the institution with deficiency.
The usual action was taken. by the attor-.
neY general to wind up the business and
distribute the assets and temporary re-
ceiver was appointed.
1t was found that it was impossible to
wind UP the affairs of the bank in the or
binary way without substantially destroy
ing the market value of the real estate
of the bank. This was so because the
Institution had Invested. about $500 900
In real estate. mortgages. one-half of
which were on farms. To throw so many
farms on the market would have caused
a crash in their values.
Among the trustees of the bank were
Judge Parker, Gen Sharpe and Judge
Kenyon. Judge Parker was on his farm
at Accord when he got a hint that there
was something wrong. He left his fields,
hurried to Kingston, made a quick in
Vestigation and had the assistant treas
urer lodged in jail that night.
To save the depositors from loss Judge.
Parker took the leadership. He tried to,
get some strong Institution like an In.
surance. company to take an assignment
of the mortgages, with some local bank
as discount agent No institution willing
to take the assignment could be. found. 1t
looked as if the mortgages would have to
be foreclosed to pay the debt; which
meant a destruction of values and little
assets for the depesitors, who We're In
state of terror and confusion.
Judge Parker began to look about for
an honorable and wise way to save the
institution and it's depOsitors. He got
number of the old trustees to assist him.
Scheme Was New One.
His scheme was a new one in New York
court to substitute in place of the tenn
porary receiver twenty-five prominent
citizens to act as trustees. The judge
worked day and night, urging the strong
est men in the county to his aid in saw
ing the bank. He got presidents and
cashiers of banks and other business men
enlisted. Everything else was thrown
aside until the twenty-five trustees were
secured.
Fortunately for the institution Charles
M. Preston the state superintendent of
banking who lived at Kingston, gave
Judge Parker's bold plan his official sup
port The legal battle was before Justice
Fursman in the special term of the SUI
preme court at Troy. 1t resulted in
decree substituting the twenty five trus-
tees for the temporary receiver and seal
ing down the amount due to each de-
position to his pro rata share of the assets.
The court also enjoined the depositors
from drawing out more than rs per cent
of their deposits till further judicial or
deTs were made.
And now a tremendous excitement was
stirred UP in consequence of local politi-
cal disturbances. The leading newspaper
of Ulster county, to embarraSS the bank
and thus injure some of the original
trustees, advised the depositors to draw
out their allowable % per cent as soon as
the banks door opened, as it would prob
ably be all they would ever get.
A frantic crowd of depositors stormed
the bank The run meant ruin. But
when the doors opened there was Judge
Parker With bag of money which he had
obtained in New York He was deter
mined to prevent panic. Leaping on
the treasurer's desk with flashing eyes
he faced the white-faced, excited crowd,
and f1inging a roll Of money down, he
cried: Come on! We are ready to payi
Come on! DO you think we would waste
our time on broken bank?"
Instantly the panic ceased. Judge Par
ker had saved the day The depoSitors
departed, and only eleven per cent of
them drew out their money. That saved
the Ulster County Savings institution,
which has since worked out Of its diff
culties.
The general term Of the supreme court
and the court of appeals both sustained
Judge Parker's novel plan as sound in
law. The judge never rested till the
thieving treasurer and assistant treasurer
were sent to state prison, where they.
both died.
After while Judge Parker was asked
to become president of the bank. He de-
clared that he would only accept the posi-
ton on condition that the salary should
be abolished. This was agreed to, and
he was elected president. He did not
retire until the deposits of the bank were
several hundred thousand dollars greater
than they were before it's doors were
closed.
The rescue Of this savings bank and
its depositors is the achievement of which
Judge Parker IS prophet. 1t is the most
stirring incident Of his private life.