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WANTS A RECEIVER Public Examiner WIII Wind Up St. Paul Trust Company. Public Examiner Johnson will ask for the appointment of a receiver for the old St. Paul Trust company. which has been practically out of business for several years. It is desired to wind up the company's affairs.
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WILL ASK RECEIVER FOR TRUST COMPANY Public Examiner Acts With Advice and Consent of Its Officers Public Examiner Johnson made the statement at the capitol yesterday that he would today ask the district court of Ramsey county for a receiver for the St. Paul Trust company. The St. Paul Trust company has been in process of liquidation for some years, and it is understood that the action of the public examiner is taken with the advice and consent of its officers, and only to facilitate the closing up of the company's affairs, The suit is a friendly one.
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WILL ASK RECEIVER FOR TRUST COMPANY Public Examiner Acts With Advice and Consent of Its Officers Public Examiner Johnson made the statement at the capitol yesterday that he would today ask the district court of Ramsey county for a receiver for the St. Paul Trust company. The St. Paul Trust company has been in process of liquidation for some years, and it is understood that the action of the public examiner is taken with the advice and consent of its officers, and only to facilitate the closing up of the company's affairs, The suit is a friendly one.
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RECEIVER FOR TRUST COMPANY. By Associated Press St. Paul, July 26.-The Northwestern Trust company was today appointed receiver for the St. Jaul Trust company. The petition places the liabilities at $160,650; assets, $111,794.
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NAMES A RECEIVER Northwestern Trust to Wind up St. Paul Trust Company The Northwestern Trust company was appointed yesterday by Judge Lewis, of the district court, as receiver for the St. Paul Trust company, insolvent. A receiver was named on motion of Assistant Attorney General F. N. Dickson, following the application of State Public Examiner S. T. Johnson. The Northwestern Trust company was recommended as such receiver in a petition to the court signed by the principal creditors of the insolvent company. Examiner Johnson declares, in his application, that in January, 1902, it appeared to him that the decision of the Minnesota supreme court in the case of The St. Paul Trust Company, executors, etc., appellants, against Ab-igail Spurr Strong et al, respondents, would result in a very material increase of the trust company's liabilities and possibly in the insolvency of said company. "An examination of the company made by me," continues Mr. Johnson, disclosed that the business and affairs of the company had been conducted in an unsafe and unauthorized manner. The petitioner directed the company not to accept any new trust or business, and under a change of management. the company proceeded to dispose of its real estate and decrease its liabilities. The affairs of the company since January, 1902, have been conducted under the supervision and with the approval of your petitioner, and, as your petitioner believes, to the best interests of all concerned. The company is now insolvent, says Mr. Johnson. Its liabilities exceed its assets by about $54,000. These assets are: Cash and marketable bonds, $52,683; real estate, $43,000; real estate mortgages, $5,952; contract of sale, $1,709; miscellaneous, $8,450; total, $111,794. The liabilities include $15,330 due to stockholders. The request of creditors that the Northwestern Trust company, of St. Paul, be chosen as the receiver was signed by creditors. These creditors and their respective interests are: Freeman P. Strong, $68,000; Freeman P. Strong, trustee, $9,000; First National bank, $14,000; Merchants National bank, $13,000; St. Paul National bank, $12,000. A formal acceptance of the receivership was filed by the Northwestern Trust company.
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ESTATE MUST PAY FOR OWNING THIS STOCK Claim of Receiver of Trust Company Against Gilfillan Estate Allowed The claim of the Northwestern Trust company, amounting to $2,000, was allowed yesterday by Judge Bazille, in the probate court, against the estate of Charles D. Gilfillan. No objection was raised by the executors. The claim was made by the Northwestern company, as receiver of the St. Paul Trust company, to enforce stockholder's liability on stock of the St. Paul company belonging to the estate.
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Company to Settle in Full A second dividend, amounting to 20 1/2 per cent and making 63 per cent in all, will be paid by the Northwestern Trust company, receiver of the St. Paul Trust company, to the creditors of the St. Paul company, except the stockholders, according to an order filed yesterday in the district court by Judge Orr. The receivers will probably be able to pay the creditors in full.
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from a trip to St. Paul. I. N. Tompkins has nearly recovered from his recent illness, which has kept him in the house for a week or more. A. R. Gordon of Schaller, Iowa, formerly a resident of Redwood in Falls, was transacting business this city within the pasttwo weeks. A. C. Burmeister made a flying to Minneapolis last Tuesday, a meeting of attending trip the insurance executive board of the millers' company,"an returning in the evening. In the sale of the stock of dry goods, etc., by S. G. Peterson, announced last week, it was not stated that Mr. Peterson retains the building, and will probably continue a resident of Redwood Falls. At a meeting of Charity Cbapter No. 35, Order of Eastern Star, on Wednesday evening of last week Rhoda Ferris was elected wortby matron, W. R. Caswell worthy patron, Ella Tibbetts associate matron, Adell Robinson conductress, W. Julia Dunnington secretary and H. Wallace treasurer. Judge Bazille of the Ramsey counprobate court, allowed the claim Northwestern of ty the against Trust the Co., esamounting to $2,000, tate of Charles D. Gilfillan. No objection was raised by the executors. was made by as receiver of the The pany, claim stockholders' the St. com- Paul Trust Co., to enforce liability on stock of the St. Paul be'onging to Clague, company Hon. Frank the speaker estate. of the next house of representatives, was in the city last Wednesday afternoon, having come up from St. Paul, where he has been spending several days conferring with members elect. Mr. Clague's position, just now, is a strenuous one, members asking for committee assignments, and the candidates for appointive positions being exceptionally numerous. The large cottonwood trees in the library square, which have been growing there for years, and have, on each recurring sumscattered the cotton mer, which and the seeds city, all over that section of have been cut down and turned into cord wood. There was a gen. eral call for the cutting, on account of the heavy scattering of the cotton. Trees of a hard variety will take their place. W. H. Gold returned last Tuesday evening from a two days' stay in St. Paul and Minneapolis. Mr. Gold met his two brothers, Sid. R. and John Gold while there, and bade the former farewell on bis trip to southern Mississippi, where he goes for the winter. Sid. Gold is almost a nervous wreck on account of overwork, and his physicians have insisted on a, winter's lay-off in the laziest summer resort the of the south, and that is along coast line of the Mississippi, where a person becomes so lazy in a day he or two after arriving there that is in no danger of worry or work. W. H. Gold may spend a month down there after the holidays. The separate ballot for constitutional amendments certainly seem to have filled the bill. All the amendments submitted at the present election were carried, even the doubtful one enabling the legislature to abolish the grand jury system. Beyond question a large share of the affirmative votes on this proposition were cast without of what it meant. As it on the ballot there was knowledge stood the effect nothing to tell the voter what of the change would be. The separate ballot put something in the voter's hands which had to be attended to. As a rule he settled the question by voting "yes" on everything. It is an irony of fate that
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THIRD DIVIDEND IN MONTH FOR CREDITORS Trust Company Makes Another Payment for Defunct Concern The Northwestern Trust company, as receiver of the St. Paul Trust company, was yesterday granted permission by Judge Orr to pay a dividend of 221/2 per cent. This makes the third dividend authorized paid during December, and brings the total paid to the creditors of the insolvent company 83 per cent. It was shown by the report of the receiver that it will be possible to pay the claims against the insolvent concern in full, this having been made possible by an assessment of 50 per cent on the stockholders, Since the last statement there has been collected $33,493.01, bringing the total receipts up to the present time $128,972.65. In allowing the receiver $2,779 for services, Judge Orr commented favorably upon the reasonable charge made, stating that the work done had been well worth the amount.
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Two Petitions Filed A petition was filed yesterday by the Northwestern Trust company, as receiver of the St. Paul Trust company, ásking the approval of the district court in the sale of certain notes and mortgages to Francis C. Atwood. Mrs. Carrie E. Porter and Howard H. Bailey, stockholders of the St. Paul Trust company, petitioned to be relieved from all further liability upon payment of $100 in each instance and also upon condition that they waive all rights of title in any assets of the company. Both petitions were taken under advisement.