Article Text
Mrs. Nell's Property. A dispatch dated Anoka, Minn., November 19 says that Mrs. Maria B. Nell has turned over all her property to secure the creditors of the First National bank of Minneapo is, for the sum of over $40,000, for the notes she signed for P. F. Pratt. She has signed over all her property, with the exception of her homestead in Dayton, to Judge Seagrave Smith, to hold in trust for her creditors. This property consist of a 40 acre tract in Minneapolis, and another tract of the same size in St. Paul, the two being worth probably $200,000. Both pieces are now in litigation, suit having been brought some time ago by her son in the district courts of Minneapolis and St. Paul. In both courts Mrs. Nell secured verdicts in her favor. The son has taken an appeal from the Minneapolis court and the matter will have to go before the supreme court before the property can be sold. No appeal has yet been taken from the decision of the St. Paul court, and those familiar with the nature of the case say there is not more than one chance in a thousand of Mrs. Nell being defeated. The receiver of the bank, Mr. McNeir, after much hard work, was enabled to get Mrs. Nell's consent to this arrangement. As soon as the suits are decided, and if in Mrs. Nell's favor, the property will be sold, or enough of it to pay the notes, which will amount to something over $50,000 all told. This will enable the receiver to close up the accounts of the bank, and will probably relieve the stockholders from an assessment to pay depositors of the bank. In case the suits go against Mrs. Nell the bank will have to stand the loss of the paper indorsed by her. Mrs. Nell is over 80 years of age and is entitled to a great deal of sympathy in this matter. Of this large sum of money which she is called upon to pay she had never received a dollar, it all going 80 P. F. Pratt, the ab. sconding cashier of the bank, in whom Mrs. Nell had the utmost confidence, and who made a will leaving all her property to Pratt. The raseal overreached himself, losing more by his dishonesty than he could have had and remain an honest and respected citizen. The trust deed was given by Mrs. Nell some two weeks ago, but was kept secret by the bank officers at Mrs. Nell's request. The matter was divulged by the lady herself while on & visit to Elk River and was fully confirmed by Receiver McNeir, when interviewed.