Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-05-03
A BIG BANK.

SOunbrys
Early in the beginning of the year the |
GLOBE announced the formation of |
mammoth banking association in this |
city, which was to absorb the German |
American bank, with capital of 100000, |
and to be added to by other capitalists |
both in this country and in Europe, Great |
ing bank of 100000 capital At the
time the announcement was made, few out |
side of the city of st. Paul believed that
such mammoth banking house could be
formed. Yet to-day it is an &C
complished fact and the National
COMMUNICATION bank is now only
awaiting the more formal routine to be
gone through with at Washington when
it will take its place among the few lead
ing financial institutions of America, with
a capital which reaches into the millions.
The regular annual meeting of the
stockholders of the German-American
bank was held on the 10th oflJanuary last,
at which meeting President Willius stated
that at the meeting of the stockholders on
January 1st, 1882, it had been decided to
increase the capital stock from 100000 to
$500,O00. 1t was then expected that dur
the year 1888 a further increase would
be necessary to meet the requirements of
the bank. At the annual meeting of the
board of directors on the 10th of January
last, it was recommended that on the I'd
of next May the capital be increased to
$2,000,00O, and that prior to that time the
bank obtain charter as a National bank,
| and that the name be changed from the
German American bank to the National
| German-American bank. With a view to
| accomplish this object other capitalists
were induced to embark in the new
enterprise.
| All the preliminaries for the establish
ment of such a grand banking instl-
tuition have been gone through with,
and yesterday over million or over
one half Of the proposed capital
of 100000 was paid in, and the re-
quired affidavit of the fact was forwarded
to Washington, and it will require but a
few days before the new bank will take
the place of the old one.
| On the 18th of April the eorporators
met and selected the following board of
directors of the new institution, W.: Con
rad Gotzian, VIM. Lindeke, F. Willius,
Alex. Sternberg, Gen. Alfred H. Terry, j. B.
Sanborn, E. Knauft, Alex. NJ. Drake, H. M.
Knox, Adolphus Paar, P. r. L. Harden
burgh, Charming Seabury, JAS. H. Weed,
Joseph Jockey, B. G. Howes, Gustave Will
Illus, Walter Mann, DR.. F. R. Smith and w.
s. Culbertsop.
This board of directors met on the 18th
of April last and elected the following
named officers:
President-Walter Mann.
Vice Pres1dent-B. G. Howes.
| Cashier-GustavaW illius.
Assistant Cashier-JosephL Jockey.
On yesterday MAY I'D the new stock
holders met at the German-American bank
and paid in the so per cent. required, or
over a million of dollars and thus met all
the requirements to change the old bank
into National bank, and the proper
papers were forwarded to Washington.
Holders of German-American stock
were given the privilege of changing their
stock into that of the new bank at $50 or
fifty per cent. premium, or receiving cash
therefor. Every stakeholder, with the ex-
ception of one small one who is purchas-
ing a home, took the new stock, and the
bank was thronged during business hours
yesterday by the takers of the new stock
AS soon as the formalities are gone
through with the old bank will have ceased
to exist and st. Paul will have one of the
ten banks in the United States with cap.
ital of 100000.
The new bank will have over $50 stock.
holders (the largest of any bank in the
United States,) comprising among the
number many of the leading capitalists
not only in this city bat others in various
portions of the Union and of Europe.
For the present the new organization
will occupy the building now used by the
German-American bank, on Third street
and in order to accommodate its increas
ing business an addition in the rear of the
already spacious building, 20 by 40 feet
has been erected for the clerical force.
In the meantime the bank has purchased
the property on the corner of Fourth anG
Robert streets, 100 by $50 feet and plans
are being prepared by Messrs. Wirth
Eltzner, architects, for building especial
~ adapted to the immense business of the
bank. These plans have not been fully de
cided upon, but already work has bee1
commenced in removing the old buildings
from the grounds preparatory to commenc
ing the work Of excavation. 1t is expected
that the excavation for the foundation
walls and the first story of the building will
10 lhPieteu LhlS year, anu InS enllrS
} building completed early in the fall
of next year. AS the plan of the
building has not been decided upon the
GLOBE cnanot give description of it, but
the estimate made calls for an outlay OF
$l5O,0O0 and possibly 100000 At all
events the GLOBE is safe in stating that il
) will be one of the grandest and most i'm
} posing buildings in the Northwest.
st. Paul feels proper and justifable
pride in the establishment of such nam
moth banking institution within he1
limits. 1t is Eunmistakable evidence OF
her growth, and also of the abiding faith
which her men of wealth have in her fu-
ture growth and prosperity. 1t will give
confidence TO capitalists in every part of
the civilized world, and bring here millions
of money to be invested in trade, manu-
features, and all that tends to build up one
OF the destined to- be, largest cities on the
American continent
Board of Charities.
A meeting of the members of the Board
Of State Charities and Corrections, was
held at the governors rooms at the State
House yesterday forenoon, Gov. Hubbard