St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-04-28

Ol INC pOdIu Oh ulieclOIS. yesterday
afternoon; and this statement was re-
peated by every other member OF the
board, and 1t can be regarded as q GER
tainty. The stockholders are
Nearly All Wealthy
men, and nnder the law they are liable
for double the amount OF their holdings
II il is necessary to call for more money
to meet the obligations of the bank,
which is not only not possible, but
highly improbable. One of the most
conservative bankers in the city gave it
as his opinion that the stockholders
would receive a dividend of about 30
cents on a dollar after every obligation
of the bank had been settled in full.
OF course the assets will be deprecated
to some extent If the bank is wound up
at once.
There is no lack of funds in the st.
Paul banks to meet all demands of bust
ness; indeed, there is more money on
hand than there is demand for, but the
business men who have their funds tied
up at the Commercial will be obliged to
open accounts in other banks, and as a
cashier in one OF the banks said yester-
day:
They may be caused some incon-
venience, because it is not customary
for firm to commence business at a
bank with a discount. However, have
no fear that all of the Commercials Gus
toners will be cared for"
During the afternoon a number of
business firms and local bankers
through Minnesota and Wisconsin Sc
cured other correspondents in st. Paul,
and notices were posted on the door of
the Commercial bank notifying holders
nf thniT phnplsS
where they would be paid. For exam
pie, the st. Paul National bank will pay
! checks OF the Security Bank of Luverne
and the Bank of Mazeppa. while the
| National German-American will pay the
| checks of &. Somers " Co. and Snow,
| Church IL Co. The First National bank
also gave notice that checks of the State
| Bank of Wisconsin should be presented
! there.
The Commercial bank is a state and
city depository, and has $50, 600 of the
! city funds. The city is secured, how
ever, by bond for 100000. The ac-
| count of the state Col. Bobleter could
not state exactly, as he said a number
| of drafts had been drawn on il during
the past few days, some of which may
not yet have been presented for pay
ment. At the most this is not over
many times the amount. On the first of
the month the state account was about
$4,000, but this has been very much
! reduced.
The Commercial bank was organized
| five years ago as national bank, with
Hon. Albert Scheffer as president. Hon.
| +. III. Kelly as vice president, and Her
man Schetfer. cashier. 1t commenced
business in the Davidson block, at the
corner of Fourth and jackson streets.
| Mr.. Kelly withdrew some time later,
| and William Hamm has since been the
vice president. The new bank started
Out with large constituency, and its
stock has been held largely by the most
solid and substantial citizens of ST.
! Paul. About two years ago
the present location on the
corner of Third and Robert streets
was secured and the bank removed.
| About the same time it was decided 10
surrender the circulation and national
bank charter. and the bank reorganiZed
as 4 state bank under the banking laws
of Minnesota. The board of directors
follows:
Albert Scheffer. C. II. Lienau. j. Middle
| ton, IL Scheffer, T. b. Campbell William
| Hamm, j. Ii. Drake. William IL. Lightner. b.
! Kuhl, +. A. Hendrickson. A. School, II. A.
Castle, D. b. Finch, Charles Steele and d.
| Aberle.