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

Nearly All Wealthy
men, aud nnder the law they are liable
for double the amount Of their holdings
If il is necessary 10 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 q dividend of about 30
cents on n 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 10 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 viii be obliged to
open accounts in other banks, and as
cashier in one OF the banks said yester-
day:
They may be caused some incon-
Ycniencc, because it is not customary
for a firm to commence business at a
bank with discount. However, have
no fear that all Of the Commercials Gus
toners Will be cared for
During the afternoon Il 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
Of their checks on the suspended bank
where they would be paid. For exam
pie, the st. Paul National bank will paw
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 $500, 600 The ac-
count of the state Col. BObleter could
not state exactly, as he said 4 number
of drafts had been drawn on il during
the past few days. some of which may
not yet have beeu presented for pay
ment. At the most this is not over
$4,000, secured, OF course, by bond in
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 a national bank, with
Hon. Albert Schetter as president. Hon.
| p. ii. Kelly as vice president and Her
man Scheffer. 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
odt with a 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 ANA 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. H. Lienau. j. Middle
ton, II. Schetfer u. b. Campbell, William
Hnmm, j. Ii. Drake William H. Lightner b.
Kuhl, +. 4. Hendrickson. a. Schoch. II. A.
Castle, D. Is. Finch, Charles Steele and ID.
Aberle.