St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-18

bdllh VIII bS plOihOlcO Wy IhS lCuuCIiOll
of the number of shares of capital stock;
therefore,
Resolved, first, That the shares of
capital stock of the National German
American bank be reduced from 10000
shares OF $500 each to 10000 shares of
500 each by the acceptance by each
shareholder of new certificate or new
certificates for 30 per cent Of the num-
Der CT shares specified III the certificate
OF certificates now held or controlled by
him. while the assets remain the same
as before the reduction. And there
upon, when fully completed, the char
ter of this company be amended by re
ducng the capital stock thereof to
Sl.C00, 600.
Resolved. second, That as soon rs the
foregoing resolution Is approved by the
honorable comptroller of the currency
the officers of the bank shall notify each
stakeholder of the passage Of the same,
that the same has been approved by the
honorable comptroller OF the currency.
and request each stakeholder 10 trans
init forthwith TO the president of the
Oank OF all certificates OF stock held
by HIM, and that upon the receipt by
the president OF all the certificates of
stock he shall issue new certificate
or certificates 10 such shareholder for
50 per cent OF the number OF shares
specified in said certificates sur
rendered.
Resolved. third, That the officers of
The bank obtain forthwith from de-
p0sitCrS and all other creditors having
- claims OF 500 or over due Oh demand or
otherwise, six. nine. twelve and fifteen
months time IN which to pay the same,
with interest at + per cent, and divide
each claim and demand into four Ger
titicateS OF deposit OF equal amount, and
have the respective certificates payable
at the times above designated. and
fhereupOn obtain from the comptroller
Of the currency Il statement OF the
amount OF cash that he will require the
bank TO have on deposit and available
as Il condition precedent 10 reOpening
and resumption, and when the bank
has complied with the necessary pre-
requisites ana conditions it shall re
sume.
Resolved, fourth, That to enable the
bank to provide cash fund OF sufficient
magnitude to enable il to resume pay
ment and reopen. the officers be. and
hereby are, directed to collect fIom all
debtors to sad bank all notes and de-
mands due, and as the same fall due, in
cash, whenever possible, and whenever
1t Is found Impossible to collect the
same in cash, to obtain proper security
therefor. at the earliest time possible,
and that the officers be, and are hereby,
authorized and directed To sell such
notes and other securities SO obtained,
and transfer the same, Oh reasonable
terms without recourse, until sufficient
money is realized to create the cash
fund that may be required by the
comptroller of the currency as condl-
lion precedent to reGuming said bank.
Resolved, fifth, That the officers of the
bank be and they are hereby authorized
10 sell the real estate and building
known as the bank building and prop
rrty, situated at the corner of Robert
and Fourth streets in St. Paul, being 115
feet on Fourth street by 100 feet deep on
Robert street, at a reasonable price to
be approved by the board of directors.
Resolved, sixth. That article third of
the articles Of association Of this bank
be and the same is hereby amended SO
rs to read as follows:
Third-1he board of directors shall
consist of niue 90 shareholders"
And resolved further. That any va
caDcieS created by the resignation of a
director or directors may be accepted by
The board or directors and vacancies
filled until the number of directors is
reduced to nine.
Resolved. seventh, That if any person
or persons execute their personal bond
to or for any state, county or city
Officials, or other person, to secure the
deposit in this bank OF public money,
that the person or persons so executing
sad bond shall be and hereby are fully
Unidentified by tine bank against all
losSes and liabilities that may come or
accrue to them Oh account thereof, and
that this provision shall apply aS we'll
10 bonds or indemnity heretofore issued
ana all guarantees heretofore made as
TO such bonds and guarantees hereafter
made.
Resolved. eighth, That III the event of
the shareholders of the National German
American bank failing or refusing to
surrender their certificates Of stock aud
receive in lieu thereof new certificate
or certificates for 30 per cent of the
amount SO surrendered, the officers and
board of directors of the bank be and
hereby are authorized, in their discre-
tiOn, TO forthwith assess the capital
stock of the bank and the shareholders
thereof p per cent, payable i'll thirty
and sixty days from the date OF the as
sessment.
Discussing the Report.
A general discussion followed the
reading of the report, which eventually
resulted i'll re-reading by sections and
final adoption as printed.
Judge FlaHdrau stated that Comp
lroller Eekels is aware the bank is soIv-
ent, and will afford every opportunity
to reorganize by cutting the stock in
two. He EXPRESSED a belief that the
certificates OF deposit proposed in the
report would pass current and be as
good as the clearing house certificates
proposed for the purpose of handling
the crops. All the bank needs is time
TO collect its assets.
AibertH IL. Lindeke moved the adop-
ton of the report as a whole.
= Judge Nc MILAN said that he had not
given much thought to the plan and
asked that the report be considered seri-
atm.
Mr.. Lindeke again suggested that
each proposition depends on the other
and should be considered collectively.
John ID. Skinner thought the adoption
of the report ought to be deferred until
the committee that Is investigating the
status OF the account shall have re-
ported. In case of a shrinkage of assets
to the amount of Il couple of millions
they would not want to adopt the re-
port.
Gustav WilliuS said that the commit
tee is not ready to report and consider
able time will be required to complete
it. They had progressed far enough to
be satisfied that the bills receivable
would realize over s3.50O,O0O, and the
bank building and other real estate rep
resented about $65O,UOO more.
Gen. Sanborn said; The question OF
acting at an early day is of tie gravest
Importance to the stockholders. Delay
would cause Shrinkage. We have not
much time to act. Comptroller Eckels
is willing to aid us, but be can not give
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