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


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 10y the acceptance by each
shareholder Of a new certificate or new
certificates for 80 per cent Of the num-
Der CT shares specified in the certificate
or 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
81 ,C00,000
Resolved, second, That as soon as 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
nit forthwith TO the president OF the
bank 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 a new certificate
or certificates 10 such shareholder for
so 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-
p0SitOrS and ali 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
tificateS OF deposit OF equal amount, and
have the respective certificates payable
at the times above designated. and
thereupOn 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 condition precedent 10 reOpenlng
and resumption, aud when The bank
has complied with the necessary pre-
requisites and 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
mcnt and reopen. the officers be, and
hereby are, directed to collect from all
debtors to SAID bank all notes and de-
mands due, and as the same fall due, in
cash, whenever possible, and whenever
it 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, on 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
a n
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 10
feet on Fourth street by 100 feet deep on
Robert street, at q reasonable price to
be approved by the board of directors.
Resolved, sixth. That article third Of
the articles Of association of this bank
be aud the same is hereby amended so
rs to read as follows:
Third-The 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 aud hereby are fully
Unidentified by tine bank against all
losses and liabilities that may come or
accrue to them OIL account thereof, and
that this provision shall apply lis well
10 bonds or indemnity heretofore issued
ana all guarantees heretofore made as
TO such bonds and guarantees hereafter
made.
Resolved. eighth, That IN the event of
the shareholders of the National German
American bank failing or refusing TO
surrender their certificates Of stock aud
receive in lien thereof a 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 in 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 a re-reading by sections and
final adoption as printed.
Judge rF'landrau stated that Comp
lrolleT Eekels is aware the bank is soIv-
ent, and will afford every opportunity
reorganize by cutting the stock in
two. He expressed belief that the
certificates OF deposit proposed in the
report would pass current and be as
good as the clearing house certificates
of
the crops. All the bank needs is time
to collect its assets.
Albert IL. Lindeke moved the adop
ton of he;report as a whole.
=, Judge Nc MILAN said that he had moi
given much thought to the plan and
asked that the report be considered seri
atm.
MIR. Lindeke again suggested thai
each proposition depends Oh 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 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 tt
be satisfied that the bills receivable
would realize over s3.5OOOOO, and tn,
bank building and other real estate rep
resented about s65O,UOO more.
Gen. Sanborn said; "The question 0
acting at an early day is of tile graves
Importance to the stockholders. Della,
would cause a shrinkage. We have no
much time TO act. Comptroller Eckel
is willing to aid US, but he can not Civ