St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-10-22


by HaiE-Financial Features
in Splendid shape - Repre-
sentative Men Talk.
Judge James w. Lusk was yesterday
elected president OF the reorganiZed
National German-Amercan bank. The
additional officers are Gustav Willius.
wee president; Joseph Jockey. cashier;
Theodore DraZ. assistant cashier; Iii
rectors. j. VI. Lusk. Gustav Wilhus,
Joseph Jockey. A. II. Lindtke, Chan
ming Seabury, j. Ii. Weed. john A.
Humbird, Frederick Weyel haeuser and
L. IL. Kelly.
These officers and directors were
elected at a meeting of the old board OF
directors held at the bank building, ne-
ginning at o'clock yesterday after
neon aud lasting until about 3 O'clock.
The Old board of directors consisted of
nineteen members. This was Thought
to be too large board, and at the meet
Ing of the stockholders held Thursday,
Aug. II, in Ford's Music hall, the board
OF directors was authorized TO accept the
resignation OF all or any of the directors
aud select a new board, consisting of
but nine members.
At meeting of the old board of
directors. held Immediately after the
adjournment-of the Stockholders meet
ing referred to. all of the Old directors
rendered their designations, as provided
Tor III one of the several resolutions of
the stockholders. The designations of
all the Old directorate were accepted,
with the exception of those of A. Ii.
Lindeke, Frederick Weyerhaeuser and
John A. Humbird. These three direct
ors served alone until yesterday after
noon, when. at the meeting held, nearly
all of the old directors were present
aud participated in the election of the
new board OF nine members named
above.
1t was definitely determined yester-
terday to reopen the bank on Oct. 80, at
9 O'Clock in the morning. An adjourned
meeting of the stock holders was held
yesterday morning i'll F0rd's Music hall.
Dir. Jockey made statement to the
stockholders as to the financial condition
OF the bank. The collections since the
closing of the doors on Aug. bring the
cash on hand up to STD, 200, which is
within $4,000 of the amount re-
quired by Comptroller EckeIs before
opening. OF the 10000 shares all but
about 400 have been surrendered for the
purpose Of accepting REISSUE on the ba-
Sis of one-half the amount authorized by
the stockholders meeting OF Aug. II.
fthn hniRarc nf hn at Iaar har
in Europe and have not been heard
from, but it is expected that they will
surrender their stock and accept the re-
duction of one-half. Mr.. Jockey stated
also that is expected that the remaining
money necessary to make up the $780,
600 required will be collected Oh Mon
day and Tuesday next. Nearly all of
the depOsitorS have granted an extern
sion of time to 6, 9, IL and Is months as
provided for in the resolutions OF the
stockholders. Special Bank Examiner
Lynch will be i'll the city Tuesday
morning to represent the national comp
troller and will give the necessary au-
thOrity to reopen the bank ON Monday,
October 80.
In speaking of the matter last even
ing, Gen. John b. Sanborn said: 1.-THE
bank will reopen under the most favor
bleicircumStanceS. 1t will have on hand
but $500, 600 of demand liabilities, with
$780, 900 to meet them. 1t is expected
that as much new money will be depos-
tied as is taken out during the first few
days. and that the ready cash will be
rapidly augmented as time goes by"
LII speaking OF Joseph Jockey as cash
ier, Gen. Sanborn said: ''He IS the
best man that could be secured for
the place, and his zeal in tile work is
undoubted. Mir. Jockey has done more
! thaa any one else in the work of re
| organization, and has worked night and
day to place the bank OH its feet again.
Mr.. Jockey was formerly a national
bank examiner, and resigned that posi-
ton ten years ago, to accept the posi-
| ton of assistant cashier of the Oank
| He was afterwards cashier, and then be-
came president of the bank.
Mr.. Jockey was seen by GLOBE re-
! porter last evening and stated that as
! cashier he would do his best to place
| the bank into the confidence of the
| public, and that he believes it will be in
| Il position TO give greater satisfaction to
i the stockholders and the public than
| ever. He aSSented TO the proposition to
| put a new man in the presidents chair
| and to take the responsible position
| of directly controlling the receipts
| and output of the money of the inStitu-
| ton. a number uf his friends were
anxious that Mr.. Jockey would remain
| president of the bank. but he did not
seek reelection, although urged to do
! so.
\ prominent gentleman in speaking
| of the matter last evening said: ait was
an entirely voluntary as well as a very
generous action of Mr.. Jockey to accept
the position rs cashier in order to bring
about harmony and to promote the best
| interests of the bank"
Judge James w, Lusk, the new presi-
dent of the bank, is one of the foremost
lawyers of the city. He is a member of
the firm of Lusk, Bum Il Hadley, and
is the attorney for the Chicago Great
| Western Railroad company. His firm
has large practice, and he is regarded
as good corporation attorney and
counselor. Judge Lusk came to this
city from La Crosse, Wis. about ten
years ago, and has found time to
give some attention to the inter
ests OF the city in addition to
his professional duties. He was
not at home when GLOBE reporter
called last night, but it was learned
from another source that he had con-
secuted TO give up his profession as a
lawyer, and devote his whole time to
the Interests of the bank as its presi-
dent. 1t came from the same source
that his salary will be made remuner-
alive, and will probably be in the neigh
DUrhood of $1,000 per month. Several
gentlemen. i'll speaking of the selection
of the new president, said that it Is an
excellent move, and will prove to be a
very popular one to the general public
Important.
The issue of certificates of deposit by
The National German American Bank,
to he exchanged tor other evidences OF