St. Paul daily globe., 1893-10-29
STOCKHOLDERS i'm SESSION
PRESIDENT LUSK REPORTS CONDk
TIOR MA 7I0NAL GERMAR-AMERIcAK
NEARLY 100000 ON HAND.

Will Be $3.50 900 in Cash AT
ter All Demand Liabilities Are
Paid-Resolution of Thanks Co
Comptroller and Examiners.
There was a largely attended meet
ing of the stockholders of the National
German-American bank held at Ford's
music hall yesterday forenoon. This
was an adjourned meeting, which was
| held to receive the final report relative
to the reopening of the bank.
j. w. LuSk, the new president of the
bank, presided, and made very encour-
aging statement of the condition of the
bank. He stated that the amount of
money on hand for the opening Monday
| is 1896, 64244, and that the demand liza
Dilities are 1897, ,36S.0l, leaving surplus
of absolute cash, after paying all de-
| mand liabilities, of 1859, 274.43. He
| congratulated the stockholders upon
| the successful efforts which have
| been made to secure the necessary
funds for reorganization, and said
| that great credit was due both
to the parties in charge of the affairs Of
| the bank, and also to those indebted to
| the bank. who in such stringent times
had made such report of the cash on
hand possible. He especially recognized
the cooperation of Comptroller Eckols
and Bank Examiners Lynch, Thorne and
Lawler. He also alluded to the fact that
Gustav Willius, the former president.
who had retired on account of ill health,
would now give his entire time to the
affairs of the bank, and spoke specially
hopefully of the future prospects of the
institution. Mr.. Lusk spoke feelingly
of the trouble and anxiety to which Mr..
Lockey, the former president, had been
subjected, all through the trying ordeal
OF the suspension, and his loyal zeal
and work for the reorganization.
He felt grateful for the con-
fidence which had been reposed in
him by those interested in the bank, and
hoped to be able to show that no mis-
take had been made in the reorganiZa-
ton scheme. The board of directors,
which had formerly been nineteen, an
unwieldy body, was now reduced to
nine, and composed of men who were
t thoroughly versed in business, and
would give the benefit of their ability
and services to the affairs Of the bank.
Gen. Sanborn offered the following
preamble and resolutions, which were
| unanimously adopted:
Whereas, The complications and en-
barrasSmentS resulting from the Sus-
pension of payment by the National
Germau-American bank Oh the 4th day
of August last have now been ter
minated by the careful and intelligent
management of the honorable comp
troller OF the currency, and the bank
placed Ill position Of perfect credit
and undOubted financial strength, with
the least possible loss to the sharehold-
ers, and with the smallest amount of
damage to the business community and
public interests. therefore,
Resolved, That Acknowledgements
and sincere thanks of the stockholders
or the National GeIman-American bank
are due and hereby rendered to Hon.
James H. Eckels, comptroller of the
| currency, for the cautious, intelligent
and wise course adopted and pursued
by him IN the management of the COM
pllcate1 affairs of the bank while In his
control under suspension of payment,
whereby the losses to depositors and
creditors have been wholly aVerted, the
losses to stockholders and the damages
to the public interests have been min
imiZed to the lowest point and the bank
stored and re-establiShed upon condi- |
tions that will entitle and ins ure to the
bank all the confidence and good Will |
OF its best days in the past.
Resolved, That in the management of
the affairs of this bank especially, as
well as in that of all the banking inter
ests of this country through the seyerest
financial crisis that the nation has ever
passed, the honorable comptroller has
fInD ,cftr rod = hn h irhA
discharge OF the duties of his office, and
has exhibited determined purpose to
discharge its duties with sole reference
to :he requirements Of the law, and the
promotion OF the public welfare, and
has earned and will receive the conf
dence and support of all sound business
men, and the highest appreciation of his
countrymen.
Resolved, That copy of these resolu-
tions be transmitted by the president of
this bank to the honorable comptroller
of the currency and to the honorable
secretary of the treasury
Resolved, That the shareholders of
the National German-American bank
hereby express to Hon. A. ID. Lynch
and Hon. Gilbert G.Thorne, bank exam
iners, and to Hon. Daniel w. Lawler.
special bank examiner. their highest
appreciation for their untiring devotion
TO the Interests of the bank and its share
| holders while under their immediate
control, and for their jealous and intelli-
gent labor on the discharge of their
duties as bank examiners, and in the
collection of cash from the assets of the
banks, and adjusting and arranging its
| affairs III such manner as to avoid all
possible loss and hasten resumption.
whereby each has demonstrated his
ability and fitness to discharge the high
est trust that may be committed to their
hands, and whereby they have earned
| our warmest thanks, which are hereby
| rendered to each of them.
Resolved, That the president of the
| bank be requested to transmit a copy of
| these resolutions to each of the exam
| iners above named, and cause the same
| to be entered of record i'll the proceed
| ings Of this meeting Of the stockhoId-
erS.
A. D. Lynch, the special represent
ative Of the comptroller, made brief
but happy speech. lie said it was
| pleasant to meet friends under such
| agreeable circumstances as had called
| them together at that time. He
| thought the work which had been ac-
| complished was subject of special
| qualification. When he came to look
! into the affairs of the bank there were
but S430,000 on hand, but by the good
work of Examiners Thorne and Lawler.
together with Mr.. Jockey, there had
been nearly half million dollars addi--
tional collected, until the amount avail
able was, as stated by President Lusk,
nearly 100000. He thought it demon
strated the good character of the as
sets when it was proven possible to col
lect over 100000 in two weeks time.
The deposi tors, too, were entitled to
great commendati on for their forbear-
ance, and for their readiness to
extend the time of payment upon
the sums due them. Great con-