St. Paul daily globe., 1893-08-08
ARRANGING TO RESUME
DIRECTORS or NATIONAL GERMAN
6MERIcAY BANK MEET.
MIR. LockEx AT WASHINGTON
Meeting of Stockholders Called
for August 17-Decisive Re-
sumption Measures Then to
Be Taken Everything as
Usual at All the Banks-The
Peoples to Resume Business.

The situation in financial circles
tranquil as though there had been no
storm last week.
There was not the slightest run or
anything unusual at any bank in the
city.
A visit to all of the leadieg banks
made by the GLOBE representatives and
conversation with the officers showed
nothing unusual in progress. The fact
is, there seems to be clearing of the
skies, and q sort of drawing of long
breath since the suspension of the Ma
tional German-American last week.
The difficulties of the bank were, of
course, known to the other banks in the
city. Whether they should have been
averted by clearing house certificates or
not is mOoted question, but as that
measure was not resOrted to, it is need
less to speculate on what might have
BEEN"
While the bank was in tremulOus
condition it was shadow on the finan-
cial situation, and that shadow has now
been removed.
Active steps are being taken for the
| reorganization and resumption of the
bank, as the GLOBE has already indi-
Gated.
A full meeting of the board of di-
rectors of the National German Amer
lean bank was held at their rooms in
the bank building at 10 O'Clock yeSter-
day. The local and general financial
situation of the country was fully dis
cussed and considered. The feeling of
the board of directors was not only
unanimous in favor of speedy resump-
tiOn. but also that it was entirely prac-
ticaDle to secure such result.
The decision of the meeting was to
call special meeting of the stockhold-
ers on the Eth inst, at which time it is
expected decisive measures will be
taken, which will result in enabling the
bank to resume business as soon as
details can be arranged.
The capitalization will. undoubtedly,
be reduced to S1,00O.000, and the bank
will be stronger with the reduced capl
taliZation than it was before.
1t is possible that it may not even be
necessary to put the bank in the hands
of receiver. but to allow the bank eX-
aminer to remain i'm charge until ar
rangements can be completed. and the
business and assets returned to the
stockholders.
At all events, 1t can be considered as
practically sure that the National Ger
man-American bank is not going out of
existence. anu i'll very short time will
be on its feet again, really strengthened
by the temporary disaster which has be-
fallen it, in view of the opportunity thus
afforded to reduce the capitalization.
A call at the Peoples bank yesterday
found Mr.. Rittenhouse. the president,
at his desk. Mr.. Rittenhouse says ar
rangements are in progress for speedily
resuming business, and from present
indications they will be successful.
The following announcement. III ac-
cordance with this view, appears in our
advertising columns today:
"AIl holders of certificates of deposit
in the Peoples bank are requested to
call at the bank Immediately that ar
rangements may be made for resuming
paymeni within few days. G. f. Rit-
tenhouse, President"
The Peoples is so entirely solvent
that the matter of resuming is not one
of doubt, but mere matter of adjust
ment among the parties interested.