The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-01-09
TALKS WITH THE OFFICIALS.
HILER HORTON THINKS THE BANK
OF MINNESOTA MAY BE GOING
APRIL /.
COMMITTEE MEETS.
DepOsitors Making a PROPOSE
ton.

April 1 has been practically agreed
upon by the creditors, including the de-
positors and certificate holders, and will
be put in line for adoption in a very
few days. All this on the strength Of
statement made last night to a re-
porter for the @ | o b by Hiler Hor-
ton, recently named the chairman of a
committee of depoSitors, anxious to
take any possible steps to recover their
deposits in the defunct institution. The
plan, the exact nature Of which Mr..
Horton would not divulge, has been
practically agreed upon by a large
number of the 1900 depositors who are
represented by the committee, and con-
templates the making up Of the banks
impaired capital, amounting, he says, to
$500, 200, the payment of all depositOrS,
accounts dollar for dollar, the loss to be,
stood by the stockholders and the re-
sumption Of business about the date
named with an entirely new list Of
managing officers an directors.
Mr.. Horton admits the possibility Of
an interruption of the plan by some de-
positors, but expressed last night the
belief that the committee, which has
been unremitting in it's work, will be
able to bring the plan to a successful
conclusion.
There has been and is now, not the
slightest antagonism," he says, be
tween the stockholders, the depositors
and the mana ging officers of the insol-
vent bank, but they are all operating
for the same end viz: The payment of
depositors dollar for dollar In sup
port Of the reorganization plan Mr..
Horton contends that quantity of the
banks assets can to better advantage
be realized upon, under a policy Of
nursing such things as notes and real
estate, than by forcing payment now
or soon with a necessary sacrifice The
committee has at it's command a limit
ed amount Of information concerning
the figures which will come out in the
report Of the receiver, and may itself
at later date make them public.
E. W. Peet, a director of the bank
and member of the committee Of
stockholders named to bring about
something similar to the foregoing was
seen yesterday; and, while inclined to
be reticent regarding the developments
In connection with bank matters ex-
pressed the view that the bank might
be recrganized if the creditors took
hold of the matter and went at their
work in the right way.
L, IL
creditors see that they will be more
likely to realize more from the assets,
If the latter are allowed to run on for
a time, than under a forced settlement,
all will be we'll. The directors, he says,
are, of course, anxious for reOrganiza-
ton, and the directors committee, con-
sisting of Messrs. Kalman, Dawson and
himself, is only awaiting the action of
the depositors' committee, which he
thinks most efficient one. He points
out that these assets are more valua-
BILE in a reorganized bank than in the
hands Of receiver.
ALLEMANNIA'S AFFAIRS.
An examination of the affairs of the
Allemannia bank was was begun last
night by Receiver Maurice Auerbach,
Of the Union bank. Mr.. Auerbach will.
on Monday, move the books and other
effects of the bank to the old CONNER
cial bank building owned by the Allie
MAMMA, on Third and Robert streets,
thereby cutting off considerable eX-
pense in the way Of rent. heat, light.
etc. 1t will require a week or more
to make an inspection of the banks
affairs, before which, Mr. Auerbach
says, 1t will be impossible to more than
speculate how bad the failure really is.
President Albert Scheffer said to the
receiver yesterday that he had seen
personally large number Of the banks
creditors, and that majority of them
favored reorganization.
AS to the rumor that the Bank of Min
nesota and Allemannia bank were to
be consolidated, Mr.. Auerbach had lit
tie to say save that the reorganization
process was both tedious and difficult,
and that at this time it would be alb
surd to prognosticate. The union of
the two banks would, he said, greatly
strengthen the joint institution Mr..
Scheffer had reported to him, he said,
that the affairs of the bank were in
pretty good shape, and that the pros
poets of reorganizing were quite bright.
GERMANIA'S COMMITTEE BUSY.
The comittee of seven appointed to
take the necessary steps to reorganize
the Germania bank met in the bank
yesterday afternoon at o'clock and
discussed the plans for Accomplishing
the purpose in view. The first action
taken was to draft a general circular
letter to be signed by all the members
of the committee, which letter will be
mailed as soon as possible to all the
stockholders and creditors of the bank.
The letter pertains wholly to the mat
ter of reorganization. 1t gives assur-
ance that the bank will be soon reor-
ganized and all obligations met in full
In the meantime full statements are
being prepared for the use of the COM
the exact condition Of the banks af-
fairs.
The bond Of Peter Kerst in the sum
of $1,500,000 is being prepared and will
be submitted to Judge Bum today fer
approval.
President Willius, of the Germania,
said yesterday: Eve propose to put
this institution on it's feet and the only
thing that blocks the way at the pres
ent time is the hostile attitude of Mr..
Brady. That gentleman Is standing in
his own light If he could only under
stand the situation Alright. l so in
formed Mr.. Brady, but he is obdurate.
have hopes yet, however, that he will
withdraw his suit for a receiver and
allow Us to go ON as we have started.
Mr.. Brady would not withdraw his OBJ
jections unless the bank would guar
antee him payment of the full amount
Of his deposit OF course we could
agree to nothing of that kind. Suppos-
ing we consented to his proposition,
what guarantee have we that another
depositor would rot crop up with SINH
lar objections, and 50 on indefinitely?
81 came to this bank to build it up
and if I had been given three mora
months time 1 would have accomplish
ed my mission. My interests are noe
large and it would be an easy matter
for me to stand aside and let the in
stitution go to the dogs. But my in