The Saint Paul globe., 1897-08-08
WEST SIDE BANK.
Judge Bunn's Order Looking to Its
ReOrganizatiOn.

If everything moves along nicely in
the next sixty days. the West side
bank which suspended in January
last. will reopen for business about
Nov. l. Judge Bum yesterday filed
an order favorable to the re-opening
of the institution, providing that GER
tain things are done and that at
future date, Oct 2, the court is ad
vised that the requirements have been
fulfilled. The following is the order of
the court which is somewhat modified
from the proposition made by those
interested in the re-opening of the
bank, but, as the attorney for the Of
ficials stated yesterday afternoon, Is
perfectly acceptable.
cut down from 100000 to $4,000; that the
bank shall have before opening, an unm,
pared capital stock OF at least SSo, wv pau
up in cash, or in approved secured evidences
of Indebtedness and that it shall have on
hand, before beginning business, cash to the
amount of at least 81, 600, which Is more tnan
25 per cent of its entire Indebtedness All
of said securities shall be approved oy lhe
certificate of the superintendent of bangs OF
the state of Minnesota:
on demand after the reopening OF the bank,
and all debts, for which a lien exists upon
the property of the bank, shall be PAD IN IKE
manner The claims of the city and county
and Of the obiectng creditors shall be pald
in the manner Indicated
All other obligations shall be PAID In in
stallments. as provided. The bank shall place
in the hands of the assignee, Charles F;
Staples, for the parties respectively entitled
thereto certificates Of indebtedness covering
ALI of its Indebtedness. save as otherwise
provided, to be held by the assignee for. and
delivered to, the parties, respectively. ON de-
mand and upon surrender by them to the
assignee of such evidence 2 OF a1 tnd1eoteoness Ms
the certificates issued to the city to be guar
anteed on the back thereof by the sureties
mentioned, and shall procure said sureties
to pay the last of the certificates to the
city on the day of the reopentng OF the bank
The bank shall be pledged to careful
conservative and economical administrator
of its affairs and until the cert fcates are la.d
in full the president and cashier shall devote
their whole time and attention to the admins
tration at salaries not to exceed in the ag-
gregate $2.4O0 per annum. All other officers
Of fhe bank not occupying clerical positions
ana devoting their entire time time, are to re-
ceive no compensation. This policy and pledge
are to be evidenced by resolution duly adopt
ed by its board Of ddrect.rs, and acceptance
thereof by its officers duly certified to the
court
bank there shall be no preference or priority
save as herein provided = and all creditors
of the same class receive Ike treatment, and
be paid equally and ratably, provided that
the bank may anticipate and make prepay
ment of any of its indebtedness upon such
terms and conditions fRs its board of directors
may prescribe.
not in any way or to any extent be released
from any existing liability by reason Of the
reorganization.
It appears that each one of the six object
ing creditors whose claims amount to
81, 800, is willing to- accept settlement and
payment on the following conditions:
One-half to be- paid in cash on the open
ing of the bank, the balance an equal amount
to be paid on or before one year on GER
tifcate drawing 5 per cent interest.
1t appears that the city Is creditor Of the
bank in the sum5of SIS 900, secured by bond
executed by Messrss Sperry, T. T. Smith,
Villaume. Vanish and Staples. The city
consents to the reopening provided that the
certificates to besissued be guaranteed by the
same sureties and that on the day Of the
opening of the bank the sureties shall pay
to the city theJ amount represented by the
first of the certificates by its terms to be
paid. 1t being understood that upon such
PAYMENT the city will transfer to the sureties
without recourse. the certificate which is to
fall due in twenty -four months from It's date
1t appears that the sureties have accepted the
conditions.
1t appears that the bank proposes to pay all
of it's other unsecured Indebtedness in FIVE
equal instalments. payable in IL, Is, IS, 21
and "a months at per cent, such Indebtedness
to be evidenced by proper certificates.
The bank has sufficient assets TO pay all of
its Indebtedness according to the proposed
plan and there are now no objections to the
plan, as modified in the order of the court.
The court adjourns the matter for further
hearing to Oct. 2