The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-01-10
IS little TO LEARN
81
siIIATioN IN REGARD TO THE
81 sPENDED BANKS REMAINS
ABOUT THE SAME.
TALK WITH FRANK SEYMOUR.
HE WILL NOT SAY ANYTHING IN
TIL THE FIGURES ARE
MADE Up.
GERMANIA ISSUES, IT'S LETTER.
c. T.. Bundy, Eau Claire. APPOINTED
Anciiiary Receiver of the Ale
MAMMA.

Judge Bum yesterday appointed c.
r. Bundy, Of Eau Claire, ancillary re-
celVer or the Allemannia bank of this
city Mr.. Bundy is attorney for the
receivers OF the Commercial bank of
Eau Claire, which was carried down
by the Allemannia suspension.
Inc bank situation would appear to
be still unchanged, judging from state
ments made yesterday by those gentle
men having IN charge the affairs of the
dlfferent institutions which recently
closed their doors. Reorganization
seems to be the watchword, but it IS
impossible to obtain any tangible news
of the work which is being done in
that direction
Receiver Frank Seymour of the Bank
OF Minnesota, was seen yesterday
afternoon, but said he could disclose
but little information concerning the
progress made.
You hear the clicking of those type
writer's" he said to a reporter for the
G o b e. We'll, there are being pre-
pared schedules which will probably
be completed within a short time.
While We are not required by law to
file report, there oeght to be some
thing put on record. .@Until the figures
are made up, and carefully gone over,
l, as receiver, can say nothing.
THE directors committee and the
depositors' committee have both asked
for and have been given considerable
information about the affairs of the
bank. They are entitled to 1t as Is
every individual depositor, if he in
Vokes the aid of the law to obtain it,
and from what has been said 1t ap-
pears that there is feeling that the
bank will be reorganized. Of course,
it is a slow process. i will say that
am hopeful that the institution will De
reorganized."
The only apparent progress made re-
garding the affairs of the Germania
bank, yesterday, was the letter re-
ferred to in the GIosb of yesterday.
which was sent the many depositOrs,
to show them exactly what has been
done and suggested by the bank Of
ficials, who are quite hopeful Of re-
organization.
Cashier Kerst. seen yesterday, gave
it as his opinion that majority of the
creditors favored some feasible plan Of
reorganization, and that the present
step was to crystalize the various sug-
gestions already made into some prac-
teal method OF putting the bank again
on it's feet The@ letter is as follows:
To the Stockholders. and Creditors OF the
. Germania Bank
Owing to scare among the depositors of
this bank, brought &Ss6utSby the suspension
OF the Bank Of Minnesota here, and the fail
uTe of four banks III Minneapolis, which re-
suited in a continuous withdrawal of de-
posits the board Of directors considered 1t
fc 6yItU for 40 ~ downstairs
other creditors to place the assets of the
bank in charge Of an assignee. s
This course was decided upon at a special
meeting of the bank held Jan. 2, at 1880 P.
m, and carried into effect the following
Monday.
On the same day, Jan. A. the directors met
again and passed the following resolution:
That a committee Of seven stockholders, of
which the president shall be ex-oficio chair
man. be appointed by him for the purpose
of taking measures for the speedy reorganiZa-
ton Of the Germania bank, Of St. Paul Mimi.
The president named the undersigned di-
rectors such committee on reorganization.
We deem it proper to advise you at this early
moment that have commenced our labors
and busy making careful estimates with
a view of formulating a plan of reconstruc-
ton, which will be submitted soon
possible.
1t affords us great satisfaction to be able
to say that meet with every encourage
ment, and that the action Of the officers and
directors during the crisis seems to have
general approval which inspires us with
feeling of confidence that we shall succeed.
Very respectfully, fs-s
-Gustave Willius,
Chairman.
e F. Berrisford
W. H. Harries.
- -Cl L. Horst
Joseph Haag,
John B. Herman
Theodore H. Menk.
St Paul, Jan. g., 1897. =
The bond of Mr.. Kerst, as assignee of
the bank, has been approved by Judge
Geo. L. Bum. 1t was in the sum of
81, 100000, and is signed by the National
Surety Company, and The Fidelity &
Deposit Company. It is one of the
largest surety bonds ever filed In this
city.
The bond Of John F. Fitzpatrick, as
receiver of the Bank of North ST Paul,
was filed yesterday. 1t is in the sum
Of 100000 with the American Surety
company as bondsman. Judge Bum