The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-08-06
JUDGE OTIS WILL PERMIT THE
GERMANIA BANK TO RESUME
BUSINESS.
ALL PARTIES ARE WILLING.
STOCKHOLDERS AS WELL. AS
CREDITORS HAVE NO OBJEC-
TIONS TO THE PLAN.
BUT 1T WILL AWAIT THE SALE
OF the Delinquent stock Which Has
Not as Yet Paid It's rs Per
Cent Assessment.

The hearing in the matter Of the
reorganization Of the Germania bank
came before Judge Otis yesterday. The
reorganization committee, represented
by T. r. Palmer and Gustav Willius,
stated that the conditions prescribed
by the court had been complied with.
| There was no opposition and no OBJ
I jections offered on the part Of any Of
| the creditors or stockholders Of the
bank Mr.. Palmer presented to the
| court a certificate of Bank Examiner
| Kenyon showing the result Of his in
vestigations under the former order Of
the court The certificate was as fol-
lows:
1. M D. Kenyon. public examiner and ex-
oficio superintendent of banks of the state
of Minnesota. do hereby certify and declare
that l have cal efully and thoroughly exam
ined and valued the assets, property and
effects of the above named Germania bank Of
st. Paul, Minnesota.
And 1 do further certify and declare, that
said Germania. bank now has assets, prop
erty and effects of the reasonable and actual
value of one million twenty thousand
two hundred twenty-five dollars ($1 ,029, 225),
which will come into its possession and under
its control upon entry of the judgment of the
above named court recognizing said bank,
and directing the present assignee for the
benefit of creditors Peter NJ Kerst, to turn
SNAN ON~4ANA
in his hands to said Germania bank.
And l do further certify and declare, that
said Germania bank has cash on hand for the
transaction of business to an amount ex-
ceeding two hundred thousand dollars
(S2G0 COO, which will come into its possession
and under its control upon entry of the judg-
ment of the above named court reorganizing
said bank. and directing the present assignee
for the benefit of creditors, Peter NJ. Kerst.
to turn over all property and effects of
said bank in his hands to said Germania
bank.
And l do further certify and declare, that
since the filing of the order of this court.
adopting plan of reorganization of said Ger
mania bank there has been paid into said
Germania bank on unit of the capital stock
thereof, cash and secured evidence of indebt-
edness to an amount exceeding Two hundred
thousand dollars $500 000) that l have care
fully examined said evidences of indebted
ness and have. and do hereby approve the
same as being convertible into cash.
And l do further certify and declare that
when two thousand shares of the present cap
ital stock of said Germania bank. shall have
been duly and legally cancelled or the CAPITAL
stock of said Germania bank otherwise re-
iuced to two hundred thousand dollars
200O0O), as provided by law, that the said
Ger bank will have an unimpaired cap
ital stock Of at least two hundred thousand
dollars (S2OO, OO0), paid up in cash and secured
evidence of Indebtedness which l have and
do hereby approve.
Gustav Willius was called to the
/ stand and explained to the court that
cash, of which $50, 900 had been paid in
on the rs per cent assessment on the
stock, which had been ordered under
the terms of the reorganization. The
capital stock of 100000, with which
the bank would start, Mr. Williu,
stated, had all been paid in.
Mr.. Palmer stated that they were
i now advertising to sell the delinquent
stock which had not paid the IS per
cent assessment and the sale would
take place Aug. 8. The liability of this
old stockholders, the attorney said.
would be unchanged by the reorgan-
iZation. Judge Otis thought it ad-
Nsable to postpone the issuing Of the
order allowing the bank to reopen un-
I'll after the sale of delinquent stock
had been made, and he also directed
that the new certificates of deposit
which are to be issued to holders of
old certificates, be made out and placed
in the hands of the assignee. Thu,
matter was then adjourned to Aug. 10
at which time it is expected the order
of the court allowing the bank to re-
open will be made. A force of six
clerks was put to work yesterday MAX
ing out the new certificates of de-
poslt as suggested by the court.