The Saint Paul globe., 1897-07-02
CoGRTipERMITes 1T.
Judge Otis Signs the Order for the
C@rm:ia Bank Reorganfxation.

G@rmaiit Bank Reorganization.
Judge Otis filed the formal order yes
terday adopting the plan of reorgani-
zation of the Germania bank After
reciting all the proceedings had thus
far, including the hearing of the OBJ
jections to the proposed plan of reor-
ganization, 3the orderes specifies, the
terms and conditions under which the
/ bank will be permitted to reopen.
The order first ehftnerates the list
of. creditors. who objected to. the plan
of organization and the. amounts
, they have cnndeposft in, the Germanja
bank, and then provides. for the tine
and manner in which, they are to be
paid. The city, of st. Paul, to which
the, bank is indebted in the sum of S51.-
S1459, heads this list The order of
the court requires the payment in
full to the city treasurer of the entire
sum Immediately upon the reopening
of the bank. The other objecting cred
itors who, by opposing the petition OF
the majority for a reorganization. have
secured a more desirable settlement.
are about dozen in number, and their
deposits aggregate about $4,000 Fol
lowing is list of them and the terms
Of settlement ordered:
w. P. Jewett and A M. Drake. trus
tees of the land grant bonds of the
Sioux City, & st. Paul Railroad COM
pany; deposit. $4,000; one third to be
paid in. cash ON reopening of bank, ball
ance in demand certificates of deposit
at per cent per annum.
Katherine Jungmann; deposit, So, 700:
$4,000 to befpaid~ in cash and $1,700 de-
mand certificate, payable in nine
months after date of opening at 4 per
cent per annum.
Valentine Kander; deposit, S2.50C:
'one-half to be paid in thirty days, and
the other half on or before sixty days
after opening, certificates of deposit
at per cent per annum.
A. J. Diedricll; deposit, $500; payment
in full in cash on date of reopening.
Mrs Charlotte Lains, deposit $500;
Mrs. Augusta Lains, $3.50, and E. L..
Schilling, $5155 payment in full in cash
on date of reopening,
Louis Kenkelinck, $77S5O, and John
= G. Lund, $167.S5; payment in full in
cash.
E. B. Dellinger, $500; $3.50 to be paid
.
certificate of, deposit payable in three
months at percent per annum.
Mary M. Flagg, $403; one-half to be
paid in thirty days and one-half in
sixty days. 9
Ida Hanft, $500; one-half payable on
demand and one-half in six months
The Germania bank proposes to pay
all Of it's other unsecured indebtedness
in four equal installments, payable,
respectively in. nine, fifteen, twenty
one and tWenty-four months after the
date of reopening of the bank under
the reorganization plan, with interest
from the date of 'sucn opening at s
per cent per annum. 1t also proposes
to evidence. said Indebtedness by it's
proper certificates of deposit.
The order, in accordance with the
plan proposed, directs that July II.
1897, or whenever it desires to reopen,
the Germania bank shall present to
the court satisfactory evidence of the
following Facts" o.
stock of atg least 100000 paid up in
cash or in approved secured evidences
of indebtedness ;tfthat it has on hand
cash to theamouht of at least $780, 900.
to transact business with, all of which
shall be certified to and said evidences
OF indebtedness approved by the cer-
tificate of the superintendent of banks.
of the assignee, Peter M. Kerst, for the
benefit of the parties entitled thereto,
the certificates bf Indebtedness made
and executed according to the terms
agreed upon, to be held for and de-
hvered to said parties on demand
8. That said Germania bank is
pledged to careful conservative and
economical administration of it's affairs,
and that utftff said certificates of in
debtedness are paid in full. the presi-
dent and cashier of the bank shall de-
vote their whole time to the admins
tration of the affairs of the bank at
salaries not to exceed in the aggregate
$1,000 per annum; all other officers of
the bank not occupying clerical posi-
tions and de*oting, their entire time
thereto, to-, receive no compensation.
4. No preference nor priority shall
be shown n.the payment uof indebt-
edness. Creditors in the same class
must be treated, alike.
All creditors OF the bank are enjoin-
ed from attempting to-, enforce their