The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-09-16


ganization set forth in the order are
as follows:
l. To pay to the Directing creditors the
amount of their respective claims in full
2. To pay to the state of Minnesota any
balance which shall then be due from SAID
bank to said state
8. To pay or arrange for the payment to
the mutual satisfaction of the bank, the
county Of Ramsey and the city of st. Paul,
the amount due to the county and the city.
a. To have returned to the Allemannia
bank certificate Of deposit for $10,0 900 OF the
West Side Bank of ST. Paul, now in the pos
session Of the Mechanics National Bank Of
New York, and to make adjustment and mG-
;ual offsets of the various claims as to the
said bank and the West Side Bank of St.
Paul.
g. To ray all Of its unsecured in,
payable, respectively, in /, 2, 8, A. and 5
years after the date of the reopening of said
bank under said reorganization plan, with in
terest from the date of such reopening at the
rate of per cent per annum.
g.. To have an unimpaired capital stock Of
at least 100000, and to have cash on hand
to the amount of at least 100000.
Continuing, the order provides as fol-
lows:
The said Allemannia bank, by its officers,
shall present to Judge John w. Willis, at his
chambers, Monday, Oct is, at u o'clock, or
at such other time, not exceeding ninety days
from the date of this order, which the said
evidence in the following facts:
l. That bank has an unimpaired capt
tai stock of at least 100000 paid up in cash
or in approved secured evidence of indebted
2. That it has placed in the hands of
its receivers, John D. O'Brien and Timothy
r. Palmer for the parties respectively enti-
tied thereto, the certificates of Indebtedness
covering all Of it's secured Indebtedness made
and executed in the manner and according
to the terms and conditions in that behalf
herein before forth
ccivers held for and delivered to said par
ties, respectively on demand and upon the
surrender by them to said receivers of such
evidences of indebtedness as they may held,
and in place of which such new certificates
are to- be issued
8. That bank is pledged to the careful,
conservative and economical administration
of it's affairs, and that until the certificates
are paid in full, the president and cashier
will devote their whole time and attention to
,, such administration, with salaries not to ex-
coed in the aggregate $1,000 per annum. All
other officers of the bank not occupying cler-
ical positions and not devoting their entire
time thereto, to receive no compensation for
their services.
4. That in payment of the Indebtedness of
the bank there shall be no preference or
priority, save as herein provided, and all
creditors of the same class shall receive like
treatment and be paid equally and ratably,
provided that the bank may anticipate and
make prepayment Of any of its Indebtedness
upon such terms and conditions as its board
of directors may from time TO time prescribe,
In case in their judgment the pest interests
of the bank will be thereby subserved.
The stockholders present and past of the
bank shall not in any way or to any extent
be relieved from any existing liability by
reason of the reorganization, except as to the
amount which any such stakeholder shall
pay into said bank prior to the reorganization,
and "the entry of said Judgment of reorgani-
cation herein provided for shall operate as
a bar to all proceedings and all suits and pro-
ceedings now pending against said stock
holders or any of them for the enforcement
of stockholders liability, and all such suits
and proceedings shall be thereupon dismissed
by proper proceedings therein to that end
Speaking of the city's deposit of $780,
600, Corporation Attorney Markham
said yesterday that he was informed
that the officers of the bank were pre-
| pairing proposition to be submitted
| to the common council relative to the
payment of the banks Indebtedness to
the city. If the proposition was salts
factory to the council it would be &C
cepted. In the meantime the city does
not waive any of the rights possessed
by the objecting creditors. The i'm
mediate payment of the $120,000 Mr..
Markham said, was out of the ques-
ton, as it was impossible to get that
amount out Of the 100000 the bank
will have on hand when it reopens.
Should the banks proposition prove
unsatisfactory, the city could, of
course, prevent the reorganization.