The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-05-14
DIRECTORS OF THE ALLEMANNIA
ORDER AN ASSESSMENT ON THE
STOCKHOLDERS.
AMOUNTS TO ABOUT 100000.
ENOUGH EXPECTED TO BE PAID TO
MEET THE BANKS OBLI-
CATIONS.
IN THE PLAN OF REORGANIZATIO
1t Is Not Proposed to ReOrgan1ze
III O Bank of Discount and
Deposit.

After a somewhat ~protracted meet
ing, held yesterday afternoon in the Of
flee of Dickson & Donnelly, a majority
Of the directors Of the suspended Allie
MAMMA bank adopted a resolution pro-
viding for the levying Of an assessment
Of SO per cent upon the capital STOCK
Of the bank for the general purpose CT
reorganization with a view to Hqu1-
dating the obligations Of the 1nstltu-
tion.
President Albert Scheffer. Vice Pres1-
dent William Hamm, Cashier b. De
F. Barnett were on hand with enough
of the directorate to make a quorum,
and after some discussion the following
resolution was framed and adopted:
Resolved, by the board of directors of the
Allemannia bank, That an assessment OF 60
per cent be made upon the entire capita! STOCK
and against the stockholders of said bank, ana
that said assessment be made to facll1tate the
liquidation of said bank, and that the presl-
dent take the proper and necessary steps 10
effect said assessment.
It appears that the meeting was heid
to allow the agreement upon some such
action as that taken, so as to allow a
report to be made to the court tomor-
row when an application will be made
to have the assets of the bank returned
to b. used in liquidating it's indebted
ness. No statement was made as to
what action will be taken following
favorable action by the court, the SEN
timent being hat the understanding be
had now that the bank at this time is
reorganizing merely to meet its obl1-
cations and not as a bank Of discount
and deposit. What will be done later
is a matter which will depend very
much on the times and surrounding
conditions. AS the capital stock Of the
bank is $500, 900, the action taken yes
terday will raise 5000, 600, If all h as
sessments are paid, and this amount is
said to be ample to meet the entire in
d~ebtedness of the insolvent bank. AL
though the present standing indebted
ness of the Allemannia is about $780,
900, it is provided that a majority in
number and amount of the unsecured
creditors may propose a plan OF reor-
g~anization. The statement is made
that over 80 per cent Of the Allemannia
unsecured creditors hav Joined in a
plan which must of necessity provide
for the payment of such preferred or
bank.
The only preferred claim against the
bank which will require cash outright
is that of the state, in mount some
thing over $25, 900, the others being re-
discounts for which the bank is, Of
course, liable only as an indorser, and
which will in a large degree pay for
There was little doubt expressed even
before the meeting was held, the stu
alton having been pretty thoroughly
~canvassed, and the directors are con
fident that the plan to provide for the
payment of dollar for dollar will meet
the approval of the court.
A meeting was held later in the
evening with como of tho attnrpauc tc
arrange the legal details Of the petition
which has been prepared, asking for
the adoption Of the reorganization
plan.