The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-02-04
ALLENANNiA'S OFFER GOES.
Aldermen Agree to u Settlement On
the Rasis of $4,000
~

The committee on ways and means
from the board Of aldermen held q SEES
sion previous to council meeting last
night to consider the proposition made
by the Ailemannia bank
G. M. Nelson, attorney for the bank.
William Hamm and Edward Vanish,
the latter being the prospective preSi-
dent of the reOrganiZed institution,
were present and took part in the dis
cussiOn
Aid. Sanborn. chairman of the COM
mlttee, favored the four certificates to
be turned over to the city for 1000
the sUretics on the bond given to the
the suritieS on the bond given to the
city by the bank, or by the Sureties on
the bend given by the city treasurer.
Mr.. Hamm said the city, on the terms
of the proposition, would get $4,000
in cash the day the bank reopered and
four certificates. payable in one. two,
three and four years each, for S24 600.
with interest at per cent per annum.
This was the best that the bank could
do.
Under the plan of reorganization
100000 would be paid in by the stock
holders and with the money now on
hand would start with about $120,0G0
in cash. OF this sum the state would
get $4,000; the city, $4,000; the county,
$4,000 preferred creditors, SIC, 900, and
another $4,000 would have to be paid
out for miscellaneous purposes.
The liza bility Of the bondsmen on thu
bond given to the city, he said. was
questionable. If the proposition was
not accepted the bank could not re-
organize and it was a question as to
what the city might get after long
term of litigation.
Mr.. Vanish said there was not ques.>
ton but that if the bank reorganized
it would pay dollar for dollar. The
oh 70
endorsing the certificates was that
they felt they were not legally liable
and heSitated to sign and in this way
become liable If the bank did not re-
organize, he said. the assets would
be frittered away. whereas by careful
nursing all would be realized on.
MIR. Vanish admitted that he was to
have charge of the bank, if. reorgan-
lied.
Aid. Sanborn said if he thought Mir
Vanish was not to have charge he
would favor the proposition being re-
jected. The proposition was amended
so as to permit the cash payment to
the city to be made on or before April
1, 1898. and with this change the propo-
sition recommended to pass.
The report of the committee recon-
nending the proposition then came up
at a meeting of the board of alder
men held previous to the session of
the assembly.
BY. the terms of the proposition the
bank will on April /, 1898, or any date
prior thereto, when it reopens, pay to
the city in cash $4,000 and turn over
four certificates payable in one, two,
three and four years, each in the sum
CT $24,C00 drawing interest at the rate
of per cent per annum.
The Albrecht ordinance, providing
for the forfeiture of the cable franchise
which was killed at the meeting Of the
board Tuesday night, was revived by
motion being made to reconsider the
vote. On the roll call Aid. Bell, Lar
sen, Lindahl, Sanborn and Stutzman
voted for the reconsideration. and Aid
Shepard, who was presiding. against
it.
The ordinance was then sent to the
committee on streets, Aid. Sanborn
stating that this action had been taken
so that if it was ever necessary the
ordinance could be passed.
Health Commissioner Stone forward
ed the bills for collecting and dispos-
ing of garbage in the First, Second,
Fourth and Seventh wards for January
without his approval.
The committee on streets will investi-
gate.