The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-05-27
HADN'T ASKED HANNA
MIR. VANISH INFORMED AID. SAN
BORN THAT THE OHIO MAN
WASN'T ASKED
TO BUY THE MERRIAM NOTES
Discussion Over the Proposition
Made by the Allemannia Bank to
Settle the Claim Held by the City
Mr.. Yanish's OFFER Is Not Salts
factory-A, Straight Cash oHer
May Be Accepted.

/
factory-A, Straight Cash Offer
May BE Accepted.
| The ways and means committees from
the assembly and board Of aldermen yes
terday turned down the proposition made
by the Allemannia bank to settle claim
of $ss.OS2.o4 by giving the city the Mer-
RAM homestead, notes of w. R. Merriam
aggregating $1S,16S.7S and $4,000 stock In
the Hauser & Sons Mailing company
Several of the members of the committee
were in favor Of accepting the PROPOSE
ton. but the legal department of the
city had given an unofficial opinion that
the city could not accept stock in pri-
| Vate corporation, and this was the reason
the proposition was not accepted.
| All the members of the two committees
were present Aldermen Sanborn, Bell,
and Knauft and Assemblymen Dix, Den
ny and Albrecht. Aid. Sanborn presided
and President Vanish appeared for the
bank. ~ $500
Mr.. Vanish said since the proposition
had been made to the city, the bank
had endeavored> to dispose Of the assets
offered, but no one seemed anxious to
buy, and the best offer that had been
| made for the lot was $4,000 in cash. The
Merriam homestead he considered worth
more than that amount and the stock in
the Hauser. & Sons Mailing company was
worth 30 cents on the dollar in cash at
the present time.
Aid. Sanborn inquired how much had
been offered in cash for the personal
notes Of w. r. Merriam.
Mr.. Vanish replied that he had found
no one who wanted to.buy them.
Did you wire Mark Hanna?' Asked
Aid. Sanborn.
Il have no personal, acquaintance with
the gentleman" replied Mr.. Vanish. land
consequently did netstelegraph him. 1 be-
lieve. however. the notes will be paid when
due. Mr.. Merriam iss4a young and ener-
getic man, and if had the ready cash I
would buy the notes myself and would
get dollar for dollar"
In reply to question by Mr. Knauft
as to whether the bank had held any
of Mr.. Merriam s PAPER which had been
paid recently, Mr. Vanish said 1t had
not. ~ * -'}T
Mr.. Albrecht questioned what was to
prevent Mr.. Merriam. if the city should
take the notes, from taking advantage
of the bankruptcy act. Mr.. Vanish said
there was nothing to, prevent this. but
he did not believe Mr.. Merriam contem-
plated any such Step
It was brought. out that the lots in
the Merriam Homestead, which were offer
ed as parts of the assets by the bank,
were assessed at @$14,3 1920, and that the
title in the shape Of a sheriff's certificate
was in the name Of the Anchor Invest
ment company.
Mr.. Albrecht was In favor of rejecting
the proposition in-1ts present form, as
the city could not take stock in private
| enterprises, neither could 1t accept real
/ estate.
Mr.. Sanborn safa The city wanted no
more real estate. The only thing the
lots would be good for was q park and
this was not really needed. -
Mr.. Knauft thought If the .Hauser 81
Sons Mailing stock was taken out of the
proposition and $1Q,DUD In cash substituted
then the city might accent the provost
ton. Mr.. Denny favored this proposition.
The motion Of Mr. Albrecht that the
proposition of the bank be rejected was
then put and carried. This having been
disposed of President Vanish said he was
authorized on behalf the bank to make
ascash offer of S25; 600, in full settlement Of
all claims against, the bank by the city.
Mr., Dix was not sure that he under
stood the last proposition by the bank
clearly. 1t was explained by Mr.. Vanish
that the, $4,000 IN cash was to be a full
settlement of all claims against the bank,
the bondsmen and stockholders by the
city ~. -
Mr.. Sanborn said 1t was not enough,
but it was much better than the first
proposition. After figuring for moment
Mr.. Sanborn informed the committee that
when the bank closed it's doors it had
$4,000 of the city's< funds on hand. 1t
had paid $24, 600 Of this sum. and, figuring
on basis of the institution paying 50
cents on the dollar of the original claim,
the bank should offer as a cash settle
ment $35, 900 instead of $25, 900.
Mr.. Knauft said the thing was a
nasty mess at best. and he would like
to see everybody 0utaaf it,. including the
bondsmen and the city. In view of the
circumstances, he moved that the COM
mittee accept $35, 06o infcash in full settle
ment of all claims against the bank by
the city. ga
Mr. Albrecht Thought the corporati ton
attorney had better be seen about the
that official had looked up the question
and could give some snformation which
might be Of interest in the solving Of
the problem =
Mr.. Markham was not on hand and an
adjournment was taken to this afternoon
at o'clock, at which time the committee
will meet again, and Mr.. Vanish. after an
interview with the beard of directors, will
state whether the bank will pay $35, oGe
cash.