The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-08-30
.$SO9,248 o.

Drafts outstanding ........... -. 1904 AZ
Bills unpaid =. Observation-Disclosures. 81 SO
Bank building loan =. ............. $4,000 90
Bills rediscounted :. .............. 2S,550 Sc
Total liabilities ............... $685. 264 10
Following are the Important extracts
from the first report of Gustav Willius,
as receiver of the Germania bank.
Schedule I'D" contains a list of bills re-
ceivable deposited by the Germania bank
with John Klein, John B. Hermann and
William Schornstein, in trust to secure
them against liability upon the bond of
the Germania bank given to the city of
st. Paul for deposit of public funds. TIL E
notes amounted in the aggregate to $685.,
544.S4, face value. The claim of the city,
which these notes were practically de-
posted to secure, amounted to $21 1858.
OF this amount $1,000 has been paid.
Schedule "E'' contains a list of notes
rediscounted, or placed with the Hanover
National Bank of New York as security
for loan. These notes amounted in the
aggregate, face value, to $2855G.36, which
sum the Germania bank raised by re-
discounting them.
At the time of the failure of the Ger
mania bank 1t had on deposit with the
Hanover National bank a balance of $12,-
276.S. Immediately upon the suspension
of the Germania bank, the Hanover Ma
tional ! ank applied the $12, 1854 upon the
Indebtedness. In order to save the COL
lateral, as there was so large a margin,
your receiver paid out, under order of
court, % redeem this collateral, the sum
of $l5,71570, one of the discounted notes
to the amount Of $557.S- having been paid
while the matter was in process of settle
ment.
The claims Of creditors aggregated $780,
6S2.
In addition to this sum, the bank owed
at the time of its suspension, on unpaid
bills, $31S3; on account of mortgage on
the bank building, $75, 600, and to the Han
over National Bank of New York, $685.
55O.36, aking its total liabilities, $685.,
264.19. The mortgage given by the bank
on its building will not be due until the
LIST day of May, 1S0i. In the opinion Of
your receiver there is a very large equity
in the property. Several offers for the
property have been made to your re
ceiver, but in his opinion they have not
been Of such character as to warrant
him in submitting them to the court. This
report has been delayed somewhat be-
cause of recent negotiations for a sale
Of the bank building, with the hope on
the part of your receiver that the mat
ter would be consummated. These nego-
tiations are still pending.
The claims filed herein aggregate $685.
1886
Schedule "T' contains a summary of
these cash receipts and disbursements. It
shows the cash balance on hand to be
$24, 4O1.0S.
At the time of the appointment of your
receiver the bank owed on account of de-
posits preferred by law, $21,3O7.1S These
preferred claims have been paid.
The city has been paid ST., 900 upon its
claim
There has haa,, raf,1ndad ~ 5oao.t4o..
under orders of court. $7,02790.
There has been paid on account Of
taxes and assessments on real estate
owned or held by the bank as security,
$S,22226
There has been paid for interest on the
mortgage on the bank building. $3.50.
Your receiver has expended in caring
for the bank building, So, 765 So The main
items Of expenditure were for fuel, light,
engineer, elevator man, janitors, insur-
ance, etc.
Your receiver for a time after his ap-
pointment used every effort to rent the
banking room formerly occupied by the
bank. Finally it was deemed wise to
subdivide 1t into offices. This was done
at an expense OF So 4OO.3S. The expendi-
ture seems to have been a wise one, as it
resulted In increasing the rentals of the
building by about 81, 400 for the first year.
In all probability there will be a further
increase next year.
Collections belonging to other parties,
amounting to $6863S, were paid to them.
These large expenditures, including the
amount paid to the Hanover National
bank. and the amount seized by it, could
not be avoided. They have used up the
receipts to the amount of sos, 1872 but at
the same time the debts of the bank have
been reduced by about SS7000 They have
been still further reduced by set-offs and
certificates taken in settlements by S27-
S445S.
Owing to the fact that persons indebted
to the bank had been very hard pressed
at the time of the first suspension, and
during the period that the bank remain
ed open after reorganization, business
prudence dictated that your receiver
must not force collections to such an ex-
tent as to compel those who could paw
by degrees to become discouraged, and
by. reason thereof fail to pay anything.
few sales Of real estate have been
made, but the nature of the property
and the condition of the real estate mar
ket have been such that only a small
amount has been thus far realized So
far your receiver has deemed it best to
hold rather than to sacrifice the nron.
erty.
The expenses of administration have
been kept dc wn t. the minimum.
AT Tie time VI TIE settlement OF the
bank 1t held judgments against -Eleanora
Langevin Mary E. Michaud, Emma Elan
agan and Thomas J.. Flanagan, aggre-
eating $43,S15S3. These judgments arose
out Of certain transactions had by the
bank with Edward Langevin in his life
time. After long litigation it was finally
decided by the courts that the claim of
the bank was a valid claim against GER
tain of his heirs. The bank, before sus-
pension, made a persistent effort to col
lect this claim, but was unsuccessful.
After his appointment, your receiver
took up the matter and found that the
judgments were uncollectisle, excent
from the sale CT real estate On execution.
The only real estate subject to these
judgments was heavily encountered oy
taxes. Certain minor heirs against
whom the bank had no claim were also
part owners thereof, and in case the
property was sold Tn execution your re-
ceiver would have become the owner
thereof as tenant in common with such
minor heirs. and would have been Obliged