The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-11-03
WONT QUIT FIELD
Minneapolis Trust Company Feels
That Business Is Too Valuable
to Abandon.
It Will Reduce Capital Stock $780,
600 and Continue Present
Business.

The Minneapolis Trust company will
continue under It's present name. No
transfer Of assets nor change of bust.
ness will be made. The capital stock
will be reduced from 100000 to
$25O,0OO, and upon the reduction Of
the stock $250,000 of Northern Securi-
ties stock and $4,000 in money will be
divided pro rata among the stockhold-
ers, leaving $250.00O new capital and
about $4,000 in surplus and undi-
vided profits. The board of directors
will be increased in number from nine
to fifteen. So much was determined
to-day almost unanimously at an adj
journed meeting Of the company at
which four-fifths Of the stock was rep
resented.
The adjourned meeting was immedi-
ately followed by the regular annual
meeting, at which the officers and di-
rectors were authorized to take imme-
date legal steps to carry out the pur-
pose Of the adopted recommendations
and to make the changes effective as
rapidly as possible. The meeting was
adjourned to Nov. / 6. Then the new
board of directors will probably be
elected.
The first meeting to-day was called
to consider the report of a committee
appointed to consider the liquidation
Of the company and other questions
L
The committee, of which Howard S.
Abbott was chairman, made a careful
study of the situation. The following
suggestions We're made for considera-
ton Of the stockholders:
The average net profits of the
company for number of years past
! which may be called the earnings of
the good will Of the company, have
been such that to secure like sum
from capital, an investment Of over
100000 would be necessary. Your
committee feels, therefore, that it is
| justified in reporting that the good
will Of the company represents a most
| substantial asset and one which is
likely to increase in the future.
your committee would therefore
make the following recommendations
| THAT the business of the present
company be continued under its pres
ent name; that for the purpose Of car
rying out the requirements of law
$62,500 par value, Of permitted secur-
tiles be purchased and deposited with
| the state auditor as required; that
capital stock of this company be re-
duced $250,000; that thereupon div
| idend of Northern Securities stock
4 owned by this company be declared to
the extent Of $500 shares and distrib-
uted pro rata to the shareholders of
| TINS company ana In aQdltfOn a w
per cent cash dividend: that for the
purpose of lessening the burdens OF
the old board and Of introducing new
interests in the active management of
the company the number Of directors
be increased from nine to fifteen
The committee argued that if a
new company were formed it would
practically continue the present bust
ness, and that By continuance would
be avoided a possible loss Of business
in the process Of transfer: all vexa-
tious legal or business complications
and the expense of liquidation which
would have to be paid by the present
I stockholders. ~ 80
i The interest in the recommends.
tons Of the special committee was
shown by the remarkably large at.
tendance. Among those present were
James j.. Hill, w. III. Dunwoody, j. S
Bell. w. G.. Northup, G. r. Lyman, A
H. Linton, H. E. Fletcher, H. S. Alb.
bott, M. b. Koon, F. B. Snyder, B. F
Nelson, C. S. Langdon, E. G. Cooke, O
r., Sweat, j. r. Kingman, r. F. Wal
lace, j. w. See, J. B. Atwater, H. V
Mercer, H. E. Hankinson, M. J. Pep.
ri and T0hr rrnehy ti