Los Angeles daily herald., 1876-03-09
Meeting OF the Creditors OF Temple &
Workman.

the meeting nau been callea ny tHe
assignees for the purpose of reporting
progress. He nominated Mr.. VIM.
Ferguson as Chairman, which nomi-
nation was confirmed. On motion it
was resolved to dispense with the SER
vices of a Secretary, after several inef-
fectual efforts to induce some one to
serve.
Messrs. Spence & Freeman, as
signees of the Bank, presented Il state
ment showing the following receipts
and disbursements since they eutered
upon the duties of their positions
Cash collected SG,5ll IS
Balance on hand. 4,4iO-sO
The items of receipts and eXpendl-
lures are very numerous, ranging
from one dollar upwards.
We mention few of the more i'm
portant expense items, to-wit:
Amount paid for redemption of sure
| ties deposited with Sather Co. Tor
moneys loaned 5'0,i "
Value Of SOLO %
Tempiep 4 WoriSman....r... s. O05 10
| Retaining fee to Attorneys for Bank. 750 Ul
| Amount paid 10 effect additional insur-
| ance on property to amount OF 5000 6l9 9oO
| Services Of W. Pattee, expert IN max
| ing cut cOJ W.
Judge Eastman, one of the Attor-
neys for the assignees, presented n
statement setting forth that the san
Jacinto milling ard lumber property
was in such IL condition that by the
expenditure of the sum of SIS, coo they
were of the opinion that about $26, 600
could be realized from the sale OF the
property. Suit has been brought 10
recover about SS0, 900 on claims which
were nearly outlawed. all OF which is
secured by attachment liens amply
sufficient to pay the entire sum above
named
Judge Eastman addressed the meet
ing at considerable length before sub
mitting the above statement. His re-
marks had reference to the feverish
condition of the public mind. He
said that among things that lie knew
that so far from having any reason to
| anticipate further panic, he knew
that there was to-day more money in
the city of Los Angeles than Is neceS-
sary for all purposes Of loans, discount
and deposits. AS to the affairs OF
Messrs. Ledyard and Thomas Temple,
he stated that arrangements by at
tachment, mortgages, etc, have been
made by which at least 90 per cent. OF
their Indebtedness would be secured.
AS for the affairs of Mr.. Levy, he
thought arrangements had been made
by Which from so per cent. to 5S per
cent of his indebtedness would be Sc
cured.
Mr.. Long, of the Committee on Real
Estate being called upon, said under
the instruction of;the sasignees he went
out and examined the San Jacinto pro-
perty. He found large amount OF
corn, wood, lumber, etc. He would
not advise the prosecution OF the " ork
as recommended by Judge Eastman,
as he did not think it would result
proiitably. The railroad company pro-
posed to pay $50 per M. feet for lum-
Der going West and $22 so per NJ. feet
for lumber going East, This he did
not think afforded sufficient margin
for the assignees to operate upon,
nor did he think $6 80 per cord for
wood. The price of fuel was sufficient
to Justify any operation in that dircc-
ton. He thought there were between
S,OOO, 600 to Il, 600, 600 feet of lumber Oh
the land claimed, but in Orde rto get
it all it would be necessary to move
the mill three or four times. He said
that he had made the subject of the
outcome of the affairs of the late bank
his study since the assignment had
been made. He was fully assured that
If the creditors would have patience
he believed that under the assignment
every creditor would have dollar fer
dollar and Mr.. Temple have as much
left as he could manage. He gave
cutie detailed account in figures for
his reasons.
Judge Brunson addressed the meet
ing alUding to the course of the press.
| He alluded to the course Of the bank.
Said that u year and hall ago the
banks of Los Angeles had plethora
of coin, and an effort had been made
to use it for the benefit of depositors.
He stated that Mr.. Ledyard had made
an assignment of all his property and
would pay 81 cents or the dollar. So Of
! Mr.. Rnl!ock, and as for Mr. Freeman
he could pay twenty dollars for every
dollar he owed the hank, etp,
Judge Barron addressed the meeting
relative t6 the San Jacinto property,
and agreed with Mr.. Long that il
would be Improbable to purchase it,
giving what seemed to us sound rea-
sons for his opinion.
Judge Eastman again urged care
fuI looking into the San Jacinto mat
ter.
Mr.. Hazard moved that the San ia
cinto matter be referred to the Advi-
sorry Committee, and the assignees be
instructed to act upou their report and
recommendation. The motion was
seconded
Mr.. Freeman suggested that they
could lease the mills or make con-
tract with responsible parties, and the
profits, if any, inure 10 the benefit of
the creditors.
Mr.. Hazards motion was adopted.
Mr.. Hazard inquired of Mr.. Wiley
as to the character OF the faente
ranch.
Mr.. Wiley said lie had known the
Puentc ranch for twenty-five years.
He believed there were not LOCO acres
out of the $1,000 acres composing it
that could not be cut up into tillable
farms.
Mr.. Frank Temple said he supposed
there were about $4,000 acres of valley
land.
Mr.. Hazard inquired as to the Mer-
ced ranch.
Mr.. Frank Temple said the most of
it was valley land.
Judge Brunson said that he would
suggest to the creditors to let patience
have its perfect work, and everything
would come out all right.
Mr.. Long suggested to the creditors