The morning call., 1893-08-19
is. BOSS.
The Bank. Commissioners
Bow to Law.
AN AssIGNEEsHIP TANGLE.
Pacific and Peoples Bank Troubles in
Court-The Sheriff Active in
Collecting.

The administration of the tangled af-
fairs of the Pacific Bank was smplifed
yesterday by the practical letirement from
the scene of the Bank Commissioners in
favor of Sheriff McDade, the legally ap.
pointed receiver. The depoSitOrs are GO
ing to choose an assignee this afternoon
and their choice will probably be appointed
By the Superior Court as soon as Sheriff
. McDade's term expires.
:. The Sheriff followed up the ruling made
by The Superior Court the day previous by.
formally demanding from the Bank Com
missioners the money held by them on ac-
count of the Pacific Bank. This amount
J. had been popularity set at $4,000, but. the
actual sum MeDade found to S22,663 Is.
and of this $1,000 had been turned over to
him by Frank V Mcdonald.
= The balance was Immediately made over
by the Bank Commissioners. who thus
.obeyed the order of the court. The Sher-
.-iff gave them a formal receipt fer the yari-
ous amounts as follows: Certificates of
the lo-California Bank, $40, 1868 !;
certified checks on the First National,
S120S 80; certified check on Nevada Bank.
$500; on Taliant Banking Company.
S44O8 60. Total. SIG 1913 IS.
This compliance practically disposes of
the services u BulS DuIk OOiUIilS-
sioner Wiley, wfo dId not. appear yester-
,fay Sheriff McDade said that when that
gentleman did appear it would be simply
as Mr.. Wiley.
Said MeDade: Things are shaping
themselves all right. The bank is now in
charge of the Superior Court and l am an
officer of the court, TO recover the bank
property. and under court direction turn 1t
into coin. | am busy collecting and have
already to-day COLLECTED $500. In all l
have about $4,000
Mr.. McDade will appear this afternoon
at meeting of the dep0sitOrs called at the
Palace Hotel. The meeting has been
called to consider the subject of electing
an assignee, and Mr.. McDsde will state
the condition of the bank.
The matter OF the appointment OF an
assignee may possibly elicit some conflict.
1t is asserted that at the preliminary
meeting OF creditors called on Thursday,
the majority present favored the election
of the Union Trust Company as assignee.
ATheir argument was that the company
had agreed toido the work for half the fee
allowed by law The law allows 7 per
cent Oh the first $1,000 collected; per cent
on the next $4,000. and 4 per cent there
after. This would make an average in the
case of the bank of little more than
per cent, and at the meeting was claimed
that the USion Trust Company would only
charge 2 per cent.
But large number of the depositors de-
clare that this meeting was not represent
tatiVe, but was hurriedly called at a late
hour on Wednesday night with virw of
TailrQadlng through the election Of the
: trust company. These objecting deposi-
tors are out in favor Of the appointment
of r. H. Mcdonald JT. as receiver, ami it
is understood that he believes he has absO-
lutte control of the position. Not only is
il conceded that he knows more about the
banks affairs than any one else, but it is
also claimed that he has more at stake In
its rehabilitation. Many Cf the depositors
have personally entrusted their own money
to him. and he is said 10 have declared his
determin alton to justify their confidence
with his best efforts.
Anyway the trust company advocates
and the r. II. Mcdonald adherents are
likely to clash to-day. The former declare
that the McDonaids captured their pre-
1iminaTy meeting on Wednesday. They
say that their choice has the Endorsement
of the heaviest depositors, and that nom
inal depositnrs will not have a voice in the
election. The Mcdonald party, on the
other hand, have announced an open meet
ing for all depositorS. and announce that
every one, however small his stake, will
have say. None may be barred out, the
only card of admission required being a
handbook and fee of so cents to defray
pYpaOsac