The morning call., 1893-10-31
LIGHT AT LAST
For the Creditors of the
Pacific Bank.
McDONALD'5 MANLY COURSE.
He Withdraws All Opposition to
Immediate Liquidation by the
Bank Commissioners.

The following manly letter has been al
dressed by Richard 81. Mcdonald Jr. to
Frank VI. Stone as representative of the
Attorney-Genersl in the suit brought By
the Bank Commissioners against the Pa
eife Bank
By il he consents TO the bank going at
once into liquidation ana valves ali rights
to naming the personnel of the officers
who will have to undertake that task
Should Judge Hebbard enter judgment, as
wo0ld appear to be the natural course TO
take, all further litigation will be stopped.
Much time will be gained by the creditors
and much legal expense will be avoided.
Ii now looks as If the affairs of the Pacific
Bank would soon be on the way to set
tlement
Following is the text of the letter:
Frank 81. Stone. Esq.-DEAR SIR: In view
OF the controversy as 10 just what the Position
OF lhe Pacific Bank is in the pending litigation
against II. you have asked thai 1. IN coneiS-
efTns, state what the directors of he naDk are
willing 10 do 10 advance the interests OF its
creditors. You state that you have given
what you understand 10 be our position TO the
press OF this city. but IN order 10 obviate any
question as TO what We are willing 10 do, you
ask the directors of the bank 10 souarely state
their position. We are willing TO do this; IN
the State 10 forthwith take charge OF the bank
ID liquidation, TO supervise every act of
those who by law shall be placed IN charge
OF lis affairs. An action has been COM
menced Uy The Attorney General Of the
State 10 enjoin the bank from The further
transaction OF business and TO declare that be
bank is iusOlyeBt and directing the Bank Com
mlssioneTs 10 take such proceedings against the
bank may be decided upon by us creditors
Bowling 10 the force OF circumstances and with
Keen appreciation of present public opinion.
n
menl may have created an unfortunate eoudi-
iiOn 10 the affairs of the bank We stand upon
The broad proposition that none are more deep
ty interested than ourselves In the result OF the
liquidation OF the bank. To that end :hen We
not only cheeTfully bow TO the decision Of the
court Of last resort OF our State, bn welcome
such decision. We join the people of The State
10 their confidence in its board OF Bank
Commissioners. IFolce the wishes Of the board
OF directors Of the bauk when ! say
that IN view Of tie present condition OF fnan-
eial affairs il is unsafe for the creditors OF lie
bank that we continue 10 transact business.
10 believing, We are prepared 10 join with Tue
nix Commissioners in asking that 10 relief
sought 10 the pending action against Tue DanK
be granted by the court We believe IN the
words OF The sta ute that "the affairs OF the
bank should be closed" We ask the Bank
Commissioners 10 "iake supervisory control OF
lie bank In liquidation aud do all 10 their
power 10 make suen liquidation az economical
and expeditions as the interests OF tile depos-
iIOTs and stockholders Will admit" (Which We
VIII lie We are dVised that under tnr same
siaiut- (the bank act) the Bank Commissioners
have only the power 10 designate the number
OF Officers and employees necessary 10 close up
The business" OF tie bank. "aDd 10 fix The
salaries Of the same" W. are prepared go
further than the statute requires. and are ready
IN [ the Bank Commissioners shall name proper
officers aDd mIioyes VINO shall close the affairs
Of be bank. In snort We are PREPARED 10 waive
these rights to which We believe we are en-
titled under the statute, in order 10 end tedious
which
10 injury to everybody connected with tie bank,
whether depOsItors or stockholders. In fact we
are Teaov TO concede more Than could be
gained by those opposing US in this sun should
every point be decided against US for which
our biIIeresi enemies contend. We shall ak
the Bank Commits ssioners 10 Ia supervisory
control OF the bank and name the mea 10 close
its affairs. Can We do more? We shall embUdy
the foregoing. onlv more IN deiail, In CON-
municaTiOD TO The Bank Commissioners. in The
hope hat they VIII MEET Us In such spirit that
The result will be 10 he unquesIiOned interest
of everybody ~ any way connected with the
bank Yours truly. L n. MCDONALD JR.
san Francisco, October go 1893.