The morning call., 1893-05-18
Apparent total liabilities. .........,..$3s

+ Assuming tnat tile overdratLS ana notes
are all good. there is an excess of assets
over liabilities of S124,966 08. Deducnng
from the overdrafts aud notes all of
Leouard's and Hayward's Indebtedness
and considering all other overdrafts and
notes good. there is an excess of assets
over liabilities of S43S67 So. Assuming
that Is per cent of Leonard's and Hay
wards Indebtedness Is bad and that 10 per
cent OF the balance is bad, there is an eX-
cess of assets over liabilities of S17, ,415 70.
Any one of these estimates will IN time
pay all the depositors in full and leave
small balance for stockholders. The
amounts due depositors cannot be exactly
determined, for the reason that all the de-
positors' books have not yet been pre-
sented, and there may be some certificates
of deposit still out of which there is no rec
ord in bank. But from the evidence at
hand the total given is about correct.
The difference between the amount
shown by the books as due ON certificates
Of deposit and he amount actually due on
this account Is S10l. .S29 II and this dis
| crepancy has evidently existed in varying
| amounts for some time past. The amount
! given as due on unpaid drafts will prob
ably be reduced when statements are re-
ceived from corresponding banks. The
real estate consists of one lot. s0x200. on
| North Market street. between 81. Angus
| tine and ST. james streets, in San Jose,
| with brick warehouse and stable, rented
for S105 per month, and one lot on the
south side of the Alameda. The two lots
are valued by j. A. Clayton of San Jose
at S25, O09.
The value of the overdrafts, mortgage
! notes and personal notes can only be
determined by those familiar with the
| makers. AS 1t is now known that on tn C
previous examinations by the Bank Com
t7mlsSioners forged notes were used, there
may be some forgeries among the notes
now on hand, and the only way to deter
mine this is to see the makers OF each note.
There is some interest due the bank. bur
the amount has not been calculated and
+ cannot be estimated.
After The report was read there was q
general sigh IF relief that the outlook was
not worse and congratulations were
4 general. knight and Gerherdug then re-
tired from the mesiing and hurried of &c
catch the train for San Francisco.
After they had retired the directors
discussed what action should be taken in
view of the report submitted. 1t was sug.
Rested that cali of 10 per cent should be
llDade on the shareholders. which would
bring in $4,000. TO be available in the
event OF something unforeseen turning up.
4 This proposal was not received with the
! same degree Of unanmiy and pleasure a.
tie commissioners report and final con-
sideraton was deferred till tomorrow
morning. There was also an inf0rna
discussion as 10 the continuance of tht
bank, but that will probably not be de
cided upon for some time yet.
Frank j. Brandon, who has been ex
porting the books, was appointed cashie
pro tem., ana his appointment is very
; POPULAR one. His duty will be to taxi
charge of the assets in the bank and lool
after collections.
President Pierce was the first to leavt
the meeting, but as he is chafng unde
press attacks nothing could be- gained from
! him. When the directors ii ed out Of th
board room shortly afterward, it was seer
} that something was amiss and the suggested
; 10 per cent call was the explanation.
Directors who are wealthy enough no
to feel such an assessment are keen for il
, but those not so lavishly blessed with thi
worlds goods are kicking against it. The,
point out that 55 per cent of the capita
stock is already paid up. representing
S165,090. and they therefore think the,
have been bed enough already. But the,
seem to forget that only yesterday the,