The morning call., 1894-06-30
COMMITTEE OF SEVEN AT WORK.

The hall at 1O2 O'FarreH street was
crowded asst night, in response to the call
of the committee of seven upon the de-
positors of the Peoples Home Savings
Bank, to come and express themselves re-
garding the proposed election of a new
board of directors next Thursday.
Several members of the committee of
seven made reports. II. w. Hutton ex-
planned that "some people" have been
corresponding with DR.. Mcdonald in New
York, and as a result had secured the
doctors proxies (Which included those of
the mysterious Mrs. Wilson,, representing
about 2000 shares. and, with others, were
prepared TO control the election.
BE had found that the correspondent
was joseph Winterburn. and he had n
clear majority. Mr.. Winterburn had, in
the course of several interviews, confessed
that Mr.. Watt and Judge Sawyer were
acting with him. The committee had
asked what he proposed to do-whether
he was disposed to give the deposltors a
majority representation on the board, as
they (the committee) thought them en-
titled to; but Mr.. Winterburn had given
them no further satisfaction than to say
he would vote for only such men as he
knew personally TO be capable and honest.
& list of men acceptable TO the commit
tee had been presented and Mr.. Winter
bnrn had rejected them all but ones. a.
Mcdonald. As he (Hutton) understood
the situation, Mr.. Watt was to prepare
list, and if it was acceptable to Mr.. Win
terburn he would vote the stock in their
favor.
Thomas McCarty of the committee made
a little talk on the same lines. He said
he had warned Winterburn that II he did
his large voting for people who were ap-
proved by the depositors he was assum-
ing responsibilities that would grow very,
very irksOme time went on. Ii he con-
sidered the rights of tie depOsitors and
took them into his confidence and chose
directorate to which they assented it
would be better for all concerned. BE
thought Mr.. Winterburn would think
over what he had said. for he had after
ward remarked that it was not certain he
would vote the stock at thursdays
meeting.
P. L. Koscialowski suggested-and kept
suggesting through the meeting-that the
depositors bring suit against the stock
holders.
Several others thought this should be
done, but Mr. Hutton explained that DR..
Mcdonald, who owned the big end of the
stock, had nothing here that any one could
find; no one knew where the mysterious
Mrs. Wilson could be found, the other Nc
DOnalds were equally difficult to reach,
one being in Japan and The other in jail,
and the balance of the stock was held in
blocks Of two 10 ten shares, so that litga-
tion would be about all they would get out
of suit.
Secretary II. D. Pike made a warm
speech charging Judge Hebbard With be-
ing at the bottom OF all the stockholders
trOuble-he, with Watt and Sheehan.
They have allied, he said, 10 protect the
stock olders rather than the depositors.
1t was nominally WinterbGTn but really
Watt who bad heen soliciting this stock to
\ A of 4
rectors composed of large stockholders
would not be expected to order an ASSESS
ment of their own stock on behalf of the
depOSitors.
Winter burn had been invited TO attend
this meeting, and his letter of reply was
read in which he said he did not wish "to
ally himself with any neutrality-suspicious.
or notwithstanding to control the liqui-
datlOn of the bank"
All the members of the committee indi-
Gated in their reports that If the depostors
made a bold front they would succeed in
their demand to secure majority repre-
sentation on the new board, for no board
OF directors will be found who will dare
undertake this task in face of the steady
opposition OF the depositors."
The secretary then offered the following
resolutions, which were adopted without
dissent:
WHEREAS, The depositOrs OF the Peoples
Home s wings Bank for the past Two months
have been tireless in the ende3vor TO secure the
reorganization Of The board Of directors and an
honest and expeditions administration OF the
affairs of The bank and for the past six weeks
have been in a position to successfully
carry out the above-named purposes, but
have been prevented from so doing by
litigation and the efforts of obstruction
ists VINO cesire TO retain control OF
The bank to crafty their own ends; and
whereas. IL appears that stockholders meet
ing has been called for the 9th Of July for the
purpose Of removing the toard OF directors.
who for the past six weeks have been anxious
10 resigD and for The election Of their sue
cessors; and whereas, 1t appearing from our
Investigations that the bank is insolvent, that
all of its money belongs TO the depOsiUOrs
and that they are the only ones hav-
ing any monetary interest therein; and whereas,
the administration OF the bank for The past
year has been carried on with otal disregard
for our interests, resulting IN complete lack
of confidence which VIII continue 10 exist un-
less men OF our choice are intrusted with the
liquidation OF the banks affairs; therefore,
be il
Resolved. That the committee be instructed
10 use every honorable means with the stock
holders TO secure the election OF a new board Of
directors, of which at least majority shall be
indOrsed by said committee.
The Dep0sitors of the Peoples Home Savings
Bank IN RlasS-meeting assembled.
One, Mr.. Garratt, created some trouble
for himself by offering resolution ''eX-
tending the confidence of the depositors"
10 Charles Montgomery. to whom las an
honest man and friend of the depOslUor a
wrong had been done that should be
righed, ETC."
ln his advocacy of this resolution he was
drowned out with Kisses and laughter.
ntgomeTy was once an honest man,
no dOub'." said ONE, and montgomery
could not be elected janitor of this hall by
this crowd" SAID another.
Adjournment was taken subject 20 call
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Babes in the Wood.