The morning call., 1894-05-23
BOUSHEY is OUT.
Judge Hebbard Holds His
Resignation.
1T IS MADE CONDITIONAL.
The Committee of Seven Has a
Jubilee.
FRACTIONAL FIGHT MAY FOLLOW.
Indicted Directors Are Arraigned in
Court-Defects in the Grand
Jury's Indictments.
FRACTIONAL FIGHT MAY FOLLOW.

III boushey's resignation as president
aud as a director of the Peoples Home
Savings Bank is in the hands of Judge
He6bard. This Is the text of the letter:
SAN FRANCISCO. May %, 1894.
non D. c. b Hed6drd, Citg-DEAR SIR:
Feeling the utmost confidence in your ability
and integrity, and your desire that the Peoples
Home Savings Bank shall be in charge OF par
ties who shall serve and act in the best interest
OF all the depositOrs of the Peoples Home saw
lngs Bank and all parties interested, ana feeling
That the entire matter is IN your charge and
under your jurisdiction, take the liberty OF
addressing you II this communication.
have refused TO attend any meetings OF the
directors of the Peoples Home Savings Bank
since the restraining order was issued by you.
/ know that you viii not modify your restrain
ing order, in order TO permit the directors of
the Peoples Home Savings Bank TO meet until
you know that the action TO be taken by them
Will be in the interest of the bank and its de
pOsitors. I have al all times desired TO sever
my connection with the bank.
Before its suspension ! handed in my resg-
nation TO the directors. They refused to &C
cept il and insisted upon my remaining. l 90
not wish to be 4 party to any meeting of drec-
Tors, which may be held in the interest Of any
party desiring TO get control of the bank and
without your HonOr's permission, as a number
OF the depOsltors have requested me to remain
IN the bank IN their interest; but / see that the
depOstors' committee feel that am jeopardiz.
ing their interest in so doing. This 1 surely
have no desire TO do l only desire to see
board Of directors in charge of the bank, who
viii be there in the interest of the depositors
and without any selfish motives of their own.
Therefore, l hereby resign my position as
president and director OF the Peoples Home
Savings Bank, said resignation TO 90 into effect
at such time as your Honor may see fit TO mod
lily your previous restraining order and permit
the directors Of The Peoples Home Savings
Bank TO meet and transact the business OF re-
organization, and upon condition that the other
four directors likewise place their designations
IN the hands OF the court, as suggested in a let
Ter TO me written by a committee OF depositors
yesterday.
This VIII now give those directors who have
said that they will resign when do an oppor-
tunity Of carrying out their promises. Yours
sincerely, JULIUS BOUsHEY, MID.
This letter came as the direct response
to the following personal communica-
ton:
SAN Francisco, CAL, May 10, 1894
Or. J. BoUsbey, President Of the People's
Home SGrings Bdn5-DEAR SIR: 1t has been
suggested 10 US that we should resign our posi-.
tons as directors Of the Peoples Home Savings
Bank. As we have had at heart, during our con.
nection with that bank, only the interests OF the
bank itself IN relation TO It's depOsitors, and as
we are unconscious Of any wrong, legal or
moral, that we have done. no reason whatever
atists affecting ourselves for our resignation,
Nod, having been indicted for what we con
cciyed to be our duty and what we are satisfied
was cur duty, it would be inconsistent with our
selfrespect TO volunteer to withdraw from the
positions we respectively hold. and 1t further
appears to US that the bank should and must
necessarily stand by men who have rendered to
EoFeF
to benefit themselves.
We concede, however, that the interests of
the depOsitors ought chiefly to be consulted,
and their NUMBER is very large and, from the
numerous partisan statements that have ap-
peared in the press, they cannot be Informed of
the real facts Of the only transaction in which
we are jointly concerned. If, therefore, for
their benefit, and under the advice of the pres
ent counsel Of the bank, il is deemed expedient
for the directory to be completely reorganized.
by the selection Of new directors, In whose
economy and capacity the depositors them.
selves would have perfect confidence, and if.
owing TO present conditions, our opportunity
for usefulness has passed, we will not stand in
the way Of such proceeding, but on a repre-
senUaton to that effect, viii tender our resigna-
lions at once.
Personally we should be glad to be relieved
from duties that are OneTous and our manner
OF discharCing which has subjected US to daily
misrepresentation for which there can be 30
adequate redress, and all we care for is to
stand where We have always stood before our
connection with the bank unfortunately COM
menced, Respectfully, H. 7. GRAVES,
a. /. JENKINS.
There was jubilee meeting of the COM
mittee of depositors in the Office of DR..
Logan last night when DR.. Boushey's
resignation was made known. II was
hot auit oF 9TH
four observation-disclosures, jenkins, Keeney
and McDOnald-would be in Judge Heb
bard's hands at 10 o'clock this morning.
Committeeman McCariy stated that S.
N. Shortridge now proposed that the
stockholders be represented on the board
"Mr. Shortridge insists that the board we
have named might levy an assessment Of
SO On the stockholders and bring suit if
it was not paid. Such a suit could be be-
gun without having the depositors repre-
sented in the directory" said Mr. McCarty.
MIR. Shortridge offered to give US three
Of the directors. name three for the stock
holders and get a pivotal man for the
seventh. Shortrldge seems to represent
the stockholders now instead Of the de-
positors. The committee refused to re-
cede from its position and will demand
the naming of Eve of the directors"
There was some discussion over what
should be done with the Indignation meet
ing called for B'nai Birth Hall tonight.
As DR.. Boushey had resigned some of the
members were disposed to think it should
be Cancelled. 1t was finally decided to
hold the indignation meeting anyway.
There may be surprise in store at this
meeting. There is promise of a split
am ong the depositors and factional fight
some OF the deposltors seem to think the
directory selected by the committee is too
favorable to Dick Mcdonald.
There was meeting last evening of de-
positors who object to the action of the
committee of seven. 1t is reported that
several large depostors. among whom are
Colonel George Stone General Fredericks
and S. Fl. Knight. will insist on present
Ing an entirely different list for directors.
Knight, in addition to being deposition.
is the holder Of thirty-three shares of
stock.
The committee of seven declare that
none of the proposed directors are friendly
to the McDonalds. and most empbatically
deny that DR.. Logan is a friend of Dick.
Other depostors contend differently,
and insist that DR.. Logan is Dicks friend
and is slated for the presidency, and that