The morning call., 1894-05-06
have an interesting bearing upon the his
tory of the Swanberg securities:

have an interesting bearing upon the his
tory Of the Swanberg securities:
SAN FRANCISCO Sept. %, 1893.
To II. ~ WestphaL Esq, San Francisco,
| Cdl.-DEAR SIR: beg 10 inform you that at
meeting of the board OF directors, held on the
27th day Of September. 1895, the following pre-
amble and resolution were passed by said board ::
| WHEREAS, II appears that an agreement was
made In Ie~ard TO the Ii. w. Westphal note of
! $4,000 aud securities, dated March 81, 1898,
to the eff CT that letters OF credit on Europe In
favor OF c. o. Swanberg. should be given by the
Pacific Bank In connection OF said note and
securities, but that il no money could be raised
on said letters of credit then all securities
should be returned TO II. W. Westphal and the
letters OF credit referred 10 be substituted In
their place; now therefore be it
Resolved, That this bank agrees to make
some arrangement in this matter after the expi-
ration OF six months from date, either by re-
turning TO n. w. Westphal the collateral stock
or by having some other understanding satis-
factory TO Mr.. Westphal and to this bank.
Yours truly,
CHRIS BELLERMANN, Secretary.
This memorandum OF agreement witnesseth
That the note of $4,000. signed by Fl. W.
Westphal, and given to the Peoples Home Saw.
ings Bank about March 26. 1898, secured by
|
and accepted upon these terms
| The Peoples Home Savings Bank desires to
reduce its ind bledness from the Pacific Bank;
| the Pacific Bank at the same time desired to
raise money upon It's European credit, il was
therefore agreed that this note should be
| given; that check OF the Peoples Home Sav-
| iDgs Bank should he drawn for the like amount
upon Pacific Bank that the Pacific Bank
should then give to said Westphal, or order.
| letters OF credit upon Europe for $4,000.
| That il the money could not be raised upon
SAID letters of credit on Europe, that all of the
parties were to be restored to their original
| status and the whole transaction Cancelled.
COLUMBUS WATERHoUsE,
| r. III. MCDONALD JR.,
| G. o. SwANBERG.
| Mr.. Swanberg stated yesterday that it
was his intention to start for Sweden to-
morrow. 81 have business interests which
call me there" said he. 81 desire to give a
! public notice of my intention to depart so
that no one will misconstrue my motive
| and think that / am running away"
Charles r. Montgomery, a director of
the Peoples Home Savings Bank, made
the following statement last evening:
II desire to make a fair statement of
facts In reference to the Peoples Home
Savings Bank for the benefit of the de-
positors in particular and the public in
general. l fully grant that it takes con-
siderable nerve to do so In the face of all
that has been written and said against the
bank, but as l have lived in this city for
thirtv-two years and have done my share
toward building it up and have lived an
honorable life in the community, / think l
can safely count upon the greatest portion
of the depositors and residents of this city
giving me credit for truthfulness in what
/ here state.
II was called into the bank about three
weeks ago and asked If / would not be-
come director and use my influence and
business ability to get the bank out of lis
troubles and protect the depositOrs against
the loss of money through the great and
unnecessary expense and drafts made on
it by attorneys and others. In this work
l represented over 200 depositors, who are
friends of mine. Many Of them l had in
years gone by advised to deposit their
| savings in the bank.
"Wben became director / stated that
| my first duty was toward the bank and its
depositors, and after looking over the situ-
| alton my first work was to dispense with
| the services of four attorneys who had
drawn out so much OF the depositors'
money without. in my judgment. giving a
Just equivalent In services for the same.
my next step was tue dismissal OF a
number of employees, who performed littib
OF no services and without whom the bank
could easily get on.
During my three weeks in the bank l
tried to familiariZe myself with the true
condition of the bank, with view of put
ting the bank on Its feet by getting in fresh
capital. Let me here say that after care
| full investigation, without fear of public