The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1894-06-09
THE DEPOSITORS MEET.
They VIII Insist on Having Their
Four Selected Directors.

AhCH w Efk thOlOL VII having ANh
Four Selected Directors.
The Gepositors OF the Peoples Bank
held another meeting last evening at 102
OFarrell street. and spent two hours and
half in talking over their grievances,
and considering the best methods of COM
ing to as speedy solution of them as
possible. The bank directors, Receiver
ShPehan and others came ia for goOdly
share OF condemnation in having, 1t was
claimed, acted contrary to the interests of
the depostors
After the meeting was called to order,
Attorney a. w. Hutton gave in detail just
what had taken place 10 court during the
day, and announced that everything had
gone over until Monday. He said he was
heartily opposed to the delay. as while the
days we're going by without any settle
ment being arrived at the money
in the bank was beug eaten no
by needless expense and mismanagemeDt.
lie thought that the depOSitOrs should be
given a chance to manage the bank for
themselves as soon as possible. The ex-
penSeS he was sure could be reduced at
least One-half. aud that meant a great deal
for the people whose money was involved.
The depositors should insist upon the right
TO have their own representatives in
charge of the bank
Thomas W. Mccarthy, one of the CON-
mittee of seven appointed by the de-
pOSltorS. reported that he had waited
upon Chief Justice Beatty of the Supreme
Court and requested that the writ of pro-
hibition now pending in the court be ad-
vanced upOn the calendar and decided at
an early date. Justice Beatty had assured
him that the mater would have a speedy
consideration and a decision would be ar
rived at in q short time.
The most important matter of the even
ing was then taken up. 1t was the consid-
Grafton OF the letter of II. T. Graves and
A. L. Jenkins, TWO of the Objectionable
directors of the bank. In this letter
Messrs. Graves and jenkins proposed that
new board of directors be selected by
drawing them from a box in which was
the names OF go responsible men on slips
If paper. The 80 names were to be Sc
lected by a committee chosen by the de-
positors and stock holders. In case any of
the six first selected would not serve the
drawings were TO be kept I'D until board
OF directors was obtained. In case this
plan was adopted Messrs. Graves and Jen-
kins would agree TO resign.
In response to this letter the committee
of seven submitted a reply in which
Messrs. Graves and jenkins were assured
that their proposition was not satisfac-
tory. To adopt such a course, the reply
stated, would only cause delay, and that
was the last thing wanted. The deposltOTs
had already drafted a plan of settlement
whereby four new directors had been Sc
lected by the depOSitors and three had been
chosen by the old board of directors. This
plan was perfectly agreeable to the de-
DOsitors, and they saw no reason for chang
| ing it. All that was needed was to get a
board of directors that would handle the
affairs OF the bank in an honest and econ
omlcAl manner, and 10 select men to
handle 81. 600, coo by means of a lottery,
for such the proposed plan was, did not
strike the dep0sitOrs at all favorably. The
men selected by the depositOrs had been
pledged 10 economical management and
the depositOrs could trust them.
Attorney Hutton spoke at length upon
the importance Of impressng upon the
old directors, the stockholders and Others
/ the fact that the depOsltOrs would have
nothing to do with the lottery scheme of
election. There was no business in such
! a method. The depOSitors had been given
| the privilege OF choosing four OF their dl-
! rectOrs. They had done so, and had
| pledged them. There was nothing else to
| do except stand by them. By this means
a speedy settlement OF the whole trouble
would be had. Besides Graves and Jen-
! kins had already resigned.
Secretary Pike moved that in addition
to sending the ter to the two directors
! the committee OF seven also call upon
! them and ascertain what position they ill.,
! tend to maintain in the whole affair after
! thew had once resigned.
The motion provoked some debate, as
some of those present thought that send
| ing the letter was sufficient and that q
| visit was unnecessary.
! 1t was al last decided to send the lette r
| aud also have the committee make call
| upon Messrs. Graves and Jenkins
After an hOnr spent in discussing vari
| Gus phases of the court proceedings and
the expression of some rather cauStic
| opinions upon the attorneys representing
! the StOckh olderS aat some OF the latter
| themselves, the meeting adjourned to the
| call of the chair. the presiding officer say
! ing as he declared the adjournment that
! he hoped each one present woul eRdeavor
| TO get as many ether depusitors as possible
| interested in the fight for their rights.
They had now 1850 depOSItnIs enrolled,
representing an average of 1915 each.