The San Francisco call., 1895-12-03
SHEEHhN WILL RESIGN,
Depositors of the Peoples S Home
Bank Were Told so Last
Night.
Movement to Have the Expenses in
Liquidation Reduced-A Lively
Meeting.

About 100 of the depositors in the Peo-
pies Home Savings Bank in liquida ton
met in Foresters' building last evening to
hear the report CT the executive committee
and ascertain the condition of the bank S
affairs at the time. T. H. Mccarthy, chair
man OF the committee, presided the other
members present were E. F. Kendall,
Thomas Mahoney, a. L. Cassavan, n.
Morcaum and 7. s. Williams.
Secretary Kendall read a lengthy report
OF what the committee has done IN con-
nection with the management of the bank
the litigation that is pending and what
was done in the matter of selling the Pa
citic Bank property, all of which has been
given from time to time through the col
umns of THE CALL.
Communications addressed to the Bank
Commissioners asking for a reduction OF
expenses in the management in liquida-
ton were also read. One was from the
California Safe Deposit and Trust Com
pany and the other from John w. Cole
man, J. c. Johnson and I. S. Williams.
These show that t presenttbe Office rent
is SO monthly, $3.50 salary per month TO
Manager Sheehan and $125 a month to a
bookkeeper, can expenditure a this juno
ture too lavish to wind up the affairs of a
defUnct bank and too much TO draw from
the money that belongs to the poor"
Thomas Mahoney, one of the commit
! tee, presented a minority report in which
he objected to the postponement OF the
meeting OF depositors called TWO months
! ago and wanted 1t understood that It was
not with his consent or authority. He
| insinuated that the gold OF the trust COM
pany had had something to do with the
| postponing OF the meeting by two of the
committee. He found fault with all
that had been done up to date
by the trust company and the other
members OF the committee and
said TINT Mr.. Williams assertions
that the depositors' interests are well
guarded were not well founded. He
charged Mr.. Williams with having told
depositor whose book calls for 5000 not TO
make his book over to the trust company.
He also charged that Chairman Mccarthy
had announced he would resign, but that
he afterward declared that he would not
resign until after the affairs had been
wound up. He wanted to know what
caused the change.
Why" said Chairman Mccarthy, with
a smile, ''he's giving al the secrets
away"
Mr.. Williams, who is the depositors'
representative on the board OF directors,
iexplained that the meeting had been post
poned upon the advice OF the depositors'
attorney, who suggested that in view of
pending negotiations a meeting would
be unwise and would do much
more harm than good. He pro-
nOunced as senseless the inference that
the trust company's gold had anything
TO do with the matter. He then entered
into long account of what had been done
by the committee and then read figures
entered in the books of the company since
Sheehan had been in charge, showing that
in a period of seven months the sum of
$42, ,995 of the peoples money had been
expended. OF this Sheehan received
$4,000 and Attorney Watt $47OO as
salary. The. trust company has sue
ceeded in reducing the waste of money
and cutting expenses down to $445
month.
He also read items from the book to
show how Sheehan wasted money. One
item in the aggregate was $97 for adyer-
tising the sale of vaults. The most OF
this was given to weekly papers that were
paid more than the dailies and which the
speaker said "were papers in which per
sons wishing to buy bank vaults would
never seek the advertisement of such.
He charged that Sheehan paid out
money uselessly under the guise of exam
ination of mortgages and lands to men
were politicians He also referred to
$500 paid TO L. Carl Spelling and SAID:
This matter remains unanswered. Shee-
han has not answered. He threatened to
prosecute me criminally for what | said ID
this matter, but he has not done so"
In regard to the Pacific Bank property
he said that some of the bids made some
time ago were rejected although the sum
of $4,000 had been offered for it.
William Marlowe, a depositor, wanted to
know why $50, 900 belonging to the de-
positors. now with the trust company, was
not. distributed.
A. ID. Pike declared that Mr.. Maloney,
who presented the minority report, meant
we'll, but sometimes talks through his hat.
Mr., Williams denied the charge OF hav-
ing advised 5000 depositor, but admitted
having told $40 depositor that his
amount was so small that it was not worth
the bother of transfer. He said that II
any depositor was dissatisfied with his
course and would make a motion for him
to resign he would do so.
Mr.. Pike announced that after careful
examination he had arrived at the conclu-
sion that in time the depositors would re-
ceiye in all about 55 cents Oh the dollar.
The litigation over the Pacific Bank would
prevent the giving of dividend at Christ
mas. He did not think it would be wise at
this time to ask for distribution OF the
S5O. 900 alluded TO by Mr.. Marlowe.
A motion to increase the committee to
fifteen was lost, as was one TO instruct the
committee to wait on capitalists and ask
them to bid Or the Pacific Bank property.