The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1895-01-22
HAVE TAKEN CONTROL
The Peoples Home Savings
Bank IInbroglio.
An INVESTIGATION GOING ON.
The Bank Commissioners Will Cut
Down Expenses.
OTHER CHANGES TO Be MADE AT ONCE.
After a Consultation With the Directors
the Commissioners Decided to Look
Into the Banks Affairs.

Another change took place in the affairs
OF the Peoples Home Savings Bank yester-
day. The Bank Commissioners are now IN
control of the institution and will fix the
number of employees and decide what their
remuneration shall be. John F. Sheehan,
who for eight months was receiver, has
been appointed manager of the board OF
directors. AS receiver his salary was $500
month, but ii is safe to say that the Com
missioners will cut those figures in two.
The board got to work yesterday morn
ing about 10 O'clock The first Commits
sioner to arrive was Paris Kilburn. He was
followed few minutes later by Colonel j.
B. Fuller and Judge w. H. MCGEE. They
did not waste any time, but at once went
to work. They counted the cash in bank
and on hand and then proceeded to thor
oughly overhaul the affairs of the institu-
ton. The cash, stocks, bonds and war
rants were found to agree with the state
ment furnished by Sheehan and James
Alva Watt, his attorney. Then the other
assets were taken up. 1t will require some
time to complete this job, as the Commits
sioners intend making thorough exam
ination into the value of each piece OF
property held by the bank. Some big
changes are liable to be made in valuations,
as several of the properties would not bring
to-day in the open market the money that
has been advanced on them.
When this work has been completed
the salaries of the employees of the bank
will be fixed and then the institution will
have rest for time. How long that
time will be depends on Commissioners
Kilburn, Fuller and MCGEE.
The present investigation only antici-
pates the action of the Bank Commissioners.
In any event the bank affairs would have
been overhauled in the near future. Ow-
ing, however to the fact that the receiver
had been discharged and that the directors
were in full control, it was determined to
look into the matter at once.
When they have completed their labors
the new board will be in full control, and
will arrange matters to suit themselves,
subject to the approval of the Bank Com
missioners. The latter will insist upon the
curtailing of expenses, and number of
changes are sure to follow. AS receiver,
Sheehan drew $500 month, but as man.
ager the Commissioners will probably only
allow him $3.50, or possibly less. 1t is also
probable that the services of James Alya
Watt will be dispensed with. He was at
torney for the receiver, but the board of
directors may put another man in the posi-
ton.
Yesterday was not the first occasion upon
which the directors of the bank and the
Commissioners had talked over the affairs
of the Peoples Home Savings Bank. Last
Saturday afternoon the directors and Off
GERS of the bank met Messrs. Kilburn, Full
Ter and MCGEE in the rooms of the commits
sion, and conference that last three hours
followed.
Ways and means were discussed and a
policy concerning the conduct of the banks
affairs was agreed upon One hopeful feature