The morning call., 1895-01-20
DEPOSITORS ON TOP.
Bank Commissioners to Help
Them Out.
PEOPLES BANK EXPENSES.
Where the Proceeds Of the Watt
Sheehan Work Went.
NOTHING LEFT FOB THE POOR MAN.
Board Of Directors Find the Attorney and
Manager Too Heavy a Load to
Carry.
NOTHING LEFT FOB THE POOR MAN

DCfC4OpIucu VI Iuc 1dSG -1Ou1
hours in the wretched affairs of the Peo
pies Home Savings Bank seem to indicate
the ultimate appearance of a star of hope
on the horizon of the respondent de-
positors.
On Friday last the executive committee
of the depositors, under the leadership of
I. FL. Mccarthy, waited upon the Bank
Commissioners and stated to them their
manifest and just cause of complaint The
Commissioners were so deeply impressed
with the evident shamelessnesso of the pres
ent management that they issued writ
ten request to the bank directors to meet
them in their office at 1 o'clock yesterday
prepared to state what action, if any, they
intended to take concerning the grievances
of the depositors.
Parenthetically it may be said that the
grievances of the depositors are these:
They were never permitted to have rep
pesentative in the board of directors unless
Watt approved him, the payment of $4,000
to Sheehan and Watt for services for six
months, $4,000 each and $1,000 for junketing
and other Expenses" and the rejection of
the offer of the California Safe Deposit and
Trust Company to finish the liquidation
of the banks affairs for per cent of the
proceeds, not to exceed, in any amount,
$3.50.
The Watt-Sheehan regime is fully alive
to the fact that their job is "snap" and
they cannot see it slip away from them
without a struggle. They have voted them
selves this $4,000 and have elected their
new board Of directors, and they want, ii
possible, to hold the fort till there is moth
ing in sight to justify them in staying
longer.
Yesterday afternoon, at o'clock sharp,
Directors George Stone (president), Rolla
Y. Watt, John r. Hillman, B. K. Michael
son, I. L. Merrill and Henry Marshall met
the Bank Commissioners and an offhand
discussion followed. 1t soon became ap-
parent that the Commissioners were in
clined to proceed to the full limit of their
legal powers to help the depositors out OF
their difficulties. The discussion finally
resulted in unanimous request being
made by the directors that the Commits
sioners thoroughly investigate the affairs
of the bank.
The Bank Commissioners, however, are
not over-sanguine, and the somewhat sud-
den attitude of the directors so puzzled
them that they decided to submit the mat
ter to Acknowledgement Fitzgerald for his
opinion. The deliberations of the Commits
sioners lasted so long, however, that it was
impossible to obtain the opinion of the
Attorney-Generaly yesterday.
When informed of the actions of the di-
rectors and Commissioners, the Attorney
General said:
Until the matter is submitted to me I
can of course give no opinion, but assure
you that, in my somewhat extensive ex-
perience with banks, | never knew one to
be wrecked and looted in such cowardly
and wanton manner. The depositors are
the victims OF as greedy gang of knaves
and thieves as were ever permitted to live.
1 speak of the previous management of
course. The present management know
nothing about.
"If it is a fact that the grievance of the
depositors at the present time is the pay
ment of exorbitant fees or expense bills,
there is no difficulty in settling the ques-
ton. The Bank Commissioners may Or
may not be able to say who shall finish the
liquidation of the banks affairs; that is an
open question, but they have the I'M
doubted right to limit the number of en-
ployes and fix their salaries.''
Ex-Attorney-General Hart, when inter-
viewed, appeared greatly surprised at the
apparent dilatoriness of the Bank Com
missioners.
"There may have been time" said Mr..
Hart, "when the Commissioners would
have been justified in procrastinating,
that is, when the affairs of the bank were
on appeal to the Supreme, Court, but that
time is past. There is nothing in dispute
now but the woes of the depositors, and it
is the absolute duty of the Bank Commits
sioners to act promptly in the NATTER
s. X. Thornton was the only director
not present at yesterdays meeting, but
B. K. Michaelson was the only one to be
found. Mr.. Michaelson, like the proverbial
coon, didn't know nuthin' at ALL" and
then offered to prove it.
Mr.. Michaelson said: "You see, I was
elected director in the place of S. P.
Young at the meeting on January 10, after
that $4,000 bill was passed. don't think
the old board would do anything wrong,
do your No, there wasn't anything done
at the meeting this afternoon; not thing.
But don't you quote me. There's my
friend, Henry Marshall; he is in the same
fix as | am in. He was chosen director
in the place of Samuel Mcdonnell and he
and | are called to account for everything
the old board did. Really, it's awful. Even
my family makes fun of me-"
A prominent banker, when asked for his
opinion concerning the fees paid to Watt
and Sheehan, said yesterday evening:
81 don't care to discuss Watts fee. That
should be passed upon by court or a
committee OF attorneys of standing. But
say, have you ever seen such nerve as that
displayed by Sheehan? He actually gets
for his bulldog tenacity and imperial gall
as much as James Alva does for his sup
posed brain flag. Sheehan is all right He
is drawing $500 per month in a dual
capacity, and if the Bank Commissioners
say he shan't have the $4,000 already paid
him for his work as manager he will try to
get it for his services as the receiver APP
pointed by Judge Hebbard. The question
is, Can he obtain pay for employment
which the court had no right to give him?
The Supreme Court decided, you know,
that Judge Hebbard had no right to ap-
point receiver.
"John F. will fight for that $4,000 and the
end of the woes OF the depositors is not
yet-not unless John +. is borne away on
heavenly wings to that abode set apart for
the truly good"
Bank Commissioner Jesse B. Fuller was
seen at the California Hotel last night
When questioned about the bankrupt saw
ines institution he said. strIhe directors