The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1895-01-25
The Young Attorney Grabs a Months
Salary in Advance.
EXORBTTANT COMPENSATION ALLOWED.
Three New Directors Appointed and the
New Board Will Proceed to
Cut Down Expenses.

Inc plan TO dismiss them WAS HoI eH-
tirely contaminated yesterday, but the
time for retirement of these amateur imam
ciers has arrived, and their fate will prob
ably be sealed inside of twenty-four hours.
The Bank Commissioners do not approve
of the payment of $4,000 for eight months
services, and suit to recover part OF that
sum may be instituted against Mr.. Shee-
han. The Commissioners would diminish
Attorney Watts fees in like manner
were they only sure of their legal status IN
the premises. The matter has been re-
ferred to Acknowledgement Fitzgerald, and
on his written opinion the Commissioners
will act.
Sheehan and Watt were on the tenter
hooks all day. They knew that there was
to be change in the board of directors
end that the Bank Commissioners were
opposed to the continuance of the large
salaries they have been drawing for the
fun they have had in making experiments
in the banking business. Both were ex-
pecting their dismissal papers, and Watt
was heard to remark, 'sthe sooner | am out
of the middle the better will be pleased"
He will not have long to wait, and the
chances are that by tonight he will be
"pleased" man to that extent.
Sheehan's case is not quite SO peculiar as
Watts, for Sheehan has already drawn his
salary up to the end of December and
whatever reduction the Bank Commission
ers make will take effect from that date.
Watt was more thrifty. He has drawn his
salary of $500 up to the end of the present
month, and if the directors of the bank
want to recover any of that sum they will
have chance to sue for it.
The directors of the wrecked bank and
the Commissioners were in conference
nearly all of yesterday. The directors
wanted certain people placed upon the
directorate as representatives of the de-
positors, but the Bank Commissioners
would not accept the suggestions. In this
way hitch after hitch occurred, and it was
not until late in the afternoon that the
matter was finally adjusted to the satisfac-
ton of all parties.
The directors met early in the morning
in the Mills building and after agreeing
upon three names called upon the Com
missioners and submitted them for their
approval. A heated discussion followed.
The directors retired, no nearer solution
of the difficulty than when they entered
the rooms of the commission, and again
went into secret session. Another visit to
the Commissioners was also unproductive
and it was only on a third attempt that
success crowned their efforts.
The three new directors agreed upon are
the same as published exclusively in
Yesterdays CALL. They are James W. Cole
man, capitalist, 134 Montgomery street; j.
G. Johnson, harness and saddlery, 400
Market street, and J. Treadwell, go Mont
gomery street.
The Sheehan-Watt board of directors
will meet tomorrow and decide as to which
of the number will retire and make room for
the newcomers. 1t is stated that Rolla ".
Watt and S. K. Thornton will be two of
the number and that the third will be
chosen from among 81. Marshall, 5. n.
Michaels and John R. Hillman.
When the board is properly recognized
it will make another callSppon the Bank
Commissioners and instructions as to the
conduct of the banks affairs will be formu-
lated by the latter. The expenses will be
cut to minimum and Bank Commission
ers Kilburn, Fuller and Magee are conf
dent that everybody, with the possible ex-
ception of Sheehan and Watt, will be per-
fectly satisfied with the arrangements.
The Bank Commissioners have COM
pleted their examination of the books of
the unfortunate institution, and with the
exception of the amounts paid Sheehan
and Watt they have no fault to find.
From May, 1894, to January 1885, the sum
of 1854 10 was paid out for current expenses
and $1,000 so for salaries. The attorneys
fees were as follows: June, $1,000; July,
$500; August, $780, September, $500; De-
cember, $500 and January, 1895, $500.
Receiver Sheehan paid himself $4,000 in
the following manner: June, $500; Sep
TENDER, $500; and December, $500. twill
thus be seen that the only sum paid on
account of salaries this month was the
$500 to ]. Alva Watt.
Commenting upon the figures to be SUBJ
mitted by them to the Governor the Bank
Commissioners wrote to Governor Budd as
follows yesterday:
The foregoing comprises in detail the list of
receipts and disbursements of the Peoples
Home Savings Bank from May, 1894, to Janu-
airy, 1895, and we are of the opinion that the
administration of the affairs of said bank dur
ing said term has been honest and efficient,
although we do not approve of the allowance
of $4,000 to the receiver. We have doubts as to
our right to pass on the fee of the attorney, and
have referred the matter to the Honorable the
Attorney-General for his written opinion. Re-
spectfully yours, PARIS KILBURN,
II. w. MAGEE,
J. B. FULLER,
Bank Commissioners
In talking about the affairs of the bank,