The morning call., 1895-01-15

such was the case there is to be deter
mined legal fight for equity on behalf of
the depositors, who are dissatisfied with
the management since the savings bank
failed.
Before the meeting was called to order
by George Stone, president of the bank that
is not bank, Deputy Sheriff served an
Injunction on John +, Sheehan, manager
and secretary, President Stone and ]. Alva
Watt, their attorney.
The legal document was signed by Judge
Sanderson and was entitled George Schultz,
NJ. II. Logan and NJ. H. Grossmayer against
the Peoples Home Bank, John F. Shee-
han, George Stone and the other directors.
1t was an order of court prohibiting them
from holding a meeting.
President Stone paid no attention to this
document, for when the stockholders as
sembled in the bank offices in the Mills
building he called them together. Mana
ger Sheehan read his report. 1t was then
that Attorney Bartnett appeared upon the
scene. He represented $500 deposit0rs who
assigned their accounts to the California
Safe Deposit and Trust Company, and mott
fed the stockholders that an injunction
had been served on the directors to stop
them from holding a meeting.
eve distinctively and emphatically repel
the inference that the California Safe De-
post and Trust Company is endeavoring
to tie up the affairs of this bank" said he,
with considerable feeling. "We think we
are entitled to a representation on the
board of directors as we represent $500 de-
positors whose claims aggregate over $780,
600. We asked for certain data, but it was
refused. We were entitled to it under the
law of this State, and this denial on the
part of the managers seems to us as arbi-
trary and unjust. We asked that our ex-
pert would be allowed to examine the
books since General Sheehan became re-
ceiver, but met with denial. What we
want is to know what is being done with
the finances"
Bartnett added that his firms position
was such that they entered into no COM
bination, nor do they want to do so. A
speedy and just settlement in the inter
ests of depositors is all he wanted. The
board of directors was not all he wished
George Davidson, stakeholder, asked
if the last board was not composed of good
men, individually and collectively.
"Some of them are good men and quite
satisfactory to our depositors," Bartnett
replied.
The resolutions were adopted and the
stockholders proceeded to elect new di-
rectors. Votes representing $3.50 shares of
stock were cast for each of the following
named directors: George Stone, S. K.
Thornton, I. L. Merrill, Rolla V. Watt,
John e. Hillman, Henry Marshall, B. X.
Michaels.
The only change was the substitution of
Henry Marshall for S. P. Young, who
could not attend meetings, and B. K. Mich
aels for S. A. mcdonnell, who was not a
shareholder but got elected to the old board
through unexplained chicanery.
George Stone was elected president, S.
K. Thornton vice-president, J. Alva Watt
attorney, and John F. Sheehan, secretary
and manager. Attorney Bartnett pro-
tested against the election, claiming it was
illegal and held in opposition to an order
of court.
eve wanted to have representative on
the board, :" said he "and we offered our
services gratuitously to the bank, which
we could do, as we are paid fully from the
6 per cent from the depositors' collections.
So there would be no need of spending
$500 a month for attorneys fees. It is to
our interest, as well as the depositors', to
keep down expenses and collect as much
on bank securities as possible, because the
more depositors receive the larger will be
the commission to my firm of Gunnison,
Booth 81 Bartnett and the Safe Deposit and
Trust Company from the 6 per cent con-
tracts.
'These directors are in contempt of
court for holding the election, which we
claim is illegal. They could have post
poned the meeting until Monday next"
The depositors' executive committee met
last evening in the Office of T. S. Williams.
237 Bush street T. III. Mccarthy presided.
~ am bankrupt for words" he began,
after calling for order, ''to express ade-
quately my indignation of the bank man.
agement under Watt and Sheehan These
men have disregarded the wishes of deposi-
tors by their report at to-day's meeting.
They even refused to regard the injunction
Of the court issued by Judge Sanderson to
prohibit the stockholders from meeting.
Now am informed by man who is re-
liable that conspiracy is ON foot to