The morning call., 1895-02-24
THEY ARE A VERY
UNEASY couple.
SHEEHAN AND WATT EXPECT TO
BE SUED BY THE UNLUCKY
DEPOSITORS.
RETRIBUTION IS AT HAND.
THE CASE WILL BE CONTESTED
AND INTERESTING DEVELOP
MENTS ARE EXPECTED.

John +. Sheehan, manager of the Peo-
pies Home Savings Bank, and his attor-
ney, James Alva Watt were not in the
best of spirits yesterday. Mr.. Sheehan
had very little to say for himself, and Mr..
Watt was so Disguised with the unex-
pected turn affairs had taken that he went
home and all callers were informed that he
was sick.
The decision of the Attorney General,
published yesterday, was no surprise to
Messrs. Watt and Sheehan. They knew
it was coming, but such a long time had
elapsed since the request for an opinion
had been sent by the Bank Commissioners
that they had begun to console themselves
with the hope that the matter had been
dropped
Commissioners Kilburn, Fuller and
Magee were not resting easy however.
They were of the opinion that Mr. Sheehan
had drawn his salary without warrant of
law, and, having the interests of the Peo-
pies Home Savings Bank at heart, they
wanted to see matters set straight. The
opinion of the Attorney General was there
fore asked, and now that the authority of
the commission has been defined some in
terestlng developments are expected.
:" II the court orders me to refund the
salary have drawn that will Sc tile the
matter, P" said Mr. Sheehan when spoken
to about the affair. "If the depositors
bring suit, why, of course I'll defend nv
self, as think [ was entitled to every cent
L got. | was the sole responsible party in
connection with the management OF the
bank, and l had to give over $500, 900 in
bonds while acting as receiver. While act
ing as such was responsible to the credi-
tors Tor the management of the bank and
frfaa aTleNr l.
at least SOU month out of the situation.
"When the board of directors took action
they unanimously allowed me a $500
month salary. Attorney General Fitzger-
aid holds that the board had no authority
to make such an allowance and l suppose
the matter viii be tested in court | fairly
earned the money and don't propose to
give up a cent OF it unless | am compelled
to do so. [ had to handle million and a
quarter of assets, and think l earned my
salary"
1--WE received the decision of Attorney
General Fitzgerald this morning" said
Commissioner Kilburn when talking about
the matter. Colonel Fuller, Judge Magee
and myself had arrived at practically the
the same opinion, so l for one was not
surprised when [ read the CALL before leav-
ing for my office.
'As far as Attorney Watt is concerned
we can do nothing, and as to Mr. Sheehan
the depoSltors and stockholders Will have
to be the first to take action.
A-''While the Acknowledgement says that
the ex-receiver and present manager has
been drawing his salary in an Illegal man
ner, he does not say that we have the
power TO rectlfy the mistake. That matter
rests with the depositors and stockhold-
ers."
The depositors have no love for Messrs.
Sheehan and Watt. Many Of them have
assigned their interests to the Union Trust
Company, and that institution would be
glad to see some one else in Mr. Sheehan's
shoes.
Yesterday dozens of impatient de-
positors were calling upon the Bank Com
missioners to ascertain what steps could
be taken to make Messrs Sheehan and
Watt refund a portion of the salary they
had drawn. When the status of the case
was explained to them they one and all
avOwed their determination to force the
matter to an issue. With over $1,000 apiece
at issue it is no wonder Messrs. Sheehan
and Watt were feeling sad