The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1895-01-19
WOES OF DEPOSITORS.
The Home Banks Books Not
Yet Open.
NEXT TUESDAY MAY DECIDE.
The Story Of the DepositOrs Last
Sad Appeal.
MIR. SHEEHAN'S UkHEEDING SPIRIT.
Interviews With DepositOrs Who Have
Lost ALI and Some Who Have
More to Lose.
MIR. SHEEHAN'S UNHEEDING SPIRIT

Watt still remain in possession, rule the
roast and draw their salaries.
The petition of the California Safe De-
post and Trust Company-at the request
of nearly 1900 depositors--to be made as
signees of the insolvent bank for the pur-
pose OF winding up its affairs to the best
interests of all the depositors having money
due them, was to have come up for hearing
in the Superior Court yesterday, but was
postponed until next Tuesday at 10 o'clock.
In the meantime the depositors chafe at
the delay and worry themselves into sleep
lessness because they cannot get their own
or any considerable part of it.
Many of them-the smaller ones-are in
need of their money, and their children are
left hungry and scantily clad, while Mana
ger Sheehan and Attorney Watt live in a
style beyond their widest dreams or ex-
pectations previous to the amazing luck
that allowed them to thrust their hands
into the Golfers of the ruined bank
1t is true there are some depositors who
are in such aft1uent circumstances that the
withholding of few thousand dollars does
not materially affect their comfort, and,
therefore, they have little to say. 1t is not
the thousand-dollar depositor but the
hundreddollar depositor who cries out
dSdlLSJ tIl6 cruel DELAY ana
the extravaganza of the management,
which they aver does not manage properly
or honestly. Still, all of them, great and
small, feel that the outrage has been car
ried about far enough. They have as
signed their claims to the amount of nearly
$725, 900 to the California Safe Deposit and
Trust Company, and to this institution and
its efforts in their behalf they now look for
relief. But relief cannot come unless the
law can be turned the right direction, and
for this the depositors most earnestly pray
J. Dalzell Brown, secretary and treasurer
OF the trust company, yesterday gave his
tory of the efforts that have been made in
order to reach a settlement of the Home
Banks troubles. Mr. Brown said
III Early in November last the executive
committee of the depositors of the Peoples
Home Savings Bank, representing about
| 1900 depositors, came to us and asked US to
represent their interests in this matter
After much deliberation and many confer
ences we finally decided to undertake
the task. Our contracts provided for an
| absolute assignment of the deposits and
the delivery of the passbooks. We agreed
| to look after the interests of the depositors
so assigning their claims in every way,
and, further, to commence such suits or
| take such action against the stockholders
as we might deem prudent and for their
| best interests.
| >,
claims which aggregate more than 500, 900,
made assignments to our company and de-
| livered their books. Through the kind
ness and courtesy of Judge Hebbard ac-
| cess was given us to the books of the insti-
tuition, which were then in the hands of
! General Sheehan, who was acting as re-
! ceiver.
| eve placed an expert on the books, who
| worked diligently for several weeks and
who has taken from the books and vouch-
ers data which will be of material interest
in our Judgment in the settlement of the
affairs of the bank. We also had tran
scribed the records and pleadings in the
! Knight, Goldtree and other suits com
menced in our courts, and made careful
| search of the authorities for the purpossof
| bringing appropriate actions against the
| stockholders
81, as secretary of the company, gave
careful consideration to the financial state
ments prepared by the expert and have
been familiarizing myself with the assets
| of the institution.
"About two weeks ago I, Mr. Williams
| and Mr.. Mccarthy, representing the COM
mittee, and also member of our firm,
called upon General Sheehan, Mr.. Watt
and Mr.. Stone, the president of the COM
pany, for the purpose of requesting rep
resentation on the board of directors. We
did not seek at the time for any control of
members. Our company asked for a rep
resentation of two-namely, J. G. johnson
of j. G. Johnson & Co. and myself. We
also made a request that the committee of
| depositors be given a representation of
one, but made no suggestion as to who
! that should be. We did not insist on this,
| however
"Mr. Watt at this meeting decisively in
formed us that it was his intention and the
| intention of the management of the bank
| to re-elect the old board with the single ex-
| ception of Mr.. Mcdonnell, the druggist.
He informed us that one representative
would be accorded US, and that was Mr..
Johnson. We at once informed him that
while Mr.. Johnson was perfectly acceptable
| to US, being one of the directors of the
| trust company and a man of well-known
! integrity yet if only one representative
was to be given us we desired that / should
| be that one, for the reason that had given
| the affairs of the Institution much study
and attention, and also had more leisure
| to devote to them than Mr.. Johnson. Mr.
! Watt at once stated that Mr.. Johnson was
his friend and that he did not know me,
though he conceded the fact that | was an
| officer of the trust company. He stated
/ that he would confer with the directors to
determine whether they would permit me
to act in the place of Mr.. Johnson. The
depositors, he said, would be accorded no
/ representation QUIET lldll tllS Oilc. IIiS
attitude was deemed by the company and
the committee of depositors arbitrary and
unfair, and it was decided that we would
make no further request for representation
from Mr.. Watt.
"Within day or two representative
of the committeetcalled as usual to inspect
certain of the books and records and was
refused an inspection of the same. There
upon I called upon the secretary, General
Sheehan, and demanded in the name Of
the trust company an inspection of the
books on the ground that the California
Safe Deposit and Trust Company was a
creditor and was entitled to such inspec-
ton. This demand was fatty refused, and
the company has at no time since been
permitted to inspect the books, though an
alternate writ of mandate was issued out
at the Superior Court commanding John
| f. Sheehan and the Peoples Home Saw
| ings Bank Immediately on receipt of the
writ to open to the inspection of the Cali
fornia Safe Deposit and Trust Company
the books or show cause before Judge
Murphy on Friday, the 18th day OF Janu-
airy, 1885, why they have not done so.
| "Several of the stockholders also called
on General Sheehan and demanded an in
spection of the books, and particularly the