The morning call., 1895-01-17

DOraTY RESTRAINING OTuST lSSueQ, WHICH we
Served on the president and secretary of said
corporation, and further notice was given OF
such restraining order at the meeting; that
Notwithstanding such order, SAID meeting was
held under the direction of the attorney for
said corporation, James Alva Watt, who also
had been served with notice OF such restrain
ing order; that Notwithstanding such ser
vices and notice, the order OF the court was
disobeyed and the annual meeting held.
We are diligently at work preparing to insti-
tute appropriate actions for the purpose OF
calling in the unpaid capital, and also for the
purpose of obtaining proper accounting OF
the affairs of the Pacific Bank and the Peoples
Home Savings Bank. Respectfully submitted,
GUNNIsoN, BoALT & BARNETT, Attorneys.
President Mccarthy then spoke concern
ing the organization Of the bank by five
men, among whom the stock was distrib-
uted, and who deposited 100000 in the
Pacific Bank without security, until the
Bank Commissioners demanded that there
be some security placed in the vaults of
the Peoples Bank. The directors then
accepted lot of wildcat stock being ex-
plotted by the McDonalds. The woes of
the depositors dated from then, and even
the stock of the five original directors was
not fully paid in, and suit would need to
be brought and would be brought as soon as
the trust company expert had finished his
labors Watt and Sheehan had received
$4,000 for five months services at the en-
Joined annual election, and they would
come up on Friday in the Superior Court
for contempt. Thurston's junketing trips
and some minor incidental expenses
made the expenditures so far
about 10000, and yet only $4,000 had been
collected Mr.. Mccarthy had asked Mr..
Watt two weeks ago if the depositors could
have representation on the board of direc-
tors, and Mr. Watt replied, Yes, if your
man is satisfactory to me- The
executive committee suggested Mr..
]. Dalzell Brown, the manager of the trust
company, to which the depositors had
ASSIGNED their accounts. Mr.. Brown is a
business man of standing and vast expert
ence Mr.. Watt replied to the COM
mittee: 81 don't know Mr.. Brown and he
won't do" Messrs. Brown, BARNETT, Watt,
Sheehan and Stone were present and Mr..
Watt then said they intended to re-elect
the old board of directors, with the pos
sible exception of Mcdonald. Winterburn
was then interviewed and said he
had given his proxy to Watt, and
when he was asked what had be-
come of DR.. McDonald's stock he said
the doctor had telegraphed him to let
H. R. Clement have his proxy. II. R..
Clement was found to be an engineer, and
knew nothing of the Pacific or Peoples
Bank, and when it was too late to rectify
the mistake it was discovered that
H. N Clement, the attorney, was meant
l. w
The Safe Deposit Company would wind
up the banks affairs for not to exceed $3.50
per month and pay all expenses and here
Mr. Watt alone was drawing $500 per
month.
Mr.. Harris at this point took up the dis
cussion and became angry. why should
the Watt-Sheehan regime be permitted to
violate the law and the poor depositors
suffer in silence? Is this an Indignation
meeting? He knew way of forcing the
directors to do the right thing and the
time had come for violent MEANS
Secretary Williams said: GA bank with
81, SOC, coo capital is big affair, and Watt
and Sheehan have no business in it. J"
"That's So" from the audience; ''they
have business in San Quentin waiting for
Them
A. S. Casabaw said: "This Watt says
he is working for our good. don't know
what you think of it, but Mr.. Watts kind
ness pains me. lie awake nights think
ing of his goodness, and then l wonder
why he charges US $500 a month for it.
''Some people say we should let the law
take its course, but the law doesn't take its
course. That's the trouble. If these
fellows are fined for not obeying the in
junction to desist from the annual election
we poor people will have to pay the fine,
won't we? Those who think they ought
to be indignant say aye"
A perfect storm of assent greeted this re-
quest.
II believe in the Bank Commissioners,
and trust they will not risk their present
reputation for honor by assisting those
polished villains in robbing us. Let US
the court responsible from this out. We
have had kid loved rascals with us who are
more cowardly in their criminality than
the depraved wretches now being turned
out of Sacramento. Who is James Alva
Watt? The bosom political friend of
Colonel Burns, that high-minded ("high-
binder" from the audience) resident of
Mexico"
Mr.. Lucey counseled moderation, and
then E. F. Kendall took the house, and
almost reused every man, woman and
child to their feet with some resolutions,
which, after setting forth the wretched
management of the banks affairs and the
voting by the directors of outrageous at
torneys' and expense bills, concluded as
follows:
Resolved, That we depositors of the Peoples
Home Savings Bank, in mass-meeting assem-
bled call the attention of the Law and Order
League and kindred organizations now agita-
ting the improvement OF the moral atmosphere
of our city to the fact that no fertile field
for the investigation of crime is to be
found within our gates than the I'M
earthing of the Peoples Bank corruption and
bringing 10 1QSIlC6 IHe pOl1Su6u SCOuuuTeISN WI
have been and are fattening off the savings of
the poor people of this city; that the attention
of the various churches, of which these scoun-
drels are members, be called to our belief that
no religious organization can afford to throw
its mantle over members whose acts are as black
as night morally, though they may technically
escape punishment by law.
That we believe that when George Stone, S.
K. Thornton l. L. Merrill, Rolla V. Watt and j.
r. Hillman voted and j. A. Watt and j. F. Shee-
han accepted $4,000 from an insolvent bank
for riiing service, they were guilty of as
damnable an outrage as II they had en-
tered the lowly abode of widows and
orphans at the midnight hour and alb
stracted their savings, which was practically
the effect of their action; that the attention of
the Y NJ C. A. of this city be called to the fact
that one of its directors is engaged in the phil
anthropic task of transferring the hard-earned
savings of working people to the capacious
pockets of his brother and his friend Sheehan;
and be it
RESOLVED That we look to the court to mete
out punishment to these men for contempt
commensurate to the offense, and in like man
ner with that served the poor man when he
ignores the mandate OF the court,
and be it resolved that we expect the
Bank Commission, who have supervision
of the expenses of an insolvent bank to
repudiate the $4,000 steal; that If any reliable
person or company offer to manage the
affairs OF the Peoples Bank for $3.50 per
month that we insist that the Commits
sioners issue mandate to the directors limit
ing the expenses to that figure, and be it
RESOLVED, That we charge the commissioners
| to watch carefully the adjustment of differ