The morning call., 1895-01-26
NOW FOR GOOD WORK
New Officers for the Home
Bank.
SIBERIAN And WATT ROUTED.
The ReOrganized Board Discussed
Changes.
DETAILS WILL BIZ SETTLED TO-DAY.
The Bank Commissioners Will Then Fix
the Number Of Employees and
Their Salaries.
SHEEHAN And WATT ROUTED.
DETAILS WILL Be SETTLED TO-DAY

The reorganization OF the Peoples Home
Savings Bank was accomplished yesterday,
much to the relief of the depositors and
greatly to the chagrin of John +. Sheehan
and J. Alva Watt. Sheehan as receiver
and Watt as his legal, or, as the duped de-
posltors think, illegal, adviser, have been
drawing $1,000 menth for practicing as
amateur hnanciers with the banks funds.
That these costly experiments are soon to
end was made certain by yesterdays action
OF the board of directors.
John r. Hillman, B. K. Michaels and
Henry Marshall retired from the directo-
rate of the bank. Thomas S. Williams
was the choice of the depositors for one of
the vacancies caused by the designations,
but Receiver Sheehan and Attorney Watt
fought SO bitterly against granting him
seat that it was feared deadlock would
result. Sheehan and Watt, with tears in
their eyes, pleaded with their friends and
relatives for support but their wishes in
the end were overthrown and the able rep
resentative of the depositors was given a
place on the board
The board of directors as reorganiZed is
composed as follows: George Stone, presi-
dent; S. K. Thornton, vice-president; ].
G. Johnson, John w. Coleman, Thomas S.
Williams Jr., Rolla V. Watt and J. L.
Merrill. Another member will be APP
pointed by the Bank Commissioners to-
day, making eight all told on the board.
The gentleman named for the position is
said to be George F. Davidson, son of Pro-
lessor Davidson of the United States Coast
and Geodetic Survey.
Moc.oa Sc ~, \;
way to Los Angeles and Commissioner
Fuller is in Sacramento, still Commissioner
Kilburn will be able to arrange all remain
ing matters with the directors to-day. Be
fore leaving the three Commissioners held
a conference, and just what salary each en-
ploye should receive was decided upon.
As soon, therefore, as the directors of the
bank call upon him, Mr.. Kilburn will an
nounce the decision of the commission.
At meeting of the directors of the
wrecked bank yesterday the California
Safe Deposit and Trust Company was rep
resented by Attorney A. S. Booth. The
trust company hold depositors' bankbooks
which foot up total of. over 100000 A
close watch is being kept on the banks
affairs in consequence, and the company
and depositors have joined hands in the
effort to minimize expenses and GUST all
useless and expensive employees.
In talking about the matter ]. Dalzen
Brown, manager of the California Safe De-
post and Trust Company, said: at was
monstrous piece of business paying Shee-
han and Watt $500 month each for doing
nothing. Watt, see, has drawn his jan
uary salary in advance. / suppose he saw
a storm coming and was determined to
secure all he could. He will have to re-
fund that amount and also a considerable
portion of the other monthly installments
he drew.
GAS to Sheehan, I can't on earth see
what he was paid $500 month for doing,
unless it was to occupy chair in the office
and while away the time. He was receiver
and is now styled manager; but what
managing he has to do no one but himself
knows. He also will have to disgorge
some of that $4,000 before we are through
with him. 1t is an outrage that $4,000 of
the depositors' money should have been
paid for such services.
1.-THE Peoples Home Savings Bank will
never pay 100 cents on the dollar. Fic-
titious values have been placed upon the
real estate, and Sheehan knows it. For
instance, certain sum has been advanced
upon ranch in MADEIRA County. The in
terest is not paid, and it is added to the
principal. In this way the amount on
which the ranch is security keeps growing
and the banks assets with it. 1t is ride
ulous to keep lacking on accrued interest
when it is impossible to collect the prin-
cipal. When everything is Strengthened
out you will find that at least % per cent
reduction will have been made in the
assets"