The morning call., 1895-01-14

the Peoples Home Savings Bank, consider
TO be very valuable; but II has been neglected,
and l have made Arrange ments 10 put IL III
splendid condition without cost TO the bank.
We will come out even on that, and, / think,
should make some money over the amount
charged against it as sooE as we obtain title,
which may be year yet, owing 10 sales having
The banks mortgage.
On my appointment as receiver I employed
as my attorne yEJames Alva Watt, and his ap-
pOintment was confirmed by the court.
In conclusion, l Will say that l have con-
suited the court in important matters; have CO.
operated with the board OF directors and have
had the sanction OF the board 10 the tTansac-
lions OF the past five months. i have frequently
asked the advice OF the Bank Commissioners,
and Ia many instances have consulted with the
depositorS and stockholders regarding he bus
mess affairs of the bank. My acts as we'll as
the books under my control are open TO the
scrutiny of all who have the right to do so. l
have not paid out any money except for the run
mug expenses and in matters where deemed
IL necessary 10 protect the properly and assets
OF the bank.
recommend that the management OF the
bank be turned over to the board Of directors
and on the approval OF my acts that be dis
charged as receiver.
In conjunction with your board l have made
arrangements 10 pay dividend OF per cent 70
depositors. payable at the bank OF the Paelhc
Coast Savings Society. believe that arrange
ments can be made 70 pay further dividend Of
rom 10 TO 10 per cent before July l, 1890.
Very respectfully,
JOHN f. SHEEHAN, Receiver.
Attorney Andrew G. Booth of Gunnison,
Booth & Bartnett, counsel for the Cali
fornia Safe Deposit and Trust Company,
stated that neither his firm nor this COM
pany had engaged an expert for the pur-
pose Of gaining such inform alton as would
remove the Board Of Directors Of the Peo-
pies Home Bank.
THE California Safe Deposit and Trust
Company, acting as agents for $500 depos-
itors. who represent deposits of ABOUT
500, 000 nave had an expert accountant on
the books" aaid he. The company made
a demand On behalf of these depositorS
for an inspection OF the minutes Of the cor
poration. General Sheehan denied US per-
mission to inspect the minutes. There
upon Stock holders NJ. II. Grossmayer, Dr.
NJ. II. Logan, Herman Sadler OF Mau.
Sadler & Co. and others made a demand
on Mr.. Sheehan and President George
Stone To know what the records were and
met with a refusal. Now, the bank Of
fcers had no right in the world to DO so.
The sta tute gives stockholders the right
to see all books and records of the bank.
But this was only the same thing as they
did to Mr.. Shortridge in July, 1894. They
arbitrarily refuSed-denied a statutory
right"
1.-The main purpose of the expert" said
Attorney Bartnett, was to md out how
much capital was paid into the bank-how
much stock was subscribed and still re-
naming out, so that we can go into the
matter and sue in the interests of ma
jOrty of the deDositors.
stockholders within the last two weeks
have been denied access to the books. We
nave been unable to get al the financial
statement of Walt or Sheehap. Our ex-
pert never did get at the books.
There may be some doubts about our
position in the premises. We consider
ourselves we'll paid with the contracts with
deDosit0rs and the California Safe De-
post and Trust Company. The attorneys
fees, costs, agents expenses. ETC., are paid
out of the per cent com mission from
amounts realized by depositors after ap-
We receive nothing from
the bank, but the deposltors understand
thoroughly all costs are to be covered with
per cent"
He was asked if any new suits had been
determined on for the purpose of getting
money from stockh FOLDERS for deposiiors.
The reply was that startling developments
may be looked for, but day or two must
pass before he can clearly state what the
nature of them shall be.
1t is understood, however, that suits
having an important bearing on depositors'
interests may be filed today or, at the
tomorrow.