The San Francisco call., 1895-12-14
further hinted that be was not done with
fuller details of the question. Mr.. Bart

further limited that he was not done with
fuller details of the question. Mr.. Bart
nett said:
We are preparing formal reply to the d.
rectors of the Peoples Home Bank. The trust
company represents 2600 deposito1s of the
Peoples Home Bank, aggregating deposits OF
$72O,000 MIR. Spelling's statement that it is
not banking corporation and has no right to
take these assignments is false. The Calfor-
MIA Safe Deposit and Trust Company is bank
Bank Commissioners of California, showing it
is duly authorized to transact general pank-
ing business:
BOARD OF BANK COMMISSIONERS, :,
STATE OF CALIFoRNIA.
Know all men by these presents: That the Cali
fornia Safe Deposit and Trust Company has paid
IAN act creating Board of Bank Commissioners
and prescribing their duties and powers ap-
proved March so, 1878, and the acts amendatory
thereof.
Now, therefore, a license is hereby granted unto
the said corporation to transact a banking busi-
period of one year from the date hereof
In witness whereof, have hereunto set our
hands at the City OF San Francisco this first day Of
!: r4sss :; sSIIBsf SIIBsns. Commissioners.
A. w. MAGEE,
Attest: c. II. DUNSMooR, Secretary.
The trust company is engaged in that busi-
ness and has been for over thirteen years.
Spelling's statement that it was incorporated
II
banking business as well as q trust company.
law was passed April 6, 1891, at the suggestion
OF this company, governing trust companies,
and on April 80 of that year this CORPORATION
complied with all the laws provisions in de-
posting with the Secretary of State securities
to the amount of 100000, which has since
been increased to $500, 900.
Spelling further states that the trust COM
pany is operating in these assigned deposits
and has no power to do so. That is false. for
the company has never purchased a single
nj in fhn nf Yl0fJ Jr1ry Va hpr,4
taken these claims for collection, and the
amounts collected are paid to depositors, less
per cent: We have advised depositors not to
sell their claims, believing they can realize
more from them by waiting.
Mr.. Bartnett gave an interesting bit of
the Peoples Home history. From June
%, 1893, to January IA, 1895, the expenses
were $203 1888 81, of which $1O1, ,622 20 was
for attorneys fees" Expenses have
since been reduced-that is, since the
trust company took hold = to $500 a
month. The salaries of the manager and
assistant, by advice of the Bank Commits
sioners, are to be reduced $75 month. He
continued:
Mr. Spelling stated that the trust company
dismissed the Winterburn suit to call in un-
paid capital stock, because 1t did not wish to
put in issue the question of passbooks. This is
false.
A word about Spelling. He was accused by
the deposiiors of having brought a coIlusive
suit against the Pacific Home Bank with the
object in view of assisting General Sheehan to
sustain his receivership. For this he received
$500 from the banks funds for services in ad-
vising with James Alvt Watt, the banks attor-
ney, and for services to be thereafter rendered
Spelling sought to have the trust company in
tervene in the action brought by him against
the bank, and frequently called upon US with
that object in view.
We refused to intervene in that suit because
we did not think it was properly brought, and
because we were in doubts as to his motives,
there were certain matters set forth
in his complaint which we believe should be
judicially determined.
The statement has been made by General
Sheehan that the trust company has opposed
q dividend of $4,000 money on hand. This
Is false. The trust company has never taken
such a stand. The money is ON deposit SUBJ
ject to the order of the directors of the Peo-
ples Home Bank. A dividend OF per cent or
thereabouts could be made. If proper judg-
ment had been exercised money would have
been received by the bank for the Pacific Bank
property, and before this a substantial divi-
dend,. aggregating IL per cent, would have
been declared. The manager of the bank is re-
sponsible, in our opinion, for the complica-
lions that have arisen respecting the sale of
the Pacific Bank property.
T. Carl Spelling stood by his state
ments, however, and quite firmly at that.
He said:
If the communication sent by me to the di-