The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-10-01
UNPAID STOCK CALLED IN,
The Order Finally Obeyed bv
the Peoples Home Bank
Directors.
SUITS HAD BEEN THREATENED.
What the Commissioners and Safe
Deposit Company Had In.
Contemplation.

The order of the Bank Commissioners
commanding the board OF directors of the
Peoples Home Savings Bank to call i'll all
the unpaid capital stock has been COM
piled with at last.
President George D. Stone called a spe-
cial meeting of the directors early yester-
day, at which the required action was
taken.
OF the $1,000,0u0 capital stock of the
bank, two-thirds yet remain unpaid, which
means that $66 sc on each of the 10000
shares of 500 supposed value is still due.
The action of the directors yesterday makes
this payable in months time with the
penalty OF delinquency to follow.
Several times an effort has been made to
force the directors to take this action. The
first move was made last July, when the
California Safe Deepest and Trust Company,
as the assignee of between 1900 and POO
depositors, whose claims aggregated some
thing like size 900. made a demand to this
effect. The Safe Deposit and Trust Com
pany represents about half the banks OBJ
legations to depositors.
On August John W. Coleman, at a
meeting of the directors, introduced a
resolution for the calling in of all the I'M
paid stock. it was defeated by vote OF
four to three, George D. Stone, George
Davidson Jr., William H. Phelps and s.
K. Thornton voting against it, and John
w. Coleman, j. c. Johnson and T. s.
Williams Jr. voting in its favor.
Next day the California Safe Deposit
and Trust Company asked the Board of
Bank Commissioners to make an order
compelling the directors to notify the
stockholders to pay up at once. Such an
order was made by the Bank Commits
cio A-1rY nd noG ho, 1
the directors met again and Mr.. Coleman
called their attention to the action of the
Commissioners. He again introduced a
resolution, supposing the directors would
comply with the order. Like the former
one, it was defeated, Messrs. Stone, David
son, Phelps and Thornton voting 1t down
as before, and Messrs. Coleman and WILL
sent.
Removal proceedings were threatened in
| consequence by the Safe Deposit and Trust
Company through its attorneys, Messrs.
| Gunnison, Booth & Bartnett, against
Directors Stone, Davidson, Phelps and
Thornton and John F. Sheehan, the secre-
tary and manager, and the complaints
were already prepared and printed ana
were to have been served ON the defend
| ants yesterday.
One proceeding was to have been
| brought by the Safe Deposit and Trust
Company and another by the Bank Com
mission through Acknowledgement Fitz-
gerald. These would have been under
section IL of the "Bank Commissioners ~
| act passed by the last Legislature. This
section empowers the Commissioners to
remove for cause, and fixes a $1,000 fine and
one years imprisonment as penalties fol-
disobeying an order of the Commissioners
The Commissioners were to have made a
peremptory order of removal and if it was
| not needed the courts would have been
invoked. Thus two separate causes OF
action from different sources, with the
| same end in view, were contemplated.
That of the Safe Deposit and Trust Com
pany went much farther than the other
and alleged criminal fraud and misman-
agement, besides dereliction.
The attorneys for the Safe Deposit and
Trust Company say it was these intended
proceedings which caused the directors to
meet and act promptly yesterday. Director
Williams says the same thing, adding that
Directors Stone and Thornton chad To eat