The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-01-14
BANK AT FAIRS.
The Stockholders in Annual SEES.
sion Elect a New Board
of Directors.
DepositorS Express Themselves About
the Action of the Stock.
holders.

holders.
The annual meeting of the stockholders
of the Peoples Home Savings Bank, in
liquidation, was held yesterday in the
pany's office IN the Mills building
Four thousand seven hundred and fifty of
the 6843 shares were represented and voted.
George Stone in an address to the stock
holders said
Perhaps the progress made during the past
year in liquidaung the obligations Of the bank
Will not appear wholly satisfactory, nor what
the creditors had the right to expect. This
may be partly due TO certain GU tsde inf1u-
ences and partly TO divided opinion among
the directors as TO the policy of selling real
estate belonging TO the corporation at this
time.
1t is true that the shrinkage in land values
for the past few years has brought the market
value OF the banks real estate to such low
hgnre that one may well hesitate 10 sell for
such prices as can be obtained, but 1 doubt
the wisdom or holding these lands for a pos
sible revival in value, even If the directors
have the power so to do.
| think the law governing the settlement of
lnsolvent banks expressly implies that such
1nsolVent corporations shall as speedily as
possible liQuidate their Indebtedness by con-
yertlng the holdings into cash ana dividing
the proceeds among the creditors.
sincerely hope that the incoming board OF
directors will show disposition to pay the
ueeuy uepOSltOrS some portion OF their claims
by ct once proceeding TO sell such of the banks
property, at the prevailing market price as
they may ind purchasers for.
The secretary and manager, John F.
Sheehan, presented the following state
ment OF resources and liabilities on the
31st of last December:
Resources-Loans on real estate, 1925
31S O9; loans on collateral security, SS4,-
$50 IA; loans on personal security, 1928 So;
stocks and bonds owned, 1898, $50; real estate
owned $756,513 50; furniture and fixtures,
$50; profit and loss account, ST. ,666 50;
cash on hand and in banks, $50, 244 67 Total
resources, 81 $50, 779 so.
Liabilities-Capital stock. 1928, 100 capital
stock, second call, $666 Ct due depositors
81 ,467, 919 "a; stockholders dividends un,
paid, 1913; total Liabilities, 81 SOC, 779 so.
The following is a summary of the
receipts and disbursements from January
8, 1895, to December 81:
Receipts-Balance on hand and in bank
IJanuaT3y g 1922 s92l53 %; from interest
loans, $4o,s3s o4; collateral loans, 5000:
commercial loans, $3.50; real estate sold,
$6402 so; sundries, 1865 OF; second call on
capital stock, 1866 66; total receipts, $40
SIG 80; grand total, $171 1893 So.
Observation-Disclosures OF currente xpenses,
S2167 9S; salary, $4612 80; ATTORNEYS
$3.50; real estate STATE. owned by the bank for care,
to the bank, for legal expenses care, water
etc, 5000 46 taxes paid, 81, $50 10; Red
lands water stock purchased to secure water
for orange orchards, $9125; Pacific Coast
Savings Society, in settlement of Safe Deposit
matters, $1100; r. ]. Walcott in settlement
as per Judgment of superior Court, $4,000;
sundries, $505; dividend l in liquida ton.
81 OBJ II; total disbursements, S1l674S IS;
balance on hand and in bank december 81
1898, S55.244 81; grand total, S171 1893 So
The following named were elected direct
ors for the ensuing year: George Stone.
depositor; George F. Davidson, depositor
and stakeholder; S. K. Thornton, repre-
senting stockholders; |. ]. Truman, presi-
dent of the Columbian Banking Com anv,
representing stockholders and depositors:
Cleveland Dam, representing stock holders
and depositors; w. II. Phelps, depositor.
and +. d. Fry, vice-president OF the Cali.
fornia Safe Deposit Company. The board
then elected the following officers: George
L. Stone, president; George +. Davidson.
vice-president; Mr.. Thornton having de-
clined, j. F. Sheehan, secretary and
manager.
All but Truman, Dam and Fry were of
the old board of directors.
1.-The new board" said Manager Shee-
han after the meeting, has solid business
men upon it. and they show disposition
to raise money for the depositors. 1t is
their intention to sell property as soon as
they can obtain fair market value for it.
| am of the opinion that a dividend will
soon be declared"
L. J. Mccarthy, chairman of the asso.
citation of stockholders, in speaking of the
action of the stockholders at the meeting.
said:
They have ignored the interests of the de-
positors by leaving off T. ]. Williams and ].
Daizell Brown of the California Safe Deposit
and Trust Company which represents over
$4,000 of assigned claims. 1t is true that
they put on r. D. Fry, but he will decline to
qualify as director for the reason that Mr.
Brown was also to have been appointed They
broke faith and left Mr.. Brown off for reasons
best known to themselves.
There was no good reason for leaving Mr.
Williams OFF the board. He was familiar with
the character of the assets and would have
been invaluab BILE in closing up the affairs OF the
bank Cleveland Dam, who elected
director holds ten shares of stock only and is
not a depositor. We fear there is scheme on
foot, but we propose to watch the movements
OF the board very closely.
I. ]. Williams said
Legally the stockholders have right to elect
board of directors, but morally the depos-
ltorS should have control as the stockholders
nave evaded their liabilities and voted their
stock to uphold General John +. Sheehan as
manager at $175 month. He holds on to the
draw $500 per month when he had the power
to do so.
George Bancroft Conant, another depos-
itor, said:
Had they retained T. J. Williams and
elected Mr.. Brown and /. J. Truman the de-
posltors would feel sure that their interests
would be guarded.