The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-11-04

abled to say, however, that Frank V.
Mcdonald is by his own confession a
thief In letter written on November
81, 1892. Frank Mcdonald instructed
his brother. r. h Mcdonald Jr., how
|. to steal $4,000 from the Pacific Bank
and through it rob the Peoples Home
1 Bank of that sum of money. This
| thieving operation was performed by
r. H. Mcdonald Jr- The records of
| the Pacific Bank constitute the proof
of the embezzlement. In this case both
sons stole the money for their father,
to save the elder Mcdonald $142,0 600
that he owed to the Pacific Bank and
should rightly have paid that institu-
tion. Frank McDonald's letter on this
subject is one of the most remarkable
in the entire collection. In reading it,
it should be remembered that the Nc
Donalds had already listened to the
hattering SchemerS who preyed upon
the Pacific and the Peoples banks and
led the managers in ruinously chimeri-
cal projects. When the letter of No
vember 81, 1892, was penned, the Pa
cif1c Bank and the Peoples Bank had
been ruined. The money of thousands
and thousands of depositors had been
squandered in worthless properties.
The McDonalds and their coterie of
manipulators were attempting to foist
upon the; public practically worthless
stocks and bonds. The crash of the
Pacific and Peoples banks was i'm
pending, and the McDonalds. not satis-
fed with. having squandered the funds
in their care, determined also to steal.
They knew that in support of any sug-
gestion they might make they would
have the assistance of willing agents.
Excerpts from this important letter
are as follows:
My Dear Brother: This week viii
probably decide much. We hope to
make the turn in Electrics by which
we shall get two hundred thousand
to three hundred thousand in loan
at 6. per cent for six months, secured
by 600, 900 in Electrics and thirty
six hundred shares electric stock. The
lender is to have option of purchasing
these six hundred electrics and stock
for six hundred thousand dollars.
This will make loss of one hundred
thousand dollars on our books, but
better that and get out than bear this
crushing load indefinitely. This is
the way things look now. d. and ID.
n. have to guarantee to adjust all
Chicago matters and effect the con-
solidation with the help of the new
parties. We to be paid if they elect to
exercise option two hundred thou
sand dollars in six months, two hum
dred thousand dollars in twelve
months and two hundred thousand
dollars in eighteen months, but they
advance us at least two hundred
thousand dollars now and possibly
three hundred thousand dollars.
Since you seem to think D. must
be closed up soon-a1though hope if
this electric deal goes through we
may see some way in safety to our
selves to let him work outlet US
make our position as strong as pos
sib1e. Although I feel assured the re-
suits of the step you have no idea of,
and think you better put through
all father and agreed to until just
before you close him up in order that
no overdraft may appear on our
books to speak of.
Furthermore, as the fall may car
ry US down too, I hope you will get
everything in best shape to protect
all our various interests as much as
possible. And among other things I
hope you will change at once from
r. H. Mcdonald bond account that
S142 900 to our own Pacific stock
and bond account, for if an accident
| is to happen we do not want it to ap-
pear on our books that father seems
a debtor to the bank of that amount,
as a receiver might attempt to make