The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-07-17

more than year prior to the publica-
ton of this report they had gone out
of the banking business as a building
and loan association entirely, and had
established what is known as the Bank
of Commerce in the same building, and
in that bank they had taken up all of
the banking business that was done by
the association, which left it simply a
building and loan society, and not a
cooperative bank in any sense what
ever. They objected to the classical
ton by the secretary of the Building
and Loan Commission as a co-opera-
tive bank, inasmuch as one other CO.
operative bank in the State was going
into something like liquidation, and the
profits showed up, when the two were
averaged, in a very unsatisfactory way
to those people Mr.. Field the former
and present secretary of the commits
sion, had prepared the report, and, not
knowing of the change in the Pacific
Coast Association, in his average had
included the Pacific Coast Savings and
Loan with this other cooperative bank
as cooperative business.
II had been but short time ap-
pointed as commissioner when the re-
port was prepared and l had not had
an opportunity to familiarize myself
with the different institutions. How
ever, when the matter was called to my
attention I Immediately saw that an in
justice had been done the Pacific Coast
Building and Loan, not in it's individual
report, as published, but II placing 1t
in the wrong place in its averages with
other institutions. 1 therefore, and for
that reason, directed the averages
simply to be changed and nothing else
That is the idea-the Pacific Coast AS
ISOLATION changed from being associat-
ed with the cooperative banks and put
it with the building and loan associa-
tions where it properly belonged.
II regretted very much the necessity
of making the change in the report as
1t stood at that time, but l was COM
PEELED either to do that or to intiict seri-
Gus injustice on one of the building and
loan associations. Had I been in office
longer at that time and had 1 been as
familiar with the various institutions
as I am now the report would never
have been made with the averages as
they were made up in the report.
simply did an act of justice and Blum
is trying to blackmail me In the mat
ter"
Mr. Murdoch was seen in his office in
the Flood building. He said:
'At the time the report was made we
were a national building and loan asso-
citation and always had been and / in
sisted that we should be placed In the
category in which we belonged. and
when / showed it to Mr.. Gould and
when he found that 1t was wrong he
had it corrected We were doing
banking business the year before. and
during that year the Bank of Com
merce was started and we went in
under the heal of National Building
and Loan. That eliminated all Of
our banking business from the Pa
cific Coast Savings Society. We had
a banking department in the savings
society. When the Bank Of Commerce
was started the banking business was
transferred to that concern. 1t is a
separate institution"
Mr.. Murdoch went on to say that on
last Friday two men called on him, one
Of them representing himself to be the
attorney for Mr.. Blum, and offered to
give him all the printed matter in
Blums possession relating to the al
tered report of the commission If he
would give them $3.50 for Blum. He
ordered them out of his office.