The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1899-02-05

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Scored by the Public for Not
Taking Charge of tho Institu-
ton on December Third, When
They Wrote the Letter to the
Bank Officials.
SAN JOSE, Feb. 4.-The San Jose
public is not placing the entire blame
for the wrecking of the Union Savings
Bank on H. Ward Wright, the man
who has been President. They are
holding the other officers and directors
equally responsible. Frank Wright has
shown a disposition to throw the blame
on his brother, H. Ward Wright, and
others have done so, but the public is
holding all the officers and directors
guilty. 1t is charged, too, that none
of the Wrights are in a good position
family has been a beneficiary of the
bank.
The report Of the Bank Commission
ers showing the utterly ruined condi-
ton of the bank comes in for much
comment to-day. The facts as revealed
there cause no surprise, as the public
has been ready for anything since it
was found that valuable assets had
been assigned long ago and yet count
ed among the assets.
The Bank Commissioners themselves
are being scored to-day. 1t is held
that the Commissioners knew sixty
days or more ago, as shown by their
letter to the bank of December Sd, that
the bank was ruined. The question
now being asked is why the Commits
sioners did not publish this fact and
take charge of the institution at that
date, and either see that it was put on
a good foundation or close it. The suf-
fering depositors are particularly bit
ter in the denunciation of the Commits
sioners, and say the body has failed to
do the very thing for which it was
created
Another phase of the discussion here
is that certain depositors in the bank
have been given a tip in time to get
out. 1t is commended that in the ordi-
nary course of business over S100,000
would not have been drain out in less
than thirty days when the deposits
We're generally for comparatively small
sums.
1t is also current gossip about the
streets now that Howard does not de-
serve the severe censure which certain
bank officials throw upon him. 1t is
freely talked that there was specu-
lation in fruit. and possibly an attempt
to corner the prune market. and How
rd the fhrn110h oh 10
transactions were carried on. Towards
attorney, S. F. Lieb. is authority for the
statement that Howard was assured he
would not be disturbed by the bank. In
the light of events this is looked upon
as significant. 1t was one of the Off
GERS of the bank who gave out the
statement that Howard owed the insti-
tuition 100000 or more, and practically
without security"
Howard Wright now places How
ards, debt to the bank at S161 600. and
claims much security From other
sources it is said to be doubtful if the
bank realizes much over $4,000 on
whatever security it has from Howard.
1t is beginning to appear that How
ard has large liabilities besides those
due the defunct bank. Reports of va
rious orchardists having claims against
him for fruit are coming. Current talk
is putting Towards debts all the way
from $325,0OO to $35O,OO0 Howard re-
mains communicative, and his attor-
neys declare that they can give no es-
innate of his affairs until the schedule
is completed. Howard has in a ware
house here some ten or twelve car
loads of fruit. This is all tied up under
the attachment for $1,000 which was
placed upon it week ago to-day.
Many distressing features as a result
of the financiering Of the bank are com
ing to light. The institution has been
popular with school teachers and work
ing girls. Two lady teachers have ST.
500 each in shares of the bank, the
savings of their life. They had also
small deposits there. Now the stock
is worse than worthless. Even their
little deposits are in grave doubts.
Depositors generally are worried over
the situation. Cashier Friant says
there are over 200 shareholders. De-.
positors are saying about town that
they fear many shareholders cannot
pay an assessment, even if they de-
sired to do so.
One man who owes the bank a mort
gage recently paid the interest. He now
says his mortgage has been assigned to
the Nevada Bank of San Francisco. but
that assignment has not gone on record
here.
The local public is saying that the
bank will not be able to collect some
large loans aside from the Howard
loans.
1t is fortunate that the other banks
of the town were aware of the condi-
ton of the Union, and protected them
selves. In this way the disturbances
Of business is much less than it would
have been had they been surprised and
caught as the majority of the public.
Efforts will be made by local fruit
men to prevent the dumping of How
ards fruit holdings on the market in
a lump.
Will H. Wright was on Thursday
elected President of the bank, when H.
Wright resigned and went
East. Ward Wright says his brother
believed the bank to be all right when
he left; but current report has it that
Will Wright went East to see after
interest in fruit there.
Charged With Forgery.
SUISUN. Feb. "A man giving the
of n