The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-02-02
UNION SAVINGS BANK
DEPOSITORS ANXIOUS

gentlemen parted with no information.
They Will not report for some days, and
until then nothing definite will be
known
The directors of the bank held a
meeting, but nothing was done, an ad-
Journment being taken until tomorrow
afternoon. AT that time a business
course will be decided upon. Some of
the directors favor the bank going into
liquidation, While others think affairs
can be Strengthened out by leyying an
assessment. President Wright said to-
day an assessment of $40 or SIS a share
would relieve the situation, as many of
the real estate securities are first class
and can easily be be turned into cash.
About half of the stockholders can
stand this, and it probably will be done.
The only questionable transaction in
connection with the bank failure is the
filing of a deed to the bank premises
on First and Fountain streets, convey
Ing the property to Myra E. Wright
the wife of William H. Wright, vice
president of the institution. The deed
is absolute, but President Ward Wright
. claims it is understood to be only
mortgage. Although the transfer was
made last June the semi-annual state
ments in July and January showed the
property among available assets at
$4,000. Myra E. Wright advanced $780,
claim about 1000 of this amount has
been repaid. This deed was given
simply to secure the money and was
never intended to be recorded. AS soon
as the bank refused to transact bust
ness yesterday Mrs. Wright. at the re-
quest Of T. V. Wright, filed the deed.
w. H. Wright is in the East, and had
he been at home it is claimed this would
not have occurred.
The filing Of tho acCicproan+ of mort
gage given by L. A. Splitter and wife
to the Union Savings Bank for $500
by the Union Trust Company Of San
Francisco is another mistake arising
out of the failure. The Splitter mort
gage was satisfied last November and
officials. The assignment, however.
had never been returned to the local
bank officials, and when news of the
failure became known the Union Trust
Company rushed 1t into the records.
An assignment was filed by I. w. He'll
man to-day of mortgage executed by
]. w. Cunningham and wife to the
Union Savings Bank for $10,175. The
date of the assignment is January Is
last.
There are about 1900 persons repre-
sented in the S791,975 due depositors.
Of these about 1850 are in the savings
department and their average deposit
is 1884. They may have to wait some
time for their money.
Among the creditors of the institution
are many fruit men and orchardists,
who for the past three or four years
have been helped along. The bank did
a big business among these people.
During the financial panic few years
ago it stood by this class of creditors
when other banks refused loans and
consequently it had many friends. Much
of the banks securities are in the shape
of stoned fruit and fruit contracts.
Dealing with fruit men led the bank
into relations with Howard. Those who
know claim Howard is interested in
about $3.50, 600 worth of fruit in Santa
Clara County. He is heavily involved.
The dumping of this amount of fruit on
the market at this time of year would
be disastrous to fruit men and cause q
fearful slump in prices. This would do
more injury to the business of Santa
Clara County than a half-dozen failures
like that of the Union Savings Bank
"A syndicate is now being rganized
to avert this and handle the fruit, and
when 1t is completed Howard will as
sign to it. OF Towards 500, 900 in
debtedness to the bank, President
Wright says two-thirds of it is secured
by fruit. If Howard was forced into
insolvency this security would shrink
to almost nothing, but now that syn
dictate will handle Towards business it
has been improved materially.
At the first of the year there was a
change in the Board of Directors of the
Union Savings Bank, but, contrary to
rumor. this had nothing to do with the
embarrassment. L. NJ. Hale retired on
account of i'll health, and Henry Ed
wards because of other business In
their stead Antoine Friant and N Bow
den were selected.