The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-02-07
MEETING HAS BEEN CALLED
GRAND JURY MAY BE ASKED TO
INVESTIGATE.
Ez-President Wright Alters His
Intention to Expose the Inner
Workings Of the
Institution.

SAN JOSE, Feb. e.-There VIII be a
meeting Of the depositors Of the Union
Savings Bank at 10 o'clock tomorrow
morning 70 discuss the affairs Of the
defunct institution and decide on such
action as may be deemed proper TO pro-
tect the interests Of those whose saw
ings are tied up In the bank vaults or
have been loaned out 20 spectators on
doubtful security. A large number Of
the depositors probably will be repre-
scented at the meeting, and lively time
is expected as a great deal Of bitter
feeling Is being manifested against
those who are held responsible for the
failure. Among the more radical Of
those who have lost by the closing Of
the bank there is a loudly expressed
desire to bring the matter before the
Grand Jury, which is now In session, TO
secure indictments against the officers
and directors OF the institution.
IN view Of the fact that the Bank
Commissioners have so far found moth
ing criminally wrong with the manage
ment Of the bank II Is hardly likely that
any steps In this direction will be taken
at this stage Of the proceedings. Many
OF the depositors have already placed
their claims IN the hands Of attorneys,
. ana when the proper time arrives ac-
.tions against the stockholders, indi-
:.Vldually Will be commenced.
There are no developments Of SEN
aational nature in connection with the
failure, but at the same time there IS
little 10 give encouragement 20 the
creditors Of the institution. H Ward
Wright, the eX-president OF the bank
continues 10 assert that the bank will
pay dollar for dollar Of its indebtedness
put ia view Of previous statements
made by this gentleman, which have
been proved to be somewhat at variance
with the facts in the case, his asser-
tons are not particularly reassuring.
Since the closing Of the bank Mr..
Wright has succeeded in entangling
himself IN maze Of contradictions. his
EFFORTS 10 eXtricate himself from which
nave only resulted IN his further en-
tanRlement
When the Bank Commissioners issued
thelr statement concerning the affairs
OF the institution, of which Wright was
the head, Mr.. Wright declared the re-
port was full Of inaccuracies and gross
~ exaggerated. He even went so far
as 10 say that the bank had transacted
no business whatever with the Jersey
Landing Tract, which the Commission
ers' report showed to be indebted to
Q
on an overdraft The Jersey Landing
Tract, whose assets are said to consist
of about 1000 acres Of land which is
usually under water, is composed Of w.
II. and +. V. Wright, brothers of the
banker the former Of whom succeeded
II. Ward WRIGHT as president of the
UHion Savings Bank when the latter
resigned after the collapse of the in
stltution.
Mr.. Wright now admits that the fig
ures given in the commissioners report
are substantially correct, but he says
the 1000 acres Of swamp land are ample
security and that the matter will be
straiehtened out as soon as w. H.
Wright returns from the East.
There has been a great deal of COM
ment on the fact that j. F. Devendorf
was Indebted 10 the bank to the extent
OF over $4,000. Mr.. Wright says the
bank holds as security for this amount
tract Of land In Stockton worth S75.-
600 and two tracts Of 100 and so acres
respectively, near Gilroy. Mr.. Deven-
dOrf says differently. According TO him
the Stockton property is the only secu-
rity held by the bank. and while Mr..
Devendorf considers that TO be suffi-
Client TO protect the bank from loss he
~ more moderate in his estimate Of its
value than is the banker
. Mr.. Wright announced several DAYS
hbO tndt ne was preparing q signed
statement OF his connection with the
bank, which he claimed would show
that others were equally to blame with
him In the reckless loaning of the funds
TO irresponsible spectators. The direc-
tors finally convinced him that It would
not be for his own interests TO make the
threatened exposure, and the statement
VIII not be made.
Wright now claims the bank has in
it's hands nearly 100 carloads of fruit
as security for the money advanced to
+. b. Howard, and he expressed the be-
lief that a great deal OF money would
be realized from this source. He does
not venture to give figures. but says ne
thinks probably 80 per cent. OF the
amount owed by Howard to the bank
VIII be recovered. This, together with
the mortgage on growing corps held by
the bank. viii, in his opinion. go a long
way toward paying off the claims Of de-
posltors. provided, of course. no unfa-
vcrable weather Injuries the crop pros
DNctg