The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-02-14
DEPOSITORS IN
BETTER SPIRITS
Union Savings Banks
Promises.
DIRECTORS PLEDGE RELIEF
DECLARE THAT NO ONE WILL
LOSE A DOLLAR.
Patrons Involved BY the Failure
Decide to Delay Legal Pro
ceeding Pending De-
velopments.
DECLARE THAT NO ONE VIII.
LOSE A DOLLAR.
Special .ptspateh to.. rha. can !.

: p ... -. -. ?.
SAN JOSE. Feb. 18-The Ievying Of
an assessment OF SO per share by the
Glreetors OF the defunct Union Savings
bank has allayed the fear of depositors
mat they would save but a few cants
on the dollar from the financial wreck
ms was especially discernible among
those IN attendance at tbs. .depositors
meeting at Hale's Hall this morning
There We're not the worry and excite
ment that has characterized ali their
other meetings and the desire was ex.
pressed TO wait and see what the di-
rectors would do I'll. HI
mere has been a split among the de
positors and two sets of them haye or
sanized. All the young attorneys who
nave had claims assigned to them have
joined combination headed by c. NJ.
Hatcher.
A policeman was stationed at the door
and only those with pass books were
admitted. About 300 depositors were
The meeting was called to order BY
f y, W. Childs The finance committee
reported 1t had engaged Attorney r. n
W elch 70 look after the members
Claiflls. rms action was ratified. Chair
ian +. W. Potter of the finance com
fnlttee resigned. A. L. Chrisman was
erected IN his place and H. T. Besse and
mittee. -
+ Potter reported an interview he had
Win Nicholas BOWden, a director Of
ana attorney for the bank Bowden.
SAID his duties were to pass upon Sc
curlties offered the bank Otherwise.
ne knew little about the banks bust.
ness: He assured Potter the depositors
would lose nothing. The assessment of
$40 levied Saturday was only the first
of a series of seven that would he
levied II necessary 10 pay all indebted
ness The director said Howard,s in
deotedness was slightly over $500 600
with but little security. Bowden had
oeen elected director against his will
and was sick in bed at the time. Pot.
ter said another director had assured
MN depositors would be paid in full
No action VIII be taken by the deposit
tors Immediately and they are inclined
10 wait until after the stockholders
meeting on February %.
Howard has promised his creditors to
60 into bankruptcy and papers will be
MED tomorrow or the next day.
Attorney General Ford this afternoon
began proceedings in the Superior Court
70 force the Union Savings Bank into
insolvency This was IN the nature of 4
a suit brought by John Markley, a. |
w. Barrett and r. D. Murphy, Bank
Commissioners, against the Union Saw
3ngs Bank and its board OF directors.
The complaint recites that the re-
sources and assets of the Union Saw
ings Bank at present and ever since
January 81, 1899. are and were $685.
O6S p and no more. and the liabilities
on the same date were $844,2S3 50; that
the corporation is insolvent and it is
Unsafe for said corporation to continue
and transact business any longer" The
Commissioners recite that unless the
bank be enjoined and prohibited by the
court it viii continue TO transact and
carry on business. to the irreparable in &
jury of the people of the State