The San Francisco call., 1899-03-17
DELAY WORRIES
THE DEPOSITORS
Tangled State of Union
Banks Affairs.
BRASLAN'S WRIT GRANTED
DIRECTORS RESTRAINED FROM
TAKING ANY ACTION.
People Who Put Their Money Into
the Defunct Concern Have Some
Cause for Becoming
Uneasy.
BRAsLAN's WRIT GRANTED
DIRECTORS RESTRAINED FROM
TAKING ANY ACTION.
Special Dispatch to The Call.

SAN JOSE, March 16.-Justice Beat
tie of the State Supreme Court to-day
granted the writ of certiorari asked for
bv Charles p. Braslan to review the ac-
ton of Judge Lorigan in appointing
board of directors to settle up the bust
ness of the defunct Union Savings
Bank. The directors are also restrained
from acting until after the matter has
been decided. BraSlan was elected a
director Immediately after he failure
and refused to resign when the others
did. Judge Lorigan ignored his stand
ing as a. director and appointed an en-
tire new board
The 100 and more deposltors or the
Union Savings Bank are becoming un-
easy at the continual delays occurring
And again they realize that the assets
Of the bank will never pay them dollar
for dollar Assessments will have to
be levied and suits brought to collect
them This will take time. During the
last few days an unusually large num-
Der of depositorS have called upon At
torney J. r. Welch, the counsel of the
organized depositors, and requested
that some action be taken at once to
rush matters. Some favor both civil
and criminal actions against the old
board of directors.
Attorney Welch stated this afternoon
that the granting of BraSlan's writ
meant considerable delay. He said the
easiest way out of the matter would be
for one of the directors appointed by
Judge LOrigan to resign and then the
rest might elect Braslan to the va
cancy. If the Supreme Court sustainS
Braslan the whole board will be illegal
and the whole matter will have to be
gone through again.
If Directors Rea, Simpson and Dun
lop owe the bank money, and Welch
said he was satisfied they did, then
they should never have been appointed
directors. Simpson and Rea hold few
shares of stock in trust, while Dun
lop's stock has been acquired since he
was named as a director.
The board of directors of the bank
held a meeting this morning, the full
directorate being present. A letter was
received from the Bank Commissioners
acknowledging notice of their organi-
Zation and stating that they would be
authorized in a few days to go ahead
with the banks affairs Adjournment
was taken till the call of the chair,
which, through the action of Judge
Beattie, has been Indefinitely post
pOned
Developments of the past few days
show that the assets of Il. B. Howard.
the fruit shipper accused OF Wrecking
the OulOu Savings 6dnk, amount u
practically nothing. These have been
placed al about $125, 900 in his schedule
of bankruptcy, While the bank has al
ways claimed they would be sufficient
to pay off the securities if properly
handled Now it is asserted by those
claiming to know that the assets will
amount to about $12, ,000 or just about
enough to pay the costs of bankruptcy.
The bank claims Howard's indebted
ness amounts to 1885, 900, with nearly
$40 900 interest. Howard claims 1925, 900
of this amount had been wiped out.
Most of Howard's assets consisted of
dried fruit in the hands of Eastern
commission men, who had advanced
some 75 per cent on the shipments.
When Howard failed the commission
houses disposed of the fruit right away
for just enough to cover advances. This
leaves nothing to be expected from this
source. Some 10000 worth of dried
fruit in the hands of the Sorosis Fruit
Company, claimed by Howard, has been
disputed by the company and this
amount Of the assets will also be lost.