The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-02-06
HE WILL HANDLE THE CROP
ACTION BENEFITS UNION BANK
DEPOSITORS.
Defunct Savings Institution May
Realize Something on the
Shippers Heavy In
debtedness.
Special Dispatch to The Call.

SAN JOSE, Feb. 5.-Rumors Of fur
Their and more sensational develop
ments growing out of the collapse OF
the Union Savings Bank are being free
ly circulated, and the San Jose public
is on the edge of expectancy. Ex-Presl-
dent Wright broadly hints at the culpa-
bility of other officials of the bank, and
it is being whispered about that when
the true history Of the failure is known
the depositors and business men who
have been trustingly confiding their
money to the care Of the wrecked in
stitution will be astounded by the reve-
lations. People are already beginning
to ask where all the money went, and
they are answering the question them
selves, but whether these answers are
based on actual knowledge of or simply
guessing at the real facts is something
that cannot be determined at this par
ticular time.
Ex-President Wright's reply to the
published statement of the Bank Com
missioners has had the effect Of brac-
ing up his friends, who now declare
that he Is more sinned against than
SHINING and that he will eventually
emerge from the cloud of doubt that
now envelopes all connected with the
institution in an official capacity with
a cleaner record than the majority of
those who are now seeking to shift all
the responsibility for the disaster on to
his shoulders.
1t is probable the bank will realize
something on the Howard Indebtedness,
although it is difficult to say whether
the amount will materially affect the
situation. The creditors of the Specu-
lative shipper who is alleged to have
bled the gullible bankers for over $780,
600 are mostly fruit growers, and be-
cause of the fact that Howard has been
the backbone of the market for several
years past, by reason of paying more
than any other shipper for fruit, they
are inclined to stand by him. They are
confident they stand a better chance
of getting the money due them by not
pressing their claims at this time than
by forcing him into insolvency, and
Howard will be given an opportunity
to handle the vast quantity of prunes
he now has on hand, which he undoubt-
eddy can do to better advantage than
a receiver
A peculiar feature of the attachment
of sixty carloads of prunes belonging to
Howard by President T. r. Weaver of
the Berryessa Fruit Company, which
action was the signal for the closing of
the banks doors, has just come to light.
A few days before the attachment was
levied Weaver, acting as an agent for
Howard, offered 612 cents a pound for
the prune crop of X E. Burns. One
carload Of the fruit was brought to
San Jose, when Howard announced
that he did not care to make any pur-
chases for the present. The prunes
were subsequently disposed of to the
Earl Company for Az cents a pound.
and day or so later Weaver precipi-
tated the bank crisis by attaching
Howard's property for $4,000 due the
Berryessa Fruit Exchange, of which
he is president Now the latter is as
eager to let go as it then was to grab
at something to secure it's debt and it
is more than likely that the attachment
will be released tomorrow. The at
tempt to form a syndicate to handle
Towards fruit has fallen through and
Howard probably will be allowed to
complete his deals with Eastern brokers
unmolested. The bank depositors will
profit by this arrangement. as Howard
has fully $50 carloads of prunes con-
tracted for in the valley and a large
amount in addition in the hands of
Eastern agents. He practically controls
the market, and if his holdings were to
be dumped on the market at this time
the result could not fail to be disas-
trous. A large amount of this fruit was
assigned to the Union Savings Bank
previous to the failure as security for
advances of cash made to Howard but
just how much neither Howard nor the
bank officials will say
The statement given circulation to
the effect that certain officials of the
bank were in "cahoots" with Howard.
while plausible on it's face in the light
of recent developments. is not gener-
ally accepted as true. 1t is said on
good authority that the true story Of
the failure has not yet been told. and
when 1t is the public is liable to be
treated to a surprise Of the sensational
order.
ANCIENT ORDER OF FOREsTERs