The San Francisco call., 1899-02-09

~ SAN JOSE, Feb. S.-The affairs of the
:. defunct Union Savings Bank are to be
wound up as speedily as the slow-moV-
ing machiner-- of the law will permit.
The directors will meet at o'clock on
Saturday to consider detailed report
of the condition of the banks affairs,
which is being prepared by the State
Bank Commissioners. This report is ex-
,pected to supply a basis for estimating
approximately the resources of the
wrecked concern. The directors at Sat
urday's session will issue a call for a
stockholders meeting to be held at an
early date. At that meeting certain
stockholders will be delegated to bring
an. action in the Superior Court to have
!. g. receiver appointed for the bank.
There are already numerous applicants
for the receivership, but in all proba-
billy the court will be asked to appoint
.eX-Mayor Paul =. Austin. president of
the: Security Savings Bank Mr. Austin
IS amply qualified for the position. as
'heHWas for years engaged in the real es-
:. rate business in this city before taking
charge of the Security Savings Bank
several years ago. He is regarded as
:.the.hest man for the position and as the
one man who would be likely to be ac-
%eepta BILE to both the stockholders and
the .depositors Of the wrecked concern.
!: The new board of directors of the San
Jose Building and Loan Association to-
night elected the following officers:
President, J. NJ. Pitman; vice president,
W. G. Andrews; secretary, F. v.
Wright; assistant secretary, A. X.
..Whitton; treasurer, l.. @. NeSmith; at
torney, W. A. Johnston. The directors
who were elected at the annual meet
ing Of stockholders last night are as
v. Koch, NJ. Haas, J. Nj. Pitman, w. c.
Andrews and s. y. Johnston.
!: With the exception of the president
. and. secretary, the list of officers is en-
&tirely new and will tend to restore con-
:: lidence in the association, which is In
.. a first class condition financially. al
though 1t has undoubtedly suffered
Through its indirect connection with the
wrecked bank.
THE reelection OF T. Y. Wright as
secretary was rather unexpected, as 1t
was intended 10 drop him. as well as
w. II. Wright, the old treasurer. and
'Aitone Friaut, the old vice president.
But F. V Wright pleaded so hard to
be. retained in his position, at least for
:a:while In order that he might not ap-
spear 10 be kicked out" that the origi-
nal plan was modified 10 allow him to
-:RGt .OuL RIdCCluIN. L ne CItdllOH OL the
new. office of assistant secretary bears
out. this view. and the active manage
.:ifient Of the association will be hence
forth in the hands of Colonel A. X.
'!N:hl;ton, who was elected 10 fill that
J.: position. Wright promised to resign
-. ais secretary after the bank scandal
shall Have blown over, and then Whit
ion win be elected secretary to succeed
: him and the position of assistant Sec
;,syf o-i.zy. "a bO1iShed
J.: Gradually additional facts in connec-
!: :tfon with the peculiar methods en-
ployed by. the managers of the defunct
..I!nion Savings Bank are being un-
. earthed.l and the more the matter is
:ufi5bed the more repTehensible appears
= the conduct of the Wright-H. Ward
and Frank WHO. together with Will
liam H. Wright and few close asso--
clates. retained undisputed control of
the banks affairs from the date of its
inception until the final and total col
lapse of the institution week ago. The
failure isisaid bv the bank officials to
have been due principally to the enor-
nous ovetdraft of f. B. Howard, the
fruit speculator. Howard's indebted