The San Francisco call., 1899-10-14
REA PROMISES
A SETTLE
Meeting of Union Bank
Stockholders.
Special Dispatch to The Call.

SAN JOSE, Oct 13-There was lively
meeting of the stockholders of the de-
funct Union Savings Bank at Turn Verein
Hall this morning. For a time it looked
as though the session might break up n
a row. Senator Shortridge and a. Bar
ker got into heated dispute, in which
the words thief and liar were freely used,
but not directly, but ex-Boss Rea wound
things up in a suave manner, in which he
eulogized eX-President Ward Wright and
VIII H. Wright, saying the former was
an honest and upright man until e. B.
Howard, the fruit-shipper, had got HIM
in his clutches. The directors were asked
to levy an assessment of $50 per share
in order to pay the depositors in full
The meeting of stockholders was calico
by President Rea for the express purpose
of presenting his first semi-annual ac-
count of his management of the bank and
to outline a future course of action. On
| the stage beside him were Manager Aus
tin and Secretary A. Friant. About two
hundred stockholders and depositors Were
present.
After calling the meeting to order Presi-
dent Rea read his semi-annual account
and then made an explanatory statement
He said when all the assets were real
lied on there would still be a deficiency
of S217 ,897 81. In order to pay the depos-
itors in full he favored an assessment OF
$50 or $40 per share. An assessment of $50
per share would realize from solvent
stockholders $3l9,91, and $40 per share
would bring in $373299. This was with an
allowance that only a little over 30 pei
cent of stockholders could be made to
pay the assessment. He stated he hao
not received the entire support of the
board of directors in his mana cement, but
Peter Stock had resigned, and he had had
T. 3. Caldwell elected a director With
the aid of the latter and Directors Dun
lop and Simpson he now proposed to pro
ceed to a settlement of the banks affairs
! Afli Tot
Jones and Callisch had opposed him ir
various matters. They had refused to pay
the $40 assessment recently levied on the
stock and were fighting the same, witt
time had elapsed when further assess
ments could be levied. He promised tC
see that all were made to pay the assess
ment, and that depositorS should receive
100 cents on the dollar
One of the stockholders inquired If Ree
did not owe the bank some money. The
president replied that he did owe the banl
$4,000, but it was amply secured.
Senator Shortridge then got the fool
and monopolized it pretty much the res
of the meeting. In fact he became 6
dictator. He said he had been robbed
both as depositor and stockholder
Shortridge said stockholders who could
and would not pay the assessment were
thieves. Howard was denounced as q
thief and the man responsible for break
ing the bank He wanted all the stock
holders who refused TO pay $50 assess
ment sued.
1t was then developed that shortly be-
fore the failure when stockholders kicked
on the management of the bank the pres
ident had practice of buying their stock
A motion was made that an assessment
of $50 per share be levied in order to pay
the depositors in full. This passed, about
half a dozen voting in favor of it, A SIC
assessment has already been levied.
President Rea stated that in the course
of couple of weeks he would call a
meeting of the directors for levying such
an assessment.
A motion to appoint a committee Of five
to meet a similar committee of depositors
to see if a settlement could not be ef-
fected al less than the value of deposits
was lost, Shortridge and half a dozen
friends voting the matter down.
Aside from asking for a $50 assessment
on which only few voted; the meeting
was in the nature of a Shortridge-Re
admiration society, and had the appear
ance of being called for the purpose OF
clearing the skirts of the Wrights for all
blame in the wreck of the bank
The board Of directors met this after
noon, but transacted nothing but routine
business; Amasa Eaton was elected vice
president of the bank.