New-York tribune., 1907-12-22
for nearly half a century, and it would be less
expensive than the employment OF learned coun-
sci in so celebrated L n. F.
ON THE PACIFIC SLOPE
Condition of California Safe Deposit
and Trust Company affairs.
rRv Telegraph to The Tribune.

IBy Telegraph The Tribune.I
San Francisco. Dec. 21.-The probable lndlct-
ment of J. Dalzel Brown and Walter j. Barhett
for the alleged embezzlement Of Cotton estate
trust funds deposited in the California Safe De-
posit and Trust Company will be the first step
toward Furnishing a speculative crowd of officials
who have brought heavy losses to many thousand
small depositors. The Investigations of the week
have revealed an astonishing state of affairs.
They tend to show that the men who conducted
the great Treadwen Mine in Alaska were re-
sponsible for wrecking the bank. They found
pocket OF extremely rich in the Bonanza
King mine in Trinity County. Instead of ascer-
tanning whether the ledge continued as rich as
the small streak, however, it is alleged they be-
gan the erection of costly stamp mills and all
other appliances of a big mine. When fifty
stamps were ready it was found that the ore
was low grade, and not profitable to work. In
the mean time, 1t is alleged, nearly 50 100000 of
bank money had gone into the project They had
a half dozen other ventures in industrial lines,
only one of which proved successful. The others
made a constant drain on the bank to keep them
going. and this drain, it is said, maintained
almost UP to the day the bank closed its doors.
1t looks as though all the officials of the bank
and several Of the directors may be prosecuted
for violation of the banking laws Meanwhile
the stockholders and depositors discussing
the best method of realizing small dividend
from the remaining funds
Depositors oppose the appointment of a re-
ceiver they declare it is too costly a method
They wish to have a committee appointed who
will serve without salary. The stockholders
have elected entirely new board of officers
but Judge Coffey, who has the case in charge.
Will probably appoint receiver and see that the
funds of the bank handled in the regular
way. The outlook is cheerful for tho daoos
1tors as at present IT seems that tventv-f,,e
cents on the dollar Is the best settlement thew
expect.
No more special holidays will be declared bv
Governor Gillett. as the San Francisco Clearing
House has asked their discontinuance The
bankers feel that all the city institutions are in
such good shape that HOLIDAYS are no Ionear
needed. The conditions have returned 10 normal
and San Francisco is declared by local bankers
TO be IN better shape than any other large
city in the country
All the savings banks have big reserves but
deposits have fallen off heavily owing TO rhe
effect Of the local failures.
AT the society vaudeville show given at the
Chutes for the benefit of the Children's Bosni-
tai one of the amateur performers was Miss
Martha Calhoun. daughter Of President Patrick
Calhoun Of the United Railways An audioro.
of four thousand of the leading San Franciscane
applauded Miss Calhoun, who represented Scot
land in the national dress The applause was
so far beyond the merits Of the tableau that il
was taken as tribute to her father who is
to be tried in February for alleged bribery oP
the supervisors. The pertinacity OF the graft
prosecution against Calhoun has been SO marked
that It has aroused sympathy for him.
Eight MIL 5oIra-
OF Education as necessary to rebuild forty-four
school buildings Among these are four reyv
high school buildings The present school build
lngs In the burned district are one story wooden
shacks that viii have to be removed within two
years.
The foreclosure by the Hiberna Bank of an
$4,000 mortgage upon the Alameda home #
former Judge James A. Wayrnire marks the
final blow of hard luck which has reduced TO
penury one of the best known lawyers in the
state. Waymire invested heavily in irrigation
projects in the San Joaquin Valley but litigation
and failure to sell lands ruined him.
Oil companies that make up the Producers
Sales Agency have decided to market their
own oil independent of the Standard and asso-
ciated companies. The companies have interests
In Kern River, McKit . Sunset, Midway and
Coalinga fields They have decided to construct
pipe lines to the railroads and provide for stor-
age San Francisco Bay They believe that
in this way they prevent depression I'm
the price Of fuel oil.
The rails Of the Western Pacific Railroad
reached Sacramento this week, thus giving a
continuous stretch of seventy-six miles of COM
pleted railroad from Sacramento westward
nearly to San Francisco Bay. Construction work
is being pushed all sections up into the