The San Francisco call., 1908-03-17
MARTFL HAS Plan
TO AID D[POSTORS
Securities Company to Take
Over All Assets for Bene-
fit of All Concerned
Bank Commission Tentatively
Promises Its Favorable
Consideration

A. f. Martel. president of the sus-
pended Market Street bank. had a plan
for the rescue of that institution to
submit to the bank commissioners yes
terday- Martel wishes TO launch
securities company which will issue
bonds to depositors in the Market Street
bank to the extent of their deposits
The securities company would have a
capital stock of $1,000 900
Martel asked permission of the COM
mission to submit his plan TO the de-
positors and creditors of the bank. They
informed him that If he was sue
cessful in getting the creditors TO con-
sent to his plan the commission would
give him further hearing and If ne
could promise adequate capital the plan
might receive favorable consideration.
William S. Vawter of Santa Monica.
the newly appointed commissioner took
his scat in the board yesterday. Vaw-
ter Who was a banker OF Los Angeles
and Santa Monica, was named by acting
Governor Warren Porter 10 succeed
Hermann Silver as bank commissioner
! The bank commission adjourned to this
afternoon.
The plan which Martel will submit
to the banks creditors is outlined in
the following letter which is to be
sent to them today:
Announcement by the directors of the Market
We are glad 10 be able to announce that y :
havf>made arrangements TO protect all the de-
positors.
In order TO avoid tae large expenses of = re-
ceivership and TO conserve the assets Of tie
oans aud to Rpy sss ,ss dfpostoFss ss as sa s
between the bank and securities company. as
The Market Street securities companr with
fully subscribed capital stock OF 81 900.
will issue bonds in denominations Of SO and
Upward. npvs nlss per cent interest bearing con
assets of the Market Street bank (which are
the assets of the Market Street securities CON-
pany. both fnclnding the following:
fromisSory notes secured o5 deeds OF iIust
amount in excess of 5000
Promissory notes secured bv deeds of trust
on Oakland and. other resi- property in counties
excess Of 5000. 600 -
Bonds and other assets With the Market
Street bank OF a value in excess of s15n.eoe-
Bonds and stock deposited hy the directors
of an estimated vsIue OF 81 a2:.. 600
Paid up capital stock and surplus Of the Mar
ket Street bank. the sum of which Is in excess
Total security. s2.s1o.ooo.
As all the liabilities of the Market Stree;
bank amount to 81 COO. 0o0 in round numbers
the total issue of bonds will not exceed that
You are entitled to an allotment sf q - ~
bonds in the amount of your deposit with In
terest thereon.
ihis pan. Wbich Is me same USED success
fully In the case of fne eshsr banks wi,.oat
the loss uf cent their depcsirofS i th,.
result Of careful investigation and consi'isrs-
tion and presents the hest possible means Of
protecting all parties and avoi,lia- the n.ces
sity of the bank passing into the LANDS nf :
receiver at an enormous cost for 1eposi.ors
1t is hoped that you will avail yp,Irsr,f
Of this offer Immediately. the time Is ~
tremely limited within which action raD he
taken. and prompt attention is absolu.alv essen
tiai.
Now, 1t Is for you 10 decide whether you want
bonds a receiver. II you take the oousis "
shall resume business ar once. and * viii
enable US 10 cash your bonds az par as fast
as we realize on the securities. without
loss TO you
Please sign and return inclosed postal card
or call at the bank which will be kent cf,'u
next week from a. m. till D. daily for
purpose Of giving out the bonds Yours truly.
THE MARKET STREET BANK
(By A F. Martel. President,