Los Angeles herald., 1908-02-21
HOT WORDS
AT MEETING
STOCKHOLDERS AND Deposit
oRs HOLD MEETING
FAIL TO SELECT RECEIVER FOR
DEFUNcT BANK
One Side Wants Trust Company, While
Other Demands Individual, and
No Satisfactory Agree
ment Is Reached

Special to The Herald
LONG BEACH, Feb. 20-A long and
futile wrangle over the choice of a re-
ceiver for the defunct Citizens Savings
bank marked the meeting of the stock
holders and depositors held this after
noon in the auditorium.
The stockholders oppose the deposit
tors plan to have the Los Angeles
Trust company for receiver and want
an Individual placed in charge of the
affairs of the bank. The depositors to-
day refused to give any sign that they
would rescind the action taken at their
recent meeting.
d. M. Cate, president of the bank,
was chairman of the meeting. He
finally adjourned the gathering with
the remark that If the two factions
were unable to get together they would
have to go ahead and trust to luck"
Tho sentiment of the meeting was in
favor of a trust company. The stock
holders of the bank gave as their rea-
sons for opposition to such a receiver
that the expense would be too great.
Attorney DAILY, representing the stock
holders, stated that competent indi-
vidual would wind up the affairs of the
bank for 5000 month.
A man who was in bank crush in
Philadelphia years ago remarked that
seven long years were required in
Strengthening up the affairs of the bank
in the City of Brotherly Love, and "al-
lowed that the depositors would get
weary of paying $500 q month for a
stretch of time like that.
Large Expense Expected
Attorney DAILY estimated the expense
attaching to the Strengthening of the
affairs of the Citizens Savings bank by
trust company at $4,000. Attorney
Knight, depositor, said it would cost
less than one-half that amount
He made motion that the meeting
indorse the Los Angeles Trust company
as a receiver, and there were numerous
seconds. President Cate refused to put
the motion, saying there was to be no
"bulldozing."
One elderly woman, who had all her
savings in the bank, said she wanted
no one who had been connected with
the bank in an official capacity to be
the receiver.
A great crowd attended the meeting,
all of them being either stockholders
or depositors.
Prominent in the meeting beside
DAILY, Knight and Cate were DR.. w. r.
Price, psychological leader and heaviest
depositor in the bank; John Wager, a
stakeholder. and G. o. Clark. one of the
doorkeepers for the occasion.
The first excitement came when Mr..
Wager stated the Los Angeles Trust
company would remove the banks Sc
curities to Los Angeles.
| DR.. Price stated the trust company's
president told him otherwise. Mr..
| Wager then accused DIR. Price of call
ing him liar. Wager was requested
by a number of strong-lunged indivi-
duals to sit down, but did not ac-
quiesce
Hot Words Flow
When Mr.. Knight took the floor he
made the statement there was no tell
ing whether those persons present were
stockholders or depositors or outsiders.
Doorkeeper Clark took exception, stat
ing that only a certain number of men
in the room were not either depositors
or stockholders.
what am I. A depositor or a stock
holder?" asked Mr.. Knight.
You're depositor," was the re-
Spouse.
ITO what extent?"
about So or 49," answered Clark.
And you have had that made over
to you so that you could attend this
meeting" sang out an elderly stock
holder on the platform.
THAT is a barefaced falsehood," said
the attorney. IF have as much as 50
in the bank I'm glad to hear it. But
whatever Is in there for me mas Deen
there since 1905"
The women in the hall were generous
with their sympathy, each side being
proportionately applauded. Among those
present were many who had all their
savings in the bank and are now prac-
tically without funds.
The banks officials say there are
enough mortgages and securities in the
bank to pay off the depositors, but they
claim to want the matter to proceed
slowly that local securities may not be
slaughtered to the detriment of bust
ness conditions here. The depositors
concur In this feeling.
THE depositors are scarcely expected
now to take further steps in the mat
ter, despite the stockholders wishes,
and say the stockholders should be will
ing the trust company be appointed.
A majority of the depositors have
signed petition asking for such an ap-
pointment, and 100000 of the stock of
the bank is represented on this petition.
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