The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1909-08-15
PLEADS TO DELAY
BANKS DIVIDEND
Reorganization Committee of
California Safe Deposit App
peaIs to Stock Holders
Release From Liabilities PrOm-
ised to Those Who SUBJ
scribe to the Plan

To strengthen its cause before the
the question Of distributing a 10 per
cent dividend to the 'depositors of the
California safe deposit and trust COM
pany the reorganization committee of
the suspended bank has sent out a
circular appeal to the stock holders of
the institution, asking them literally
to subscribe to the 100000 capital re-
CURED OF the stock holders for the re-
organization Of the concern as a trust
company. New York interests. as pre-
viously announced by w. ]. Bartnett
and Julius ". Raphael. stand ready 10
subscribe 100000 TO a $5,o0o,000 con-
Germ. on condition that the stock hold
ers subscribe an equal amount. Mon
6sv E J. lie Breton, receiver of the
bank will petition Judge Coffey TO have
declared dividend Of 10 per cent, dis
tributing the 100000 accumulated
This distribution, it is claimed, would
put quietus on the plans of the re-
organization committee. That commit
tee, backed by certain of the depositors'
associations and individual depositors
desires a postponement of the dividend
until il may have further time in which
10 canvass its plan.
PLEA FOR SUBSCRIPTIONS
The circular letter TO the stock hold
ers asking for subscriptions is signed
by the stock holders committee, w II.
Chickering. Richard III. Hotaling and
Julius A Young and Oscar Cooper,
counsel II is dated from the office OF
the committee. rooms S05-S06 Kohl
building. Montgomery and California
streets
It states that the stock holders COM
mittee has been at WORK Tor months 70
bring about a settlement Of all litiga-
tion against stock holders, and that the
subscriptions from stock holders now
amount 10 about 100000 out Of the re-
CURED 1000 600. The point is made
that many of the stock holders sub
scribed mainly with the idea Of secur-
ing a release from their liabilities, and
the committee now claims that owing
TO the prospects of outside assistance
not only may that release be secured
but that value viii be received for ev-
. cry dollar subscribed
RELIES on THE ASSETS
It is stated that W. J. Bartnett. who
was in the east cooperating with the
stock holders committee and the de-
pOsitors' association, always relied on
the value OF the assets or the trust
company TO pay the depositors dollar
for dollar. His estimate of values
is placed on the aspect Of industrial
securities as stock in going concerns
The plan of the reorganization commit
tee is outlined briefly in the circular
The new company would have an au-
thorized capital Of $4,000. 600. of which
$4,000 600 would be fully paid up at the
time of organization. One million dol
lars viii be subscribed by the eastern
interests. the other 81 900 600 by the
stock holders. The stock will be sub
scribed al par. 800 a share. The stocl
holders and directors. the circular
says. who subscribe to the new capita
in amounts deemed sufficient by the
present stock holders committee are tC
he released from all liability"
The depositors. il is asserted, are Il
be paid dollar for dollar-25 per cent
when the bank opens it's doors; so pei
cent in five equal payments, secured
bv non interest bearing certificates OF
deposit and 25 per cent in preferred
stocks in the holding company.