The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1909-07-22
REORGAN|zERS OF
BANK CONFIDENT
Raphael Talks of Rehabilitation
of California Safe Deposit
and Trust Company
Believes With BARNETT That
Assets VIII Yield Dollar for
Dollar to DepOsitors

NEW YORK, July 21.-Walter J.
BARNETT, who has been staying al the
Hotel wolcott for several months, left
for san Francisco last Sunday. expect
ing 10 arrive in san Francisco Thurs
day evening. July p He VIII lay be-
fore the depositors' association OF the
California safe deposit and trust COM
pany fun details OF the plan Of re-
organization, an outline OF which has
been published in The Call. Julius
Raphael. president Of the depositors
association. viii remain in New York
for several weeks, or as long as neces-
Eary 10 consummate the reorganiza-
ton plan. Raphael IS al the Hotel
kuickerb0cker-
BARNETT declares that a statement
published in san Francisco quoting
Cooper as saying. on his return from
New York. that the relations between
Raphael and himself are not entirely
harmonious. is erroneous. Cooper and
BARNETT are frequently in consulta-
tion In Raphaers apartments in the
Knickerbocker hotel and both are
elsted over the success Of their efforts
10 reorganize the bank.
PLAN To PAY DOLLAR FOR DOLLAR
When BARNETT left here he firmly be-
lieved that the depositOrs would agree
TO q plan OF reOrEanizati ton that would
reimburse them dollar for dollar. the
major portion in cash and the balance
IN certificates
Although both Raphael and Bartnett
were willing enough TO discuss the re-
organization plan in general terms they
firmly declined 10 name the fnanciers
who are back OF the reorganiza ton
2 s.-~r Ia h.
r HawIey was not connected with the
clear lake project, and also said that
The estimate Of $4,000 as the value
Of the interest that the California safe
deposit and trust company has in the
clear lake PROJECT is mere guess work.
Al any rate. the interest Of the bank
IN the Central Counties land company.
acquired by the Clear lake land and
irri cation company, is not included in
the appraisement OF assets Of the
closed bank, which appraisements to-
tai. In round numbers. $500. 600. sc-
cOrding 10 Raphael.
RAPHAEL Is PLEASED
so you wiz see" said Raphael TO
The Calls correspondent today, that
the proceeds of a sale of the Central
Counties land company 10 the Clear
lake company will not be needed in
order 10 place the reorgs nization on
& basis that viii repay dollar for dollar
10 the depositors.
Raphael feels pleased over the fact
that whereas Receiver lie Breton es-
tinsted the assets at 81 500 900. they
win be nearer nine millions: and re-
terred to the fact that Receiver lie
Breton would have sold the FL Dorado
lumber company for 100000. whereas
IL is now appraised al $500. 600. Il
was Raphael who held out hope 10 the
depositors and urged them 10 hold on
10 their bank books.
lie Breton's first estimate OF the as
sets. said Raphael was sufficient TO pay
only about q cents on the dollar: then
he raised il 10 rs cents and finally as
high as 50 cents. When Il became
known TO certain bankers that the re-
ceiver had raised his estimate so as
70 pay al least so per cent they quietly
bought UP the bank books OF some
1000 depOsitors. who sacrificed their
claims for Is. 25 and so cents on the
dollar.
FTNANCIERS HAVE FAITH
The New York fnanciers who are
back Of the reorganization plan. said
Raphael. have much faith in the fu-
ture OF the Western Pacific, which will
IN effect, be part Of the GouIds' trunk
line reaching from Buffalo 70 San
francisco They believe that its steady
climb from IS share 70 about $50
sugers well for its future advance
ment, and advance in price may swell
the assets OF the bank several millions
more than the present appraisement
Of nine millions. made by representa-
uVes Of the fnsnciers who made care
ful examination OF the various proper
ties.
James Treadweu is now in London
negotiating with fnanciers for dis
posing Of the Yukon property.