The San Francisco call., 1909-08-31
BANKS ASSETS
ARE OVERRATED.
SAYS RECEIVER
Believes California Safe Deposit
and Trust Company Securi-
ties Worth S4,163,475
Takes Issue With ReOrganiza-
ton Committees Estimate
of SS,o54,OOO

Without any truth, without any
warrant or authority whatever from
this receiver. the statement has been
repeatedly attributed to him that this
receiver could under circumstances
ever pay in all more than so cents on
.he dollar to the depOsitors, and that
the liquidation would consume at least
i've years more.
srrhis receiver can not state, and NO
one can state, what percentage VIII be
realized by the depOsftors. The re-
eeiver might realize 40-50-75-IO0 cents
on the dollar.
ssThe receiver will handle the assets
10 the best of his ability, and Will en-
deavOr TO get out of them all that Is
possible for the deposftors of the Cali
fornIa safe deposit and trust company.
The valuations of today ought, natur-
ally, 10 improve with time and careful
manaeement.--
From the ,ebOyt Of E. J. ls Breton, re-
eef0er OF fhs California SAFE dspostt and
trust company, made to The superior court
yesterday.
E. J. lie Breton, receiver of the Cali
fornia safe deposit and trust company.
-fled his report yesterday for the six
months ending July 81. 1903. He does
not hesitate TO express his opinions Of
the plan of reorganization fathered by
Walter J. Bartnett, a director of the
institution at the time it closed its
doors. and declares that when the reor-
ganization committee over its signatures
publishes a statement to the effect that
the assets OF the institution are worth
ss,s54,000 ii is time for him as re-
ceiver TO sound a note of warning to
depositors, 10 stock holders and TO in
tending investors that they owe il to
themselves to thoroughly investigate
ali features OF the projected reorgani-
zation before accepting it in its pres
ent form.
DEMANDS GOOD SECURITIES
He says that with all sincerity
he viii welcome, and that the depos-
itors should welcome. the reorganiza-
ton project Of Walter ]. Bartnett by
which Bartnett promises to pay the
depositors 100 cents on the dollar for
their deposits. provided the reorgan-
iZers give the depositors ample and
unQuestioned security for all future
payments Inasmuch as a careful
estimate Of the value of the assets of
the corporation may be q useful ele-
ment at this time, IN connection with
the Barnett plan. LIE Breton submits
as his views of the total valuation of
the assets the figures of s4,I63,475e5.
The report shows that since the date
o. the last statement, December 81
1908. he has sold $500 shares of West
ern Pacific stock, held under a trust
agreement to the California safe de-
posit and trust company at s34 a share
the market price at the time of the
sale. He has collected the note Of
John Treadwell and wife for $4,000.
and thinks there is a possibility of re-
covering $4,000 or more from the Pa
cihc Coast investment company, a sub
sidlary corporation OF the defunct
institution. He outlines many other
transactions of minor Importance. but
shows that there are still many claims
against the bank that he may be com
PEELED to pay IN fun.
EXPECTS STOCK TO INCREASE
He has in his possession Il, 500 shares
Of Western Pacific stock, which he
values at $50 a share but shares the
hopeful view that, according to pres
ent Indications. the stock may increase
IN value within the next few months.
The total receipts for the six months
were $SS4,155.S2, and the total dis
bursements during the same period
Sl42,SOS01. From his total valuation
OF the assets, s4.163.475.9 he declares
that provision must be made for the
payment of 81, 1000 900 to depositors ana
in settling up the trust fund. He also
includes liabilities, such as a RESPONSE
bility for the Cotton securities and
otner securities that were embezzled
by the officers of the institution.
At the present time, August * n.
has cash balance OF ss0s,s ,sgS.5a d.
vided as follows: Cash in bank aka
4l4-ol; cash in special account for the
purpose Of paying OF preferred claims.
s5s.409.5l ms
The remainder Of the renort co-.f...
Of detailed lists OF the assets ana ~
bilities and Of the receipts and dis
bursements.