The San Francisco call., 1909-12-24
GET MORE TIME
TORFCONSTRUCT
COMP ANY
Members of Committee Win Or
der From Court After a
Dramatic Hearing
Receiver lie Breton Opposes
Delay of Dividend With the
Courtroom in an UprOar

A final opportunity was given yes
terdsy by Judge SeawelI to the Bart
nett-Raphael committee to raise a
new bank from the ruins Of the Cali
fornia safe deposit and trust COM
pany. After court session full of
dramatic incidents the Judge empow-
cred Receiver lie BertOn 10 pay a divi-
dend of 10 cents on the dollar Febru-
airy 10. The reconstructors must COM
plete their work in the meanwhile or
the entire scheme viii fan TO the
ground
The 100 or more depositors who
crowded The courtroom cheered or
hooted the speakers, according as the
views expressed met approval or disap-
proval. Judge Seaweu seemed amused
by This departure from court decorum
and observed whimsically that the pro-
ceedings resembled an old time town
meeting. Even the decision of the
Judge was received with mingled ap-
piause and cries of dissent Court
viii now resume" said his honor as the
crowd hled OUT n0isily.
Receiver lie Breton and number
OF depositors personally opposed Civ
ing The recOustructors any further
time. III was only after a strenuous
plea hy Attorneys ]. T. Brown. Oscar
cooper Warren OIney and Daniel
O'Conneli that the whole project would
ge TO smash" II the receiver were
permitted TO begin paying a dividend
immediately that Judge Seawen con-
scented 20 allow an additional 45 days.
DEHAND STOCK SURRENDER
The only obstacle now said by the
recoustructOrs 10 be in the way of the
pouring n of New York capital to the
extent OF Sl.o0o.000 and the reopening
Of Tie bank is the failure of stock
holders 10 hand in their stock for cam
collation.. This is one OF the condi-
tions absolutely demanded by II. P.
Wilson aud his associates before they
Will make the Sl,0O0.000 available
OF The 26,250 shares issued by the
company all but 5000 have been OBJ
tanned under agreements for cancella-
tion. Cooper stated in an affidavit read
10 the court AS a means of getting
the remainder an assessment has been
levied and the stock may be sold for
delinquency February S. The other
condition. namely that 80 per cent Of
the depositOrs assign their claims, has
been fulfilled.
J. c. de Laveaga- attorney for the
receiver in opposing the application for
a continuance said that many depos-
itors were clamoring for the immedi-
ate payment Of a dividend. He read
a letter from J. C. McMullen. president
Of the State savings bank. Oakland,
which has claims against the insolVent
bank Of 100000. asserting that the
agreement with the reconstruction
committee would not be renewed on
its expiration, December 81, 1909. La
ter Receiver lie Breton, in contradict
ing statement made by Attor-
ney Warren Olney that he had said he
would pay so or IS per cent in divi-
dends, said he was placed in a very |
embarrassing position by depositors /
and bankers insisting upon the dis /
tribution Of the money now in his /
hands.
PLEADS FOR HIS MONEY
Are the interests. of the capitalists |
in New York to be considered before |
those Of the creditors Of the bank here
IN san Francisco" asked LIE Breton.
Others who insisted upon the imme-
diate declaration of a dividend were !
Attorney Jacobs, Attorney Van Duzer
and 2 depOsitOr named Kornfoot
We have passed two miserable
Christmases waiting for our money"
said Kornfoot who is. an old man,
and we are now entering on a third |
Christmas in despair In Gods name
make an order for the receiver to pay
as our money and let this scheme go
TO thunder"
Van DUzeT contended that the agree
ments signed by depositors with the
reconstruction committee expired ipso
factO December 81, but I. l. Brown ex-
plained that there was another provi-
sion in the contract whereby an extern
- he !
from the reconstruction committee to
the depositors
1T Is unthinkabIe that the depos-
itors can be induced to agree to the
extension Of time" retorted Van Du-
zer. Il think this farce has been
played about long enough and it ought
TO get of the stage"
Ia ordering a dividend paid Febru-
ary 10 Judge Seawell said that he
granted the delay becouse he felt that
80 per cent of the depositors were in
favor OF il.