Union Savings Bank (San Jose, CA)

Episode Information

Episode UID
7027856191189
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
702785619 hash
Start Date
January 31, 1899
Location
San Jose, California (37.297, -121.819)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
60d37c853d29afc3

Response Measures

None

Description

Failure traced to large advances to fruit dealer E. B. Howard; receivership pursued by state authorities.

Events (2)
1. January 31, 1899 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inability to realize on assets after large advances/overdrafts to a customer (fruit dealer E. B. Howard) left the bank insolvent or illiquid.
Newspaper Excerpt
The Union Savings bank of this city suspended payment to-day.
Source
newspapers
2. February 13, 1899 Receivership
Newspaper Excerpt
Joseph R. Ryland has been appointed by the Commissioners as temporary receiver, and his bonds were fixed at $10,000, which were at once filed and approved by the board. (reporting state action to place bank in receivership). } ] }
Source
newspapers

Newspaper Articles (24)
1. February 1, 1899 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, February 1, 1899

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Bank Suspends Payment. San Jose, Cal., Jan. -The Union Savings bank of this city suspended payment to-day. Cashier Friant stated that the trouble was due to the inability of the concern to realize at once on assets. The bank has done a general banking business. The authorized capital is $1,000,000 and the paid up capital is $300,000. The reserve fund is placed at $49.000. There has been no public statement of deposits for some time, but it is known that they were large. It is said that an immediate cause of the trouble is advances made to a customer.

2. February 1, 1899 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, February 1, 1899

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TWO BANKS CLOSED. Suspension of the Union Savings, of San Jose, with Large Deposits. SAN JOSE, Cal., Jan. 31.-The Union Savings Bank of this city suspended payment to-day. The cashier, Anton Frient, stated that the trouble was due to the inability of the concern to realize at once on assets and further stated that in closing its doors the bank was following the advice of counsel. The bank's authorized capital is $1,000,000 and the paid-up capital is $300,000. The reserve fund is placed at $49,000. There has been no public statement of deposits for some time, but it is known that they were large. It is said that an immediate cause of the trouble is due to advances made to a customer.

3. February 1, 1899 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, February 1, 1899

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SUSPENDED PAYMENT. Union Savings Bank Closed on Advice of Counsel. San Jose, Cal., Jan. 31.-The Union Savings bank of this city suspended payment to-day. The cashier, Anton Friant, stated that the trouble was due to the inability of the concern to realize at once on assets and further stated that in closing its doors the bank was following the advice of counsel. The bank was organized a number of years ago under the laws of this state and has done a general banking business. The authorized capital is $1,000,000 and the paid-up capital is $300,000. The reserve fund is placed at $49,000. There has been no public statement of deposits for some time. President Wright is in San Francisco and until his return nothing can be done.

4. February 1, 1899 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, February 1, 1899

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A SAVINGS BANK FAILS Because It Could Not Realize Quickly on Assets. San Jose, Cal., Feb. 1.-The Union Savings bank of this city suspended payment today. The cashier, Anton Friant, stated that the trouble was due to the inability of the concern to realize at once on assets, and further stated that in closing the doors the bank was following the advice of counsel. The bank was organized a number of years ago under the state laws and has done a general banking business. The authorized capital is $1,000,000 and the paid up capital is $300,000. The reserve fund is placed at $49,000. There has been no public statement of deposits for some time, but it is known that they were large. It is said that an immediate cause of the trouble is due to advances made to a customer. President Wright is in San Francisco and until his return nothing can be done.

5. February 1, 1899 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, February 1, 1899

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SAN JOSE BANK CLOSES ITS DOORS Union Savings Institution Suspends. MADE DISASTROUS LOANS PRESIDENT SAYS DEPOSITORS WILL NOT LOSE. Collapse Caused by the Advancing of Large Sums to a Fruit Shipper Who Could Not Repay. Special Dispatch to The Call. Jan. 31.-The Union business Savings this SAN JOSE, this city suspended Bank of and the Bank Commissioners morning, to-morrow to assume will arrive here institution. The failure was to charge of the the bank making advances caused by a fruit shipper, amounting that E. B. Howard, $100,000, and from the fact the securities given. it to has about been unable to realize upon of the bank were opened were as The doors morning, but all checks News usual this and depositors turned away. no great refused failure spread rapidly, but crowd of the created. A small at the place, but all would be gathered that the depositors other excitement was expressed on confidence in full. There was no was run announced the doors paid banks. At 3 o'clock would it remain closed unin that were straightened. have til matters year rumors been shaky For over a the bank was circulation that deposits were withdrawn. the and many it became publicly known along that and wary. bank Lately was carrying Howard During the past few this days made acceptances people in Howard the shape were of time redrafts deposited by These amounted Bank to protested. The Union Savings turned its about $30,000. and it took all meet these morning, it is had working to capital. This $10,000 on hand. was less than manager, said, there Wright, president and to raise H. Ward San Francisco to try but was went to yesterday afternoon, decided to bank. some unsuccessful. money It was then close the Weaver, president. of the Saturday BerryT. R. Fruit Growers' Union, on fr sold attached essa Howard for $2059 Before for doing so to him by the to union. the Union Bank Fruit and Weaver went $2900 belonging atachment to the condrew out Union. This Howard's failure was certain Growers' bank that the instiraise vinced the and would involve were money futile tution. and Efforts the only to alternative was to all close. stockholders of the bank are $7,000.The whose wealth aggregates J. rich men Among them are C. H. and Hopkins, the De 000. O. Hirschfelder, Francisco. E. Mandel The deposits Laveagas to of about San $780,000. these. The securities The San amount nearly ample to meet Loan Association, are Jose Building and in the bank, has $8000 afwhich on deposit, has its but office otherwise will not of be the fected. morning an absolute and deed Mountain bank This premises Myra on E. Wright, First wife stockholders, of Wilstreets liam H. to Wright, the one Recorder's of the office. Revenue The stamps on it to deed was filed was in dated show June the 15, consideration 1898. to have been $60,000. whole batch of assign- were This afternoon Union a Savings Bank that had ments filed. from These the were about mortgages two years were: ago. I. been transferred assignees and the of amounts San Francisco, NeUnion The Trust W. Hellman, Company president of the $4900; vada Bank, $22,500. Bank was organized $1,000,000, The Union Savings with a capital of The reten years $300,000 ago was $40,000. paid up. The officers of which fund is given as president and manserve Ward Wright, president Anare: H. Henry Edwards, directors-1 vice H. Bow- W. Wright, ager; tone Friant, cashier; W. H. Wright Wheeler, den, A. Thomas Friant, Johnson, E. A. within H. President C. Morrill. Wright said Bank this evening: will reopen will assessing "The three Union months. Savings The depositors the the stockholdThe be paid in bank full by has good securities. to-day, was deed ers. The to_Myra E. Wright, $60,000 filed borrowed last of for security Thirty-five for thousand dollars The summer. already been paid. Howard bank's this loan failure has is due so to deeply carrying indebted him to along. He became had to keep securities advancing in the us that and we some of his not good. His inmoney, shape of drafts of nearly were $100,000 is probably debtedness for wo-thirds. succeeded Howard secured B. Howard, who an extensive busiE. has done fruits. He prob& St. and green for ness ably is indebted to of the bank will $100,000. in George, dried The failure orchardists nearly force Savhim into insolvency. of the Union Bank to In the last of report San Jose to its the condition State the morning Bank ings Commissioners of January as 1, 1899, the on data appears: following RESOURCES. 95,000.00 64 925 04 Bank premises debt

6. February 1, 1899 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, February 1, 1899

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San Jose Bank Suspends. SAN JOSE. Cal.. Jan. 31.-The Union SavIngs bank of this city suspended payment today. The cashier. Anton Friant. stated that the trouble was due to the inability of the concern to realize at once on assets and further stated that in closing its doors the bank was following the advice of counsel. The authorized capital is $1,000,000 and the paid up capital is $300,000. The reserve fund is placed at $49,000. It is said that an immediate cause of the trouble is due to advances made to a customer.

7. February 2, 1899 The Record-Union Sacramento, CA
Article from The Record-Union, February 2, 1899

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Depositors of the San Jose Concern Greatly Alarmed at the Outlook. A Large Portion of the Deposits of the Bank the Hard-Earned Savings of the Working Classes, Who See Little Hope of Recovering Their Money - Shady Transactions Connected With the Closing. SAN JOSE, Feb. -The feeling the of security which existed in regard earlier to Union Savings Bank during the place to hours of yesterday has given There one of dismay and bitterness. even threats of criminal prosecuare: tions. It is now being openly charged affairs about the street that the bank's that it in a terrible condition, and are not acted fair toward its depositors feeland has the commercial public. The well exof yesterday morning was said: ST ing pressed by one depositor, who 1 have $1,000 there, all the money have, but I know I will get my money, and the bank has large assets the for strong stockholders, and here is banking-house.' Later in the day the deed conveying E banking-house to Mrs. Myra went on record, and Other stories became Wright the public. of this became trans- fact of valuable assets and before banking afternoon a crowd public, ferring the away hours of anxious closed filled depositors in lined the sidewalks and great bank lobby. There was a of deal the of discussion and canvassing desuch facts as came out, and the positors became alarmed. The absence of President Wright and it reticence of the other officers made stateimpossible to get any official But by this morning many recfacts ment. had become public through in here and banks and records ords Francisco, and these facts brought disabout San the feeling of bitterness and in the which now generally exists stockminds may of depositors and smaller holders. The feeling was accentuated not when the doors of the bank did open this morning. the semi-annual statement was furnished When the State Bank Commission- buildon January 1. 1899, the bank iners furniture and fixtures were cluded ing, as an asset and valued at build- $95, 000. The deed transferring the and bears date of June 15, 1898, uning causes much comment of an afterfavorable this character. Then in the came the fact that assignments amountnoon from the bank of mortgages It to $74,000 had gone on record. such ing these things which cause few a reversal is of public sentiment in a hours. the bank made its statement 1st When the Commissioners on January over it to as due depositors slightly than that $791,000. gave No statement later the far been obtainable from banks officials. has so It is known that local Union, looked with distrust on the have and it is possible that some depositors Some withdrawn their money. week, have to do so during the past it that but tried did not succeed. Gossip extravagant has the bank has promised induce depositors their money rates to let of interest remain to there. of were a vast number depos- clerks There the working class and itors have from put their hard-earned sav- hurt who there. These are particularly with has been scale, B. ings and The disturbed bank conditions carrying large now. E. a fruit dealer on a This Howard, attached Saturday. the $72,000. has and precipitated he was trouble. It is said Howard owes the bank an that have been made to secure but the Efforts confirmation of this, the only official reply given is that he owes bank. San Jose Building and Loan con- AsThe is now being discussed in with the failure. assothe bank managed nection sociation dent of The talk the Presi- about and in the excited that ciation, streets to-day there are fears were at the suffer. Headquarters that the it may and it is conceded there. the bank, had $8,000 on deposit reveal the It association may take several days to true situation. were made during the foreEfforts get some statement as to These what noon to the bank would follow. after noon course unsuccessful, but just He said were Wright was seen. would President meeting of the Directors then that a some course would be held and upon. He thought, howhe decided that an assessment would and at once beever, levied on the shareholders would lieved be that $10 on each $15. share square things, certainly Every bank in declared that was officially town was seen to-day. At e a c h were it caught by the affected. Union Savings The none and in no way had been failure, declared that they the broken officers the difficulties of in aware of had protected themselves Union bank, and All checks on the yesterday 'ample tendered time. other banks tendering were Bank returned to the person them. the depositors of the while defunct those institution While are uneasy. and their all in the stockholders the who institution have may suffer, state- it ment may stock be, is of correct, if President that all Wright's depositors will

8. February 3, 1899 Twice-A-Week Plain Dealer Cresco, IA
Article from Twice-A-Week Plain Dealer, February 3, 1899

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Savings Bank Suspends. San Jose, Cal., Feb. 1.- The Union savings bank, of this city, suspended payment Tuesday. The cashier, Anton Friant, stated that the trouble was due to the inability of the concern to realize at once on assets, and stated that in closing its doors the bank was following the advice of counsel. The bank was organized a number of years ago under the laws of this state, and has done a general banking business. The authorized capital is $1,000,000, and the paid-up capital is $300,000. The reserve fund is placed at $49,000. There has been no public statement of deposits for some time, but it is known that they were large. It is said that an immediate cause of the trouble is due to advances made to a customer.

9. February 3, 1899 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, February 3, 1899

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SAN JOSE'S BANK FAILURE. Howard, the Fruit Dealer, Owed It Nearly $300,000. SAN JOSE, Cal. Feb. 2.-Another assignment of mortgage by the Union Savings bank went on record today. It is for $40,000 and is to Wells, Fargo & Co.'s bank, of San Francisco. The mortgage was executed by Thomas N. Fisher and Ann Fisher, January 18, 1889, to the Union Savings bank, and was assigned to the Wells-Fargo bank January 22, 1898. The mortgages which have been assigned by the bank, as now appears, amount to considerably more than $100,000. It is said, just how correctly cannot now be verified, that all these mortgages were included in the assets of the bank when the statement was furnished the commissioners January 1st last. The most startling development today is the official statement from bank sources that E. B. Howard. the fruit dealer, owes the bank fully $300,000 or more, and that practically the bank has no security. It is charged that when Howard became a customer he deposited security for $40,000 and was one of the best customers the bank had. It's said that If all the stockholders pay up an assessment of $30 a share will not pay the depositors in full,

10. February 3, 1899 Little Falls Weekly Transcript Little Falls, MN
Article from Little Falls Weekly Transcript, February 3, 1899

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MINOR ITEMS OF INTEREST. Sir Thomas Taylor, chief justice of Manitoba, has resigned. The Union Savings bank of San Jose, Cal., has suspended payment. Merchants' excursions will be run to the Twin Cities in February, March and April. The Chicago Great Western will fund about $7,000,000 indebtedness into debenture stock. Sir Francis Clare Ford, recently Britambassador at Rome, is dead. He of tered the diplomatic service in 1852. General Engan. it is asserted, will not be dismissed from the army, but may be suspended until his retirement in 1903. James J. Corbett and Thomas Sharkey have been matched to box six rounds in Chicago on the night of March 7. The comptroller of the currency has received a telegram announcing the failare of the First National bank of Rus sell, Kan. The comptroller of the currency has declared a dividend of 20 per cent in favor of creditors of the First National bank of Pembina, N. D.

11. February 3, 1899 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, February 3, 1899

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ANOTHER ASSIGNMENT. Startling Developments in the Union Savings Bank Failure. San Jose, Cal., Feb. 2.-Another assignment of mortgage by the Union Savings bank went on record to-day. It is for $40,000, and is to Wells, Fargo & Co.'s bank of San Francisco. The mortgage was executed by Thomas N. Fisher and Ann Fisher Jan. 18. 7899. to the Union Savings bank ,and was assigned to Wells, Fargo & Co.'s bank Jan. 22, 1898. The mortgages which have been assigned by the bank, as now appears, amount to considerably more than $100,000. It is said, just how correctly cannot be now verified, that all these mortgages were included in the assets of the bank when the statement was furnished the commissioners Jan. 1 last. The most startling development to-day is the official statement from bank sources that E. B. Howard, the fruit dealer, owes the bank fully $300,000 or more, and that practically the bank has no security. It is charged that when Howard became a customer he deposited security for $40,000 and was one of the best customers the bank had. It is said that if all the stockholders pay up that an assessment of $30 a share will not pay depositors in full.

12. February 3, 1899 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, February 3, 1899

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WILD-CAT BANKING. How San Jose Savings Bank Was Wrecked. San Jose, Cal., Feb. 2.-Another assignment of mortgage by the Union Savings bank went on record today. It is for $40,000. and is to Wells, Fargo & Co.'s bank of San Francisco. The mortgage was executed by Thomas N. Fisher and Ann Fisher, Jan. 18, 1889, to the Union Savings bank, and was assigned to Wells, Fargo & Co.'s bank on Jan. 22, 1898. The mortgages which have been assigned by the bank, as now appears, amount to considerably more than $100,000. It is said-just how correctly cannot now be verified-that all these mortgages were included in the assets of the bank when the statement was furnished the commissioners on Jan. 1 last. The most startling development today is the official statement from bank sources that F. B. Howard, the fruit dealer, owes the bank fully $300,000 or more, and that, practically, the bank has no security. It is charged tha! when Howard became a customer he deposited security for $40,000 and was one of the best customers the bank had. It is said that if all the stockholders pay up, that an assessment of $30 a share will not pay depositors in full.

13. February 5, 1899 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, February 5, 1899

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The customary post-mortem explanations, regrets, imprecations and abuse that follow the death of a banking institution are now being heard in reference to the collapse of the Union Savings Bank of San Jose. The Bank Commissioners have finished their work, which, as usual, was nothing more than that done by the official undertaker. Bankers and financiers are telling each other what might have been if the institution had not failed and the managers had exercised the judgment of business men instead of the spirit of gamblers. The depositors are surveying the wreck with what calmness they may command and are nursing the loss of their savings as philosophically as may be. The collapse of the Union Savings Bank fortunately has not involved any other institution. The law will now take its course and another anomaly will present itself. The Bank Commission is supposed to be a protection to depositors and creditors of banks, to save the public from reckless or unscrupulous financiers and to prevent illadvised speculations with the money of the public. The commissioners are expected, under the fiction of the law, to keep a watchful eye on all the banks of the State and to set an emphatic veto upon any course of action that may be detrimental. As a matter of fact this is just what the Bank Commissioners do not accomplish. The commissioners may warn as much as they please, but if anything more serious than a warning is attempted the very thing the commissioners seek to accomplish will be destroyed. If by any act the commissioners call attention to a bank, whose condition is not sound, the credit of the suspected institution will be at once impaired and the commissioners will have done what they sought to avoid. The Union Savings Bank of San Jose affords an admirable illustration of this fact. In 1897 the Bank Commissioners warned the directors of the Union Bank that they were permitting E. B. Howard to have too large an overdraft. Howard's overdraft at that time was only a trifle more than $30.000. The directors paid no attention to the warning, and Howard's overdraft increased rapidly to enormous proportions. In November last the amount was $141,000, and again the directors were sharply reprimanded. H. Ward Wright, who was president of the bank. was given a severe lecture and was ordered to report to the commissioners within thirty days. That report should have been submitted not later than December 21 last, but Wright ignored the injunction of the commissioners and his Z own promise. The commissioners claim that they did not dare take public action, as they would have provoked a panic and a run on the bank. The result was that the institution under Wright's presidency continued on its wild course. On December 3 the commissioners issued a sharp order to the bank authorities to reduce the enormous overdrafts enjoyed by five customers. Instead of obeying the orders of the commissioners the directors of the bank permitted their favorites to make further overdrafts to the amount of $60,000. In the language of financiers this action on the part of the directors is characterized as "poor judgment." The deluded depositors, whose money was being dissipated in overdrafts to gamblers, have a more expressive and emphatic term with which to describe the incident. The disclosures made in the report of the Bank Commissioners show that Howard and other gamblers in fruit were not the only speculators that had the favor and the financial backing of

14. February 9, 1899 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, February 9, 1899

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SAN JOSE, Feb. 8.-The affairs of the defunct Union Savings Bank are to be wound up as speedily as the slow-mov.ing machiner of the law will permit. The directors will meet at 2 o'clock on Saturday to consider a detailed report of the condition of the bank's affairs, which is being prepared by the State Bank Commissioners. This report is expected to supply a basis for estimating approximately the resources of the wrecked concern. The drectors at Satfurday's session will issue a call for a stockholders' meeting to be held at an early date. At that meeting certain stockholders will be delegated to bring an action in the Superior Court to have a receiver appointed for the bank. There are already numerous applicants for the receivership, but in all probability the court will be asked to appoint ex-Mayor Paul : Austin, president of the:Security Savings Bank. Mr. Austin is amply qualified for the position, as he was for years engaged in the real estäte business in this city before taking charge of the Security Savings Bank several years ago. He is regarded as the best man for the position and as the one man who would be likely to be acceptable to both the stockholders and the depositors of the wrecked concern. The new board of directors of the San Jose Building and Loan Association tonight elected the following officers: President, J. M. Pitman; vice president, W: C. Andrews; secretary, F. V. Wright: assistant secretary, A. K. Whitton; treasurer, L. G. Nesmith; attorney, W. A. Johnston. The directors who were elected at the annual meeting of stockholders last night are as follows: C. M. Wooster, C. J. Steeple, V. Koch, M. Haas, J. M. Pitman, W. C. Andrews and S. N. Johnston. With the exception of the president and secretary, the list of officers is entirely new and will tend to restore con.fidence in the association, which is in a first class condition financially, although it has undoubtedly suffered through its indirect connection with the wrecked bank. The re-election of F. V. Wright as secretary was rather unexpected, as it was intended to drop him, as well as W: H. Wright, the old treasurer. and Antone Friant, the old vice president. But F. V. Wright pleaded so hard to be retained in his position, at least for a (while, in order that he might not appear to be "kicked out," that the original plan was modified to allow him to gracefully. The creation of the of secretary view, of the new, out ment get:out this office association assistant and the active will be manage- hence- bears forth in the hands of Colonel A. K. Whitton, who was elected to fill that position. Wright promised to resign as secretary after the bank scandal shall Have blown over, and then Whitton. will be elected secretary to succeed him and the position of assistant secretary abolished. Gradually additional facts in connection with the peculiar methods emplayed by the managers of the defunct Union Savings Bank are being unearthed, and the more the matter is sprobed the more reprehensible appears the conduct of the Wright-H. Ward and Frank V.--who. together with William H. Wright and a few close assoclates, retained undisputed control of the bank's affairs from the date of its inception until the final and total collapse of the institution a week ago. The failure said bv the bank officials to have been due principally to the enormous overdraft of E. B. Howard, the fruit speculator. Howard's indebted-

15. February 10, 1899 Little Falls Herald Little Falls, MN
Article from Little Falls Herald, February 10, 1899

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NEWS CONDENSATIONS. Wednesday, Feb. 1. CONGRESS: Senate-Treaty resolutions considered in open session and treaty itself in executive. House-River and har. bor bill considered, Sir Thomas Taylor, chief justice of Manitoba, has resigned. The Union Savings bank of San Jose, Cal., has suspended payment. Merchants' excursions will be run to the Twin Cities in February, March and April. The Chicago Great Western will fund about $7,000,000 indebtedness into debenture stock. General Eagan. it is asserted, will not be dismissed from the ariny, but may be suspended until his retirement in 1903. James J. Corbett and Thomas Sharkey have been matched to box six rounds in Chicago on the night of March 7. The German ambassador to the United States says his country will not interfere with us in the Philippines. His utterances are friendly in the highest degree.

16. February 11, 1899 The Democratic Advocate Westminster, MD
Article from The Democratic Advocate, February 11, 1899

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Business Troubles. In New York City.-The Malt Food Company, manufacturer of malt food produets, has made an assignment. The sheriff received an execution against Max Blumenthal, malt broker. Warren Sage, insurance broker, has filed a petition in bankruptcy, with liabilities $102,798. and no assets. Bernard S. Levy, builder, has filed a petition in bankruptey, with liabilities $62,753 in judgments and no assets. David & Moritz Well, have filed a petition in bankruptcy, with liabilities $38,215 and no assets. The Paragon Cocoa Company, has appointed a trustee. Eugene Bostwick, dealer in lime, builders' materials and farm implements at Elmer, N. J., has made an assignment. The assets of the Union Savings Bank, at San Jose, California, are $138,1 215 less its liabilities. Steps have been taken to declare the bank insolvent and order an assessment on its capital stock. Frank P. Boechat, a real estats dealer of South Buffalo, New York, has filed a petition in bankruptcy. Liabilities $191. 550; no assets. Keckman, Bissell & Co., leather dealers, of Boston, who assigned recently, have filed a petition in bankruptey. Liabilities $172,083, of which amount $26,983 is secured, $116,168 unsecured, $4500 in notes and bills and $23,617 in accommodation paper. Suit has been entered at Wabash, Ind., by the Bonding & Trust Company, of Baltimore, Md., for the appointment of a receiver for the Logansport & Wabash Valley Gas Company, which has a capital of $2,000,000. At St. Louis the Farmers' Elevator Company has assigned. W. A. Porterfield & Co., bankers and brokers, Washington, D. C., have assigned. Solomon Stern, Frederick, Md., has petitioned for bankruptcy. Kaufman Brothers, cigar manufacturers; Jacob Kaempfer, upholstery goods; Louis Kaufmann, tobacco dealer, all of New York city, have assigned. Charles H. Cramer, a farmer of Walkersville, Md., has applied for bankruptcy. The First National Bank of Russell, Kansas, has failed and been placed in the hands of a receiver. H. A. Menough, a leading merchant of Oxford, Pa., has made an assignment.

17. February 14, 1899 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, February 14, 1899

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DEPOSITORS IN BETTER SPIRITS Union Savings Bank's Promises. DIRECTORS PLEDGE RELIEF DECLARE THAT NO ONE WILL LOSE A DOLLAR. Patrons Involved by the Failure Decide to Delay Legal Proceeding Pending Developments. Special Dispatch to The Call. SAN JOSE, Feb. 13.-The levying of an assessment of $10 per share by the directors of the defunct Union Savings Bank has allayed the fear of depositors that they would save but a few cents on the dollar from the financial wreck. This was especially discernible among those in attendance at the depositors' meeting at Hale's Hall this morning. There were not the worry and excitement that has characterized all their other meetings and the desire was expressed to wait and see what the directors would do. There has been a split among the depositors and two sets of them have organized. All the young attorneys who have had claims assigned to them have joined a combination headed by C. M. Hatcher. A policeman was stationed at the door and only those with pass-books were admitted. About 300 depositors were present. The meeting was called to order by C. W. Childs. The finance committee reported it had engaged Attorney T. R. Welch to look after the members' claims. This action was ratified. Chairman F. W. Potter of the finance committee resigned. A. L. Chrisman was elected in his place and H. T. Besse and B. D. Owsley were added to the committee. Potter reported an interview he had with Nicholas Bowden, a director of and attorney for the bank. Bowden said his duties were to pass upon securities offered the bank. Otherwise he knew little about the bank's business. He assured Potter the depositors would lose nothing. The assessment of $10 levied Saturday was only the first of a series of seven that would be levied if necessary to pay all indebtedness. The director said Howard's indebtedness was slightly over $300,000, with but little security. Bowden had been elected a director against his will and was sick in bed at the time. Potter said another director had assured him depositors would be paid in full. No action will be taken by the depositors immediately and they are inclined to wait until after the stockholders' meeting on February 28. Howard has promised his creditors to go into bankruptcy and papers will be filed to-morrow or the next day. Attorney General Ford this afternoon began proceedings in the Superior Court to force the Union Sayings Bank into insolvency. This was in the nature of a suit brought by John Markley, A. W. Barrett and B. D. Murphy, Bank Commissioners, against the Union Savings Bank and its board of directors. The complaint recites that the resources and assets of the Union Savings Bank at present and ever since January 31, 1899. are and were $706.068 25 and no more, and the liabilities on the same date were $844,283 60: "that the corporation is insolvent and it is unsafe for said corporation to continue and transact business any longer." The Commissioners recite that unless the bank be enjoined and prohibited by the court it will continue to transact and carry on business, to the irreparable injury of the people of the State.

18. February 14, 1899 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, February 14, 1899

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The San Jose Bank. The State. Board of Bank Commissioners met yesterday and discussed the affairs of the defunct Union Savings Bank of San Jose, but nothing new was developed in the matter. Attorney General Tirey L. Ford was present, and it was decided that the proper move to be made was for the State's attorney to file papers to declare the bank insolvent. To that end Mr. Ford went to San Jose yesterday afternoon. Until the bank is officially in the hands of the court in which the proceedings are to be brought it is necessary that the concern should be in the hands of a receiver. Joseph R. Ryland has been appointed by the Commissioners as temporary receiver, and his bonds were fixed at $10,000, which were at once filed and approved by the board.

19. February 18, 1899 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, February 18, 1899

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HOWARD SHIELDS BANK OFFICIALS Says the Wrights Were Not His Partners. Special Dispatch to. The Call. SAN JOSE, Feb. 17.-The bankruptcy petition of E, B. Howard, whose gambling in fruit wrecked the Union Savings Bank, will be filed to-morrow afternoon in the United States Court at San Francisco. Just what disclosures will be made his attorneys refuse to say, but it is hinted the papers will make interesting reading. It is expected the liabilities will run from $300,000 to $500,000, with practically no assets. Howard's attorneys have said positively that the papers will in no way connect the Wrights with their client's dealings, despite all the street talk that they had a secret partnership. The directors of the Union Savings Bank will hold another meeting to-morrow. The affairs of the bank will be thoroughly discussed and an effort made to find out just how badly things are mixed. This will be done in order that a report may be made to the stockholders when they meet on the 28th inst. Bank Commissioner Barrett is in town superintending affairs. District Attorney Campbell to-day made a vigorous denial of the story to the effect that he had refused to prosecute the directors of the Union Savings Bank when requested to do so at the instance of a depositor. Yesterday afternoon just as Mr. Campbell was about to argue in his election contest D. F. Leffler and another man came to him and asked for a warrant for the arrest of the directors of the bank. They exhibited a clipping from a newspaper and said they wanted the officials prosecuted for making false statements to the Bank Commission. He told Mr. Leffler that he would look into the case and he would do whatever was warranted. Leffler demanded immediate attention and was referred to Assistant District Attorney Coolidge. He was told to give his data to Coolidge and the subject would be investigated and if proof was forthcoming he would prepare papers. for him. This Leffler refused to do and made a tragical demand for justice that smacked strongly of politics. Campbell said to-day that he stood ready to prosecute all wrongdoers, but he intended to investigate cases before issuing warrants, especially when the warrants are for prominent men, who would not be liable to run away. W. J. Edwards to-day transferred a lot on William street to the Union Savings Bank. Edwards is an employe of the institution and he undoubtedly held the property for the bank. Attorney J. R. Welch, représenting a large number of Union Savings Bank apin the pearance depositors, to-day suit filed recently notice have brought of the by Attorney General Ford to bank declared insolvent. This action is

20. March 1, 1899 The Record-Union Sacramento, CA
Article from The Record-Union, March 1, 1899

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UNION SAVINGS BANK. President Wright Says Depositors Will be Paid in Full. SAN JOSE, Feb. 28.-A meeting of the directors and stockholders of the suspended Union Savings Bank was held here this afternoon. President William H. Wright stated his belief not only that the depositors would be paid in full, but that this would be accomplished without assessing the stockholders, and that besides a small amount would remain toward reimbursing the stockholders for the $30 a share that they have paid upon each share. Upon this showing there was a motion to rescind the action assessing the stock $10 a share, but no action was taken. In response to a demand for the resignation of the Directors and the formation of a new board, an agreement was had for a conference to be held to-morrow of the Directors and a committee of the stockholders. A move was also made for an investigation as to the whereabouts and as to what may be available of the $300,000 that fruit dealer Howard secured from the bank.

21. March 5, 1899 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, March 5, 1899

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NEW DIRECTORS HAVE NO LEGAL STANDING Union Savings Bank Management Awaits Confirmation by the Court. SAN JOSE, March 4.-The Union Savings Bank directorate, as now constituted, has discovered it has no legal standing, and will hold no more meetings until the members shall have been appointed and confirmed by the court. This afternoon the directors invited Attorney General Ford to confer with them on Monday afternoon in regard to bank affairs. At that time it is proposed to have the Superior Court recognize the board as now. reorganized. Nothing has been done yet to give the depositors representation in the directory. F. W. Potter was to have been elected as their representative, but a question has arisen as to whether stock can now be transferred to him. It is said that even those who have been selected for the new board may be ignored by the court and that other names will be put forward for directors. The ownership of the fruit in the Sorosis Company warehouse was discussed today. Both Howard and the Sorosis people claim some $30,000 worth of dried fruit. It is being disposed of by the company, but the bank has decided to take no steps to stop this, as the corporation is responsible for such sum. There is a lively fight on for the receivership of the bank, P. P. Austin, T. F. Morrison and about a half-dozen being in the race.

22. March 11, 1899 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, March 11, 1899

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MORE DELAY IN UNION BANK CASE Board of Directors Not Yet Named. COURT WANTS MORE TIME CONTINUES THE MATTER TO NEXT MONDAY. Judge Lorigan Intimates He Will Reappoint All but Two of the Members Who Have Just Resigned. Special Dispatch to The Call. SAN JOSE, March 10.-The appointment of a board of directors to close the business of the defunct Union Savings Bank was not made by Judge Lorigan this morning, but went over till Monday morning at 10 o'clock. The directors, stockholders and depositors were represented by counsel and Deputy Sturtevant appeared for the Attorney General. The court inquired if a person not a stockholder could be named as director. Sturtevant was not certain about this and said the safer way would be to name only stockholders. He was of the opinion that one who had acquired stock since the failure could become a member of the directorate Judge Lorigan said he was not yet ready to name the directors. If Director C. P. Braslan had resigned he would have had the stockholders elect a board. As it was he would appoint six directors, as Braslan would make the seventh. He had received a telegram from Gilroy asking the court to give the stockholders of that section representation on the board of directors. He felt inclined to give all sides a the at did not board of meeting sentative, it. The decided but they depositors directors care that the repre- about had last just resigned was in charge of affairs until its successor had been elected and it could make arrangements to look after its interests at the meeting of Howard's creditors to be held on Monday. Judge Lorigan has intimated that he will reappoint the directors, with probably two exceptions, that have just tendered their resignations. These are Amasa Eaton, Cyrus Jones, W. H. Wright, N. Bowden, L. Callisch, J. W. Rea and C. P. Braslan. Wright and Bowden are the only ones who were in the directorate at the time of the failure and Bowden had been elected but a couple of weeks when the crash came. The court has said he would not name an attorney and in this case Bowden, in whom all depositors have the greatest confidence, will not be reappointed. George T. Dunlop of Gilroy probably will be named in his stead. The board of directors of the Union Savings Bank met this afternoon and considered Howard's indebtedness. They selected C. H. Bills as their favorite in the choice of a receiver in Howard's bankruptcy. In case Bills be not elected they ask the creditors to consider Jacob Miller, Ralph Hersey and G. K. Fleming for the position, in the order named.

23. March 30, 1899 The San Francisco Call San Francisco, CA
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REA IN CHARGE OF THE UNION BANK Transfer Made by Receiver Ryland on an Order From the Bank Commissioners. SAN JOSE, March 29.-The Union Savings Bank was to-day turned over to President James W, Rea of the new board of directors for the liquidation of its affairs. The transfer was made by Re ceiver Ryland, on the order of the Bank Commissioners, and he took Rea's receipt for the entire business of the corporation. Paul P. Austin was formally installed as manager. The directors will meet to-morrow morning. Complications promise to arise then that will again cause delay. Charles P. Braslan. who claims to be director by virtue of electión to the board after the failure, will be present and insist on taking a hand in the management of the institution. This will make one too many directors, and as soon as the first vote shall have been taken the trouble will commence. Rea has a majority of the board and in all probability Braslan will be ignored, although he was recognized at yesterday's meeting. Direc. tors Callisch, Jones and Eaton will try to have Braslan seated. Director Stock would like to resign and make room for an eighth man, but Rea insists on him remaining in order to control affairs. The assessment of $10 a share levied by the old board will be set aside and a new assessment made. The assets will be gone over and the true status of the bank determined.

24. December 31, 1899 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, December 31, 1899

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Report of Grand Jury Filed in San Jose. MANY REFORMS SUGGESTED GAMBLING GAMES OF ALL KINDS ARE NOW RUNNING. Affairs of the Defunct Union Bank Examined Into, but No Indictments Could Be Found. Special Dispatch to The Call. SAN JOSE, Dec. 30.-The Grand Jury, A. Greeninger chairman, reported to The the county Judge finding Lorigan to-day. institutions report, in after good condition, makes several suggestions that are sure to please the taxpayers. The large number of John Doe warrants issued in Chinese cases in the Justice Courts are condemned. This costs the county thousands of dollars yearly. On some occasions the same charges will be preferred against the same men in the two Justices' courts in this city and at Santa Clara. The Grand Jury recommends that a stop be put to this business. It is recommended that an inspector of beef and milch cattle be appointed and the public warned against dairies and markets selling infected milk and beef. The county representatives in the Legislature are asked to work for an act providing for only one Grand Jury each year, and this at the end of the fiscal year. It is set forth that this will effect a considerable saving to the taxpayers and accomplish the same work now being done by two Grand Juries, The Grand Jury recommends that no Game Warden be appointed, and the salary that would thus be expended saved. The quarters provided for trial juries. are fien in which they compelled and it is suggest- to spend a night, are condemned, ed that better accommodations be furnished. The complaint is made that all sorts of gambling is allowed to run openly in San Jose, and lottery tickets are openly sold. The Chief of Police is requested to suppress these evils. The report is contended by every one to be the best one a Grand Jury has ever rendered in the county. The Union Savings Bank failure was thoroughly investigated by the Grand Jury, but not sufficient evidence of crookedness on which to base an indictment could be found. The books of the institution were thoroughly inspected and witnesses examined, but no vital discoveries were made. The deeding of the bank's property to Myra E. Wright was a subject of inquiry. This afternoon a new Grand Jury was selected. It is as follows: E. J. Wilcox (chairman). Valentine Koch. Thomas Sinnott, Martin Hobin. A. C. Sterrett, A. B. C. W. Howard, Milton CampSmith. A. G. bell, Hamilton, S. E. Huggins, Lipsett, Matthew W. H. Hemphill. Alex Peers, I. Moore. Henry Lefranc. H. B. Martin. Tobe Lord. W. W. Blanchard, H. H. Volis to report on June 30. charge to was mer. Judge The Lorigan's jury the in inspecting jury a long one. He stated that the various county institutions it was not to notify the chicken dinners could so necessary that superintendents, be prepared. He instructed them to investigate the war waging in Sixth street. Chinatown, bethe various factions. There are shootings going on being made. continual tween prosecutions The there Chinese and ap- no pear to be running things their own way, fusillade of shots exbetween the are a and changed the weekly factions He men- also ace to public life and property. asked that the actions of Justices and Constables in Chinese cases be further looked into.