7299466491298 729946649
hash
5fe172dbe0b0a956None
Click image to open full size in new tab
BANK CLOSES DOOR IN SAN FRANCISCO SAN FRANCISCO, Feb. 21.-The Market Street Bank, savings and commercial, temporarily suspended palyment this morning, A notice posted on the door says the bank is entirely solvent, but has not sufficient cash on hand to meet all immediate demands.
Click image to open full size in new tab
COAST BANK IN TROUBLE. SAN FRANCISCO, February 21.-The Market Street Bank has suspended.
Click image to open full size in new tab
BANK IN TROUBLE. SAN FRANCISCO, February 21.The Market Street Bank has suspended.
Click image to open full size in new tab
HOPE TO STAVE OFF RECEIVER SAN FRANCISCO. Feb. 24.-The management of the Market Street Bank. which closed last Friday, is still hopeful that it will be able 10 raise the necessary funds to rehabilitate the institution. It will have at least two weeks in which to do this before a receiver can be appointed.
Click image to open full size in new tab
San Francisco Bank Suspends. San Francisco, Cal.-The Market Street Savings and Commercial Bank temporarily suspended payment Friday morning. A notice posted says the bank is entirely solvent, but has not sufficient cash on hand.
Click image to open full size in new tab
San Francisco Bank Suspends. San Francisco, Cal.-The Market Street Savings and Commercial Bank temporarily suspended payment Friday morning. A notice posted says the bank is entirely solvent, but has not sufficient cash on hand.
Click image to open full size in new tab
San Francisco Bank Suspends. San Francisco, Cal.-The Market Street Savings and Commercial Bank temporarily suspended payment Friday morning. A notice posted says the bank is entirely solvent, but has not sufficient cash on hand.
Click image to open full size in new tab
BANK COMMISSIONERS MAY REOPEN INSTITUTION By Associated Press. SAN FRANCISCO, March 16.-The bank commissioners held a special meeting today to listen to a proposition to rehabilitate the Market Street bank, which suspended some weeks ago. The plan submitted involves taking over the assets of the bank by a securities company to be styled the Market Street Securities company, which corporation will issue bonds secured by the assets of the bank. The commissioners informed President Martel that if he was successful in securing the signatures of the creditors and succeeded in introducing new capital into the crippled concern they would grant him a further hearing.
Click image to open full size in new tab
ASK FOR RECEIVER FOR SUSPENDED BANK Recommendation That Attorney General Proceed Against Market Street Concern The bank commissioners yesterday recommended that Attorney General Webb begin legal proceedings for the appointment of a receiver for the Market street bank, because the directors of that institution have failed to make good their promises to straighten out their financial affairs within a month's time. When the bank suspended it had $1,000,000 on deposit, of which $800,000 had been loaned on mortgages. Its officers claimed that they would make good and pay dollar for dollar, but owing to the financial stringency they were unable to keep 'their promise within the prescribed time. The action came as a surprise to the officials of the bank, who say that they will contest the suit. A few days ago they proposed a scheme to issue bonds for the passbooks of the depositors. This plan was neither approved nor condemned by the bank commissioners, who issued a statement yesterday say. ing that the matter rested entirely with the officials of the bank. Attorney General Webb yesterday filed a suit to have the bank of Greater San Francisco declared insolvent, and to have a receiver appointed. It is alleged that the bank has conducted its business in an unsafe manner, and failed to comply with the orders of the bank commissioners regarding the disposition of certain stocks and bonds. The bank was declared insolvent February 28 by the bank commissioners.
Click image to open full size in new tab
GOOD NEWS FOR DEPOSITORS OF THE MARKET STREET BANK The announcement made by the Market Street Bank to the public in another column, wherein it is stated that arrangements are being perfected for the reopening for general business of the Market Street Bank in a few days, comes as welcome news to both depositors and the business world. The plan of resumption contemplates the issuance to depositors of bonds in denominations of ten dollars and upward bearing 5 per cent interest, secured by and to be a first lien upon all the assets of the bank, which are claimed to exceed the liabilities to depositors by 2 1/2 times their value. The bonds are being as freely accepted as the president, A. F. Martel, can sign them. This plan, while affording the depositor every possible guarantee of receiving 100 cents on the dollar, obviates the appointment of a receiver, and thus saves to the bank an enormous expense that would otherwise be entailed.
Click image to open full size in new tab
MARKET STREET BANK IN COURT Attorney General Files Suit to Have Institution Adjudged Insolvent Suit to have the Market street bank adjudged insolvent and to have a receiver appointed was filed in the superior court yesterday by Attorney General Webb. Pursuant to the prayer of the complaint, Presiding Judge Sturtevant signed a restraining order prohibiting the directors of the bank, A. F. Martel, L. Q. Haven, E. C. Dudley, W. S. Upham and Oliver Ellsworth, and all other officials of the institution, from transacting or attempting to transact any business of the bank, from disposing of or attempting to dispose of any of its assets, or from interfering in any manner with the property and assets of the corporation during the pendency of the action. The suit was assigned by Judge Sturtevant to his own department. The complaint filed by the attorney general alleges that the bank and its directors have been conducting the business of the corporation in an unsafe manner. The Market street bank closed its doors February 20, owing to inability to meet obligations. The bank commissioners the same day started an investigation of the affairs of the bank, and March 19 resolved that it was unsafe for the corporation to continue transacting business and assumed control from that date. have the German system adopted here. For despite all this criticism I believe that the system of teaching young children that has developed in America Is the most beautiful educational development that we have brought about. It creates independence: it makes for individuality and brings out the qualities of leadership. The only trouble is that it is not always applied correctly. It is like a dangerous weapon that must be handled carefully. Common sense will suggest its proper evolution. But it is the only method devised which has brought out the ability to do a new thing. and to do it when some one isn't there to tell you how. PROGRESS IN CALIFORNIA Judge Frank J. Murasky outlined to the teachers the work accomplished by the juvenile courts in San Francisco. Dr. Alexis F. Lange, professor of education at the University of California. spoke at length on "Public Spirit and Education." Lange outlined educational progress in California in the last 30 years and discussed the relation of public spirit to higher education. He said: The so called university spirit is ceasing to be merely an animal spirit, but is one of publie spirit. Our nation is coming of age. For the first time it has a conscience, and for much of this higher education is responsible. And of those who are doing a great work in education the women are playing a great part. The institute will continue this morning, when Dr. Russell will again speak.
Click image to open full size in new tab
Receiver for San Francisco Bank. SAN FRANCISCO, March 27.-Attorney General Webb has introduced a petition asking a receiver be appointed for the Market Street bank on the ground of insolvency. A hearing will be held next Monday.
Click image to open full size in new tab
Appoints Bank Receiver SAN FRANCISCO, June 20.-Lewis H. Mooser, a real estate man, was today appointed receiver of the Market Street bank by Presiding Judge Sturtevant of the superior court. The bank failed some time ago.
Click image to open full size in new tab
TRY TO SAVE BANK FROM INSOLVENCY I. P. Allen Petitions to Reorgan= ize and Recapitalize Market Street Institution A last attmpt is to be made to save the Market Street bank from insolvency. Judge Sturtevant, who 10 days ago declared the institution bankrupt and appointed Louis H. Mooser receiver, has consented to return' from Pacific Grove, where he is spending a vacation, Friday next to hear a petition vacating the appointment and giving the stock holders and directors permission to take the assets and resume business with new and additional capital. A motion for a new trial will also be made by the bank. The petition for leave to put new money into the bank and reopen it for business was filed yesterday by I. P. Allen, who owns 1,108 fully paid up shares of its stock, being all the capital stock issued, with the exception of 75 shares. Allen complains that in reckoning the value of the assets the bank commissioners did not appraise the unsubscribed stock nor the value of the leasehold on the bank premises as worth anything; also, that they undervalued the bonds, mortgages and landed estate. The scheme of rehabilitation which Allen proposes is as follows: He will take the Burlingame land at $227,650, the commercial loans at $168,984, the bonds at $113,929, the bank vault at $19,637, the fixtures at $22,550, and $100,000 of the real estate loans and leasehold interest at $30,000, together with the unissued capital stock, and will cancel an indebtedness equal to the aggregate of the sums mentioned. The unissued capital stock he agrees to sell, paying the proceeds into the bank, less 15 per cent, which he will retain is commission. This proposition, Allen says in his petition, he makes in his own interest and in the interest of all the stock holders, and to avoid the expense of administering the affairs of the bank by a receiver in the proceedings now pending. Receiver Mooser has not taken charge of the bank, being restrained by the 10 days' stay granted by Judge Sturtevant. That stay was yesterday extended by Judge Troutt until Saturday next.
Click image to open full size in new tab
SCHEME TO REOPEN BANK IS REJECTED Court Has No Power to Accept the Plan Proposed by Stock Holder Allen The scheme of I. B. Allen for the rehabilitation of the insolvent Market street bank, of which he is the principal stock holder. was summarily turned down by Judge Sturtevant yesterday. Allen's proposal was to take over a large proportion of the assets of the bank, to sell unissued stock on a 15 per cent commission and to reopen the institution and run it under supervision of the court and bank commissioners. Judge Sturtevant pointed out that there was no provision of the law under which he could authorize such a procedure. His power was limited to adjudging the bank solvent or insolvent and having already adjudged it insolvent and named a receiver, he could not now permit a stock holder to reopen it. To sanction such a scheme as that submitted by Allen, the judge added, would simply result in tying up the affairs of the bank in still further litigation and thus keep the depositors from sharing in the assets. The stay granted the bank pending the perfection of an appeal against the judgment declaring the institution insolvent expired yesterday and, unless the appeal is perfected before 10 a. m. today, Louis H. Mooser, the receiver, will take charge at that hour. In order to put the appeal in shape, it is necessary for the bank to deposit an appeal bond. Attorney P. L. Shuman, who has replaced Oliver Ellsworth as counsel for the bank, yesterday asked Judge Sturtevant to fix the amount of the bond. The judge delayed doing so until this morning, intimating, however, that he would probably name a sum in the neighborhood of $200,000. W. W. Kaufman, attorney for the receiver, will ask that the bond be fixed at four or five times that sum. "This is an absolutely frivolous appeal," said Kaufman last night. "It can only operate to keep the depositors. out of their money for a long period. If the appeal be forced it keeps Mr. Mooser from taking possession of the bank, but if he is permitted to go in he will be able to pay the depositors a 25 per cent dividend in two weeks. An appeal will tie up the assets for at least a year."
Click image to open full size in new tab
BANK DEPOSITORS ASK FOR RETURN OF BOOKS Market Street Securities Com= pany Refuses to Give Them Back The Market Street bank was besieged with depositors all day yesterday. They were endeavoring to secure the return of their bankbooks, which they had surrendered for bonds issued by the Market Street securities company. Receiver Mooser could not return the books and the securities company has refused to do so. In a statement issued Tuesday to the depositors Mooser advised them to hold on to their books. Since the publication of his statement many of the depositors have attempted to return their bonds and get their books back. None of the officers of the securities company could be seen yesterday and it could not be ascertained whether the books will be returned for the bonds.
Click image to open full size in new tab
MARKET BANK YET FIGHTS FOR DELAY New Attorney, Joseph Campbell, Is Unsuccessful in Objections to Bond Sale Declares He Will Have New Scheme of Rehabilitation, but Court Is Skeptical After a strenuous but unavailing objection by Attorney Joseph Campbell, the latest of the procession of attorneys for the directors of the Market street bank, Judge Sturtevant vesterday permitted Receiver Louis H. Mooser to sell 20 bonds of the Yosemite Valley railroad company. Mooser said the offer he had received had to be accepted yesterday or else it would be withdrawn. "I will immediately serve uotice of appeal, so the bonds will not be sold. anyway," threatened Campbell as he left the court. When Campbell asked for a continuance of the hearing Judge Sturtevant said: "I would like to accommodate you, but you are the fourth attorney the bank has had, and they have all pleaded for delay." Campbell answered he had only been retained the day before, and said he for was busy preparing a petition presentation to the court, embodying a scheme that he believed would end the entire proceedings immediately and result in the depositors getting all their money. "The same thing has been said to me repeatedly in behalf of the directors, but we have got no further," returned the judge. "I will hear the petition." BONDS HARD TO SELL Receiver Mooser testified that he had made inquiries and had ascertained that there was little sale for the bonds, and that $900 was a very fair offer. His brother, Joseph Mooser, who is in the the as to made of brokers, inquiries employ of receiver, testified who hard had told him the bonds were very to deal in. "Do you folks intend to raise this bid?' asked Judge Sturtevant of Campbell. "No, but we hope to make a showing on Monday that will end this whole matter," Campbell replied. I have been hearing that for months past. The petition is granted," concluded the court. Still another attempt is to be made on behalf of the Market street securities company to have set aside the judgment by which the Market street bank was declared insolvent and a receiver appointed. S. R. Porter. a depositor, who has over $1.600 in the bank, gave notice yesterday that on August 21 he will move for a new trial of the cause and for leave to intervene. He proposes a scheme similar to that which has already been turned down by Judge Sturtevant, by which the securities company will turn over the passbooks it has obtained, representing $656,000 of deposits, in return for the Burlingame terrace lots and the contracts of sale at a valuation of $321,000 and other assets and property of the bank at a valuation of $350,000. There will then remain in the hands of the bank, according to Porter's petition, cash and convertible securities worth $390,000, which will be sufficient to pay all the debts and liabilHe claims, ities of the institution. therefore, that the bank is not insolvent, never has been insolvent, and that the judgment should be set aside. DENIES CLASH WITH NASH "The report that there has been a clash between Mr. Nash and myself is false." said A. F. Martel, president of the bank, yesterday. Martel, who has refused to talk much of late, spoke up when he was questioned as to a clash between himself and W. B. Nash. He denied that there had been anything but the best of feelings between himself and Nash. Nash also denied the report. He said that there was no danger of a clash, that he and Martel had always been the best of friends, and that he saw no reason for the breaking of that friendship. Louis H. Mooser, the receiver of the bank, stated that in his opinion Martel and Nash were sure to clash sooner or later. He said: "When I. as receiver, make a demand on the Market street securities company for the books of the depositors, which it holds, Martel will be willing to turn them over, but the others in the securities company possibly will object. If they do object, and Martel insists upon turning the books over to me, I do not see how a clash can be averted." A course of investigation into the affairs of the bank has been outlined by the district attorney, which he re6 fuses to give out. The refusal of Nash to testify, upon the advice of his attorney, now puts the matter up to the grand jury. The case has not yet been presented to the grand jury,
Click image to open full size in new tab
PROTESTS SALE OF BANK'S SECURITIES Attorney for Directors of Mar= ket Street Concern Appeals From Order of Sturtevant True to his threat made Wednesday Attorney Joseph Campbell yesterday filed notice of appeal in behalf of the directors of the Market street bank against the order of Judge Sturtevant permitting the receiver to sell 20 bonds of the Yosemite valley railroad company for $900 each. "This notice of appeal will not prevent me from going on with the sale," said Receiver Mooser last night. "The mere fact that Campbell has appealed from the decision of Judge Sturtevant does not prevent me from selling the bonds as the original petition asked. As soon as the people who bid for the bonds appear and pay over the money they can have the bonds." Mooser was busily engaged yesterday in preparing a report of the assets of the bank, which he will file with the court in a few days. It will require more than $200,000 to reopen the bank. The capital stock of $109,000 will have to be made up, besides the impairment of $108,000 of the securities which has already been reported. No action has yet been taken by the district attorney in regard to bringing the matter before the grand jury. District Attorney Langdon stated last night that he was doing nothing in the case. Until the entire report of the receiver has been filed it is probable that no action will be taken. Martel, Nash and Meigs still have hopes of reopening the wrecked institution.
Click image to open full size in new tab
GRAND JURY WILL INVESTIGATE BANK If Findings of Receiver Mooser Are Correct Indictments Are Expected Depositors of Market Street Concern Will Hold an Important Meeting Today Action by the grand jury in the Market street bank case probably will be taken Tuesday, when the inquisitors assemble. District Attorney Langdon has finished taking testimony. He took only the testimony of the receiver of the bank and of President Martel. Nash, the vice president and cashier, refused to testify upon the advice of his attorney. If the findings of Receiver Mooser are found to be correct, indictments with many counts will probably result from the investigations which are to be carried on by the grand jury. The plans of Attorney Joseph Campbell for the rehabilitation of the bank will be heard by Judge Sturtevant Monday. So many plans for the reopening of the bank have been submitted that there is small chance of Campbell's plan being accepted. The depositors are clamoring for their money, or as much of it as they can get. Mooser promises to pay a dividend in a few weeks, but if Campbell's plan is accepted the dividend will have to be postponed until it is found out whether or not the plan will be successful. The Market street bank depositors' protective association, which was formed by depositors of the bank July 26, will hold another public meeting this afternoon at 1 o'clock in the Colonial theater. The officers of the association will report to the members during the meeting. Only members of the association and prospective members are to be admitted. An effort is to be made to bring the membership of the association up to 1,000.
Click image to open full size in new tab
BANK TO OPEN EVENINGS Louis H. Mooser, receiver of the Market street bank. posted a notice in the window of the bank yesterday announcing that the bank would remain open from 7 to 9 Thursday, Friday and Saturday evenings for the convenience of depositors wishing to file their claims.
Click image to open full size in new tab
BANK DIVIDEND OPPOSED The directors of the Market street bank, through Attorney Joseph Campbell, made a motion yesterday before Judge Murasky opposing the plea of Louis H. Mooser. the receiver. for declaration of a 25 per cent dividend. The directors alleged that the bank commissioners' act was unconstitutional. Arguments on the matter were not completed.
Click image to open full size in new tab
DEPOSITORS TO CONSIDER OFFER - A mass meeting of the Market street bank depositors' association has been called for tomorrow afternoon at 2 e'clock in Golden Gate hall for the purpose of Considering the offer of Receiver Louis H. Mooser to settle all outstanding claims at 50 cents on the dollar.
Click image to open full size in new tab
DEPOSITORS' NOTICE ! Dividend payments will be resumed at 10 o'clock Wednesday, February 17, 1909, at 155 Sutter street, LOUIS H. MOOSER, Receiver Market Street Bank.
Click image to open full size in new tab
Heavy Bond Fixed SAN FRANCISCO, Nov. 30.-Superior Judge Seawell today fixed $60,000 as the bond of appeal on which F. M. Meigs and Arthur Crane, president and secretary respectively of the suspended Market Street bank, can recover the assets of that institution which they have been compelled to turn over to a receiver.