Merchants National Bank (Seattle, WA)

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TO-DAY'S CONDENSATION The Merchants bank, of Seattle, Wash., suspended to-day. The bank's capital was $200,000, and at last report it had asseta amounting to $635,000 and a surplus of $25,000. Mrs. Frank Leslie is to sail for England on Saturday to visit her ex mother-inlaw, Lady Wilde, and to do what she can to comfort that lady in her trouble in the disgraceful acandal in which her eldest son, Oscar Wilde, has cut 80 prominent a figure. At St. Joe, Mo., fourteen mad dogs have been killed since Sunday. James Harper was bitten by a rabid animal, and was taken to Savannah for madstonetreatment. John Quinlaven, a boy, was bitten yesterday and was taken to a madstone which adhered for six hours. Mrs. Mary E. Lease and Miss Mary Morrill, both of Wichita, will shortly form a law partnership and open offices in Topeka and Kansas City, Kas. Mrs. Lease practiced law before she went into politics. Miss Morrill is a graduate of the law department of the University of Ann Arbor.

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Examiner Carson in Charge

WASHINGTON, May 21. - Controller Eckels today received a telegram stating the Merchants' National bank, of Seattle, Wash., had suspended. Examiner Carson was put in charge. The bank's capital was $200,000, and at the last report had assets amounting to $630,000 and a surplus of $25,000. It is understood one of the causes of the bank's failure was too great holding of real estate and securities upon which it did not realize. &

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A BANK GOES UNDER The Merchants' National of Seattie Closes Its Doors SEATTLE, May 21.-The Merchants National bank closed its doors this morning and will not re-open. President Mackintosh said: "This misfortune is the result of hard times and the inability of borrowers to respond to calls made upon them. The bank will pay all its obligations. We will call upon the stockholders and try not to go through the hands of a receiver. There are really no bad assets and it is only difficult to realize on some of them." WASHINGTON. May 21.-Comptroller Eckels today received a telegram stating that the Merchants National bank of Seattle had suspended. Examiner Carson was put in charge. The bank's capital was $200.000 and at the last report had assets amounting to $635,000 and a surplus of $25,000. It is understood that one of the causes of the bank's failure was too great holdings of real estate and securities upon which it did not realiaze.

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Suspension of a Government Depository

WASHINGTON, May 21.-Mr. Eckels, the comptroller of the currency, to-day received & telegram stating that the Merchants' National Bank, of Seattle, Wash., had suspended. The bank's capital was $200,000, and at the time of its last report the bank had assets amounting to $635,000 and a surplus of $25,000. The bank was 8 government depository.

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Seattle Bank Suspends

W ASHINGTON, May 22.Mr. Eckels, the comptroller of the currency, received a telegram stating that the Merchants' Na. tional bank of Seattle, Wash., had auspended. The bank's capital was $200,000.

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Bank Examiners E

L. Carson and Charles Clary, both of this city, yesterday took charge of the Merchants' National bank and on their report will depend the question whether a receiver shall be appointed or the bank liquidate. This will be decided in about thirty days.

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Washington, May 23.-Controller Eckels today received a telegram stating the Merchants' National bank of Seattle, Wash., had suspended. Examiner Carson was put in charge. The bank's capital was $200,000, and at the last report had assets amounting to $630,000 and a surplus of $25,000. It is understood one of the causes of the bank's failure was too great holdings of real estate and securities upon which it did not realize.

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Washington, May 23.-Controller Eckels today received a telegram stating the Merchants' National bank of Seattle, Wash., had suspended. Examiner Carson was put in charge. The bank's capital was $200,000, and at the last report had assets amounting to $630,000 and a surplus of $25,000. It is understood one of the causes of the bank's failure was too great holdings of real estate and securities upon which it did not realize.

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Bank Receiver Appointed

The controller of the currency has appointed Charles H. Baker receiver of the Merchants' National Bank of Seattle, Wash., which suspended payment May 21, 1895.

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Baker Appointed Receiver

Washington, June 19.- Comptroller Eckels has appointed Charles H. Baker of Seattle, Wash., receiver of the Merchants' National bank of Seattle, which failed some weeks ago.

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Baker's Appointment.

Chicago Tribune.

Charles H. Baker, of Seattle, son of William T. Baker, of the Board of Trade, Chicago, has been appointed receiver of the Merchants' National bank, at Seattle, under somewhat peculiar circumstances. When the bank went under some time ago it became necessary to appoint a receiver who would satisfy the afferent interests involved, as large sums were at stake. Accordingly the list of candidates grew daily, until there were twenty-five names on the list under consideration by Controller Eckels. Mr. Baker had been a candidate for postmaster at Seattle and had filed with the department unusually good papers. It was finally proposed to appoint him receiver of the failed bank.

When the intention of the controller of the currency became known in Seattle there was a storm of protests from well-known business men, including the president of the defunct institution. Not understanding the matter thoroughly, Controller Eckels sent for Mr. Baker's indorsements for the postoffice job. What was his surprise on looking through the papers to find the very men who protested against Baker's appointment to the receivership had but a short time before written the most laudatory letters and telegrams, declaring he was the ideal business man's candidate for the position of postmaster, and commanded the support of all the commercial world of Seattle. This settled the fate of the protestors, and the appointment of the Chicago man's son was made out without consulting further the fickle financiers of Seattle.

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Receiver Baker Hard at Work

Charles H. Baker, receiver of the Merchants' National Bank, is now settled in his new office with the McNaught Invest. ment Company in the Baney block. He has been busy giving out certificates to the depositors on the receipt of their pass books and other. evidences of the bank's debt to them. Whenever a dividend is declared it will be indorsed on the back of these certificates and when paid in full the certificates are returned to the receiver.

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Jamaica

He said he was going to New York at once to strengthen in that city a favorable feeling toward the revolution ists. EL PASO, Texas, July 17.-Sigmund Weisel, aged 35, a merchant well known through the southwest, was accidentally killed today at Carlisle, N. M. He was formerly manager of the merchandise de partment of the Arizona Copper com pany at Clifton. NEW YORK, July 17.-The Herald to day says: The resignation of the Rt. Rev Mgr. Dennis J. Connell from his office of rector of the American college at Rome has started considerable speculation as to the future of this American prelate and about his successor in the resigned position. SEATTLE, Wash., July 17.-The depositors of the Merchants' National bank are preparing to begin criminal proceed ings against the officials and are raising funds or the pufrpose. They claim to have abundant evidence and will proceed under a state law making it a felony for bankers to receive deposits when they know the bank is insolvent. MILWAUKEE, July 17.-D. H. Hogan, the first book-maker arrested at State Fair park, has been held for trial under $2,000 bond. He declined to give the bond and went to jail. It is reported that the book-makers will retaliate by arresting the members of the civic federation who bought tickets on the races to secure evidence. DENVER, July 17.-Jennie John, an 11year-old girl, was arrested here tonight on instructions from Rock Springs, Wyo., where she is wanted as a witness against her father, who was recently taken into custody on a charge of raping the child. When his case came to trial, she had disappeared. The child WE dressed in boys clothing when arrested. BOSTON, July 17.-The first delegate convention of the Massachusett's People's party opened today in this city. Massachusetts stood twenty-second in the list of states casting Populistic votes in the last election. was voted to make the state organization permanent, and J. P. Gardner, of Danvers. was elected president of the convention. WASHINGTON, July 17.-The comptroller of the currency has declared dividends in favor of the creditors of insolvent national banks as follows: Thirty per cent, the First National Bank of Texarkana, Texas: 20 per cent, the Washington National Bank of Tacoma. Wash. 5 per cent, the Chemical National Bank of Chicago. WASHINGTON. Juy 17.-The navy department was informed today that President Criscom, of the International Steamship company, saied today for England where he will remain until the next trip of the St. Louis, making arrangements for the trial of that ship to ascertain her fitness to become one of the auxiliary naval ships entitled to the provisions of the subsidy act. SAN FRANCISCO, July 17.-Maud Lamont, the sister of the unfortunate victim of the brutal Emmanuel church murder, has returned here from Montana to testify for the prosecution in the forthcoming trial of Theodore Durrant. The police believe she will prove a valuable witness. She was her sister's most constant companion during the eisure hours of the murdered girl, and also knew Durrant. ROCHESTER, N. Y., July 17.-The parochial school connected with the church of the Holy Cross at Charlotte burned at 2 o'clock this afternoon. Warrants have been issued for the arrest of the janitor, John Cronin, and his sister Nora. both of whom are in the employ of Father John M. Fitzgerald. There is much feeling among the church members, who are divided into factions. BRA IL, Ind., July 17.-George A. Knight, one of the best known lawyers in the state, while sitting in his home last night, heard a noise in an upstairs room. Search was made and the gate was heard to shut on the outside. Mr. Knight saw a man disappearing in the darkness. He shot and fatally wounded hi best friend, John Wehrle, the county KEY WEST, Fla., July 17.-The cruiser Montgomery, with the board of survey of the Nicaragua canal, sailed today for New York. They were to have disembarked here and taken the steamer Mascot to Tampa, but where prevented by the state quarantine regulations from SO doing. The cruiser Atlanta arrived from Havana today and was placed in qurantine. DENVER, July 17.-A special to the Times from Hahn's Peak says: A committee from Snake river passed through her today bound for Hayden and Steamboat Springs to plead with the people to allow the sheep to be driven into California Park. J. E. Edwards, the Wyoming sheep man, will meet the Snake river men, Robert McIntosh and G. W. Arnold. at Steamboat Springs. The settlers will not agree to have the sheep driven and pastured in Routt county. GALESBURG, Ill., July 17.-A sensation prevails here in Pythian circles over the order asking the Catholic Knights of Pythias to renounce the organization. College City lodge, the strongest one here, has many Catholic members, and a number of them are averse to leaving their organization. A prominent Knight who conferred with Mgr. Satolli in Washington says a movement is on foot to secure a rehearing by the pope and a revocation of the decree. KANSAS CITY, July 17.-Miss Sarah Mead, 32 years old, a former school teacher of Greenwich. Conn., who met Dr. J. L. alker. of Des Moines, Ia., in this city by appointment on June 5. and was married to him on the same day in Kansas City, Kas., has discovered that her husband is false and that she has been the victim of most creul desertion. Her husband has deserted her, and worse still. he has taken her gold watch and $1,200 in money, leaving her more than 1,500 miles from home with only $10. JEFFERSONVILLE, Ind., July 17.During the storm last night, lightning struck the three towers of the prison, and the greatest excitement among the convicts, 850 in number, followed. The prisoners had just been locked in their respective cells when the storm was raging SO furiously and thus a panic was averted. The guards had no sooner left their posts of duty than the lightning did its work. Had they remained a minute later the chances are that they would have been killed. ANDERSON, Ind., July 17.-This section was again visited by a destructive wind and rain storm today. Trees. small buildings and large roofs suffered most. At Alexandria, twelve miles north, a new business block was blown down, some buildings unroofed and flooded. North of here many fields of corn were levelled. The Big Four accommodation train arriving here at 8 o'clock had all the glass

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NOTICE TO CREDITORS

TREASURY DEPARTMENT. OFFICE of the Comptroller of the Currency, Washington, D. C., June 19, 1896. Notice is hereby given to all persons who may have claims against the Merchants' National Bank of Seattle, Seattie, Washington, that the same must be presented to Charles H. Baker. receiver, with the legal proof thereof, within three months from this date, or they may be disallowed. JAMES H. ECKELS, Comptroller of the Currency.

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UN-"SOUND MONEY" MEN

I These Are the Men Who Have Been Clamoring for "Sound, Honest Money" The bank at Norborne, Ohio, and the Carrolton county bank, are both in the hands of receivers. Depositors have begun criminal pro. ceedings against the Merchants National bank, unsound, at Seattle, Washington. L T. Parrish, cashier of the bankst Orrick, Mo, has gone, and $20,000 cold, hard, clammy dollars left the same day. C. D. Davies, manager, of the bank at East Peru, Iowa, has escaped with $28,000 belonging to depositors. The bank du People, at Montreal. Canada, has closed its doors. On July 5th it reported $6,520,869 deposits, and it is believed that this has all been stolen. An Ioway banker escaped with $28,000 a few days ago. He carried the money in a valise. This amount in silver would weigh something like 1,600 pounds, hence you can readily see that such money don't suit bankers No wonder they claim it is not good abroad. But it is good at home. S B Andrews, cashier of the defunct First National bank, Texarkana, Texas, is under a bond of $10,000 for making false returns to the comptroller of the Treasury of the United States.

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BRINKER AND ECKLES ARE CLASHING

Conflict of Authority Promises to Make Matters Interesting.

Washington, Aug. 7.-United States Attorney Brinker of Seattle does not like Comptroller Eckles a little bit, and it is quite likely that Attorney Brinker will soon learn how much Mr. Eckles likes him.

From correspondence in the office of the comptroller it is to be gathered that after Charles H. Baker was made receiver of the Merchants' National bank he wired for instructions as to his attorney, recommending the engagement of a certain firm of lawyers of Seattle. This recommendation the comptroller wired acceptance of, naming their compensation not to exceed the amount of the receiver's salary. Subsequently the United States attorney wrote Mr. Baker that he was by law the person who should be engaged, and demanded, under some section of the United States statutes, that he be employed. Mr. Baker answered referring to his authority from Mr. Eckles to engage whom he desired and ratifying his choice. This aroused Judge Brinker, and he wrote another communication to Mr. Baker denying the comptroller's authority and informing Mr. Baker that if he engaged any other lawyer Baker's bondsmen would have to pay back the amount paid out as fees.

Mr. Baker, for instructions from the comptroller as to what he should do, forwarded the correspondence. When it reached Mr. Eckles his eyes fell upon a particular clause in one of the letters from Judge Brinker in which the United States attorney charged him with violating his duty constantly and likewise the law and criticised him severely. Mr. Eckles is a lawyer of some reputation himself, and besides, does few things without submitting them to Mr. Cleveland. He is not inclined to permit himself to be so criticised by a subordinate official, and will likely submit the letters to Attorney General Harmon as soon as he returns from his vacation. The outcome of this conflict of authority is likely to be interesting.

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To Prosecute Seattle Bank Officials

SEATTLE, WASH., Aug. 10.-The depositors' committee of the Merchants' National Bank, which suspended recently, has employed Colonel James Hamilton Lewis as counsel, and will begin criminal prosecution against the officials of the institution on charges of receiving deposits when they knew the bank was in a failing condition.

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SEATTLE'S BANK TROUBLES

SEATTLE, Wash., Sept. IL-Receiver Baker's investigation of the affairs of the Merchant's National bank, which suspended on May 20, bas satisfied him that the charges which have been freely circulated to the effect that it was looted by the officers are unfounded. He finds that the failure was due to an abortive attempt at consolidation, which led to a run. The officers had very, little money in the bank and had drawn out little or nothing for weeks preceding the failure.

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THE BANK WAS NOT LOOTED

Receiver Baker Disposes of Rumors Regarding the Merchants' National. Ever since the Merchants' National Bank was forced to suspend on May 20, charges have been affoat that the officers of the bank figured in a conspiracy to loot it and defraud the stockholders, but Receiver Charles H. Baker, after a thorough examination of the causes which led to the suspension, has come to the conclusion that these charges are unfounded. Mr. Baker said yesterday: "It is apparent to me that the bank had been operating in its normal condition up to May 20, when there was a run. It opened that morning with a cash balance of $22,204.43. which was augmented before business commenced by a loan from the clearing house of $25,000, which was intended as temporary relief and was thought to be more than sufficient to tide over any crisis. This loan was secured by a block of notes and other securities of the Merchants' National. Before 3 o'clock of that day this had been drawn down to $2,123.63. "For several days prior to the suspension, negotiations had been on foot for consolidation with the National Bank of Commerce. This was known tothedrectors of the two banks, and to members of the clearing house. When finally negotiations failed, It was reported on the street that the consolidation had been attempted in order to save the Merchants' National, but that, the attempt having falled, the bank was in an unsafe condition. The knowledge of the proceedings being held by some twenty individuals, it soon became more or less general information, resulting in the hasty withdrawal of deposits. I am led to believe that certain depositors 'got the tip,' but that such did not come from a representative of the Merchants' National, but probably from a member of the clearing house. "There is little question that the reports so circulated caused the run on the bank, for the sums paid over the counter May 20 aggregated $41,077, while for twenty days prior to that date the average total checks drawn each day was less than $6,000. The largest checks drawn May 20 were three in number, and aggregated $18,000. They were drawn by the city treasurer. the county treasurer and the Union Electric Company. There was also on the morning of that date shipped to the assistant United States treasurer at San Francisco $10,000 as an excess United States deposit. The balance was drawn out in 150 checks, representing various sized sums. "It seems, however, as though without a marked improvement in the general business situation this failure would have been inevitable, sooner or later. The bank is loaded up with a good deal of overdue paper, particularly that known as Stinson paper' (about $60,000), upon which it would have been a slow process to realize." The officers of the bank were: Angus Mackintosh, president; William T. Wickware, cashier; H. F. Meserve. assistant cashier: S. G. Graves, teller. In running through the accounts of the officers, the receiver states that he noticed they carried very little money in the bank, and that they had drawn no checks to amount to anything for a good many weeks. In closing the interview, Mr. Baker said: "I am unable to discover as yet that there has been any past irregularity in the management of the bank. or that the failure in any way inures to the benefit of its officers." Mr. Baker says that there are about 600 claims altogether, and that very few of that number are outstanding, and have not been proved.

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A QUESTION OF PRIORITIES.

E. O. Graves Gets a Decision Against the Merchants' National Bank.

The case of E. O. Graves vs. Michael Phillips et al., was on trial before Judge Langley Tuesday and a portion of yesterday morning. The case was a somewhat complicated one, the facts as shown being as follows: In March, 1889, Graves bought of Phillips lots 1, 2, 3, 4, 17, 18, 21, 22, 23, 24, in block 8. In the Second Motor Line addition, for $1,500. There was at the time an agreement made that in case Graves desired to reconvey the said lots to Phillips any time prior to May 14, 1890, Phillips should repay him the $1,500, and also 12 per cent. per annum interest on that amount. To secure this repayment Phillips at the same time made a deed to Graves of lots 4, 5, 6, 7, block 5, Queen Anne Second addition, and also lots 1, 2, 3, block 1, Randall's addition, on which there was a mortgage of $500. Graves says he demanded that the purchase be rescinded, and the $1,500 be returned with interest, but Phillips had neglected to do so. Hence he asked that all the property above described be sold to satisfy his claim for $1,600.

The Merchants' National Bank was made defendant as having some claim on the property.

The receiver of the bank answered that they owned a note and mortgage of Phillips, covering the property in Randall's addition, and asked that this mortgage be held superior to Graves' lien.

To this, Graves, in his pleadings, replied as follows: That the note and mortgage in question was paid before the bank went into the hands of the receiver, and should have been canceled by reason of the fact that Phillips had executed other notes in lieu thereof, and of other indebtedness due the bank, amounting in all to $6,357.50, and had secured the same by mortgages on $20,-000 worth of property. That the bank had brought suit on the last mentioned note and mortgage and bought the property in.

The court decided in favor of Graves, holding that the original note and mortgage of Phillips' in the Randall property had been paid and was not prior to Graves' lien.

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OUT FOR THE TAX.

County Says Merchants' National Assessment Is Valid.

The county of King, through Prosecuting Attorney Hastle, yesterday filed an answer to the petition of Charles H. Baker, as receiver, that the assessment of the stock of the Merchants' National bank be cancelled. The receiver claims that the bank is assessed on an aggregate of the stock at $69,360 over and above the amounts upon the real estate, when in truth the full value in money of the capital stock after deducting the value of the real estate was no sum whatever. These facts, it is claimed, were placed before the board of equalization, but the board refused to make a reduction, on the ground that the assessment was in accordance with the rule applied to all the other banks of the city.

The answer contends that long before and long after the assessment the bank held itself out to the public as financially solvent and solicited and received deposits, issued certificates of deposit and performed other acts showing its solvency. When the assessor applied for a statement W. T. Wickware, cashier, furnished a sworn statement, showing among other facts that the value of the real estate belonging to the bank was $111,400, the amount of the surplus $25,000, and the amount of the undivided profits $2,000. This statement purported to show the condition of affairs on April 1, 1835, and the prosecuting attorney claims that the bank is now estopped from alleging, as against the demand for taxes for 1895, that on that date is was insolvent, or that the liabilities exceeded the resources. It is shown that after receiving the cashier's statement, the assessor proceeded as follows: He took the real estate at $111,400, the value given by the cashier; deducted that sum from $200,000, the par value of the capital stock; added the surplus of $25,000 and undivided profits of $2,000, leaving a remainder of $115,600, which was assessed at a valuation of $69,360. When the bank applied for a reduction to the board of equalization, the application was duly disallowed, the bank failing to appeal. For the above reasons, the county contends, it is entitled to the tax, and the bank is estopped from denying the correctness or legality of the assessment.

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MERCHANTS' BANK DIVIDEND

Receiver Baker Pays $74,029.95 to the Creditors. Charles H. Baker, receiver of the Merchants' National bank, has posted a notice that he is now prepared to pay a divIdend of 30 per cent to creditors of the bank whose claims were proved prior to the order of the comptroller of the currency, dated June 24, declaring the dividend. The comptroller's checks, aggregating $74,029.95, 559 in number, drawn on the assistant United States treasurer, have Just been received from Washington City, and will be distributed to depositors upon presentation of their receiver's certificate. The Merchants' National bank suspended a year ago and Charles H. Baker was appointed receiver by Comptroller Eckles. The liabilities were about $260,000, and the assets were nominally more, but upon careful examination and appraisement by the receiver a deficiency of assets of $150,000 was declared to exist and an assessment for that amount was levied upon the shareholders of the bank. the collection of which is now being enforced through the courts here and in New York and Providence. Thirty per cent. is the largest single dividend ever paid by a bank in liquidation in the Northwest, and in fact very few have paid that much altogether. The distribution of this amount of money locally at this time will tend to relieve the financial situation very materially. The dividend as first declared and as reported through the Associated Press was 25 per cent, but when Mr. Baker went to Washington City recently he urged the comptroller to declare 30 per cent, which was done upon his assurance that that amount would be collected. The receiver was asked yesterday If the bank would eventually pay out in full. He replied: "I can tell you better after the financial question is settled. If I have to pay in a depreciated currency It will take twice as long as otherwise, for there will be no corresponding law to compel the shrinkage of liabilities in a corresponding ratio, and the depositors being a credftor class will naturally insist upon having par value money. If the proposed silver coinage law were already enacted It might be my privilege as receiver to take the $74,000 in gold. which is to my credit as receiver in the United States treasury, and exchange it for silver metal, which I could get coined into 148,000 silver dollars. If I could work off this money on the depositors the bank could pay 60 per cent instead of 30 per cent., but this scheme would have a screw loose In It apparent to anyone and would be like the perpetual motion machine, which men have gone crazy over trying to Invent. As receiver, I very much regret that It is not also contemplated to remonetize real estate and shingle mills. which would thus enable me to pay depositors in full at once and 100 per cent. to the stockholders. In fact, I have understood that a very strong effort had been made to include a horse plank with silver, but failed on the ground that horses had been demonetized by bloycles and not by gold. As receiver. I am inclined to espouse the silver cause, because the bank Is interested in a Colorado silver mine listed as valueless, but as a eltIzen I oppose unsound dollars, even though they assume that what they are short in weight is made good by the assuring stamp they bear, In God we trust.' A return of prosperity will enable this bank to pay out in full, and that means solid gold."

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THE STOCK NO GOOD.

Assessment Against the Merchants' National Canceled.

WILL NOT HAVE TO PAY TAXES.

Receiver Baker Proves That the Stock Is of No Value-Bank Was Over- loaded with Real Estate.

Under a ruling of Judge Langley in the superior court yesterday, the assessment against the stock of the Merchants' National bank is canceled, and the county officers are restrained from attempting to collect it.

The case is entitled Charles H. Baker, as receiver, vs. the county of King. From the complaint it appears that the assessor added together the amount of the capital stock at its par value, the amount of the nominal surplus and undivided profits, making $227,000 in all, and then deducted from that amount real estate valued at $111,400. This left a balance of $115,600.

Following out his system of fixing values, the assessor finally assessed the bank for $29,360, against which the bank has been fighting. A petition to the board of equalization resulted in a decision upholding the assessment. The bank thereupon took an appeal to the superior court, and at the hearing yesterday made the showing that the stock being absolutely worthless, the assessment was excessive. The court held with the bank.

In order to establish the claim that the bank stock was valueless, the attorneys for the receiver went into the history of the institution from a date preceding the application for the receiver.

It appeared that the Merchants' National was heavily overloaded with real estate, and that its condition had been a subject of consultation by members of the clearing house for some time previous to the failure. W. T. Wickware was placed on the stand and testified that the Merchants' National had been crowded to the wall by Ladd & Tilton, but this testimony was rebutted by N. H. Latimer. Before the hearing was ended a great deal of ancient history was thrashed over.

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The Assessment Is Void.

Judge Langley yesterday decided that taxes cannot be collected on the stock of an insolvent bank by giving judgment for plaintiff in the case of Charles H. Baker, as receiver of the Merchants' National Bank, vs. the County of King. On April 1, 1895, the assessor of King county assessed the stock of the Merchants' National bank at $69,300, or $34.63 per share. There are 2,000 shares of stock in the bank of a par value of $100 per share. The total par value of the stock is $200,000. The county commissioners refused to cut down the assessment. The receiver then brought suit to have the assessment set aside. He showed at the hearing of the case that the bank was insolvent at the time of the assessment, and that the stock was worth less than nothing, as an assessment of 75 per cent. was levied upon the stock to pay the debts of the bank.

Judge Langley declared the assessment made by the assessor of King county to be null and void.