Seattle Savings Bank (Seattle, WA)

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Seattle Bank Failure

Seattle, Jan. 13.-The Seattle Savings bank closed today, liabilities $70,000, assets $104,000. It will not resume. The suspension was due to withdrawal of county funds by the newly elected treasurer.

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NOT PREPARED FOR A RUN

The Seattle Savings Bank Closes Its Doors. SEATTLE, Wash., January 13.-The Seattle Savings Bank has closed its doors, owing to heavy withdrawals of county funds by newly installed officers Monday. Judge Monroe, on petition, appointed H. O. Shuey receiver. The statement is made by bank officials that the affairs of the institution are in good shape, but not prepared for a run. The liabilities are $70,000 and the assets $104,000. The accounts among the latter regarded as first class are between $80,000 and $90,000. The institution will liquidate its obligations dollar for dollar.

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BANK FAILURE

A Seattle Savings Institution Closes Its Doors. SEATTLE, Jan.. 12.-The Seattle Savings Bank suspended to-day, posting the following notice: "This bank is closed by order of the directors. Depositors will be paid in full." The liabilities are $75,000; assets, $100,000. F. L. Fehren, Cashier, said there had been gradual withdrawals of deposits since the recent St. Paul and Chicago bank failures. The bank was established in 1891.

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DOLLAR FOR (DOLLAR

Seattele Savings Bank Officials Will Pay All Claims. Forced to Suspend by Withdrawal of County Funds by New Officers. SEATTLE, Wash.. Jan. 1.-The Seattle Savings Bank has closed its doors owing to the heavy withdrawals of county funds by newly installed officers. Judge Monroe, on petition, appointed H. O. Shuey, receiver. The statement is made by bank officials that the affairs of the institution are at present in good shape but that the institution was not prepared for a run. The liabilities are $70,000 and the assets $104,000. The accounts among the latter regarded as first class are between $80,000 and $90,000. The institution will liquidate its obligations dollar for dollar.

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BUSINESS EMBARRASSMENTS

Seattle, Wash., Jan. 13.-The Seattle Savings Bank failed to open Its doors yesterday. When the Superior Court convened. upon application of one of the directors, H. O. Shuey was appointed receiver of the institution. A notice posted on the door stated that depositors would be paid in full. This is regarded as altogether probable, as the liabilities are $70,000 and the assets over $150,000. Many of the deposits from this bank were withdrawn during the recent election excitement. As the deposits decreased the bank was compelled to dispose of Its large line of warrants in order to keep its cash up to the required reserve. This continued until Monday, when some of the large depositors drew out their money. The officers of the bank, realizing the precarious condition, called in a full Board of Directors, and they ordered the bank closed. It is understood that the direct cause of the bank closing is due to the attempted withdrawal of county funds on Monday by the retiring County Treasurer, as his successor requested that the amount due be paid in cash. Chicago, Jan. 13.-The Illinois and Wisconsin L mber Company made an assignment to-day to Charles B. Flynn. The company has lumber lands in many parts of Wisconsin. The assets are $100,000; Habilities about $60,000.

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SEATTLE SAVINGS BANK FAILS

A Great Deal of Money Had Been Withdrawn-Depositors to Be Paid in Full. SEATTLE, Wash., Jan. 13.-The Seattle Savings Bank failed to open its doors yesterday. When the Superior Court convened. upon application of one of the directors. H. O. Shuey was appointed receiver of the defunct institution. A notice posted on the door said that depositors would be paid in full. This is regarded as altogether probable. as the liabilities are $70,000 and the assets over $150,000. Many of the deposits in this bank were withdrawn during the recent election excitement. As the deposits decreased the bank was compelled to dispose of its large line of warrants in order to keep its cash up to the required reserve. This continued until Monday. when some of the large depositors drew out their money. The officers of the bank. realizing the precarious condition. called in the full Board of Directors, and they ordered the bank closed. It is understood that the direct cause of the bank closing is due to the attempted withdrawal of county funds on Monday by the retiring County Treasurer. as his successor requested that the amount due be paid in cash.

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SEATTLE BANK FAILS

Everything in Good Shape, But Only Temporarily Out of Funds. Seattle, Wash., Jan. 13.-The Seattle Savings Bank has closed its doors, owing to heavy withdrawals of county funds by newäly installed officers Monday. The statement is made by bank officials that the affairs of the institution are in good shape, but not prepared for a run. The institution will liquidate its obligations dollar for dollar.

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CLOSED THE BANK Withdrawal of County Funds Causes a Suspension at Seattle SEATTLE, Wash.. January 12.-The Seattle Savings Bank has closed. owing to heavy withdrawals of county funds by newly installed officers. Liabilities $70.the assets, $104,000.

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Seattle Bank Closes

SEATTLE, Wash., Jan. 13.-The Seat. tle Savings bank has closed its doors owing to heavy withdrawals of county funds by the newly installed officers on Monday. Judge Monroe, on petition, appointed H. O. Shurey receiver. The statement is made by bank officials that the affairs of the institution are in good shape, but not prepared for a run. Linbilities, $70,000, and assets, $104,000. The accounts among the latter are regarded as firstclass.

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A SEATTLE BANK CLOSES

As Usual "Depositors Will be Paid in Full" Seattle, Wash., Jan. 14.-The Seattle Savings bank has closed its doors owing to heavy withdrawals of county funds by newly installed officers on Monday. Judge Monroe, on petition, appointed H. O. Shuey receiver. The statement is made by bank officials that the affairs of the institution are in good shape, but not prepared for a run. The liabilities are $70,000 and the assets $104,000. The accounts among the latter regarded as first class are between $80,000 and $90,000. The institution will liquidate its obligations dollar for dollar.

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THE SEATTLE SAVINGS BANK FAILS

Withdrawals of County Funds Given as the Reason. Seattle, Wash., Jan. 12. - The Seattle Savings bank closed its doors today, owing to heavy withdrawals of county funds by newly installed officers Monday. Judge Monroe, on petition, appointed H. O. Shuey receiver.

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Seattle Bank Fails

Seattle. Wash., Jan. 13.-The Seattle Savings bank has closed its doors, owing to heavy withdrawals of county funds by newly installed officers Monday. Judge Monroe, on petition, appointed H. O. Shuey receiver. The statement is made by bank officials that the affairs of the institution are in good shape, but not prepared for D. run. The liabilities are $70,000 and the assets $104,000.

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Savings Bank Closes

Seattle, Wash., Jan. 14.-The Seattle savings bank has closed its doors owing to heavy withdrawals of county funds by newly-installed officers. Judge Monroe, on petition, appointed H. O. Shuey receiver. The statement is made by bank officials that the affairs of the institution are in good shape, but not prepared for a run. The liabilities are $70,000 and the assets $104,000. The institution will liquidate its obligations dollar for dollar.

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REAL ESTATE TRANSFERS.

Transactions Since January 1 and for Yesterday.

Real estate transactions since January 1, 1897, are $3,585,839.74. There were filed for record yesterday 8 deeds, aggregating $3,433. Following is a list furnished by the Seattle Abstract Company, room 419 New York block:

Robert G. Hall to Wm. L. Ellis, und ½ lots 6 and 7, block 17, Renton's ad, February 8. $5.

Nellie E. Campbell and husband, James, to Richard S. Alexander, lots 7 to 9, block 23, J. H. Nagle's ad, June 16, $925.

Frank W. Goodhue et ux. to Seattle Savings bank, lot 4, block 9. Anderson's supl plat: block 9, J. H. Nagle's ad, July 15, 1893, $700.

F. L. Fahren et ux. to H. O. Shuey, receiver Seattle Savings bank, lot 10 and n 12 feet lot 11, block 15, Summit supl ad, April 22, $1.

Same to same, property in Island county, April 22, $1.

H. O. Shuey, receiver Seattle Savings bank, to First African M. E. church, of Seattle, lot 4, block 9. Anderson's supl plat; block 9, J. H. Nagle's ad, June 18, $700.

M. E. McCormick and husband, J. R., to Jennie J. Sylvester and Nettie F. Young, lot 33, block 7, South Park ad, December 20, 1894, $1.

George W. Lay to Cora L. Hall, lots 1 to 10, block 35; lot 2, block 42 Wallingford's Park Div, Green Lake ad, May 23, $1,100.

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SUPREME COURT DECISIONS.

Shuey, Receiver, vs. Adair Affirmed in a Long Opinion.

OLYMPIA, Dec. 6.-The supreme court today filed an opinion affirming judgment in the case of H. O. Shuey, receiver of the Seattle Savings bank, respondent, vs. George B. Adair, appellant, who executed to the Seattle Savings bank a note for $2,000, dated May 6, 1892.

In this case it appears from appellant's brief that W. R. Ballard, H. E. Holmes, W. V. Rinehart and W. B. Robertson, trustees of the bank, induced Adair to purchase twenty shares of stock in the Seattle Savings bank, and Adair gave his note to the bank to get the money to buy the stock. Adair claims that these same gentlemen entered into an agreement with him that they, as individuals, would take the stock off his hands, which, in the five years passed, they have failed to do.

The legal question raised here is, did the facts set up in the original and amended answers in this case, which are numerous and set out at great length in the opinion, constitute a defense available against the receiver? The supreme court, in concluding a very lengthy opinion, says:

"This court has always been of the opinion that the faith and credit attaching to written agreements should not be easily destroyed, and the best of reasons could be adduced for holding a contract of this kind sacred and unchangeable by the admission of parole testimony, except, of course, in case of fraud or mistake. These reasons have been so often advanced and are so well understood that is not necessary to repeat them."

In Henry Holgate, appellant, vs. Samuel Parker and J. P. Kirby, respondents, appealed from Pierce county, a new trial was granted in this case by the lower court, and inasmuch as it was evident to the supreme court that the discretion vested in the trial court was not abused, the judgment was affirmed.

State of Washington ex rel. Iha C. Achey, respondent, vs. the sheriff of Chehalis county, appellant: judgment affirmed.

James K. Burnham et al., appellants, vs. the Spokane Mercantile Company, defendants; Nash & Nash, respondents; appealed from Spokane county; reversed.

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Receiver Shuey Wins.

The jury in the Shuey-Ballard case returned a verdict for the plaintiff yesterday in the sum of $4,034.90. The amount sued for by Receiver Shuey was approximately $6,000. The jury found that Capt. Ballard, the defendant, had not agreed to waive his compensation as president of the Seattle Savings bank after the annual meeting in November, 1893, but they allowed him $51 a month from that time until the bank closed. This aggregated $1,938, which was offset against the claim of the receiver, leaving a balance due, according to the verdict, of $4,034.90.

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Stockholders Must Pay Up

H. O. Shuey, receiver of the Seattle SavInge bank was yesterday given permission by Judge Moore, of the superior court, to bring suits against all delinquent stock. holders of the bank upon unpaid stock subscriptions.

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New Suits Filed.

The following new sults were filed yesterday in the superior court:

H. O. Shuey, receiver of the Seattle Savings bank, vs. W. V. Rinehart and wife-Pro rata assessment on $1,000 of bank stock, $480.

John P. Jacobsen et al vs. J. S. Kimball et al-Restoration of goods unlawfully seized, $743.82, and $100 damages.

Estela Beveridge vs. Charles N. Beveridge-Divorce.

Oliver H. Briggs vs. Yukon Navigation and Commercial Company et al-Affidavit and motion; complaint not filed.

H. O. Shuey, receiver of Seattle Savings bank, vs. Z. C. Miles-Pro rata assessment on five shares of bank stock, $240.

H. O. Shuey, receiver, vs. Frank Hanford and wife-Pro rata assessment on one share of bank stock, $48.

H. O. Shuey, receiver, vs. F. L. Fehren and wife-Pro rata assessment on ninety-three shares of bank stock, $4,464.

H. O. Shuey, receiver, vs. S. Foster Kelley and wife-Pro rata assessment on three shares of bank stock, $144

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H. O. SHUEY. receiver of the Seattle Savings Bank. is paying 3) per cent dividend to creditors.

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DECISION AGAINST RECEIVER.

George B. Adair Defents Suit on Bank Stock Assessment.

In granting a nonsuit in the case of H. O. Shuey, receiver of the Seattle Savings bank, against George B. Adair to recover about $900 on an elleged secondary liabil-ity as a stockholder, yesterday, Judge Jacobs decided that the rate of assessment should be adjusted on the contracts, debts, and engagements of the bank, accruing while the person assessed was a stock-holder.

It appeared from evidence that came before the court that there had been a flat assessment on the stockholders of the Seattle Savings bank amounting to 48 per cent. of the face value of the stock. On an equitable basis Mr. Adair should have been assessed 45 per cent., if liable to as-sessment.

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DECISIONS

RENDERED

OLYMPIA, Wash., March 5. - The supreme court handed down an opinion this morning in the case of John Herman, appellant, vs. Great Northern railway, respondent, involving an action for damages for injuries sustained at the Spokane depot by the appellant slipping on an unsafe sidewalk. Judgment of the lower court was reversed, a new trial ordered and costs taxed against respondent.

In the case of H. O. Shuly, receiver for the Seattle Savings bank, appellant, vs. H. E. Holmes and Kate T. Holmes, respondent. The court fails to find error in the ruling of the trial court, declines to consider affidavits accompanying the motion and affirms the judgment of the trial court.

The case involved the collection of an assessment on stock of the defunct bank owned by respondents. The trial court found for appellant in the sum of $2252 and costs of suit.