The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-01-15
A LAW FOR BANKERS
Opposition to the Clark Savings
Bank Bill.
ANOTHER ONE TO BE PREPARED.
Elections sf Directors and 0saeers In
Several National and other Seattle
ssaks Yesterday.


legislature by Mr.. Clark Of Spokane, and
entitled An act defining the powers. dn-
ties and restrictions Of savings banks and
providing penalties for violating the same. .
has been read the second time and referred
70 the committee CD corporations.
The act does not meet with the approval
OF the Seattle bankers and At meeting
held here recently q. H. Hebron, man
ager Of the GUARANTEES Loan and Trust
Compeny. was authorized to 20. If neces-
sary, TO Olympia to protest In the name OF
the local savings banks against the passage
Of the bail. The only two savings banks
now doing business in this city are the
Guarantee Loan and Trust Company and
the Washington Savings Bank, OF which
w. w. Dearborn is president. Three
other savings banks, viz: the State. the
Peoples and the Seattle are organized. but
have not as yet begun business.
The grounds of objection 10 the Clark
bill. IS stated by Messrs. Hebron and
Dearborn, are 10 substance as follows: II
provides that no person shall hold Office IN
two such corporations at the same time;
that the members or stock holders must be
citizens OF this state: that individual de-
posiis must not exceed 5000; that not
more than $4,000 shall be invested in the
purchase OF q suitable lot OF land and
buildings; that depositors shall receive as
nearly as may be. al the profits, and that
IN the event Of insolvency, receiver shall
be appointed and have power 10 reduce the
deposit account OF each depositor so as 20
make q proporuonate division of the loss.
Bankers say that while such bill might
do very well in some of the Eastern states,
where savings banks s-e organized upon
the cooperative plan. that IL is altogether
impraeticabIe in this Western country and
that under Is provisions il would be inn
possible for the banks here 70 do business.
Foreign capital is ruled out and through
the several restrictions placed upon bank
ing, there are no opportunities left for any
profit. Clark. they think, is q man densely
ignorant OF banks and banking, and that
his purpose in introducing such bill was
mere bancombe.
IL was also stated by MIR. Jacob Furth,
cashier Of the Puget Sound National bank,
that Messrs. r. X. Spencer. T. A. Turner
and Jacob Fnrth had been appointed by
the Clearing House Association as COM
mittee TO draft a suitable bill, providing for
the organization and government Of banks
in general. commercial rs well as savings
banks, throughout the state, TO be intro
dueed al Olympia.
As the gentlemen named are practical
bankers and eonversant with the equities
OF the banking business il is highly prob
able that when they have completed the
draft OF the bill upon which they are now
busiy engaged, that no serious obstacle
will arise 10 prevent it becoming q law.
ELECTIONS or BANK OFFICERS.
The annual meeting OF the stockholders
Of the Washington National bank of
Seattle was held yesterday afternoon. The
following named gentlemen were elected
directors for the ensuing year: Edward
o. Graves, Watson G. Squire. Alfred HoI-
man, William r. Forrest. James u. Low
man. II. Beardsley Bagley, NJ D., William
G. HUI. Henry l. Wilson. Charles b. Nib
lock. The board of directors then re-
elected the old officers. as follows: Ed
ward O. Graves, president; William Il.
Forrest. yice-president and Manson T.
Backus, cashier.
At meeting OF the stockholders of the
Puget Sound National Bank last evening,
T. GasEert, ]. Furth, A. Il. stewart, l.. s.
J. Hunt and $ Frauenthal were elected
directors for the ensuing year and they. in
their turn, elected the following officers.
b. Gatzert, president; A. r. Stewart, vice
president. J. Furth. cashier. and Wesley
Compton, assistant cashier
MesSrs. u. r. Denny. G. 7. Stone, J. Y.
Ostrander. H. ~ Wheeler and C. b. Bag
ley were re-slected directors at the annual
meeting last evening Of the stockholders Of
| the bank of North Seattle Next Monday
the directors will meet and elect the officers
! for the ensuing year.
AZ the annual meeting Of the stookhold-
ers OF the First National bank. held last
evening. ] II. Metiraw, I. b. Wilcox. w
II. Pumphrey. f. H. HArdwick, Otto
Ranke. W II, Lewellyn, Lester Turner and
Maurice McMieken were elected directors
for the ensuing year. They then met and
elected the following officers; j. II. Nc
/ (sraw. president. Maurice McMcken, vice
president and Lester Turner cashier.
The resignation Of John Goodfeilow, the
former cashier. who for the past SIX years
has been identified With the bank and 10
whose efforts IL oxes q large share OF its
success. was accepted with regret. and q
warm tribute TO his integrity and faithful
ness was spread upon the minutes. Mr.
Turner, who succeeds him as cashier. has
been assistant cashier in the bank for the
past year and formerly heid a responsible
position in the Faeihe bank ST san Fran
cisco
The annual meeting OF the stockholders
Of the Boston National hank. announced
! Tor yesterday, has been deferred until Fri.
day afternoon.