The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-03-25

Disaster to Many Enterprises.
BosToS. March 2f.An expert account
ant IL at work upon the books of the Bos-
ton Water Power Company, investigating
ruHors that have been prevalent for sew
eral days Of an overissue of the company's
stock. The company's affairs have been in
an unsatisfactory state for some time.
BEAUMONT, Tex, March 24-The War
rem Lumber Company went into the hands
OF receiver today. The assets and liabil-
tiles are estimated at 100000.
LOUISVILLE, March o4-Further de-
velopments in the Schwartz bank failure
show that the institution has been prac-
tically insolvent since 1878. In that year
bad investments were made in real estate,
and since then the bank seems to have
done comparatively little profitable busi-
ness.
ST. PaCL, March 24--A Pioneer Press
special from Pierre, S. OAK, says: The
capital Investment Company, generally
known as the Woonsocket Company, is IN
trouble. At the election March II, the old
directors and officers were ousted, and
Carpenter and Reed respectively elected
president and secretary. The former officers
refused to give up the Office, claiming the
election was illegal, and the matter is
going into the courts. Carpenter and
Reed claim that the old officers, President
Lumley, Secretary Ryan, Viee-Presideut
Gorton and Treasurer Kinds, arc attempt
ing to wreck the company. These officers
have published notice warning people
not to pay moneys to the new officers.
New YoRK, March 24.--Tcchnically
speaking, the doors of the Washington
National bank, whose failure was spread
broadcast yesterday afternoon, have not
been closed as it was announced they
would be. Conspicuously posted on the
doors was the following notice:
At the request OF the directors have taken
possession OF this bank in the name OF the
comptroller Of the currency. Edward 4. Lacey,
under whose direction its affairs will be Iiquf-
dated. 4 b. HErpuRr,
National Bank Examiner.
The clerks were all at their accustomed
desks in the bank, but no money was re-
ceived or paid out II Was said at 10
o'clock that there MAS nothing new to
make public at that hour.
Sidell Tilghmai,. one of the directors,
TO-DAY said the capital stock vas 500, 900,
and 1t bad been impaired TO the extent
Of $4,000 by loans made by
President sherman Tilghman said he
felt certain the depositors would be paid in
full, and that the only persons who will be
losers will be the stockholders. A notice
was posted this afternoon that all checks
drawn on the Washington National bank
by the Commercial National hank of FREE
mont, Ncb., willbe paid l,y the First Ma
tional bank Of this city.
United States Examiner Hepburn gave
out a lengthy statement this afternoon, in
which he said that as far as his examina-
ton extends there will be an apparent
loss to the hank from VARIOUS sources Of
$4,000. This would still leave the stock
holders entitled to dividend of 80 per cent.
He thinks the depositors will be paid in
full. Among the instances of bad hDsiness
done, he says the bank received out-of-
town collections and sent them forward
marked mo protest" instructing the cor
responding bank to hold them subject to
order At the same time they certified
checks that had been deposited against
these collections, and allowed such
items to stand. q No one thing
ais the bank" added Hepburn, .'but
everything. Inadequate surety for loans,
loans to parties Of notorious inpecuniosity
and utter disregard for established bank
ing principles has characterized the man.
agement throughout. The comptroller of
the currency will probably appoint re-
ceiyer.
Judge Ingraham. of the supreme court,
today entered final decree dissolving the
North River bank. Francis S. Higgins
was appointed receiver.
NASHVILLE, Tenn, March 24.-Ander-
son, Green & Co.. wholesale dry goods,
of this city, failed today. The liabilities
are about $4,000. 1t is said the assets
viii cover the liabilities. Inability to
make collections was the cause Of the
failure.