The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-08-19
THE AINsLIE LUMBER FAILURES.
Liabilities Over Half Million-P0rt-
land Banks the Chief Losers.

Liabilities Over Half n Mllion-Port-
land Banks the Chief Losers.
TACOMA, Aug. 1s.-TSpecial. 1.-The Puget
Sound Lumbermdn's Portland correspond
ent says:
It is now believed that the liabilities OF tho
Aipslie Lumber Company will reach over half q
million dollars, some placing the amount at
100000. Probably the heaviest loser in Port
land is the Bank OF British Columbia. which
held paper of the Ainslie Lumber Company to
the amount Of nearly 900. only so per cent
of which is considered OF any value. MI George
Goode manager of tho Portland branch of the
concern, fs roundiy scored by many business
men Tor his uubusiness-like methods In connec-
ton with the affair, aud an investigate is now
pending that viii in all probability result in
THAI gentleman severing his connection with
the bank.
The next heaviest loser in this city is, PER
haps. the Mechanics National bank. The
amount OF Ainslic paper held by this concern is
pisced at abou. $4,000, of which nearly or
perhaps quite 50 per cent is good and the rest
worthless. l. ~ Macrun, the cashier, sooa
after the failure. retired on account of Ill
health. although no one has heard OF him be-
ing sick, either before or after his "resigna-
don"
1t Ia generally understood that the stock
holders OF this late concern, however. acted
honorably III coming to the front Immediately
anu Fc-urcouhtias ine worthless paper, thereby
saving the bank from loss
Another heavy loser is the Portland National
bank. which was carrying something less than
slo,oVo worth OF Aiusie securities, probably half
or nearly half of which is.gooa The United
States National bank had about $4,000 worth OF
this same "euilt edge" concerns promises 10
pay, u large proportion OF which thew will
probably lose. This is supposed 10 be all tho
banks that were involved in thf, cItv.
though there Is general feeling of dis
trust that others might DO involved IL
Is said that the Aiuslie people made
strenuous efforts g. secure banking aecoutnoia-
tons q. the Commercial National, but il Is Ger.
tain that that concern IS not involved Tha
Nevada bank, Of san Francisco. is involved TO
some extent Tho amour: is placed all tho wav
from $4,000 TO $50 900, but 1t is likely that .hs
Grs; sum is more nearly correct than the latter
In addition 20 these losses many ether perscus
are involved 20 a considerable extent letter
from ono OF the employees AT Ainslies TO a friend
in Portland, stated that the concern owed their
bookkeeper, NJ. Cole, about s. 600, the engineer
OF the mill s2,eJe. the maehinist Ss0 Gler 500
head sawyer ssao, all the skilled work men sums
ranging from $40 to sOo each, and tina, the con-
mon workmon had received no pay whatever
during the past few weeks II. II. Wall, rresi.
dent Of the company. declared that the nler. had
al been paid in tull. anu explained that the sum
owing TO The engineer was Tor timber lands pur-
chased by Tie company. That in the case OF
Mr. Cole, the company owed him notes
rggrsgatiug ssodo, given IN exchange
for his interest In the town OF Ainslle.
which was originally given Mr.. Cole by
she cor, pany. The failure has affected
the Dosnhecker Furniture Company to such an
extent that the latter has teen compelled to
place donbly secured mortgage on its plant
for sl3,eo0. L. c. Crosby. the Portland lumasr
dealer. failed almost directly after the Ains.ie
company. Another concern largely affected is
the lineard flume and Lumbor Company, prob
sely the largest concern OF its kind on the
Coast President Wall declined 10 sag to what
extent the Asnslie failure would affect the other
concern
The Ainslis Lumber Company wes the suece>-
cor to u. a. Ainslie, ot the town OF Ainsl,e.
Wash., village IN Lewis county about sixteen