The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-12-24
anything 70 do with the Management Of
fhe hank

aFA1AIS W 40 Win tno xSsasSs -
tie bank.
Continuing. your special" reads. mi.
Eckels, who seems 10 have the minutess
details Of the affairs Of every bank af his
finger ends, informed Mr.. Carrigan, ETC.,
etc In order thas you may fully Know
Just what Mr.. Eckeis informed MI. Csrri-
gan, and upon just what terms III. EcKeh
agreed TO allow the hank % reopen, quote
from his letter 20 Mr. Carrisan, dated
Washington City. October i6, 1888:
THAT the directors and shareholders
procure from the depositors and other
tend the time for payment OF their Claims
for such time as may be deemed neces-
sary and proper. In view OF the facs
that receiver has been appointed lor
the bank these extensions from the de-
positors and creditors should be obtained
in the largest measure possible as an evi-
dence of their desire that the bank should
reopen for business instead OF having IL
affairs hquidated by the receiver.
That the bank &C the time OF rnPpen.
ing has cash sufficient 70 pay all demand
creditors who do not agree to extension
of their claims, and enough besides Tor the
current demands Of business In this
connection, / viii make an exception
to the general rule imposed In the
case Of other suspended banks, and
will consent 10 the banks borrowing
$50 900. upon the collateral security OF city
of Port Angeles warrants for about that
amount, which are now held among the
assets OF the bank and which have wired
the examiner TO send by express TO the
Hanover National bank, of New York, 10
be held in trust for me until needed for
this purpose"
The same letter, in speaking OF the m
debtedness Of the directors and officials,
said:
THAT they must make strenuous efforts
to contribute to this cash fund by paying
so much OF their Indebtedness as may be
possible before reopening and where this
Is not possible their indebtedness should
be well secured.
'My chief reason for consenting to the
reopeninS of your bank, if the conditions
named herein can be complied with, Is
that 1t is the only bsnking institution at
Port Angeles. and that the reopening of
the bank would be of great convenience to
the public where 1t is located.
II have forwarded q copy OF this letter
to the receiver and have requested him TO
cooperate with the directors and share
holders in bringing about the resumption
OF business by the bank"
To the best Of my knowledge this il the
only official letter from Mr.. Eckels wherein
he states the precise terms upon which
the bank can resume and proves conciu-
sively the inaccuracy of your information.
As stated before the depositors and
creditors have signed the agreement sug-
gessed by tho comptroller to the amount of
$1,000; the $50. 900 is ready for use the in
debtedness of the directors and officers
] am credibly informed has been secured
by real estate within this county and city,
and ! think all that is necessary now is
permission from Mr.. Eckles to reopen.
On the 18th inst. the depositors held
meeting in this city, representing over
$4,000 of the banks Indebtedness, at
which the following resolution was
adopted with but one dissenting vote, and
he represented only $500.
BE IL resolved. That it is for the best in
terests of the deposisors and the city and
county that the bank shall resume BUSH
ness, and We pledge ourselves and our best
endeavors to obtain that result
IRIS further resolved, That We wire the
United States comptroller of currency, as
surfing him that. with c. w. Thompson Is
president and c. +. Mallette as cashier, the
bank will receive the confidence and sup
port of the depositors and the public gen.
orally"
The latter portion OF your special Is also
erroneous. Mr.. Carrigan proceeded from
Washington to his home in Chillicothe,
O.. and have lately seen telegram from
him, stating that the loan was held and is
still available for use.
The representative of the comptroller,
while here, informed the depositors at
their meeting that in his official capacity
Mr. Eckeis cared little what became of the
financial interests of the officers
and stockholders. That his sole
purpose was to protect the
depositors. For this protection % we'll
intended. We can not but express our sim
cere thanks. However. We respectfully
submit, that as we are living at the scene
of action; that as We are the only people to
suffer in any event; that as we are en-
titled to be credited with understanding
what we want and what is for our best
interests; that as we are willing to shoulder
the whole responsibility of resumption. be
the result what it may, We feel that Mr..
Eekels should not turn deaf ear TO our
requests for the bank to be permitted to
open, which requests have ever been
couched in the most respectful terms, but
should grant us the relief without delay.
w. c. GARFIELD, Chairman,
RApreseptips a;vhtv-nira daDoxirnra