The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-06-06
NODEs ON THE NEWS.
Banker ZtmPi Dwiggins-The q. A. &.
And Pensions Federal OMcisls.

Banker Zimri Dwiggins-The q. A. r.
and Pensions - Federal OMcials.
The recent failure Of the chain Of banks
organized by Zimri Dwiggins was no sur
prise to persons familiar with his methods.
Ten years ago he was small banker at
Attica. Ind. From there he vcntured into
she speculative maelstrom at Chicago.
After running several bucket shop concerns
in that city he concluded to start . bank.
The institution was called the United
States National Bank, of Chicago.
At first the capital stock vas $50
600. subsequently it was increased to
$4,000. Out Of the United States bank
grew the Columbia bank. OF the Column
b,a Dwiggins was the principal manager.
His mode Of operating was delightfully."-
simple. II was in the rural districts that
ne found his most inviting field. His
agent would begin business by dropping
into some prosperous and unsuspi-
sious village. Did thev need q new
bank in the place? The visitor was
:itixen Of the town. usually thrifty
farmer, would be asked to become cashier
81 the establishment With his assistance
the bank would be organized. The pro-
inoter would take the largest block Of
stock. the amount running from IS, 600 to
$4,000 Tho necessary funds would
be advanced by Dwiegins or by
his associates In the Columbia. Then
Dwigsins or his representative would be
made president Of the little country bank.
The concern would be managed from the
central Office In Chicago. the bulk Of the
funds being kept at the reserve center.
tho Columbia bank. Whenever it was
not deemed sdvisaole TO start new bank
an interest in An existing institution
MA n aaH hn al NJ
tionaI the rural bank stock thus acquired
was either used rs collateral for loans or
bought outright by Dwiggins' main estab-
lishment. AS the money sent out to the
country" says Chicago dispatch. ''soon
came back to the reserve center the bank
Was not out Of its cash long. one
hand usually washing the other. Prac-
ticaffy no capital was required in the
promotion business. and the business Of
starting new hanks or buying into old ones
seemed capable of indefinite expansion"
When the Columbia National bank at Chi
cago suspended the New YORK sam said
OF Dwiggins: THAT mighty Western
hnancier, Zimri Dwiggins. the president
Of the Columbus bank at Chicago. is con.
sidered in New York the most ail.around
banker OF the country. IL was as
ccr,ained Yesterday that by the shutting
OF bank stock controlled by Uwiggins he
has been instrumental in organizing
eighty five banks. as follows: Forty-nine
in Indiana. sixteen in Illinois. eleven
In Michigan and nine in Ohio
After the collapse of pwicgins
Democratic paper printed an alleged inter
view with ham III which he WAS repre-
scented as saying John sherman approved
his banking system. az course Sherman
never did anything of the kind.
The Democrats are trying to turn TO
political account the troubles of Noah l..
Farnham post. q. A. r.. OF New York
This post adopted resolutions criticizing
the administration of the pension laws.
and. in violation Of the rules OF the order,
which IS non-poiiticai. published the
resolutions far aud wide. The post was
promptly suspended by the state rom-
msnder. amt the Democrats are trying ID
make out that by she suspension the q. A.
K tas declared itsel: on the pension qGes-
,ion, which assertion Is untrue.
The effort 81 the Democratic state CEN
tral committee 20 make Il appear that the
removal OF Republican Federal otfice-
holders In this state was due 20 fail
smueriess, has no succeeded very
wetl. Tor two reasons; First. United States
Attorney Winston promptly pointed ou;
that nls removal VAS FASTENED nv the in
agence Of railroad eogurany. and second
Collector Of Customs WasSon WAS sue
ceeded n office ny his friend Saunders.
president % Nass0u's bank
Several readers complain that the Posi-
iNTgtIgG E>cx - dlt noS rrsn, the n.wstha:
David starr Joydaa. president OF Stanford
university. had rsslened, The report ~as
untrue. and tia, 5 Why il was noi pr nteSi
In TINS paYSr.