The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-11-22
THE ROsLYN BANK FAILURE.
Depositor Charges spipes and snivel,
With Breach Of Faith.

RosLYs, Nov. 2i.-lSpecial. with ref
erence to the North Yakima special in
Mondays Posr-INTxlLIeENcER relative to
Ben 4. Snipes & Co.'s affairs. DIR. w. II.
Harris, the Roslyn trustee, says:
THE direct cause Of the attack upon me
by Saipes and his attorney, III. ]. Snivelv.
was refusal to sign a deed to 10. !.
block IL, of the Hill tract, Seattle.
in which the consideration was placed at
81. About the time, this deed was pre-
sented was informed that Mr.. Snipes was
transferring property without the knowl-
edge or consent of the trustees, in direct
violation of the provision of the trust deed
under which his property was being held.
! questioned +. A. Abernethy, Snipes' per-
sonai representative on the board, and he
made an absolute denial of any knowledge
OF such transactions. Nevertheless
meeting of the trustees was called
and an investigation showed that
Snipes had transferred $4,000 worth of
securities, disposed of two car loads OF
cattle and placed in escrow deed to the
famous SnipesAlian ranch in Yakima
county, a l. l00-acre tract worth 100000.
without our knowledge. On this showing
County Treasurer Travers. whose deposits
aggregated Sic, 900, myself and a number
OF other depositors made application to
the court 10 set aside the trust deed aud
appoint a receiver, and a hearing was set
for next Friday. The allegation that
had endeavored to secure Ellensnurg
property from Snipes at half Its value in
satisfaction Of my claim Is unqualif:edly
false. / never conferred with Snipes
about the property, but talked with out
side parties on one occasion about putting
in an application for the Abrams property
under the provisions of the trust deed.
This occurred before | was appointed g
trustee.
After the deed was accepted by the de-
posliors the trustees gave notice that by
It's terms they would receive applications
for real property on and after Noyem Der
IL. but no applications were TO be accepted
prior 10 that time. Myself and Others, be-
leving the statements OF snipes relative
TO his ability 10 pay out, decided not TO
apply tor property, but 10 take our
chances Of getting our money out The
board of trustees we're getting along salts
iactari!y under the trust deed, and but for
she failure OF Snipes 10 comply with the
provisions of the deed the matter would
have been settled out OF court. We urged
the deposiIors 20 be patient, ana they
were until the actions of snipes became
pubic.
When the snipes bank. failed the Ros-
iyn branch was carrying about So. GO in
deposits. a leading feature of which Was
the widows and orphans fund. collected
at the time Of the great slope explosion
here, May 10. iss2 Here IL is generally
known that some of the anfortunsies are
suffering for ihe necessities OF life. and
more than a fex are absolute subjects Of
charity, with from 500 10 s. 50 tied up in
sngpes' bank. OF tue above mentioned
fund. over si0.Ca was secures i through the
agency Of the PusT-ISFELIIGEScER When
the bank vaults were examined after the
fslsare not dollar sas 10 be found,
although n large amount was carried out
of here on ihe morning OF the failure. Al
the tine of the bank robbery here in Sep
sember. isf2. report sas carrent to The
effect taat the Snipes baus vas Shaxy bat
Manager ASernethy disereditsd the rumo-
hy showing a telegram from snIpes offer
ing 70 xari $aae in cash al aalf an
hours nosice u AZ sas needed
About tsenty days AFTER ihe bank failed
NJ. snipes aud ii. j. snivelv met the
kosiyn deposasoss IN Unity hall and rep