The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-02-15
wHATcoMs wKEcKKD BANK.
The post rntsli u eneer" Told the Truth
About the Irregula laritIes.

WHsrcox. Feb. 4-TSpecisl. THE
Rereitie seems little inclined to strain at
. gnat and swallow camel in its reference
to the latest phase of the Puget Sound
Loan, Trust and Banking Company's COM
piication. In an editorial comment this
morning 1t says:
Receiver Black denies the statement in
the Posr-IsrTLLrGBScrR that he gayo the
directors of the r. = l.. & T. Co. an uti-
matum to either reopen the bank or be
sued and assessed He simply set before
them that they would have to get around
and meet the debts or he would have To
use his endeavors TO marshal enough of
the assets TO meet pressing liabilities; any
body who could not secure would, OF
course. have 10 be sued. LIZ was also erro-
neousiy stated that four directors owed
the bank 100000 This was not an accu-
rate statement"
The distinction made by the Rsreiue or
by Mr.. Back, whichever one Is responsible
for II, is rather too fine TO be apparent to
the ordinary reader. There is no sub
stantial difference between the proposition
as first stated in the Posr-IsTEIIfeEScEH
and referred to by the corresrondent as
being ''in the nature Of an uitimatnm,"
and that now set forth in the ReeeiAe as
above quoted. The statement that four of
the six directors owed the bank about
$iC0. 900 was based upon the correspond
ent's recollection of the testimony in the
recent case of Mccarty against the late re-
ceiver. Frank III. Richards. Having no
disposition to magnify the matter the cor
respondent IL glad 10 state that one Of the
four directors referred TO has paid some
thing upon his indebtedness, and the OBJ
legations Of the four TO the looted institu-
ton now aggregate \ little less than 500
Goa mere triiie. apparently. in the minds
of some of the gentlemen concerned, but
hardly so regarded by the creditors.
Among the alleged assets, however. are
various and sundry notes of other stock
holders. most OF them unsecured. By the
way. which bring the sum total Of the In
debtedness Of stockholders UP 10 fully.
800 o0. IL the evidence In the Richards
case may be considered reliable. Ii il is
necessary TO give the Odd dollars and cents
in order 20 satisfy any spologist Of the
management, that can easily De done.
Vow. in connection with the effort of the
directors TO secure extensions from the
creditors in order that they may reopen
the institution and give themselves ex-
tensions, it is well to note that the city OF
New whaicom Is by far the largest credl-
tor, having 81. $50 there ia the eity's name.
il being the balance Of n special
fund Of about s50.o30 deposited for the
paymen. Of certain warrants OF the city Of
o.a Whateou. and between 5000 and
500 Of city funds deposited ia lsensee's 5
name and now under attachment The
question il: Has the city council author
ity, or will it assurne authority. TO grant
extensions upon the ciiy's claims IN order
TO facilitate the reopenlng Of the bank and
help the directors 20 ssaye o-s proceedings
against ihemseiges7 IL /. not believed
thai the couacil viii be a party 10 such a
sckene. bat even without such aid the re-
oreDing OF the bank may be attempted.
and an effort made 70 keep the city funds
tied up IN the courts for year or two. or
possibly more. The hrst report Of the
county treasurer after The failure Of the
bank showed several thousand dollars OF
county money deposited there. bat In later
reports no reference is made 10 such q de-
rosif and the inference is tha. there must
have been some deal ''on the side" By
which settlsmsni vas Effected. The ex-
psnsss Of the pssssnt Escssvsfssip have