The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-07-23
HORACE l. CUTTER.
The Spokane Bank wrecker Who Has
Escaped to Mexico.


Escaped to Mexico.
san Francisco Examiner.
Horace l.. Cutter, who has fed to Mex
leo to avoid arrest on q charge of embez-
element, is well known TO many leading
hnanciers of San Francisco. He came to
California from Ohio about 1872 and located
in the southern part of the state. He lived
at Los angeles San Jose and Colusa, en-
gsging In the banking business at those
places. While Lying in this state he mar
ried Miss Harvey, and he has lived for
some months past at the residence of his
wife's father. near San Diego. Ii was from
there that he communicated with his
Northern friends, and through them got
wind of his Indictment. Cutter went
North in 1sS9 and settled at Spokane,
where he interested resident capitalists in
the organization of the First National
bank, of which he became cashier.
The venture was success and
made Cutter a fortune. When the
bank failed and receiver was
appointed it was shown that the affairs of
the institution had been conducted IN
very loose manner. The matter was finally
brought before the grand jury and Cutter
was indicted for endorsement The
amount mentioned is only $500. but il is
SAID that the inside history of the wrecked
bank will show Cutter to be q defaulter of
many thousands.
When the First National and Spokane
Savings banks went under in June. 1898
Horace L. Cutter, who was the organizer
and executive head of both institutions
was held responsible by the directors and
depositors for their collapse. He had dis
posed of his stock in the banks shortly be-
fore the failures, realizing, il is SAID. $780,
&C. q k..a all er.,l~ ~f ~.
National was rated high during the boom
days in Washington, and Cutter was
looked upon during that extravaganza
period as one of the wealthiest citizens OF
the town.
The First National stood first among the
banking houses OF Spokane. Its paid-up
capital was $4,000 and its deposits ran
from quarter TO halt million. When
the crash came there was barely enough
coin in the vaults to buy postage stamp.
The capital and deposits had melted away
in reckless investments.
After the great FIRE of August 4, 1889,
when the entire business portion OF the
city was SWEPT away, entailing a loss of
S.. 100. 600, Cutter Immediately erected
new bank building at cost of 500, 900.
Ii was built OF brown sandstone and
granite. The interior furnishings were of
mahogany, marble and onyx, the count
ing room being unsurpassed by any other
DARK Oh the coast. ihis ana other ex-
travagant expenditures weakened the re-
sources of the bank.
Cutter was leader Of the financial and
social world in which he moved. Carried
away by the excitement of the boom times
he rushed into all speculations having the
semelance of stability. He was one of the
promoters of the electric street car line,
owned stock in the electric light plant Of
the city. the Washington Water Power
Company, the Seattle, Lake Shore & East
ern railway, which had been built west
ward from Spokane and eastward from
Seattle, the object Of the builders being 10
connect the two cities
He also operated in mines and had large
investments IN grazing and agricultural
lands. He was patron Of the turf. an ex-
pert angler aud crack shot, moved among
Spokanes 400 and was a leader Of the
cotillion. Now he is fugitive from JUS
tien