The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-06-04
No RECEIVER NEEDED
Merchants National Bank Will
Pay All Claims.
OUPlIcITY oiseusTs scKELs
Bakers Former Friends Now Trying to
Down Him Stockholders Rails
Ing the Deficit.

After ali the wire pulling OF the host Of
applicants for the position Of receiver for
the suspended Merchants National Bank
or this city. Il nov seems about certain
that no appointment VIII be made by
Comptroller EckeIs. The position would
have been very nice plum, as the salary
attached would be al least $50 per month
and would last two or three years X
was learned from a reliable source not di-
rectIy connected with the bank, that
Comptroller Eckels Is very much inclined
70 favor the proposition OF the stock
holders to raise sufficient sum OF money
10 pay OF all Immediately pressing claims
on the bank and to 20 into voluntary Aqui-
dation With the amount that is proposed
10 be raised at once and the other availa-
bic assets which can readily be turned
into cash, the obligations Of the bank can
be met. depositors paid IN full and good
surplus left over TO divide among the
stockholders.
Bank Examiner Carson was unwen yes
terday and was not at his accustomed
place at the bank. Mr. Clary. when ap-
preached on the subject, closed up like
clam and said that there was absolutely
nothing to give out for publication. a per-
son who is well Informed on the affairs OF
the hank. however, stated that no receiver
would be appointed. He stated that few
days ago. with the consent OF the comp
troiler OF currency, reliable ana coHaLe-
tent business man. who VAS agreed on ~
the stockholders in a meeting held Tor the
purpose. went through and Thoroughly ex-
amined the assets of the bank and made
report 20 the effect that II certain named
sum of money was raised by the STOCK
holders at once in cash and the bank Kept
out of the hands of receiver, all hahli-
tiles could be paid OF. including the de-
positors and a snug sum LETT 10 divide
IL ~. saFsl ~
the only persons not recovering doaiar TOT
dollar This report was forwarded 70
COMPTROLLER Eckels. who wired favorabIe
reply. and the work Of raising the neces-
sarv sum Is now going on with every IN
dication OF success.
Meanwhile the friends or the other
candidates for receiver have comolheo
their forces 10 defeat Charles H. Baker
who is the strongest candidate. ana ac-
.ortiine TO a special dispatch 10 the POST
InteIligencer have got into hot water oy
It, The dispatch reads:
'Washlngton City. June 3.-S7eciaI-As
soon as the Post-Intelligencer announced
the likelihood OF Charles H. Baker beng
anDointed receiver OF the Merchants Ma
tional bank, telegraphic protests began 10
pour In on Comptroller Eckels. Mr.. FAX
er was designated as incompetent, Fcor
business man, incapable OF eondnctlng
financial affairs, etc. The comptroiier
took the kilograms and compared them
with the mass of endorsements OF Baker
as a bus ness man when he vas cSndi-
da-, for postmaster ana found many o
Bakers strongest indorsefs Cor postm,st-
or Fekels has written letters 10 the pro
te>tets asking the meaning cf their be
ing double-faced in the matter. The &C.
ton OF these men has lowered the comp
trCllsr's high opinion OF some OF the citi
yes OF Seattle. lie also learned that
Faker IS indebted In a small amount TO
the Merchants bank. hence the appoint
ne mt has been held Up. as Eekels " Ill not
appoint any man owing the bank. Tho
next man in line for receiver Is Josiah
Collins, who has some exceilen- indorse-
mtrts from Seattle and North Carolina.
Cen John II. Bryant has been hfIe and
cal,si on the comptroller 30 urge tho ap-
poininlent OF Collins.
This morning the comptroller rsce ved
a message requesting him to issue 4 cell
for 1 % per cent. assessment on the capt.
"a. aa4 allow the bank TO hquidatc with
o ~ a receiver. lie wired back that suen
a hing was not IN "a -cortl1nte with law.
bLt snould all the stockholders volur, ar
lily Fsree 10 pay a % yer cent. assessment,
which would restore the impaired caAiiaI,
he might allow the liquidation and not
appoint a receiver. Before taking further
action he will await 4 reply from Angus
Mackintosh and others"