The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-10-25
For Refusing to Pay the Check
of the City of Tacoma.
BY ORDER OF MR.. ECKELs.
The Stockholders Live in Twenty
Other States Beside Wash ;ngton.
In Anticipation of the Closing of the
Bank Twenty Persons Had Applied
For the Receiver>hip-Their Names
Are on Mr.. Eckels' List OF Ineli-
gibIes.

Tacoma. Oct. a4-The Columbia Ma
nonal bank was closed little before /
o'clock this afternoon by Bank Examiner
Clary under orders OF Controller EckeIs
This action results from the banks fall
ure 70 meet the citys demand for cash
early last week. when money was wanted
10 meet an interest payment in New
York The hank refused TO pay the cty's
deposit OF $4,000. on the ground that ex-
Treasurer Boggs had deposited warrants
which are now found 20 be illegal until
validated. and the bank therefore brought
suit 70 have the eity's deposit offset with
the warrant account. The city promptly
protested the checks which the bank re-
fused 10 pay. and notified the controller
OF the currency.
4 conference Of the directors was held
last night. Director Charles r Corbit Of
New York city. w3s then in Washington
city c0nferr.ng with Controller Eckels.
From telegrams received last night from
afr. Corb.t the directors expected today
to get the controllers authorization to
have the capital stock certified at s35a000.
and to make an assessment al once to
put the hank on its feet. They knew
nothing 10 the contrary until Examiner
Clary stepped in today and took charge.
The bank was organized in 1891, AID had
a nominal capital Of S20Q.0O0. though $50
90 has been subscribed and paid for, and
the author. .zed capital is S51O,OG0. The
stockholders reside in twenty-one states,
including Washington, much Of the stock
being held ia Ciacinnati whore President
Oliver formerly lived. The officers are:
President, Henry Oliver: vice president.
J. II. wills: cashier, ". &. Peters. The
other directors are: George l.. Dickin-
son. p. 4. Eckhart. ". II. Pritchard and
Charles i. Coroit.
The statement Of September . showed:
Loans and discounts. $424.904; bonds and
warrants. 81, ,693: banking house. furniture
and fixtures 900: checks and other
cash items. S5.3SS; lawful money reserve.
$50 $50. The liabilities included: Undi-
vided profits. s2.5s4; surplus fund. s12.000.
individual deposits subject to check. S154,
6s4: demand certificates of deposit. SIe.-
15s: time certificates and deposits. SS,16l;
bills payable, $4,000. The total Of re-
sources and liabilities footed 10 Ssa1,2l6.
Pierce county two weeks ago withdrew
81 Coz in cash from the bank. which is sup
posed 20 have been one of the causes Of
it's failing 10 honor the city's check. No
douh, IS felt here that the bank viii pay
all depositors N full.
Bank Examiner Clary received the tele-
gram ordering him 10 take charge of the
bank at 1870 O'Clock. He az once assumed
charge. and has been busy all afternoon
taking account OF the assets and liabili-
ties Of the institution. Before Controller
Eckels appoints a receiver he VIII receive
a written report form the bank examiner
on the condition Of the bank.
II IS understood that when Judge Par
ker closed the German-American bank
not less than twenty applications for the
recesversh!p Of tlse Columbia National had
been telegraphed to the controller. Those
IN a position 20 know say the controller
will completely disregard any applications
made 10 him prior 10 the closing Of the
bank.
Secretary Weisbach eluded the service
Of the courts order citing him % turn
over the books and assets until late this
evening when he promised TO appear in
court tomorrow. The contempt proceed
Ing were continued 20 Saturday.