The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-07-14
CRASH AT CHEHALIS.
Commercial State Bank Fails
70 Open Its Doors
DUE TO AN EASTERN FAILURE.
4 Receiver Appointed fbr the Doern-
bscher Furniture Co. Whose stock
holders Are Embarrassed.

chehahs, July l-Special-The Com
merciai State hank OF this place failed 70
open Its doors this morning At the OPEN
ing hour Q. Gsngrlch posted a notice 10
the effect that he had been appointed re-
ceiver for the hank and was in charge.
Following the suspension Of the bank
came the announcement thst y. B. Hol-
brook had applied to the United States
court So Tacoma for the appointment OF 8
receiver for the Doerneecher Furniture
Company Of this place.
NJ L Ho1nrook. president OF the bank.
later IN the day assigned all OF his prep
erty 70 John D. Rice for the eeneft OF his
creditors.
These failures were The result OF the
failure os n. B. Holbrook. OF Marengo.
Iowa. the principal ssockholder in the
bank and furniture factory. Yesterday
morning II. L. Holbrook receiver a dis
patch from him stating that he was I'm
able to honor demands upon Asm for
funds. and would be compelled 20 make
an assignment this morning. President
Holbrook at once called meeting OF the
directors OF The bank. and. although there
were several thousand dollars on hand
In the vaults. Il was declded that the best
plan was not to open this morning. as the
Marengo failure and the maturing chli-
cations that could not be met would COM
pei the bank 20 suspend within few
days
The assets OF the bank are not yet
known. Its liabilities to derositors outside
of borrowed money are ABOUT $4,000. The
total liabilities are IN the neighborhood Of
s70.Ooo. AS the banks business has been
well managed. II Is believed there is no
doubt that 1t will pay up. Mr.. Hoibrook
states that he is confident that II viii pay
every dollar TO deposltors without an as
sessment on the stockholders. A part OF
the banks liabilities Is the banking house.
built within tbs last three years at a cost
OF about s2o.oo0. The hank also holds sew
eral thousand dollars OF the furniture COM
pany's paper.
The Commercial State hank was organ
ICED In June, ISL. 20 succeed Bailey &
Swain. bankers. It was capitalized at seS.-
ooe. In 1888 the paid In capital was IN
creased to $50, 600. The officers are: NJ. l..
Holbrook. president; William West. vice
president: w. s. Berdan. cashier: direc-
tors. John T. Newiand, n. b. Holbrook.
c. w. Maynard. c. w. Long and William
West.
Few OF the deposits are large. N. B.
Ho,brook had on deposit $500. the Fort
estate S, oeo the assignee OF the Blake
bankrupt stock $500. tho city ss,oeo. the
county 5000. The other deposits are OF
smaller sums. and belonged 10 persons
here and In Winlock principally.
Tho affairs OF the furniture company
are in good shape, and Il Is not believed
that this company will be more than tenn
porarily embarrassed. The plant is oper-
ating today as usual, and inasmuch as
the business Is making money there Is
every reason to believe that arrangements
with the creditors can be made without
trouble. The assets OF the company are
over $4,000, It's liabilities about $4,000.
Nineteen thousand dollars of the assets
Is in cash. representing the insurance on
the stock which was burned at San Fran
cisco last Saturday. Other assets con-
sist OF $4,000 of book accounts, over s22.-
900 worth OF finished and unfinished stock
at the factory. 5000 worth OF stock at
Portland. and $1,000 worth OF lumber IN
the yards. Most OF these can easily be
converted into cash In a short time and 1t
is considered safe TO say that the factory
VIII not shut down.
The furniture company Is capitalized at
10000. II was organized and the plant
started In 1928. The principal stockhoId-
ers are T. s. Doernbecher, y. n. Hoi~-
brook, NJ. L. Hofbrook and j. S. Greig. 1t
has been a money-making venture from
the first. although the profits have all
gone to enlarge and improve the plant.
In the beginning II employed twenty men,
Now Il employs 10 he~. beside those 10
whom It gives employment IN the lumber
camps and mills that cut for II. It's cspa-
city Is over $4,000 worth OF finished stuff
per month. and ii has been working on
fun time Last week alone orders for
more than 10000 worth OF goods came IN.
The company has branches in San Fran
cisco, Portland and Honolulu.
Judge Hanford at Tacoma this after
noon appointed William Uruuhart. OF this
place, receiver for the furniture company,
with power 10 operate the plant
President Holbrook, although complete
iy upset by the developments OF the last
two days, takes a very hopeful view OF the
situation. He says he is wholly ignorant
OF the condition OF his fathers financial
affairs. but unless they are in worse shape
than he anticipates he believes affairs here
can be Strengthened out in a short time.
The embarrassment OF n. n. Hoihrook
IS due 70 large and unfortunate invest