The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-12-25
Dine SAVINGS BANK.
~euFSr BSGELOw TELLS HOW
LOOSELY 1T WAS CONDUCTED
-. VIII Probably BE Brought
AGAINST the Stockholders of the
nauk-PresideDt Bfgeiow Makes .
sestenenf-A Pathetic scene-Rid
~ = Lewd Wife.

ga. case OF Bates vs. The Seattle Dino
s.xsDgs Bank, IL which an orcsT was
I'd BIZ Judge Langley some days ago
90 liz president, /. ~. BlgeloE. should
snsxsr before nsEn and orally answer
.ssealnx the missing assets OF the DAnk,
s-e 10 for hearing In gs1e equity DEPART
80 az tas superior court yesterday. The
Laos,tors OF the bank and Is receiver
~sss represented By Brady g. Gay. wnise
10 BigeloT appeared In person and ~
81 attorneys, Robinson A. EogelL
IRE receiver claims that the books OF
=. hank which came sEto his possession
x-nxsd that IL assets 81 the time Of gus
s~zslon amounted 70 SO. AT. whereas
mere was only turned into his hands
rsz12 wherefore he desired 70 know
mai mad became or tho missing assets.
-ne explanation OF l. -. Bsgelow. VINO
as presicsnt Of tho defendant bank. waa
sacst Interesting. lie claimed that BE pur-
Mssed Of ore LAanders al OF me stock
interest OF he original inccrporators Of
re bank, which ae claimed we're repre-
xsnted By LAnders. lie claimed that he
aaH for the same Dy giving To shares Of
re Bryu Mawr Land and lHyes .znsat
Company. which appears 10 haze been
corporation formed under the laws OF this
state for the purpos of handling town
siis addition 70 the city 81 Seattle, ana
which had been Incorporated.
II was further made 10 appear by the
examination that the stock OF the Bryn
uawr Land aad Investment Company
lad always remained IN the possession OF
LIN. Bsgelow, tho president Of the bank.
ssI was kept In his private box IN the
aAnk, and taat II vas never Estsd IN the
ssssis or books OF the bank ~ stocks
and bonds, but was always cenomsnaied
81 him as bills discounted.
Inquiry was further made OF Mr. Ege-
,ax respecting who were the stocknosasfA
ef eHse bank, the books failing 10 show the
actual bona 1de stockholders. and falling
to show that !. y. Blsclow, the president
Of the bank, was the o~neF OF any shares
an the stock. From tho answers which ne
made upon the witness stand Il was dis
eoysfed that ne had issued stock prolnsA-
enously 10 different individuals. with me
upderA tandlng that II they we're not later
satisfied with the interest returns and
earnings OF the bank they could surrender
their stock
Tie books OF the bank failed to show
hat T. ~. BdgeIow was the owner Of any
snarss OF stock but on tho witness stand
pseeiow said that ne did, III fact. own
afty-four shares. that his wife osned lsz
shares, G. NJ. Blgeiow ~ shares, ID. +. Big
sew shares. Robert Alternately share
Edmond Backe / share. *. Olson snare,
and L. r. Butterworth / share.
r. other worxis. from the showing made
N court. Il appears that the bank had not
only been conducted loosely. but that
from It's books and papers and effects X
was almost impossible 20 see what the as
setA are and who are the responsiDls par
ties: and IL also was made 10 appear thst
the assets of thu bank are very uncertain.
Therefore, Judge Langley issued an order
permitting the receiver 20 immediately
levy an assessment and institute suits
against all subscribers for the amount not
paid IN, and against all stockholders TOR
their double LIABILITY, as provided ~ law,
Mr. BigeGow, president OF the bank, SAID
yesterday:
as 10 my connection with the Dime
Savings bank, II cams about IN this way
In March, 1880. there came q weil-drcssea
Stranger into my Office and Inquired "
had q store on Pike street that l would
!el for the purpose of establishing bank.
sng business therein, b which | asaentssI
lease was made. beginning April ]. iA'&,
and terminating In two years. lie then
associated with himself Mr.. Fslward y
rroa, OF Portland. Or: Mr.. r. -. Small
ley and Mr.. A. V. Bel. OF this city, and on
June is they opened their doors for pNsl"
1ess. After about two months r. J. Lam
dsrs called me into the bank and asked IL
would consider a proposition 10 buy the
sock 81 his associates. rs they we're nQ1
uYeeable to him IN conducting the Rasi-
res My reply was thst II the funda
rsre at hand might consider Il. but ihss
was not ready then 20 invcsi. However
fexported then 20 receive in a few weeks
shout sis 90 from the sale 81 seFne ceal
lands few DAYS thereafter. hs sEsin
mentioned the subject and stated u was
not necessary that I should pay cash FOR
the stock: that II had good securities
they would ne accepted and would be
Placed In the bank In place OF those that
we're there. and that the cash that xas
then IN the bank would remain I'll uty
ronev came 20 hand. After further ne
Rotating ! presented my secsri;ies which
vsr- accepted. ard after aerosittng s..SN
N cash. with the understanding that as
soon az my money came "a hand Il shoaN
" placed on deposit. 7 took possession II
TIE hank stock. xr. I.anders being en-
esgaa az manager AMI cashier a. a siRtef
.siars He continued 20 manage the bank
81 June :, fs91 About this time We be-
ran 70 disagree. I wss not satisfied 20
Ian the funds OF the bank 10 the Boston
Fish Company. corporation 81 which he
was nsnaneF without other collateral,
which thew could not give. The result
vas an open rupture. :nH account OF
which he gave % the newspapers wh'ci
caused a run on tire bank the next cay
saat would have wrecked almost any Or
tlnary Aank Tut uanv of tire largest de-
sst urged me % continue the business. az
Z was then beginning 20 be appreciated
benefit 70 business on the street,
which then consented 20 DO. but wtih-
cat any salary or charge for rent til the
e'asing OF the doors Of the bank On July I,
hs
y submit nat he Dime SAVINGS bank
vas the strongest Of any ~ The suspend
e banks. although rot the LARGEST by any
nesns. and that Il hal more funds % Sc
ear. tn proportion. than any, or e wou'd
e., have stood tsil the last; e having
s'aes w'siie eight hanks were closed IN
sssilc and Ballard.
TIE receivers rorort iuisnates loss
{ ~ 90 IN stock values The securities
Stationed above we're taken ~ ne AZ the
sae Of lie dlGtcultv with fansars. and
Ises3 IN nv own private want. anH wera
ses turned over 20 she receiver WITH the
sshes assets. Bot re was toid they A-ouii
- The next Saw which was aore. ST.
Neigh he then refused 10 receive them.
ier reasons - his own. consider tsss
re assets were gaod when the bank re-
viewed them. ana II no designing parties