The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-05-02
"A LOST WARRANTS
6urrns Nav Get Them Back
IRON Columbia Bank.
EWES FOR TACOMA HOTEL
wu =, sold By tho shsr16-Promi.
- Psss,snaers Arrested for
chinese Frnuds-

Il - usv Especial One vay fog
i n - a realize a large amount of cash
~vtdeuces Of credit represented By
g -. .ssr.s sr the suspended banks Gas
~ xssrpvered within the last two days.
- a :. rxrrs<d into effect Immediately the
Z snnt can be raised viii materially re-
- he situation
- the Columbia National bank
- last October tie city had, on deposit
! = - iDstitasion approximately Sl04 ~.
-, mart of this balance had been
- q deposits Of general fund warrants
sss - Treasurer Bcsgs shortly before
- - out OF Office Aany OF these war
- rers placed In the East A. security
~ s.ens Obtained By the bank. and they
= I'm lid BY those who advanced the
~ . The bank a proposition viii like
r = mahs by the city 70 Comptroller Of
- currescy Eckels 10 recover the war
- ~ paying the loans for which they
- - o.. OF the proceeds Of an assess-
- Issied against the stockholders. and
- thsm over 10 the city to be Cancelled,
s-rr1ne the balance 90 the city's credit
= ~ bank books and Al the same time
s-aurtng the amount Of floating indebted
- This would put the city In . position
"a fnnne warrants to m amount equal to
- eaureiesi
~ fhe best phase OF such an arrange
- = that. n carried out. 1t would rs.s
~ eify between $4,000 and $4,000. which
01r1d very nearly pay the interest on the
s1oor bonds due June l. In the present
- a the matter there Ii no way in
- 70 raise the interest due the first OF
- month II the ordinances calling the
11reion to vote the bonds were already
S1nD6d the election would have TO be ad-
1mgloef thirty days, and this would bring
= 70 the first of June In the ordinary
- Of business. the bonds would have
= - sold and the warrants redeemed with
- cash proceeds before the city could
- advantage, through the Milroy bill.
tn cGrrens tar levy. How much time
4 would take 10 transact this business
- enIy be conJectursd-
~ city ofiiciais are contemplating 4
0oDoaltion 70 the comptroller OF the cur
n1cy similar to that above outlined The
~ has set up a preferred claim 20 tho
100 Of the bank on the ground that the
0nv deposited By Its treasurer was trust
49, and the deposit special one. 1t
0unl1 be necessary TO abandon this claim
= oo6eF TO carry into effect the adjust
~ Of accounts between the bank and
- etty. AZ the city IL practically the soil.
GDn1eoe Of the bank. the abandonment OF
- slatm to preSsrence would not cut much
1IE1G II would also be necessary for the
~ 10 accept its warrants back as par,
1uuent OF the banks debt.
~ assessment by the comptroller on the
o6khotders Is = part OF the plan. Many
= he stockholders are known to be
Doslthy men in the East. who would will
~ pay their assessments as soon as
~ we're made. Within thirty days OF
- aceeptancs of the proposition by
c1nptrolIer Eckels 1t is estimated the cash
Geg1d be on hand.
rhntp Tiiinghast. attorney for Receiver
CAY. was asked about the plan as OUT
-. He would not discuss the matter
acept 10 say thss the offer would have 70
Z nado direct to compNpiler Eckels by