The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-01-13

The simple announcement attached 20
the curtain Of one OF the front doors of the
Seattle Savings bank yesterday morning,
that the bank was closed by order OF the
directors. did not fail TO create some small
show OF interest in the neighborhood Of
Second avenue south and Yesler way.
The interest attaching 10 the closing OF
one Of the financial institutions OF this city
was not confined 10 those who had sus-
tanned business relations with the bank,
but crowd or idlers. drawn by the ire
sistibls suggestion that something was
wrong, gathered and looked at the build
ing curiously. The drawn curtains and
air of quiet, coupled with the white paper
hanging in tie window and its simple an
nouncement, marking the passing OF a
business that came into existence when
things We're at their best, was construed
as an omen. by many. of the disaster that
pessimists reveI in.
In point of fact, the closing of the doors
to business yesterday by the Seattle Saw
ings bank was the logical result of a heavy
drain upon its resources OF day or two
previous. and IL was only after spending
the greater part of Monday night looking
into its affairs that the officers of the bank
determined 10 wind up the business. With
that determination the books were closed,
the vault was locked, and the programme
of the following day arranged.
The first thing was the action filed in the
superior court by j. W. Hughes one OF the
directors of the bank. in which a receiver
was asked for The application also asked
for the appointment of II. o. Shuey as re-
ceiver. and Judge W. II. Moore, upon the
showing made, issued an order appointing
Mr.. Shuey and fixing his bonds at SIS, 600.
The receiver filed his oath of office. but up
to o'clock last night the bond had not
been filed.
The condition of the banks affairs ex-
hibits aothing but most business-like
showing for the past, and had il been de-
sirable 10 continue il is not unlikely that
1t might be- done. The directors decided,
however. that accepting deposits after the
heavy run Of the day before might lay
them liable to charges of irregu.arity. If
nothing more, as the resources of the bank
were not Immediately convertible into
money, though largely in excess of the liza
bilities.
The figures given TO a Post-Inteliigencer
reporter by Capt. Ballard, the president,
We're: Liabilities. $4,000: assets Sl0i goo.
Including the furniture and bank property.
or this sum at least SS5.000 is rated as be-
ing in hrst-claSs securities, secured notes
and warrants being the bulk of the invest
ments classed as good. This sum is $1,000
in excess of the liabilities. and is regarded
as more than enough to close UP the affairs
Of the Seattle Savings bank.
The Withdrawals which precipitated the
closing of the doors yesterday morning
were those Of the new county officers and
one or two private individuals. The taking
down OF these large accounts depleted the
cash balance 10 such an extent mat the
hurried meeting OF the board of directors
was called 10 declare an emergency.
II was stated by Capt. Ballard yesterday
that In reply TO his question Monday, one
of the heavy depositors, representing
county office, had said that his reason for
withdrawing his money was the demand
made by his .bondsmen thar he have moth
ing 10 do, as far as his accounts went. with
savings banks.
The institution was organized in July Of
1890 with a capital stock OF $4,000. Its
present officers are: President, Capt. W.
X. Ballard: cashier. F. L. Ferret; direc-
tors. II. f. Holmes, j. NJ. Frink, =. ". Full
Ter w V Rinehart and J. W. Hughes.
The report that the banks affairs are in
excellent shape viii probably be confirmed
in a later report by the receiver. Should
there be satisfactory showing. il viii
doubtless do away with many small law
suits. The fact that ex-Treasurer Maple
is sdu the custodian OF S5,2Si4 of county