The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-12-31
PRESTON TELLS HIS REASON.
WHY HE REFUSED TO SELL THE
BANK BUILDING.
fDgs with Reference 10 the Sc.
attle National Property-Wfu
Pay Interest On 42OO, 600.

The mandamGe proceedings growing out
OF the refusal OF HsroiG Preston. owner az
trustee Of the Seattle National Bank build
irg. 10 sch the property. In alleged viola
ton or the rights OF certain bensgtc.ariss
under his trust. came before Judge Moore
IN the superior court yesterday. bu, were
continued before the hearing had progress
ed Tar until Jarnery "a AT that time
the application Of the alleged sufferers by
Trustee Pres;ons action for q peremp.ory
writ % mandate will i.e heard
Attorneys elise & King were presen: IN
court, REPRESENTING II. II. viele and Whit
tier. Fuller 4 Co. the plaintiffs IN the scit,
While Mr. Preston appeared for himself
ana was further represented by Assar-
neys Donwerih an6 Howe. Both sides ex-
planned the nature of the suit to the court
ara then consented to the continuance
During the hearing Mr.. Preston filed hss
answer TO the petition for a writ of man
cate. 1t Is quite lengthy, but contains lit
i.e IN aduiticn 10 the defense as outlined in
me Post-lnteiligencer at the time Of the
.i.lg OF the mandamls suit. Cne point of
oiaerence Is that IN his answer NJ. Pres
TOT. denies that ne Is any longer the sd
ministrator Of the H. A. r. Carter estate
answering the allegation that under the
yer IFS OF his trust agreement with the Car
MS duty TO sell the building whenever he
could get enough for IL TO pay all benefit
ciarses claims. he admits that this ailega-
ton Is true. except that he has the option
10 sell provided he pays TO the bsneiiciarses
inder his trust the sums secured to them
oy the trust deed. 1t has always been I'M
cerstood. ne alleges. that it il his duty to
get as much by a sale of the building az
possible, the excess over the amount ssfYi-
cient TO pay the claim of the Carter estate
the ranking creditor. and the claims of the
subordinate creditors, to go to the Carter
estate.
This privilege, he says. was never CUES
toned ny even the plaintiffs until just be-
fore the commencement Of the mandam,ts
suit As showing his good faith Mr. Pres
ton says he has since the commencement
OF the suit paid the claims of all the sub
ordinate benefciaries except the plaintiffs
who refuse TO accept the money rendered
them.
Continuing. Mr.. Preston alleges that the
tender 10 him of $4,000 by Lyman c. Smith
In payment for the property was in pursu-
ance OF scheme entered into between J.
". elise. the plaintiff viele and one w H.
White. TO sell the property 10 Smith for
$4,000 ard by compelling the trustee TO &C.
cept in full payment $i52. 900. to make a
profit Of $500 rightfully belonging to the
Carter estate.
The rest OF his answer Mr.. Preston de-
votes to 4 statement of his doings as trus-
tee. He has been the owner of the build
When he purchased II at sheriff's sale It
was unfinished poorly rented and not pay
ing fixed charges. Since that time. he al
leges, he has finished the building up and
so managed II that II Is we'll rented and
pays a srm far in excess OF fixed charges
The building. Mr.. Preston says. is fully
worth $4,000 and will pay interest on THAI
sum He Is he says, now negotiating to
sell 1t for $lS0.00 and has given an OPP
ton for that sum.