The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-12-25
l11E BANK Failure.
81 z syenr IS RELATED ny THE
AJAX EXAMINER.
s,ter Discovered in september
! ~ PRESIDENT Cole owed -
ss -. nat the Amount Was
Z. aeea-0tAer irregularities.

-, ,ssrs.. Dec. 2A--National Bank
\ N. wing, temporary receiver
49, ss,chs Nationa, bank, gave out q
y ~ ~ snnirht In which he says tnat.
& ~ As,,rse Of his regular examination
- .ss. AFFAIRS. September 10, he
( 4 u ~ 80 a. Globe checks outstanding.
M a. NOT appear upon the DOCKS.
w. - ~ charles N. Cole admitted this
H. ~ nsrsonal loan. Feeling that to
~ hsnk at that time would cause
3 .s,,ts Mr.. Bigelow. the only direc-
& "A .1ssssr reach, Mr.. Cole and Mr.. Wing
~ washington to lay the matter be-
:s.s 'comptro:ler Dawes.
~ Wing then said:
~ Bieelow then agreed to personally
s5snfee that Coles shortage sn9uia DC
~ good 70 the BANK a. omre, Soi 70 him
Tsssra Clark and Coolidge assisting
= - ranteeing Mr.. Bigeiow. s....
~ romptroller OF the currency direct
-, Nr. Cole should resign at once as
Sss'dent; that the whole matter snouia oe
In Ssfore the directors, and that
Se'6 Al the proper time. report the facts
q "a district attorney. At this time
Coolidge and Clark were each
Sss,2sins not more than 100000 Of the
~ III with plenty q security. ,a ana ea Mr
.s1ks~ owed not more than that, and had
bstmb sn enough on deposit to pay his
~ ~ me Following Monday Coolidge and
~ rave Cole $4,000 Cole added N2o. 900
Z s. own money and repaid 100000 OF the
Stf.in three days by the sale Of Coles
itiee 4 part being bought by Cool
49, Ssck through their respective brokers.
siSe banks assets were thus bettered
n (6ooO0 in cash. About month later
Err fhe full board OF directors. and fur
Nv Nv iSvesfigation showed that there were
i1SN0 more OF checks outstanding not on
m hooks. and that the Indebtedness Of
~ fSveil Arms Company was really much
i excess q the amount shown BY the
books md that Mr.. Cole was himself per
icnsily the holder Of nearly 100000 Of the
's mere was also found an apparent over
anft cf BQuires amounting to 1876 900 in
lddlticn to their regular loan. which itself
= Y sosss sa q ted ~ respo m for
iii oyerdraft either to the bank or to the
Souires and turned over to the bank his
M securities. including the Lowell paper
owned By him to secure the entire indebted
~, for which he admitted responsibility.
'slAIs amounted to nearly 100000 and
he securities turned over, at their then
market value. were considerably In excess
4 tlis amount.
The SIX directors and Messrs Coolidge
End Clark then entered into written guar
Sntee that the securities should be suffi-
dent to make good the Cole indebtedness
'llr. Stevens who was elected president
Noyember 3, the directors and Messrs. Coo
Hdse and Clark have since then done
everything In their power and made great
personal sacrifices to save the bank from
h1we 10y
'Ths banks assets are better of today,
" about 100000 cash, over 81 .000, 900 OF notes
md securities and the personal guarantee
81 these gentlemen, than It was at the time
hrOught the condition Of affairs to the
attention Of the comptroller:
'The connection Of Cole with the so-call-
a copper interests was not the cause Of the
0iobe banks failure. but his connection
Win these companies had provided him
With securities amounting in the aggregate
the then market price to nearly 81 ,6OO,-
~ Ihese securities we're not In the bank
shcn examined It. but were put up later
~. Cole to secure his Indebtedness
4 make this statement at this time to
CORRECT the various rumors now in circula-
mn - to the failure Of the Globe bank.
IN Justice to Mr.. Bigelow it may be
slated that, on September 10, he was the
ligest Individual depositor In the bank, he
y - IVES the largest when the bank closed