The Disappearing Developer
A local real estate operator vanishes, leaving behind a trail of dishonored checks, uncompleted houses, and angry creditors across Tacoma.
The story, cleaned up
A cleaned-up reading of the newspaper page: spelling and layout repaired, one story lifted off a crowded page. It follows the original closely but it is not a transcription. The original page is below; read it if a detail matters.
There is a loud and unanswered call for Archie C. Bell, who has been operating from offices in the Bank of Commerce building as the Home Building Company. Bell appears to have many creditors, some of whom are seeking a receiver, while others testified before a grand jury regarding dishonored checks. Bell has not been seen since Tuesday, when he telephoned from Seattle. Stories are circulating that he mortgaged lots he had already sold, while lumbermen, plumbers, and workmen are filing liens on homes he left unfinished. One resident, Setzer, sold Bell lots for $1,200 with the agreement he would take payment in a house Bell was to build; Bell mortgaged the lots for $1,100, and now the lots are gone and workers have placed liens on the house. Bell is estimated to have built $30,000 worth of houses, collecting deposits from residents who are now left in limbo.
“Bell's friends say he will be back. His creditors say they wish he would hurry.”
Real estate speculation and 'contractor ghosting' are historical constants in Tacoma, as seen by the lingering risk faced by homeowners dealing with undercapitalized developers.
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