Three Banks, One Creamery, and a Race Against the Clock

Tacoma, March 28. Special. Special Attorney E. M. Carr, of Seattle, had a lively time here today. In the course of the afternoon he did about the tallest hustling he ever did in his life, and incidentally nearly had a rough-and-tumble fight with a Tacoma attorney. However, he came off victorious at last and goes back to Seattle happy.

The trouble was all over the endeavors of three banks to get hold of what little property of the Crescent Creamery Company still remains here, to satisfy their various claims. There was not enough property to go around and no one wanted to be left.

The Seattle National bank, represented by Mr. Carr, held a judgment against the Crescent Creamery Company. Execution was issued three months ago on this judgment, but the Tacoma National bank and the Traders' Bank, of Tacoma, had subsequent claims amounting to several thousand dollars. They did not want the execution enforced, because in that case they would be left holding the sack and the Seattle bank would get the money. The Tacoma banks accordingly sought to effect a deal whereby they should pay the Seattle bank for its claim and thus secure to themselves a prior lien on the property of the insolvent debtor.

While these negotiations were pending the thirty days' limit for selling the property under the execution expired, and a thirty-days extension was secured by Judge Parker. This additional time ran out at 3 o'clock this afternoon.

Today Mr. Carr came over from Seattle and met several of the attorneys in the case in the office of Little & Fogg, which firm was associated with him. At 2:30 o'clock word was received that Judge Parker had just issued an order, on application of Attorney Richardson, for the Tacoma National bank, restraining the sheriff from selling the property until hearing was had within three days. This injunction would seriously delay the claim of the Seattle bank if it could be heard off in the few minutes remaining before 3 o'clock. Mr. Carr, of course, was angry when he received the news. He denounced Richardson as being guilty of unprofessional conduct. Richardson came in just then and Carr told him what he thought of him. Carr was about to strike Richardson, when Under Sheriff Paulhamus, who was present, interfered and suggested that Judge Parker could not have been aware of all the circumstances or he would not have issued the injunction.

Carr saw the point and he hastened up the hill to the court house at a 120-second rate. On his explaining matters to the court Judge Parker instructed Under Sheriff Paulhamus to proceed with the sale immediately, and the case would then be reviewed tomorrow. To escape the effect of the injunction, the sale must be made before 3 p.m. There was no time to lose. Under Sheriff Paulhamus started for the wharf on the dead run, with Carr close in rear. Paulhamus reached the wharf and the Crescent Creamery building, the property in question, at 2:55 p.m. He proceeded to auction the property off, and Mr. Carr proceeded to buy it in for the Seattle National bank for the face value of the claim.

This leaves the Tacoma banks with the alternative of losing the amount of their claims or getting it out of the stockholders.