Gile

The Scandinavian-Ameriean Bank of Tacoma was a banking corporation organized under the laws of the state of Washington. The original capital of the bank was $200,000, but this was increased on June 27, 1919, to the sum of $400,000, and again on April 15, 1920, to the sum of $1,000,000. The plaintiffs in error Gile and Jenks subscribed for the increased capital to the amount of $5,000, each paying therefor the sum of $125 per share. The subscriptions were in writing and the purchase price was paid in full before the delivery of the stock in April, 1920. The par value of the shares was $100 each. On January 15, 1921, the commissioner of banking of the state closed the bank and proceeded to liquidate its affairs. In the latter part of February, 1921, he levied an assessment of 100 per cent, on each share of the capital stock of the bank, in conformity with the statute, and gave notice of the assessment to all stockholders, including the plaintiffs in error. Payment was refused, and thereafter two actions were commenced in the court below to recover the sum of $5,000 from each of the plaintiffs in error as the superadded or double liability imposed on stockholders of banking…