[Volume XXV
THE CHICAGO BANKER
30
Northwest Banking News
Pacific coast and will return to Chicago the middle of August.
Favors National Banking Law
W. H. Ludden of Spokane, candidate for congress for the Third district on the republican ticket, announces in his platform that he favors a national banking law that will protect all depositors and insure a safe, sound and sufficient circulating medium, also the establishment of a postal saving bank. He believes the Interstate Commerce Commission should have full power to regulate rates on freights and fares and public service corporations and power to enforce them, also that the tariff should be revised so as not to foster any trust or monopoly and at the same time protect American industries and labor. He favors the exclusion of Chinese, Japanese and other oriental races and pauper labor.
Banking Notes
For the first four months of the current year the city of Spokane collected $104,990.52, or $3,760.07 more than was received in revenue for the corresponding period of last year. It is believed that the total revenue for 1908 will be in excess of $35o,°oo. The collections in 1907 aggregated $297,000.
The Washington & Montana Land Company, a Spokane corporation, has been organized with these officers : John E. O’Connor, president; C. B. Garrett, treasurer; F. S. Brown, secretary; C. M. Delameter, attorney. The company will deal in farm and city lands in the two states, also handling proved mining ground. The offices are at 316 Fernwell Building־.
Ten thousand dollars’ worth of 5 per cent school bonds authorized by the electors of Coeur d’Alene, Ida", were sold at par to the state of Idaho a few days ago. The board will use the money to erect a four-room school house.
Bank clearings in Spokane for the week ended July 17th were $6,246,063, a gain of $458,128 or an increase of 8 per cent over the same week in 1907. For the week ended July 16th, the clearings totaled $6,297,539, as against $6,413,369, a loss of 1.8 per cent.
The State Bank of Ralston, Wash., west of Spokane, which opened July 1st, reported deposits of $25,000 July 15th. Ralston was established two months ago and has nine business houses completed or under construction. These include a bank, general store, restaurant, flour mill, warehouse, blacksmith shop, livery stable, pool hall and lumber yard. There is also a concrete hotel which will cost $10,000.
It will have 40 rooms with baths.
dent and manager of the National City bank of New York. F. F. Johnson of Wallace, Ida., who is believed to be interested with Air. Vanderlip in the purchase of the Sweeny stock, also returned from New York, but declined to discuss the matter for publication. The report here was that a verbal option until August 1st, had been given to Mr. Vanderlip by Air. Sweeny on the stock in the local bank owned by him and the Sweeny Investment company for $500,000. It was also announced that Mr. Johnson had a 30-days’ option at $600,000. The report also is that when the deal is completed Mr. Coman will become president of the bank, with Air. Johnson as vice-president. The Sweeny interests own 3,754 of the 7,500 shares of the stock. It is reported among local bankers that the plan is to declare a dividend and reduce the present surplus, which is $500,000, in addition to the $750,-000 capital.
President Coolidge Dead
Alfred Coolidge, a director of the Traders’ National of Spokane, has received advices from Silverton, Ore., of the death of his father, A. Coolidge, president of the Coolidge & AIcClaine Bank, who w: s sick only a few days. Air. Coolidge was a resident of Silverton more than a half century, and was active in the development of that part of the country.
Chicago Visitors
H. A. Wheeler, president of the Credit Clearing House of Chicago, and chairman of the ways and means committee of the Association of Commerce and A. D. Stevens, pioneer merchants of Chicago, were in Spokane July 16th. They were entertained at a luncheon and auto drive by the Spokane Chamber of Commerce and expressed themselves highly surprised over the opportunities the Spokane valley and the country tributary to this city afford Eastern investors. Air. Wheeler said in the course of his remarks, replying to an address of welcome by Nelson W. Durham, editor in chief of the Spokesman Review, that Chicago bankers and wholesalers are awakening to the richness in resources of the Spokane country, and that much capital is certain to flow into the district as the result of its exploitation in the East and Aliddle West. “We came prepared to be surprised after all we had heard and read of Spokane,” he added, “but I want you to know we are doubly surprised— probably amazed would be a better word, as it is even greater than your most enthusiastic ‘boosters’ claim for it.” Alessrs. Wheeler and Stevens are on the way to the
Spokane banks had $10,189,504.-70 cash in hand and to their credit in outside institutions, according to statements in response to the call of the comptroller at the close of business July 15th, as against $5,-386,439.16 a year ago.
Deposits in the Banks
The total deposits of $23,073,-389.51, show the banks are on a solid footing. This means there v, ill be no shortage of money for moving the crops the coming fall. Calls are already coming in and the banks are prepared to meet any contingency. Lillis F. Smith, the wheat king of the Palouse country, south of here, who made a thorough canvass of the district, says the crop will be better than the average, which means $17.77 an acre, according to reports by the United States department of agriculture for a period of 10 years, from 1896 to 1906. The nearest approach to this is Wisconsin with $15.18, the lowest being South Dakota with $7.58.
W. D. Vincent on Conditions
W. D. Vincent, manager of the Spokane Clearing House Association, said :
“Conditions as a whole are very satisfactory. Alonev is comparatively easy and indications are the Inland Empire will have better than an ordinary crop. This and an abundance of money to handle it assures us a prosperous fall. Plenty of money is available for any legitimate enterprise or on good security.”
Old National Made a Gain of 17 Per
Cent
The Old National made a gain of 17 per cent in cash over Alay 14th. The Spokane and Eastern Trust company has a slight gain in deposits, amounting to a little more than 1 per cent, while the Washington Trust company has a gain of $45,285 in deposits. The Exchange National showed a gain of $228,737.
Outstanding Paper
In loans two of the banks have less outstanding paper than they had in Alay. The Old National’s gain in both deposits and cash may be partly explained by a shrinkage in the amount of its loans. The Fidelity’s loans amount to less than on Alay 14th. The Washington Trust Company and the Exchange National show a big increase in loans, and the Traders’ and Spokane and Eastern also have more loans than in Alay.
E. T. Coman Returns
Edwin T. Coman, vice-president and manager of the Exchange National, said on his return from New York, there is nothing to give out regarding the reported sale of the stock of Charles Sweeny in the bank to Frank A. Vanderlip, vice-presi-
Royal Trust Company-
Bank
:: Royal Insurance Building .
169 Jackson Blvd., Chicago
*
.4 State Bank	Established 1891
Interest Paid on Deposits
JAMES B. WILBUR, President EDWIN F. MACK, Vice-President and Cashier JOHN W. THOMAS, Assistant Cashier
THE
Chicago Title
AND
Trust Company
Furnishes
Complete and accurate abstracts of title.
Reliable and collectible guarantees of title.
Expert service as administrator, executor, guardian, receiver and trustee at the lowest prices consistent with the maintenance of adequate reserves for liabilities on guarantee policies and abstracts ; superior service and a complete and carefully constructed plant.
Assets Exceed $6,000,000
No Demand Liabilities
THE CHICAGO TITLE AND TREST COMPANY 100 Washington Street
President............HARRISON B. RILEY
Vice-President ..........A. R. MARRIOTT
Vice-Prest. and Trust Officer ...WM. C. NIBLACK
Secretary..............J. A. RICHARDSON
Treasurer..................W. R. I-OLSOM
GRAHAM & SONS
'BANKERS
STEAMSHIP AND INSURANCE AGENTS
ESTABLISHED J 857—51 YEARS 1
INTEREST ON DEPOSITS, ACCOUNTS SOLICITED, MONEY TO LOAN ON REAL ESTATE.
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