23
THE CHICAGO BANKER
September iç, iço8\
Northwest Banking News
Banking Notes
Building permits for the first eight months of 1908 compared with the same period in 1907 show that 2,oio of a value of $3,367,461 were issued this year, against 1,235 °f a value of $4,491,411 in 1907. Two hundred and four permits of a value of $400,421 were issued in August, against 161 permits of a value of $410,-546 in August, 1907. While the figures for last year were greater, the number of permits this year is larger, indicating more activity in building. Last year’s cost figures were helped by the issuance of the Paulsen building and Federal building permits for $1,500,000.
Spokane’s bank clearings for August were only $321,151 below those of the same month last year. The clearings for August are $24,-210,141, as against $24,531,294 for the same month in 1907. For the third successive week the clearings have exceeded those of the corresponding week of last year. For the week ending September 3d the clearings were $5,-647,703 as against $5,408,350 for the same week last year, an increase of $239,353, or nearly 5 per cent.
Mayor Gellatly of Wenatchee, Wash., has been advised by the state board of finance that the proceedings leading up to the city’s $55,-000 bond issue to improve and extend the water system were regular and that the bonds have been accepted by the state. The bonds were voted May 19 and carried by a heavy majority. They were then advertised and the bid of the state board of 4J4 per cent was accepted.
Banking and other branches of active business life are to be added to the courses of study in the Spokane high school under the supervision of J. C. Staley and FI. J. Oke.
The Banks of Mexico
The banks of Mexico are reported to be in need of increased resources, in order to finance many proposed enterprises; and without a doubt any improvement in the money market will bring large capital into Mexican fields. The recent stringency, both in the United States and Europe, has not prevented the Mexican banks from paying their obligations in cash, but it has been the means of prohibiting the lending of money except upon sound security at the high rate of 12 per cent interest, an increase of 2^ per cent since last July. Foreign exchange is very high, and little or no business is being done with the United States, all drafts issued being still made payable through the clearing houses. The Minister of Finance strongly advocates the necessity of a bank having its numerary values and documents in such a condition that it may convert the sum represented into cash assets at a moment’s notice to cover its liabilities on presentation. He also condemns the practice of the banks in allowing interest on open accounts, the reason being that time deposits are most desirable and protect them from unlooked-for
Bank Examiners to Confer
Washington. — Comptroller Murray has called a meeting of bank examiners in the East here September 21st. A similar meeting will be held in Chicago of Western bank examiners. The object is to perfect a plan along defined lines and raise the standard of examination.
larger and more certain returns on investments.
Edison Pleased with Spokane
Thomas A. Edison, electrical wizard, who with his wife and daughter passed several days in Spokane the week ended September 5th on the way to the mountains in Canada, said during his visit in the Chamber of Commerce: “It has been a marvel to me that Spokane escaped altogether the hard times that followed the financial depression of last October, but now that I see what you farmers and fruit growers have done I can understand it and I fully appreciate the situation. The high prices for products and the prosperity of the real wealth producers have stimulated all other lines of trade and industry. Your people are optimistic, it is in the air, and I like that, as I am tremendously optimistic myself. If I were a young man I would want to remain in this country, and when I return East I am going to advise some of my young friends who have a few thousand dollars to come to the Spokane country and invest.”
Old National Bankmen’s Institute
Old National Bankmen’s Institute elected these officers at its third annual meeting September 2d: President, Joseph Baily; first vice-president, F. P. Randall; second vice-president, F. S. McWilliams; secretary, G. H. Greenwood ; treasurer, W. J. Smithson; sergeant-at-arms, Thinco Maddison; executive committee, Joseph Baily, W. J. Kommers, B. L. Jenkins and R. F. Bigelow; educational director, B. L. Jenkins. An interesting feature of the meeting was a test of the primary election law, the candidates being selected by a preliminary vote, after which the three highest were balloted on for election. Mr. Baily announces that 1908-9 will surpass any previous year in point of interest, especially so far as it pertains to the study of live banking topics and actual bank work.
Spokanel'Chapter
Spokane chapter of the American Institute of Banking decided at its last meeting to establish club rooms and a committee was appointed to look into the project and report in October. The committee includes:	Charles
Ham of the Exchange National, E. R. Anderson of the Fidelity, E. Armstrong of the Spokane & Eastern, Ira Yount of the Old National, W. Boileau of the Traders National, and A. E. Longshore of the Fidelity. The banks in Spokane are backing the movement. The chapter is also planning for some branch of indoor sport to take the place of the outdoor league which just finished a successful season. Basket ball or indoor baseball seems to be the favorite.
Dividend on Common Stock
Reports have been received in Spokane that the Federal Mining & Smelting company, of which Charles Sweeny, head of the Exchange National bank here, until recently a resident of Spokane, now of New York, is president, will soon resume the payment of dividend on common stock, which has yielded no profits since December, 1907. The preferred stock is earning 124 per cent in monthly dividends. There are 1,500 registered stockholders. The company owns the Standard-Mammoth, Morning, Tiger-Poorman and Last Chance mines in the Coeur d’ Alenes. At the close of its last fiscal year the surplus amounted to $1,836, 593, after paying $1,917,741 in dividends.
Spokane, Wash., September 15.—Seventy-five million, seven hundred thousand dollars increase over 1907 is noted in the 1908 figures so far completed by the state board of tax commissioners for assessments on railroad, telegraph and street railway companies in Washington. The figures, based upon 60 per cent of the assessed valuation, are:	Railroads,
$119,525,433; street railways, $25,000,000; telegraph companies, $422,834. The distribution is as follows:	Northern Pacific, $66,600,000,
Great Northern railroad, $35,400,000; Oregon Railroad & Navigation company, (Harriman system), $9,900,000; Spokane, Portland & Seattle, $3,000,000; Western Union Telegraph company, $376,613; Postal Telegraph company, $45,771. The assessments within Spokane county are as follows:	Northern Pacific
railroad, $4,341,795; Great Northern railroad, $4,164,469; Oregon Railroad & Navigation company, $1,063,991; Spokane International, $363,481; Western Union, $34,339; Postal Telegraph, $1,766. The assessments of street railways where the companies are engaged in lighting business include light plants. These assessments follow:	Spokane & Inland Em-
pire railway, $4,706,603; Washington Water power company, $1,064,057; Whatcom Railroad & Light company, $1,017,059; Everett Railway Light & Water company, $1,286,677; Tacoma Railway & Power company, $2,561,-016; Grays Harbor Light & Power company, $498,090; Yakima Valley Transportation company, $17,913; Walla Walla Valley Traction company, $139,752; Puget Sound Electric Railway, $3,324,616; Seattle, Renton & Southern Railway company, $377,821. The foregoing figures do not include the Tacoma Eastern railroad, the Seattle Electric company or the Pacific Traction company. These will add more than $30,000,000 to the grand total and swell the increase to about $80,000,000.
General Prosperity in Spokane
Homeseekers and capital from various parts of the Middle Western, Eastern and Southern states are coming into the Washington, Idaho, Oregon and Southeastern British Columbia country to take up farm and orchard lands and make other investments in the development of the vast resources of the country. This movement is not a sudden one. It has been growing steadily for years, as the reports of extraordinary crops and activity in mining, lumber, railroad construction and building operations have been sent broadcast over the continent. The newcomers are of the best type, who bring with them sufficient capital to invest and engage at once in the various pursuits of wealth production. Largely accountable for this is the extensive and systematic advertising of the country’s riches, but the permanent part of this is that results have been obtained by the settlers and capitalists brought into the various districts through exploitation by railroads and commercial bodies. One satisfied investor or rancher or fruit grower is worth more to the Northwest than a score of tourists, for the reason he becomes a booster every time he writes of his experience in the new country to his relatives or neighbors in the old home and his prosperity is an incentive for them to follow and duplicate if not excel his successes. Another big factor is the general prosperity and the undisturbed condition, and especially the Spokane country is such that it appeals to farmers who seek to better their condition, as well as to capital seeking