29
THE CHICAGO BANKER
October 31, igo8~\
$700,000 to invest in first-class property, and most of this will be placed in Spokane and the country tributary to the city. Mr. Cadigan is much impressed with the opportunities the Spokane country offers for gilt-edge investments and loans, and he looks forward to an influx of Eastern capital within the next few years. Suspends Business Temporarily
Farmers’ and Traders’ National, of La Grande, Ore., has suspended business temporarily, due to a threatened run which was being roused over the report of the forgery of a note and its cashing. Officials say the bank is solvent. As soon as the state bank examiner makes his examination the reorganization and reopening will follow. Buys Interest in Company
L. A. Rothe, formerly cashier of the National Bank of Norfolk, Neb., has bought an interest in the Hawkeye Fuel Company of Spokane, a $50,000 corporation, and will make his home in
“Every Man for Himself”
Norman Duncan has given us a tale of Labrador, which is in keeping with his fame as the author of “They Who Lose at Love,” “The Fool of Skeleton Tickle,” “A Comedy of Candlestick Cove,” “The Squall,” etc.
His men and women live, his pages glow and pulsate with the full red blood of vigorous, many sided humanity. “Every Man for Himself,” Mr. Duncan’s newly issued collection of romantic Labrador tales, "is a book to be read and remembered. The various characters, Tumm, the teller of strange stories; Salim Awad, the Syrian poet and peddler, who vainly loves Haleema—betrothed to Jimmie Brady, the truckman—and who gives his life for a little fisher lacl: Totley and Wull, the traders, Jehoshaphat, old Bill Hulk, "By-an’-By,” Brown of Blunder Cove, Skipper Jonothan, and the other sailors; Aunt Tibbie, Aunt Phoebe, good Parson Jaunt, wicked Archibald Shott and poor little Jimmie Tool, each and every one of these, whether lightly sketched or painted in full color, is real as the man at your elbow. The situations and events that embosom and exploit them, sometimes humorous, sometimes unspeakably pathetic, sometimes tragic to bitterness, these show the imagination of a trained humanitarian, balanced by the harmonizing skill of a natural dramatist. The problems they suggest and discuss are tensely telling as can only be those of universal grasp and application.
Published by Harper Brothers, New York.
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Under Another Name
The title under which Ezra S. Brudno originally submitted the manuscript of his latest novel was “The Barrier,” as the plot deals with a young poet of Jewish extraction who falls in love with a gentile, and though there is scarcely any difference in their creeds, they are made to feel the barrier existing between their races. Before his publishers, J. B. Lippincott Company, of Philadelphia, made an announcement of the new book, another was issued bearing that title, so Mr. Brudno decided to change the name of his novel to “The Tether”—quite as expressive as the original one.
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The Dawson County Bank
The Dawson County Bank has been organized at Wibaux, Mont., by Henry Dion, E. S. Herrick, A. E. Aiken and Chas. A. Banker■, all of Glendive.
the events growing out of the receivership under F. Lewis Clark. He advises the creditors to petition the Comptroller of the Currency not to appoint another receiver, but to leave the matter in the hands of the individual creditors, to institute suit, if the)' desire, against the former receiver. Mr. Clark said before leaving for the East with his family that the bank was wrecked by its officers and directors and failed before he had anything to do with it. Mr. Clark and his son Teddy will pass the winter in the Maine woods for the benefit of the latter’s health.
Banks to Merge
Advices have been received in Spokane from Lewiston, Idaho, that the Lewiston National and the Idaho Trust Company will soon be merged. They are owned by the same capital and do business under the same roof. The trust company will handle only trust and savings accounts, while the Lewiston National will receive commercial accounts, confining its business to strictly commercial banking. The interior of the bank has been remodeled recently, the entrance to the upper floors of the building now being from the Main Street side. The bank room is one of the handsomest in the Northwest. It is finished in Italian marble throughout, with a heavy brass railing to form the cages. The vaults have been enlarged and the space doubled.
Expert Forger Caught
J. A. Misener, with various aliases, who, it is charged by merchants in Western Montana and Northern Idaho, flooded the Coeur d’Alene district with bad paper, was arrested by Sheriff W. A. Hamilton at Wallace, Idaho, October 17th. The checks were drawn on the First National of Missoula, Mont., and were signed with the name of Winston Brothers, railroad contractors. Passing two checks of the same number for $100 each on Alexander Swan of Burke, led to Mise-ner’s arrest. Misener did his work so well, the police believe he is an expert forger. When searched he had $150 in cash, a fountain pen and a big revolver, also three flasks of whiskey. Spokane Bank Clearings
Substantial gains are being made in clearings by the Spokane banks, the latest being for the week ending October 15th, aggregating $7,841,-074, as against $7,444,898 for the corresponding week in 1907, an increase of 5.2 per cent. There are also consistent gains in postal receipts, which in September aggregated $28,987, as against $26,233 the same month in 1907, an increase of 10J2׳ per cent. The receipts for the quarter ended October 1st were $88,111, against $75,-649 the same time in 1907, a gain of 16.4 per cent. The receipts for the fiscal year ended October 1st, aggregated $348,424, against $302,-907 in 1907, a gain of 15 per cent.
Spokane and Eastern Trust Company
Spokane and Eastern Trust Company, of which R. Lewis Rutter is secretary and manager, has taken a mortgage for $25,000 for three }'ears at 6 per cent on a lot occupied by P. A. Wilson’s apartment house at Third Avenue and Wall Street, recently completed at a cost of $80,000. The site is 150 by 177^ feet and is valued at $42,000. The building covers 80 by 145 feet, is four stories high and contains 137 apartments, most of four rooms each, the net revenue being about $12,000 a year.
To Engage in Investment Business
John J. Cadigan of Boston, where he was identified with the Real Estate Exchange and the Adams estate, has come to Spokane to engage in investment business. He and his associates have
Spokane, October 28.—Col. Albert M. Dewey of Spokane, president and general manager of the Okanogan Electric Railway Company, announces that the sale of bonds is practically accomplished for a line from a point near Nighthawk, Wash., to the head of navigation of the Columbia River, 80 miles, passing through Loomis, Q. S. mines, Okanogan, Ophir, Malott, and Brewster, traversing a territory in Okanogan County, remote from means of transportation, other than furnished by horse and automobile, stage and freight lines. The company owns a 50-year franchise, right-of-way and charter for a steam or electric railway. The road will connect on the north with the Victoria, Vancouver & Eastern extension of the Great Northern railway, and with the Columbia river steamboats and the Great Northern railway on the South, affording outlets to Spokane on the East, and Seattle, Tacoma, and Portland, on the West. Branches are to be built to Conconully, Omak, Riverside, and other points in the district. The cost of the line and equipment is placed at $2,612,280. Work is to begin in a short time. The company already has under yearly contract the hauling of 624,000 tons of ore. in addition to which there are thousands of tons in products of the field and orchard, and 1,000,000,000 feet of standing timber. It also has water rights to develop 30,000 horsepower, part of which will be sold to mining and manufacturing companies and towns in "the district. The company is incorporated under the laws of Washington with a capital stock of $3,000,000, and an authorized bond issue of $4,000,000. Horace B. Skinner, son of the late William I. Skinner of Little Falls, N. Y.. state canal commissioner, and one of the builders of the New York Central railway, is superintendent of construction. The officers are: Secretary, George D. Needy, and M. L. Bevis, treasurer. The Knickerbocker Trust Company of New York is trustee.
Spokane Real Estate Market
Remarkable activity is displayed in the Spokane real estate market, especially in West end property, where exclusive of $600,000 paid for the site to be occupied by Davenport’s $1,000,000 hotel, more than $400,000 worth of land in First and Sprague avenues has changed hands within the last two weeks. O. F. Smith sold two lots at First Avenue and Adams Street for $42,000; S. W. Smith received $20,000 for a lot in Sprague Avenue near Adams Street from O. Johnson; W. T. Stall sold to George W. Fox a lot in Sprague Avenue near Madison Street for $40,000; F. P. O’Neill received $35,000 for a lot at First Avenue and Jefferson Street; C. D. Stevens and John D. Needy sold a lot in Sprague Avenue near Monroe Street for $37,000, and F. P. Hogan sold the Congress Hotel Building and site at First Avenue and Lincoln Street for $140,000 to the promoters of the big hotel, who traded it to Mrs. Agnes McDonald for the Allen Building at Sprague Avenue and Lincoln Street. In connection, to show the rapid increase in prices, it may be mentioned that the Union Trust Company, of which James C. Cunningham is secretary-treasurer has refused an offer Of $300,000, by E. J. Barney, millionaire car builder of Day-ton, O., for a lot at Riverside Avenue and Stevens Street, for which it paid $200,000 a year ago. Final Report Ready
Arthur J. Shaw, receiver of the old First National of Spokane, which failed early in the ’90s, has prepared a final report to the creditors. lie goes into the detailed history of the failure and