[ Volume XXVII
THE CHICAGO BANKER
16
NEW LOW COST POLICY
The Pioneer Lite Insurance Co. has just issued a New Low Cost Policy. There is an undoubted demand for life insurance at actual cost, and this form eclipses anything heretofore ottered by a reliable life company.	6
Current Cost Rates on New Policy
A־e al Entry	Annual premiunl
2?	$10.00
"	10.22
12	10.61
an	11.27
12.39
in	14.26
50	17•08
Write for Free Specimen Policy and rates for all ages. Business done by mail-no agents to bore you. An ideal method for busy bankers and business men. Address—
		
Geo. 1. Colburn President		PEKIN ILLINOIS
1		
WE HAVE VALUABLE PAR POINTS
also a large volume of items to be collected. Our collection facilities are excellent.
Correspondence Invited
The National City Bank of Chicago
Capital, Surplus and Undivided Profits $2,000,000
OFFICERS
David R. Forgan, President	L H. Grimm־, Cashier	Alfred L. Baker, Vice-Pres.
F. A. Crandall, Asst. Cashier	H. E. Otte, Vice-President	W. D. Dickey, Asst. Cashier
R. U. Lansing, Manager Bond Department
favor of the bank, of which Swanson was president. B. C. Mosby, receiver of the railroad company^ refused to pay the note, alleging that it was practically a note issued by Swanson in favor of himself, and that the railroad company was not liable for its payment.
Keeping Money at Home
Thomas H. Brower, vice-president of the Exchange National Bank, gave out this statement, June 17th: “The influx of money from other cities into the New York banks does not extend as far west as Spokane. The money is mostly from Chicago and the eastern states. Spokane has the usual amount of money in New York that the local banks carry thereto meet their drafts It averages about $1,000,000. The West is keeping its money at home and is not sending it away.”
Becomes a Benedict
Miss Clara Williams, formerly of Henry, 111., and Samuel T. Jordan, connected with the Washington 1 rust Company of Spokane, were married a few days ago at the home of J. Grier Long, president of the institution. After a trip of two weeks to the coast they will live in Spokane.
Gives Opinion on Insurance Laws
Interpreting old insurance laws as amended by the last legislature of Washington, the attorney-general has ruled that every life, accident or casulty insurance company incorporated and operating on the straight premium plan must have $100,000 subscribed capital at least half paid up before it can do business in this state.
Banking Notes
Benton County National Bank has completed its new building and opened for business at Pasco, Wash. Its deposits amounted to $10,000 the first day. ^ G. W. Hamilton is president, E. L. Stewart, vice-president and C. R. Harper, cashier.
The superior court at Colfax, Wash., has confirmed the appointment of J. E. McCormack, president of the Security State Bank of Palouse,' Wash., as receiver in charge of the Palouse State Bank, closed May 21st.
Latah County State Bank, Deary, Idaho, is opening a branch at Bovill, Idaho.
than the first five months of 1908 and $36,325,-000 more than for the entire year of 1903. He adds in closing:
“ Statistics such as these convince one without doubt of the growth of the Inland Empire and the rapid development of its magnificent resources and we are ready to believe that we have only commenced to take from the hand of plenty a few of the opportunities she offers in this great empire of the Columbia.
Judge A. G. Kellam Dead
Judge A. G. Kellam, a native of New York, born in 1838, who was engaged in the banking business at Hampton, Iowa, soon after the close of the Civil War, afterward coming to the Northwest, died in Spokane, June 16th. The funeral was conducted by the G. A. R., of which he was a member.
Young Banker Marries
Miss Josephine Horton of Spokane, and Leonard P. Nelson, cashier of the Potlatch National Bank at Potlach, Idaho, formerly with the Exchange National Bank of Spokane, were married at the home of the bride’s sister, Mrs. B. L. Willis, here, June nth. Mr. and Mrs. Nelson will go on a trip to Alaska, returning about the middle of July, and will make their home at Potlatch.
Investment Company Organized
т Articles of incorporation have been filed by the Kootenai County Investment Company at Coeur d Alene, Idaho, designated as the principal place of business. The capital stock named is $12,000. The trustees are: O. D. Jones, L. O. Sweet, William Simons, J. H. Norquist, of Wallace; D. E. Keys of Mullan; and William Dollar of Coeur d’Alene. The purpose of the corporation is to deal generally in real estate, and its life is lim-ited to 50 years.
Supreme Court Affirms Judgment
Supreme Court of Washington has affirmed judgment for the plaintiff in the case of the State Bank of Washington against the Spokane-Colum-bia River Railroad Company, both of which are now in the hands of receivers. The suit was instituted by the bank to collect a promissory note for about $27,000 drawn by E. W. Swanson, secretary-treasurer of the railroad company and in
Spokane, Wash., June 30.—Since becoming a reserve city, says W. D. Vincent, secretary and manager of the Spokane Clearing House Association and cashier of the Old National Bank, in an authorized statement, Spokane banks are attracting deposits which were formerly carried by eastern correspondents. Experience has taught most bankers that it is advantageous to carry the larger part of their reserve near home, and Spokane is the most favorable point geographically and is sympathetically nearest to every bank in the Inland Empire, he continues, adding :
“Many wonder from what sources the banks continue to show increased deposits. It is this new money in the hands of our residents, added to the increased production from the forests, ranches and mines, and it is this that makes up the total deposits of $26,456,397.23 in all of the banks. As an indication of the volume of business transacted through the local banks the shipments of currency during the last four years may be mentioned, as follows: Shipped in, $10,307,-000; shipped out, $18,446,784; increase $8,139,-784. A small proportion of the last named amount would come from shipments of the out-of-town banks to their Spokane correspondents, but the larger part of it is actual currency brought into Spokane by the men who have come here to make their future homes.”
Mr. Vincent then shows that four national banks, four trust companies, four state banks and one foreign institution have an aggregate capital of $4,125,000, the Old National and the Exchange National being $1,000,000 banks. The deposits of the 13 banks range from $7,694,090.27 to $57,-271.78, with the Bank of Montreal reporting the first time at $2,248,857.03. The total surplus and undivided profits account is placed at $1,483,086.-39, with loans and investments of $20,977,218.24. The cash and exchange on hand is $10,587,245.38, or 40 per cent of the total deposits.
Indicative of the progress of Spokane and the Inland Empire Mr. Vincent shows that from 1894 with total clearings of $15,671,030 for the year it has grown to $307,791,482 in 1908. The clearings for the first five months of 1908 aggregated $II2>334>476־ or more than the total clearings in x9°3> while the total during the first five months this year is $148,360,995, or $36,000,000 more