[Volume XXV11
THE CHICAGO BANKER
20
total assessed valuation, including all money returned for taxation, are placed at $2,425,564. This class of property is subject to reductions on account of debts due to bona fide residents of the state, and as real estate owned by banks is often appraised separately still further reduction is made. The total assessed valuation amounts to between 5 and 6 per cent of the total resources as reported to the state bank commissioner and the comptroller of the currency. The resources of the state banks are $21,976,602, while the national banks report $20,775,254.
Expert Forgers Caught
Robert Brown and Richard West, believed to be expert check forgers, were bound over to the district court of North Idaho at a preliminary hearing before Justice of the Peace Costello at Sandpoint. Brown cashed a check for $90 at the Citizens State Bank, after it had been indorsed by a saloonman. The check was on the Butte National Bank and was signed by jerry McMilligan. Brown declared the check had been sent him from Butte by West, and showed a letter which reads:	“Enclosed find a check for
$90, which is all I have.” It was on the strength of this letter that the check was indorsed. West was arrested later in the day. Blank checks of the Butte bank and the First National Bank of Idaho Falls were found on both the suspects. West claims to know nothing about the check, while Brown accused West of writing the checks. Three others for $300 were found on him at the time of the arrest.
Anticipates Great Future for Pacific Northwest
Wells M. Sawyer, secretary of the Trustee Securities Company of New York, who was in Spokane a few days ago visiting at the home of Harry A. Flood, president of the Trustee Company of Spokane, said in an interview:
“Spokane’s development has only started. I expect to see the Pacific Northwest, including the Inland Empire, the most densely populated portion of the United States, and, therefore, look upon Spokane as one of the greatest inland cities.
J. Guse, for several years connected with the banking department, was promoted to the position of assistant cashier.
See Reductionsfiin Loan Rates
L. C. Briggs has negotiated a loan of $35,000 for five years at 6 per cent in favor of the Fidelity Mutual Fife Insurance Company on a four-story apartment house at Third Avenue and Wall Street, costing $45,000, exclusive of the site. The fact that money is being loaned freely at 6 per cent on apartment house property as far out as Third and Fourth avenues, real estate men say, makes inconsistent the attitude of the loan companies in holding out for 6 per cent on downtown property. They say there must soon be a general reduction in Spokane, especially since some of the insurance companies are now making loans at 5 per cent on Riverside Avenue properties. Figures by State Board of Equalization
Compilations by the state board of equalization show the aggregate resources of the state and national banks in Idaho to be $42,782,856. Their
Foreman Bros. Banking Co.
no LaSalle Street CHICAGO
CAPITAL AND SURPLUS
$ 1,500,000
ESTABLISHED 1862
INCORPORATED AS A STATE BANK 1897
Officers
EDWIN G. FOREMAN, Pres. GEORGE N. NEISE, Cashier ‘ OSCAR G. FOREMAN, V. P. JOHN TERBORGH, A. Cash.
Spokane, Wash., Sept. 20.—Investments aggregating more than $1,000,000 are contemplated by a syndicate of Philadelphia capitalists, closely allied with the Drexel Estate, representatives of which have taken options on eight inside properties in Spokane. John P. Quinn of Philadelphia, who is negotiating the deals covering realty in Riverside and Sprague avenues, announces that the options will be taken up within 60 days, and that it is planned to erect two hotels, three modern apartment houses and three business buildings. Pie said that the syndicate has been considering investments in the Northwest for more than a year and that its representatives reported upon Spokane as the most promising of any city in Washington.
Another party seeking investments in Spokane was in the city a few days ago. It was headed by William T. Noonan, manager of the Buffalo, Rochester & Pittsburg Railway Company, and C. Oliver Iselin, a stockholder in the company and prominent in New York. They have been through California, Oregon, Washington and the Canadian Rockies and are returning home in a private car. They were entertained by Mr. and Mrs. Robert C. Sweatt, and before starting eastward Mr. Iselin expressed himself well pleased with the Northwest and said he expects to return to Spokane some time early next winter.
To Double Capital Stock
Stockholders of the Washington Trust Company, headed by J. Grier Fong, decided at a recent meeting in Spokane to increase the capital stock from $100,000 to $200,000. All but 25 shares of the stock was represented. It is announced that a dividend of 25 per cent will be declared out of the present surplus and new stock will be issued. This will be sold at no, payable to the treasurer on January 1, 1910, at which time certificates showing the increase will be filed with the proper officers of the state. The board of directors was increased from nine to 15. The additional members of the board will be elected at a meeting called January 10, 1910. Frank