The Seattle Star Newspaper, September 15, 1917, Page 15

STAR—SATURDAY, SEPT. 15,1917, PAGE 15 Branch Federal Reserve Bank in Seattle’ Opens a New Page in Financial History More Than Billion | The establishment of a branch federal reserve bank and! Bank Deposits Now in Cle: arings to Be the completion of plans for the guaranty bank system are the | Exceed $108,519,000; jtwo outstanding features in Seattle banking circles this year,| the Record i in 1917 outside of the fact that Seattle has again exceeded its previou Seattle Leads N. W. Th State Bank \¢ @)amazing records in deposits, clearings, and other banking » following deposita were r BANK CLEARINGS IN 1917 | |high marks, In Spokane, the farm loan bank was also estab- Corded at Northwest banks spon the January ' ished this year eee Se eee on February The year 1917 has given Seattle a bigger payroll than]! goatie $108,519.126.11 March ver before, the shipbuilding industry of course being the! Portland 91,69 Cor. 2nd and Madison eM ng NEW industry, Increased foreign trade, and the June prospects of a greater commerce than ever even after the wa July a tremendous gain in manufacturing standing—all these natu lancia ally combined for a greater activity in banking and “K billion dollars In bank clear’ | iMstitutions ances in Se uring 1917! One in Spokane That's the record bound to be | Che establishment of the federal reserve bank brinch wa established, if the same pace is [therefore bound to come, and is probably the forerunner of | kept up for the last six months | many other similar branches thruout the country, Spokane al Nature abhors a vacuum. Men and women abhor empty pockets. a of the year ae during the first. | lready has one. Portland will soon have one, Recent amen XOSIT rR On July 1, 1917, the & bank | F4* as 0 OFTIANC 800! eve One. ecent amenc DEPOSITARY FOR clearances totaled. $507,624.27 85,| ments to the federal reserve bank law, making it easier f \./State Banks Make ; ; oa to te outdistancing all other cities in the} state banks to join the system, have also created the greater | Splendid Showing Pockets are poor places or Cash—— 2 e Northwest by a whte margin, Last!/demand for a bank here ; they pay no ‘nterest and are leaky sy The total clearings during the en-|iMg at Third ave. and Columbia st. for the branch was made «ton : oar of 1916 were $790,217,950.|by John Perrin, chairman of the board of the Twelfth D ubmitted in Use your pockets for petty cash only response to the last call, in of State Bank Examiner Hans August. He consulted with J. W. Maxwell, of the National) The total resources now are In 1917, too, thre: downtown banks | trict bank, of San Francisco, who spent several days in Seattle withdrew from the Clearing House association, so that the present high deposit the balance of your State of Washington record would even have bee larger | ity b president of the Clearing House association, and | proximately ee money in the savings department of bd had they remained ther well known bankers here 000. ho Increased nearly $ a ) ’ at making oan be! Co. and the Washington Guaranty Insurance Co. It is already | required ty law seen from the ty increase of é 1 : if ° clearings equipped for vault and other bank facilities ® Cit of Seattle 1900, $10 Ihe federal reserve bank, often termed the bankers’ bank,|Seattle Banker Is y st 1910, a direct importance to the general public, for byl Association Head 1 . kK - the federal reserves and re-discounts withir "| Swalwell f $790 Banks, Corporations |'"” ‘the National I mere e ° ns mate the operation of credits to th v ]| was elected pre n th Jeo ice Tak th s | ri ble h * fl ington Banke a ” . Psstoffice Takes | wit! Local banks were not able to take age « 1 a 10na ] be reserve b ank opportunities 0 ell when they had PEN oh amp bea Peliphome ang at of the local banks in the transaction of busines | for ral years, and : During. Past Y ear| | served as vice president last year. 5 For the fiscal year ending dune | Ced er wal Seattle's 4 =" z | Seattle reached the toprecedented no equal for purity and health 4 hea e figure of $1,623,105.39 | Residents are ex ue 101 The growth In the volume of busi entirely. immune ene typhoid 2 ness in this city is indicated by the jand kindred dixean¢ ‘ ; OF SEA I I I E ft following statistics of the postofft Hanson, more than 40 state banks) by law have already applied for The ship in the bank guaranty in accordance with a law pi th last 1 slature, leaving it op al with such banks whether to pin or no The bank guaranty fund board met in Olympia the latter part of June, with Gov ister as cha and W. E. Hanson, state t aminer, as secretary, as prov DODWELL Which Isa Member of the Federal | Reserve Bank System. : & CO., Ltd. ' 1 OFFICERS Resources Over $2,400,000.00 t © Scandinaviar k. Ro 1. Rutter, pres Spokane & Easter 4J.P. Duke shier yank of Pa WE INVITE YOUR ACCOUNT. OFFICERS Hoge Groomed for i Maven oa) High Honor in A.B.A.|..Txmmve Yokohama Specie Hstablished at 1. ey ee E. L. Grondahl, President, 1gh Fronor iN ALBA. streets are mine ODOLIs F. W. Baker, V.P. J. H. Bloedel, V. P = a re A movement is afoot to make tights Bi ink Branch He raat rab ted as Tt tae ee aie aioe en A. H. Soelberg, Vice Presider t of thelammarn attic 4 is ere | new york HONG-KONG N. H. Seil, Cashier. One of the newest bank Edgar Ames, Vice President, in the world S. FRANCISCO SHANGHAI E. B. Ansley, Asst. Cashier in Seatt Hugo Carlson, Cashier Y TACOMA FOO CHOW D. H. Lutz, Asst. Cashier banker is not only popular| From 1900 to 1917, Seattle's! moat tr tial banks of J SEATTLE HANKOW W. L. Suiter, Asst. Cashier. . al circles, but has a Population has increased per! 1. Kudo came here re PORTLAND COLOMBO ® of cont bh | VANCOUVER YOKOHAMA exclu) 1 VICTORIA KOBE deposits b business here The Seattle National Bank in other sectic the, countr Hoge has served term In the executive council of the) Extreme rise and fall of tide in ‘aA. BLA | Seattle harbor is 17 feet. and will not forn _PROGRESS x fashi on Savings and Lo Asso- The Washington Sa ings ms an Growth of rere ciation was organized in 1889 years ago. Nineteen years |ater, name in 1908, the Februarygi, 1909...8 346,576.50 & Association adoptec 1 an entire new set ot February 41, 1910... 624,540.00 E by-laws to conform to its new policy of con- February$i, 1911... é ducting this business along the highly scien- February 1, 1912... Resources $25 OOO 000 . tific lines of Mutual Savings Banks in New February 1, 1913... 2,500, b) 9 x York and New England, which have stood the February 1, 1914... 3,493,887.8 ai rigid tests of 100 years. February 1, 1915... 4,453,127. The popularity of this new Mutual Savings February 1, 1916... 5,449,834.75 Bank policy, adopted in 1908, is illustrated February 1, 1917... 6,055,453.24 by the following figures: September 1, 1917.. 6,552,095.54 Policy Remains Unchanged Wemakeitapractice wherever consistent with g ° orts o e officers anc ,,000 members—more than 99.9 per ce £ . s _ Through the eff rt of the fficer ind 16,00 members- more han $ .9 Pee ent good banking to encourage the industries of directors of the Washington Savings and of whom voted in favor of the change > : . Loan Association, the State of Was shingt ton Our methods and policy under our new 2 ifi . has adopted the New York Mutal Sang’ | e™Wasbington Maal Savings Bank Seattle and the Pacific Northwest. We could Bank Law—generally conceded by authort- will be the same as during the past ten years; > j j wey j ties on the yen to bed the most ge ie the advantage to our depositors is that under have no better alm 1n preserving the strength Savings Bank Law in this country. The Leg- the Mutual Savings Bank Law, the officers re smots G islature — adopted a law, oe oe ei and trustees will be compelled to conduct the and solidity of our own institution than that ings and Loan Associations having requisite business in the way that for ten years we " 7 5 contingent lose fund reserves, ni whose | have voluntarily cunducted te we may hold strong and ready to aid our co- investments were of sui iciently ig! ar- | We will continue t sceive deposits from nae . . Taian tS become Mutual Savings Banks. ed ge Iie gy Ro laborers in the upbuilding of our country. After a month’s most rigid examination of We solicit a continuance of the good will the Association by the State Bank Examiner, and support of the people of this community, permission to re-incorporate ry a Mutual Sav- in the firm belief that we will continue to ings Bank was freely granted by that officer. perform a service of inestimable value to The question was thereupon submitted to our Seattle and its people. WASHINGTON MUTUAL SAVINGS BANK OFFICERS RAYMOND R. FRAZIER WM. THAANUM W. S. DARROW President Vice-President Secretary TI . . tt h | ti l : | E. G. AMES HANS PEDERSON C. E. VILAS JOHN T, CONDON WM. A. PETERS _ FW. WEST ME F. B. FINLEY JAMES SHANNON IAVID CO 1B RAYMOND R. FRAZIER F. K. STRUVI EUGENE B. FAVRE, Spokane esources IVAR JANSON WM. THAANUM L. O. JANECK, North Yakima 9 5) The Oldest and Largest Strictly Savings Institution in Washington °