Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1895-05-10
STATE FISCAL AGENT.
THERE'S MANY A SLIP ILLUS
TRATED.
The New York Security and Trust
Co. Get the Agency while the Ma
tiOnal Bank of North America,
who Secured the LegisIatiOn for
Ii Get ssSoup.o


tiOnal bank of North America.
who Secured the LegtsIation TeI
Ii Get ssSoup..
A Seattle correspondent writes to the
New York Times, the following account
OF deal which will be read with inter.
est by our people:
After six weeks visit to Washing
ton, Cashier A. Trowbridge OF the Ma
tional Bank of North America has re-
turned to New York without having
secured the chief object OF his trip TO
Washington-the selection of his bank
to be the fiscal agent of this State in
New York City.
Gov. McGraw, on April 10, appoint
cd the New York Security and Trust
Company to be the States fiscal
agent for four years under the terms
of the law passed by the recent Legis-
lature. The passage of the law was
secured by Mr.. Trowbridge and his
friends, as was recently outlined in the
New York Times.
In his effort to secure the appoint
ment, Mr.. Trowbridge had the back
ing, it is claimed, of every prominent
bank except two in the State, and the
Endorsements of the Mayors, as we'll as
OF many business men, other city Off
cials, and county officials of Seattle,
Tacoma and Spokane.
These banks and these officials are
inclined to resent the course OF the
Governor in refusing to listen to
them, and many declare that his ac-
ton will be made to tell against him
year from next January, when the
Governor will be a candidate for
United States Senator, to succeed
Watson c. Squire. These men possess
a very wide influence, but what is Of
more importance, is the fact that a
number of hold.Over Senators were
among the hackers of Mr.. Trowbridge,
and are now exceedingly displeased
with the result.
The Legislature adjourned March
IA, and Mr.. Trowbridge was kept here
and in Tacoma for three weeks after
the Governor had signed the bill,
awaiting the Executives pleasure as to
making the appointment. At last, by
appointment with the Governor, he
went to Olympia April 10, and was
then told by his Excellency that the
New York Security and Trust Com
pany had hpan appointed
Cashier Trowbridge was greatly sur
prised, as there had been no doubt up
to that time OF the success OF his mis-
sion. The Governor told him his in.
dorsements had been considered, but
he felt his own personal preferences
were entitled to consideration in maxi
ing this State appointment. For that
reason the other company had been
appointed.
Gov. McGraw said also that the
New York Security and Trust Com
pany had agreed to purchase 81 ,OO0,-
600 of State Capitol warrants, and the
bankers here believe that this promise
was what decided the matter.
Gov. McGraw is President of the
First National Bank of Seattle. A
certain Seattle contracting firm is sup
posed to be making heroic efforts to
secure the seven-hundred-and-fifty-
thousand-dollar State Capitol contract
soon to be let. Before bidding, how
ever, it must make arrangements to
float the warrants by which it will be
paid. The inference which bankers
draw is that the Seattle contracting
firm and Gov. McGraw's bank have ar.
ranged to float the warrants. This
would give the Seattle firm the big
contract. the Governors bank would
probably handle the warrants and
money paid for them, and the New
York company, which agrees to take
the warrants, is rewarded by being ap-
pointed fiscal agent. 1t is considered
a perfectly legitimate business ar
rangement, and the Governors
friends who indorsed Mr.. Trowbridge
say that the Governor was prompted
largely by his desire to have the con-
struction of the new State Capitol go
forward. The Capitol is to cost ST.
OOO,O 600. and was designed by architect
Ernest Flagg of New York.
In the last year there has been a
great deal OF talk to the effect that the
building could not be constructed &C
cording to the plans for that sum. The
foundation contracts already let aggre.
gate $25O,OOO. To guard against a
possible overexpenditure the Legisla-
ture, a month ago, enacted law that
the contract for the remainder of the
work shall not exceed $750,000. The
contractors will be paid in warrants
drawn on the Capitol Fund. These
figures, it will be seen, are wrong. Tht
bill appropriates $4,000; the expen
ditures 80 far being only $75,C 600.
These facts explain the necessity
> for the contractors or the State to ar
range to dispose of the warrants be
fore the contract is let.
The two bankers who alone are sal,
: to have urged the appointment OF tn
} Security and Trust Company are Les
, ter Turner, cashier of Governor Nc
Graw's bank here, and A. r. Nicol
!, cashier of the Union Trust and Saw
r ings bank of Tacoma. the Tacom,
: correspondent of the Security an,
Trust Company. Mr.. Turner is sal,
t to have told his business associate, tn
Governor, that this appointment
= would be the MY thing he would as
:, of the present State administration.
The bankers, so far as known, hay