The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-12-07
CAPITAL IN PLENTY
SEEKS INVESTMENT
IN WASHINGTON.
Hypetheek hank Resumes
Loantng Money-Seatfle Property
Taken on the Markef-Proposed

Thomas G. Thomson. general manager az
tAe Nofihwes, and Pacific Hypotheek
bank. OF Spokane yesterday announced
that the bank w3uld resume making mort
gage leans in this state ana lhst X the
legislature. which meets next month. makes
certain proposed changes in The mortgage
law. the bank would be in a position 70 eX-
tend rs business 10 all sections OF the state
4s III the days prior 20 tne panic OF 1871,
and the Bryan silver craze that followed il.
The HypotheeS bank * one 0: TIE
strongest financial INSTITUTIONS In me entire
West. It's stock is owned almost sexclu-
siveiy BY wealthy residents OF Holland. II
IS capitalized al s7@aena. During the
good times the hank placed farns and city
loans all over the state the former prin-
cipally in the wheat belt ana the rieh dixie
country OF the lower Sound, ard the city
loans largely in Spokane and Seattle. II
Is said that the bank has s45s0.1.1 loaned
IN Spokane and large sum. although much
less than in Spokane invested III Seattle.
Mr.. Thomson is a great admirer OF Seat;
tie. Yesterday he told Post-intelIigA ncer
reporter that he believed that this city WAS
the coming commercial metropolis OF the
entire Pacific coast ami that after the re-
strlctonS imposed on the mortgage holder
by the law OF the last legssla ture mad been
modihed the company would direct Il large
share Of It's operations 10 this city.
1t has been several years since
iildGS AodflS Oh real estate security. MT.
thomson said yesterday at the Butler 1T
is rot necessary for me to recount the
causes that led TO general suspension
or the loaning business in the West. which
followed the panic OF 1893 1t is enough 10
say that the conditions that made capital
tinid IN the years succeeding the panic
have disappeared from the state OF Wash
ington. In the opinion of the stockholders
OF the Hypotheek bank, and of all well in
formed financial men. Washington prop
erty is gilt edged. This is especially true
of
city of the Pacific Northwest and the COM
ing commercial capital of the whole Pa
cifc coast.
when one remembers the frightful con-
ditions that existed In 1893 and from that
time until 1887 il seems hardly possible that
the changes that have been wrought in the
state OF Washington could possibly have
been brought about in so short time, You
know that in 1894 and for two years there
after collections of interest were slow the
mortgagors seldom If ever paid the prnci-
pal note and foreclosures were frequent and
ever increasing in numbers. Today we are
not forecios:ng any mortgages-indeed We
stopped that some months ago. Interest is
paid promptly by the mortgagors and last
year in many cases the principal notes
were paid off In the cities as well as
throughout the farming districts of the
state. and particularly in Eastern Wash
ington The state is prosperous and the
securities We have we now regard as OF
the highest order.
We are not selling any. Of our real es,
said. Several months ago we sold piece
of property to Mr.. Smith. of the Pacific
Coast Company, hut since then we have
taken all of them off the market We are
satisfied that Seattle is to be the great city
on the Sound ana We are willing enough to
hold on to what We have here. ] am thor
oughly in favor Of placing what money we
can and at fair interest in this city as soon
as the laws are amended
''What viii be expected OF the leglsa-
ture by the mortgage companies -
Not a great deal was the reply. I'VE
expect q repeal of the law providing that
the rn0rtqae0r shall have possession OF the
nro09rfy and its rents. issues and profits
during the year Of redemption. This is on
the theory that il is the hest way to pre-
serve the security intact for the mortgage
holder Wa are willing that tire rents
and profits should be credited 20 the mort
cac0r If he redeems during the period Of
redemption. He is entitled 20 these If the
MORTGAGE pays the Insurance and taxes
for the property during the year OF re-
dernption and the morgagor has posses
sion and fails to reaeeN there il no rem
efy under the present law wherein the
mortgage can recover his outlay. Again
where the rnOrtgag0r has no hope of re-
,leeming he NAV commit waste and let the
property run down so as 70 make the most
Of Il thus leaving the security N bad shape
when the m 3rtgagee comes into possession
ut seems TO me that il IS fair 70 both -
give the r1ortgagor the benefit OF The rents
and issues during The year OF redemption
proy.ided of course. that he reieems. and
that during that time the mortgage should
hold the property.
mont law should stand. No mortgage COM
many In my opinion will object TO restrict
ing the mortgage judgment 10 the property
covered hv the instrument -
Concluding the interview. MI thomson
cold that Sn0kare was a. PROSPEROUS as
ever ana business iu that city Is In most
gratifying condition