The Colfax gazette. [volume] (Colfax, Wash.) 1893-1932, 1905-12-29
OUR FINANCIAL STANDING.
BY Edwin L. Conan.

The year just passing has been but a
repetition OF the six fat years that have
preceded. The banking interests of Col
fax, and Of Whitman county are on a
most substantial basis in that they RELY
on the soil and its products for ultimate
liquidation. Whether times be good or
bad, the world must be fed, and the rich
resources of the Paouse hille have yield.
ed up a goodly supply of all that goes
TO sustain life. The prices of the differ
ent commodities have not averaged as
high as in former years. Wheat, the
great staple, and source of the largest
income TO the county, probably sold
from Is to 20 per cent less than the pre-
cedng year. Owing to the excessive hot
weather at critical time in July, the
crop was somewhat damaged in certain
districts, and in the fall early and con.
tinuOus rains caught much grain in the
field. The damage from the latter is
estimated as high as half d million
bushels, although most of this was later
saved i'll fair condition for feed, and
much was available for merchantable
wheat at q discount in price. Oats and
barley sold at equally good prices, al
though the crop was not as large as
some years. The fruit crop was as near
d failure as ever affects this section. This
has resulted in high prices, but not
enough to Offset the diminished yield.
The great cattle industry, which means
so much to the county, has been more
depressed than at any time in ten years
Fat steers sold as low as 2K. and stock
cattle as low in proportion. Whether
this was the natural reaction from the
high prices of 1901 and 1902, or
hoA o.. +hrDrOh oh; - &
the beef trust, is a question hard to de
termine. The ranges and ranches have
been stocked up with high priced cattle,
end the loss to the industry is serious
COntrested with the cattle mans con
dition, the sheep mans lot is a joyous
one, Not only have his focks aud herds
multiplied as usual, but all OF the pro
ducts have sold at abnOrmally high
prices. Wool sold from II to 20 cts
Mutton sheep from So to 81 a head, and
stock sheep in proportion. The outlook
for the spring clip is even better than
the last one, and the probabilities are
that mutton will be equally strong in
price. The Spanish have proverb, "the
hOOf of the sheep is sbod with gold",
which is true in the PalOuse country.
Good horses have been in active de
mand at high prices. The importation
of so many thoroughbred English and
French draft horses, is having its effect
on the stock OF the country, and %i it is
probable that Whitman county will be
sought each year to supply the demand
for heavy draft horses for the cities, the
mines, and the logging camps.
The previous year closed with the de-
posits of the banks of Colfax at the
highest point in their history. At one
time the aggregate deposits touched the
two million mark for q short period
This was an abnormal condition, how
ever, due to the sale OF our immense
wheat crop within practically sixty days.
This accumulated the money in the banks
temporarily until it could be disbursed
in payment of debts, annual store bills,
and the cancellation OF mortgages. 1t
is probable that with the closing OF 1905
the high record of 1904 will not be
obtained.
Among the most important events in
the financial affairs of Cofax was the
consolidation Of the two national banks,
which were among the oldest 10 the state
OF Washington. This gives Colfax a
bank with a capital which is larger than
that employed in any city OF it's size in
the northwest, and surpassed by only
seven banks in the state.
The year witnessed the opening of a
new bank, known as the Farmers Bank,
under competent management, and with
capital furnished exclusively by local
people. This is a credit to the resources
of the tributary country and to Colfax,
as well as to the enterprise OF the pro
moters and organizers of the institution.
The year is marked further by the
opening OF the only savings bank in
Whitman county. The need of such an
institution has long been felt as there
has always been many thousands OF dol
lars drained out of the county, and sent
to the banks OF Portland and Spokane,
and even as far as San Francisco, for de-
posit in the savings banks there. 1t also
furnishes an institution to handle mort
gage loans, and finance home needs with
home money.
The raising OF $4,000 bonus to the
| Spokane & Inland Electric Railway,
and floating $4,000 OF water bonds
| among local capitalists are evidences OF
the financial strength OF a town Of four
| thousand inhabitants.
| The Lewis & Clark Fair, while it did
much good in advertising the whole