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The Spokesman-Review Newspaper The Spokesman-Review

Monday, March 30, 2020  Spokane, Washington  Est. May 19, 1883
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News >  Spokane

100 years ago today in Spokane: Financial leaders gush abut Federal Reserve branch for Spokane

 (Jonathan Brunt / The Spokesman-Review)
(Jonathan Brunt / The Spokesman-Review)

Spokane money men were ecstatic over the announcement that Spokane was getting a branch of the Federal Reserve Bank of San Francisco.

“MEANS BIG FUTURE,” shouted a front-page headline. “Emphasizes City as Financial Center and Is of Much Importance.”

Spokane wasn’t the only city to get a branch. Seattle and Portland were also slated for branches. Spokane was thrilled to be in their company.

“It means that the gold reserve of the federal reserve system will be made immediately available to the banks in this large producing district and in the marketing of our grain, fruit, livestock, lumber minerals and other products,” said the president of the Old National Bank. “… Spokane is certainly well-equipped to care for the necessities of the Inland Empire farmer.”

This “BIG FUTURE” turned out to be short-lived. The Spokane branch closed in 1938, even though branches still exist in Seattle, Portland, Salt Lake City and Los Angeles.

From the war beat: A suspected German spy was arrested in Warden. However, he was released when it turned out he was neither a spy nor German. He was a U.S. citizen.

Meanwhile, someone called the U.S. marshal and said that bombs were being concealed in a vacant house. A search revealed that the “bombs” were merely rimfire rifle cartridges.

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