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About The west shore. (Portland, Or.) 1875-1891 | View Entire Issue (Sept. 1, 1875)
September. THE WEST SHORE. --HNANOAL AND COMMERCIAL. The fail me of the Bank of California, which occurred on the 20lh of last month, it the moat fixeltlag topic of the day and tu the severest hock ever experienced in commercial circle on the Coast. It was on of the oldest banklnaes- taBllshments in San Francisco, and in the vol ume of 1U transactions, one of the largest Id the United States. Premonitions of Its shaky con dition nao oeen apparent for some days, but the general publlo as. well as its managers and trus tees hoped that tu strenuous efforts to "bridge over" the period of the cola scarcity now pre vailing In Son Francisco would be successful and that It would pull through all right. Many ports concerning the cause of Its downfall ere afloat, but the reason assigned as the moat plaus ible hi, that It was carrying a large amount of mining stocks, which depreciating greatly on Its hands, U could not convert them, and the ship- menu of gold toNtsw York by men-hunts tluoir- r -out of realising the high premium, together with the demand for coin to move the California .wheat crop bad so depleted the San Francisco , .market of ready money t hat even the actual as sets of the bauk could not be made available In the hour of Its extremity, and on the 26th at halt past two o'clock, afternoon, a run on 1U vaults - having been kept up tor the space of Ave or six tiours In which about one and a half millions tad been paid out over Its counters, the doors of jthls gigantic corporation were closed In the face of hundreds of depositors clamoring for their money, and pnyments by It declared suspended. The news spread consternation In all Han Fran-tt-claoo and was flashed along the wires north and south aud for the space of two days checked bus .4 lncss operations, and sent a thrill of fear through "tcornmercliil circles all over the Pnclflo Coast. ''Even to the heart or Wall Street, New York, word was flashed on the wires, and for the hour, ksold rose 2 percent., while In London serious j fears are said to have been entertained that most f, disastrous results would follow. The crash of the . fall of the bunk had scarcely ceased to souud inrough the land when news eame that Its founder, manager and President, Win. C. ttals ton, was dead, and a tort of horror took the place of surprise In the public mind. The Bunk of California was founded In 1838 by Mr. Halston and others, with a capital of two millions. This was subsequently Increased to five millions, the stock being owned by some of the wealthiest men of California, and until very receutly the bank was regarded as one of the soundest moneyed Institutions In the land. Its deposits at the time the run begun, which cul minated In the suapenslon, are said to have been from 3 10, 'X, 000 to 118,500,000, and Its loan and dis count transactions about of equal magnitude, but 00 statement having yet been made publlo, It Is Impossible to tell Juat what Is the condition of its Affairs. The latest San Francisco advices credit . O. Milis.a wealthy stockholder, with the state ment that stockholders will oome to the relief and that the bank will resume; but the report lacks details and confirmation, and It Is more than likely that the days of the Bunk of Cali fornia are over. The eflect, as far as Oregon Is concerned , la not serious. Business matters were somewhat re- JJARDWARE, IRON, STEEL, HUBS, SPOKES, RIMS, OAK, ASH AND HICKORY PLANK JMUKTIIKUf THUMI'SON, Cor. Front and Yamhill, Portland. J, MoCRAKEN & CO., Importer, SHIPPING COMMINNION MERCHANTS, w, k, - auu w florin rrniii ni., rurttatitl, Urasnn, AQRiVTH FOK UIMtOY'M M!NIKK RAMS mill Himiflnn: Mi'Miirmvuml W z iii. A iiroit.' case Uonih; Okwi'ko "Klnjisfonl stim-li: liunneweil's Hpii-pn, Cnwiu Tartar and CrjHUtl llneOll: (Iron A Cn't .111,1 k'lin.rvv ,,., 1- dies; Kalem l,ead Co.' White lWd. aiko, ror tne rollnwitig Klmirtmt Mills: Mug. nolla, .Standard, Ltdmntin, Amunvllle & Mission. N. It. Hlteclal rittcrillim nnitl In Rhln'a l.n.inn.. and purelmitlng func-p" of Wheut and Flour. . sroi wraeu, ana tor a wblle transaction! of a oomitfeT- Ltbenrt -birth Advances on Consignments' vtnt rnnrtwair i mull ceaseu in our local market; but when the smoke cleared away and It waa fouud that no one here was klllod, or even crip pled, things at once settled back Into their nor mal condition and are at this time moving for ward encouragingly and smoothly with no mate rial pressure In the money market or derange ment In values, and Portland and Oregon may be congratulated that business here Is conducted on such sound and substantial principles that a fearful crash so near our doors has disturbed the serenity of our affairs so slightly. The aspect of monetary affairs In our mldit has changed but little, and any Increase in the de mand which has accrued bus been freely met by the local bunks at former rates. Outside parties are also ottering to loan very considerable sums In this market, the shrinkage In business else where having thrown a great deal of capital out of active employment. Our State, which hus gen erally stood In need of capital to aid the develop ment ol her great resources, Is receiving a fair proportion of that which falls to dnd profitable Investment elsewhere. For the first lime In many months our home money market Is uow In easier condition than that of Ran Francisco, where a manifest disposition toward a state of stringency la shown. This result from the fact that while a general repose in business here has been the ruleduring the summer months, the ac tivity in trade circles there has been kept up and the liquidation of Eastern and European Indebt edness for heavy Importations has drawn very heavily on the financial resources of thut Slate, added to which the Government has been a large purchaser of specie In that Slate, having takeu at one time five million dollars In silver for the purpose of coinage to provide a fund for the re demption of the fractional currency. The pro visions, however, to meet the demand for money to move the grain crop of California are quite ample, and with their wonderful power of recu peration, there Is no likelihood that the apparent pressure now felt there will be continued or seri ously retard the progress of trade. In imported goods, Portland merchants have njoyed as full a share of activity the post month as was anticipated, August being always a month In which the main object Is to H bridge over " the season which Intervenes between the business of toe summer and the autumn trade. In fact, more activity has been displayed in the month, In the preparation for the fall business, than In any other direction. All our Importing houses have made heavy orders, but have with greater ears than Usual confined their purchases to goods suitable to the actual wants of 1 he trade. Im ports during the last half of the month will foot up lareely, and by September 1st, most of the wholesale Arms will be In receipt of full stocks. There has been no special change in quotations 10 manufactured goods since our last Issue. A continued firmness tn the leading groceries - iHM-cw wim an advance of ai ceuts per lb. in Coflees of all grades, cent per lb. on tfugars aad cents per gallon In My nips. In the line of produce, some more noteworthy fluctuation hava taken place, aud during almost the entire month so far, the market for bread stuffs has been In a feverish and excited condi tion, both at home and abroad, owing to the al ternations of rain and sunshine In the grain growing sections of the globe. At the close, we quote Wheat at 11 HOuJl peroental, and Flour at 96 pei bbl. In jobbing lots for standard brands. The reports from the interior of the State con cerning the harvest are slightly conflicting, but the predominant opinion Is thnta full yield as to quantity will be the result with some slight de preciation In the average quality as compared with former years, and thut at a low estimate the surplus wheat crop seeking a market through this city will be 125,000 tous. The tonnage neces sary to carry this away la only In small part eu gaged as yet, but the supply on the coast or headed in this direction Is ample, and freights j are ruling unusually low, the highest rates being U inrnx tills port lor Liverpool, aud U 7s. tkl. from-Hnn Frauolsco, with 00 disengaged vessels at the latter point, having an aggregate tonnage of nearly TO.0O0 registered tons and a carrying ca pacity of fully 100,000 tona. There are two vessels now In the Columbia river, the harks Elektra and Dllharreo, awaiting engagement, both sullu ble for the grain carrying trade. -The bark Cusma Is here already loading and will huve quick dis patch at the hands of Messrs. Hewett A Co., who have the Ailing of her. She will be the first ves sel foreign , bound to leuve our port the present harvest, but before Its close we hope to see ut least a hundred like her depart Inden with the golden grain now being gathered, In return for which our people may receive a bountiful reward lu glittering gold uud the wealth and ability to develop the resources of our State be greatly In creased ou this westoru shore and be founded and built up one or tho great cpmmorclul centers of the Hi'utiblio. Office of the Singer Manufacturing Company, Ho. XOJ Third Strart, VorOmni, May 87, 187k Hm ol Company and Machine. "H.m'SSV' I I, 1 -r - , : 21 a "old IKT4. Increase or Poena. The filnger Manufacturing. Co.. 31:11.44, .iTn.n : Bo H M, Co. (estimated) ZZ.... lstJil! &"V "".'I" Wllco Glfahs " IS MB 'as" rr WX tai AAn I. E. Brmq-sdorf Co fro" tKS " jj&j 8ti.fr 8EWINO MACHINES gold Not. r Monthly Is.UUmt PUa, and a Uberal dUeont mails for tuub. New 'VwkT -- i-jfo A1- -uuer nasi rraneUeoi 4 VnUm. f4quar, STOCK BOARD OF SAN FRANCISCO. ON AND AFTER TlIW DATR I AM PRR- quoted ut tho ubove board, thereby olTe'rluK to tlioau desirous of Investing Honey in Stocks Facilities superior to any heretofore obtainable in Uregon. Throug-h Tickets sold to and from and Sight KxcJmnirv Drawn On all the principal European cities. Loans and Discount., mmlo nn Mnnl sotiul oecurlty, ou advantageous lerms. Collections attended to throughout the United Slates and BrltUa Provtuces, aud proiiiit rcturui mads. HoUr.r Publlo and CoiiiiiilMlnnrr of Dfd fcr all ths States aud Turrttorle. fuuvevuiuiug in all lit brauutius. A. 8. CROSS, General Broker, sgunt lr tbu Hhttn Une Ku-iiiuililp Co., Puot ut siark 8U, I'oriluud Oregon. Dowlb kUcLkUT, Xrhxrtk HtCLSiT. Portland. m. uhbitt, wt ntiuraiufiiiu bl, Ban rranclsoe. CORBITT A MACLEAY. 1J 18 Front St., and 10 A la, FirstBt., Portland, 0. WHOLESALE GROCRR8, Shipping and CommlssloB Jferehsmts. Importer i of TEA, TOBACCOS LIQUORS. Hi port tin of Wheat. Floor, Wool, and all kinds of Ora- srraunc. - W. JACKSON & CO., Importers. Wholesale and retail denlen In first quality CROCKSKY, OLAHSWAHK, FRENCH CHINA, PLATKU WARK, 8ETR THOMAS' CLOCKS,, and a general sMnrtntent of House Furnishing Goods. PAINTS, OILS, &0 AC, No. M Front Street, - Portland, Oregon. JAMES LAIDLAW A CO., COMMISSION MERCHANTS, ' T, Pint StrMt, Portland. SOLE AGENTS FOR GIANT POWDER, Lea A Perrln's Worcestershire Sauce; Agents for Dundee Grain Bag Manufacturers, And Exporters of GRAIN, WOOL and SALMON, and other OR T.A. DAVIS CO., 11 Front Btreot, Portland, Orevon, INrORTEHS AMD WHOLKHALlk OP DRUGS, PAINTS, OILS, QLASS DRUGGIBTBBUNDRIES. Role Aijents for the AVERILL CHEMICAL PAINT. J. KliAEMER CO., Importers of Boots & Shoos, 47 FROST STREET, Portland, .... Oregon. J. KRAEMER. . EAimX. F. t, AE1X. Oregon Iron WorlisAlbina. Portable, Stationary, High and Low Pre it re Enatiiv ami Jiotlcm, House Casting, Machine- for Crist Mill, and Saw Mill. Ornamental Fenoe Work, Iron and Brass Castings of every description. THB BEPAUUNO OK HVCMNERY AND BOILKKS PIIOMPTLY ATTfetNDKD TO. LARQE 8T0CK " PATTKRN8 OS HANn, which I. UnMolll Ibr Vnrlcly .nil Oaalllr. POKTLANO, MICK BO I SIM. JOUJI NATION, 8u,Wlnl.,iont. n, o e m c Ifew Improved Latest and Best, ""ICE 113 TIUUU HTKEET, Local Agonu Wimt.il, POItTLANU, Ulll'UUN. J. B. LOOMItl, Oenornl ARcnt N El M EYER & UTTER O i c- a The only fasliionable MercliaiU Tail oring Establishment IN PORTLAND. G. H. MEUSSDORFFER, Ill Front St., Portland, Oregon. iSTNEW STYLES tan Received by each Steamer. HACHENEY & STEMir Corner First and Taylor, Portland, Oregon, Dealers and Josban la all klads FIRST CLASS GROCERIES, Prodnoa, Etc., Etc. Full slock constantly on bund. floods delivered In any part of the city free of clmrgo. Call and examine our slock. WHEELER I WILSON Improved Draw-Feed Sewing Machine FIRST P BE BID HI, 1874. Oregon Stnto Fuir; Washington County Fair; AND AT ALL tho Fain in California, LONDON, 1862 PARIS, 18G7; VIENNA, 1873. R W. If JURAL, Uoneral' Agent, Cus. Hirstel & Co., IMPOBTBES A DB-LBBS IX BOOKS $ STATIONERY, NOTIONS, TOYS, ETC., ETC. Subscriptions received Tor all Eastern Publications No. 71, Front St, Portland, Oregon. R7-BLOK BOOklTlmiK TO 0KDKB. J. A. STRO WBRIDGE, IMPORTER AND DKALRR IV 141 Front St., Portland S OOKV. J. L. BOIKItr.D. COHN k ROSENFELD, Commission Merchants, Oregon and California Produce of all kinds, Front ai, bet. NonlMn Mid Yamhill, rortland. Of a. Cash paid for Buttar, Exit, Poultry and Hides. itV COXSIOMHKNT BOLICITKO. GEO. W. VOLLUM, Book Binder, Paper Ruler BLANK BOOK 9 Manufacturer, No. 6 Washln-ton Htreet, PertJaad, O-a. Blank IJuoks mads to order, and ruled to any desired pattern. Newspapers, Magailnee, Husle, Etc, Bound la any style with Rnliw tit liiptta, At greatly reduoed prices 95 Third Street, Portland. U. tXM. I, MILLS If I Si 9, UM zaiv mturii. at co. Mu ufa? turera uf Brooms, Brimfies and Wisps, Wlitilt-uls thn In WOODEN AND WILLOW WARE Alsu, HsaulVlHi-n of Patent Corrugated. Spiral A Socket Brooms, 111 ead 119 Davis ., Ran frnnelsm, Cal., No. I MOUTH FRONT ATRKKT. I'ortluud, UruKoQ. OREGON BAKERY, Ol'ITZ k W1NTTEB, l'roprietorn, Vtrst St., aezt la oor. f Plaa. Portland, Manufacturers of all kinds of Crackers, Bread, Cakes, AND PASJT11Y. PILOT, SHIP AND NAVY BREAD Always sold below Hun Kronelsco prlco. BUCHTEL & STOLTE, or Tints BTATD, Are now csublislicd at their HEW AID ELEC1HT BOOMJ, OX Till COkSH Of hi d Morrison Street:,
