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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Jan. 1, 1903)
12 THE MORNING OREGONIAN, THURSDAY, JANUARY 1, 1903. GREAT BUSINESS OF BANKS Clearings for the Year S154,320,103, a Gain of THE proportional growth o the bank ing business of Portland Is shown by the clearing-house report. With the record for the month Just past incomplete the clearings for the year aggregate $154, 320,103 09, while for the preceding year the total was but J122.127.349 09 a gain of about 27 per cent In the year. These fig ures exhibit the proportion of Increase In the banking business transacted In Portland, but when compared with simi lar statements of other "Western cities they do not present the true relation of the volumes of business handled In Port land and the other cities. Portland's clearing-house Is managed on the same plan as that of New York City. No other clearing-house west of the Missis sippi, except that of San Francisco, works upon this plan. Therefore, comparisons of the mere results of c'.earlng-house op erations do not tell a true story. The factors entering into those results are very material. Two facts explain the relative emillness of the Portland bank clearings. One fact is that the membership of the Portland clearing-house Is composed exclusively, of banks and all balances are settled in gold, and the other is that one of the Portland banks handles a volume of business so preponderantly large that it clears within Itself a great amount of business that would go through the clearing-house If the banks of the town were more evenly balanced, as they are elsewhere. The First National Bank has deposits aggre gating $7,250,000, which sum is not much less than one-third of all the deposits in the 13 Portland banks. It naturally fol lows that "the paper It handles would notably swell the figures of the clearing house If it were to pass through that In stitution. Of course, when postofllce busi ness Is passed through the clearing-house and all daily balances are settled with checks, which must themselves be cleared again. Imposing piles of figures result. But they do not mean more commerce. Following Is a statement of Portland's bank clearings, by months, for the past three years. January $ February ... March April Mav June Julv '. .'. August .. -v September October . , November December Totals The following, from the latest state ment of the National banks of Portland to the Controller of the Currency, com pared with the similar report made a year' previously, shows how their busi ness has grown in the past year, the general gain being about 15 per cent: First National Merchants' Na- United States bank. tional bank. National Bank. J.otais. RESOURCES AND LIABILITIES. 1 Dec. 10, Nov. 25, Deci 10. Nov. 25. Dec 10, I Nov. 23, Dec. 10. Nov. 25. , . , IDOL 1902. 1901. 1S02. 1901. ISO! 1901. iS02. Resources I 'l ' Loans and discounts 12.051.123 G6j$2,79i.659 IS $1,1S1,992 48 $1,42?,330 14 $ 936,170 44lfl.103.130 71 J 4.179.2S6 5S f 5,322.140 03 United States bonds .- 1,100.000 00" 1,300.000 00 50.000 00 450.030 00 75,000 00 50.000 00 1.226.800 00 1.800.000 00 Other bonds and, stocks 2.4S8.5S4 74 2.675.464 95 20S.570 12 303.853 02 34.870 00 li.850 00 2.732.024 86 3,169.177 97 Real estate, furniture and fixtures.... 9S.757 98 119.301 17 61.510 47 65.9S3 63 171,834 76 167.304 64 332.103 21 352.592 44 Cash and exchange j 2,431,692 24 2,140,722 29 627,795 06 SS6.618 99 845,347 94 787,177 691- 3,904,834 74 3,814,518 97 Totals J. iS,lS0.1S3 62 $9,030,150 59 $2,129,86S 13 13,130,815 78 $1,065,928 SSl$2,297,463 04 $12,375,955 64 $14.45S,429 41 Liabilities ' I Capital stock $ 500.000 00 $ 500.000 00:$ 250,000 00 $ 250,000 00 5 350.000 001$ 300.000 00'$ 1,100.000 03 $ 1,050.000 00 Surplus and undivided profits 747.950 4S 793.556 31 87.550 40 103.329 6S ti..J5 211 51.357 80 922.310 10 951.253 79 Circulation 76,830 00 488,500 00 50.000 00 68,800 .00 75,000 OOj 60.000 00 001,830 00 607.300 00 Deposits 6,455,378 13 7.248.0S4 2S 1,742.307 73 $2,70S,6SG 10 1,554.129 6S! 1,893,105 24 9,751,815 54 11,S49.S75 62 Totals $8.1S0.15S 62 $9.030.150 59 S2.129.S6S 13 $3,130.815 78 $2.065.928 SSIS2.297.463 01 $12.375.955 64 $14.458.429 41 Includes the Alnsworth National mciuaes $13 unpaia aiviaenas. Banking business has been active and healthy throughout the year. In the last j quarter of the year there was a ten- j dency toward firmer rates under a very j heavy demand Tor money, and the cash J In the banks was reduced materially j lower than it was a year ago. This was occasioned by large loans to wheat buyers and to -wholesale merchants. The price of wheat made the farmers willing to dispose of the crop within a few weeks after harvest, and it required a very large capital to handle that business when It came so bunched. This capital was supplied by the local banks. Port land jobbers took advantage of the low price of -sugar to lay in enormous stocks. The wisdom of that action has already been proved, but it took a large sum of money to float those transactions. In other lines buying has been extraordi narily heavy, and the merchants have been large borrowers from the banks. The wheat, Is moving off, and the crop will be cleaned up early In the coming year, releasing the money that has been used In that business. Mercantile trade Is fully up to expectations, and It is likely that the extra money employed in those lines will soon be returned to the banks. The scarcity of money in the latter part of the year was simply an incident of very prosperous conditions. It did not come as a result of speculation. There were no losses, of value. It was simply that the large movement of staple com modities happened to be bunched and cre ated an unusual demand for a perfectly legitimate use of money. Scarcity of money was not noticed in general busi ness. Indeed, money was and Is so plen tiful among the people that few can be found who care to borrow. And It Is not the least of the many evidences of healthy j prosperity that so good use has been found for the money deposited In the banks, .that the money has been able to perform to the fullest extent its proper function in the business community. It could not have done so had there been lack of confidence in the stability of pres ent conditions. The prevailing rate -for money is 7 per cent. Exceptionally good loans are made at 6 per cent, but probably not more than enough tp offset those for which 8 per cent Is required. Strictly commercial lines are here referred to, of .course. 'In dustrial and other Investments are influ enced by other factors. It is to be ob served, however, that there .has been j greater readiness on the part of local capital to go Into approved development agencies than has been known before for years. The financial feverishness of the East has not yet had any appreciable Influence j on .Oregon or any otner part or ine x-a-clflc SlopA. Wall Street's troubles, due to over capitalization of numerous 'trust corporations, are regarded by conservative I financiers and business men in general ( as the harvest that was inevitable from j the "seed sown. It is not expected that , this' will materially affect the general j business pf the country, but it Is possible J that progress of the expansion movement will be checked for a tlme. If money rites In "Wall street continue long at their present high level they will draw cwSh from this Coast, for capital will go in Portland 2T Per Cent where It can do best. But there "is no prospect that such movement will be of such magnitude as to make money scarce for legitimate purposes In Oregon. There is no prospect that general business will In any degree be embarrassed by short age of money. It Is only through analysis I of the financial situation that this phase ! becomes apparent. j Iiepoi ts of the National banks show that they have enjoyed a year of tho j greatest prosperity. It is impossible to J know what the private banks have done j in all cases, many of them declining to j submit statements of their business, which are not required by law. But, ' judging from the business of the National banks and of the private institutions -whose affairs are known, and from gen eral appearances, there has been a marked increase in all lines of banking, the pros perity of the business Is exceptional and the prospect of a continuance of present i general conditions is bright. Business Is not only active, but it has a substantial basis on the productive capacity of the state, the limit of which has not yet been j approached at any point. FIRST NATIONAL BANK. The Great II an Id nj? Ilouxe of tlie Pacific Northircst EnlnxBcd Banking Quartern. The strongest financial institution on the Coast outside of San Francisco is the First National Bank of Portland. Port land is the only city in the Pacific North west that does business wholly on Its own capital. The average reader will not Infer from this that outside money does not find profitable investment here through the legitimate channels of trade. Th,e fact docs remain, however, that Port land's local capital today is ample to meet every legitimate call of the widest local burlnesn development. Portland's banks identified with tho city's growth are owned by Portland capitalists. They are run wholly by local capital. The history of the First National Bank of Portland is the history of the city it self. Froir. a mere beginning when it first opened Its doors to business in Port- 1500. 7.847.249 43 7.121,148 79 S.00S.44S 51 7.753.709 5S 8,125.376 49 S.344.G59 40 S.S55.SGG 51 7.C74.155 93 9.S22.717 09 12012,34X27 10.498.704 40 10.623.622 96 1901. 9.636,301 5G 7.335.605 78 S.705.345 73 9.0S0.717 04 S.RKI.S10 7S 8.533.250 01 9.106.405 59 9.401,019 CS 10.941.255 90 14.130.656 67 13.228.104 77 12.705,722 58 1902. S64.6S5 53 ,181,587 01 430.052 79 066.096 27 490,675 09 315.337 41 372.609 69 144.S1S 21 674,099 97 647.461 CO 132,669 50 ,000,000 00 ? 10, 10, 12, 11, 11, 11, U, 11, 14, 18, 16, 15, $106,91S,027 4S ?122,127,349 03 J154.320.103 09 land. July 4, 1863. with a capital of ?100. 000. the First National Bank has rapidly forced Its way to the front In Portland's affairs, until today it Is one of the most solid bankt in the United States. Its aggregate deposits at the close of business on November 25 last were $7,248. 0S1 24. Among the securities of the bank Bank, since consolidated with the United States National. at the time of the last statement may be mentloncad: Loans and discounts, 2,794, 659 18; bonds and securities, $2,675,464 95; United Slates bonds, $1,300,000; bank prem ises, $101,546 19; due from United States Treasury, $25,000; due from other banks, $501,19S 25; due from reserve agents, $781. 536 12; cash on hand, $832,987 92. The cap ital stock of the bank today is $500,000. In addition to this, however, the bank car ries surplus and undivided profits of $793. 566 3L and a circulation of $48S.500. It is the chief depositary of the United States for the Northwest. The First National Bank has one of the largest and best appointed rooms for the conduct ot a general banking business in the country. The quarters of the bank. In itij own building, 75x100 feet in size, occupy In? entire first floor. To meet the increasing demands of Its rapidly growing business, .the bank has recently construct ed an addition, which is now a part of the main bank building itself. The entire first floor of the larger building is occu pied b-' bank quarters. With this addl tion.il room, the First National has the most spacious and best appointed bank offices on the Pacific Coast. The president of the First National Bank la Hon. H. "W. Corbett, ex-United States Senator from Oregon, and a man who has kept In the closest touch with Portland's affairs from the time of Port- ! j FIRST NATIONAL BANK. CHIEF DEPOSITORY OF THE UNITED STATES FOR THIS SECTION. j Aggregate Over 1901. land's first pretense as a city of any im portance. air. Corbett first came to Portland in 1S5L At that time Portland had already given some slight promise of its futuro Importance as a metropolitan mart of trade, and as a center of great popula tion and of marked Industrial activity. The cmlre population of Portland when Mr. Corbett first located here did not ex ceed 1000. Unlike some of the other lead ing old-time citizens of Portland. Mr. Corbett has developed as the city has grown. He Is today looked ipon as Port land's leading man of affairs, and he has the respect and the confidence of the en tire community whose general welfare he has so carefully studied during his years of constant effort and devotion to the cause of Portland's greatest growth. The other officers of the First National Bank are: A. L. . Mills, vice-president; J. W. Newklrk, cashier; W. C. Alvord, assistant cashier, and B. F. Stevens, sec ond assistant cashier. PORTLAND TRUST COMPANY Of OrcKon-r-Tlxe Oldest Trnst Com pany In Oregon. The Portland Trust Company of Oregon, Incorporated April 22, 1SS7, began business as a small Institution; it has become a large one. The growth of the Portland Trust Com pany has been due to Its painstaking and courteous attention to the Interests of its customers. It numbers among Ito' stock holders some of the richest and most' In fluential citizens of Portland. Its stock Is also held In large blocks by Eastern millionaire capitalists. It !e thus enabled to handle large transactions with com parative ease. It conducts every branch of financial business, and affords to its customers every facility that the most advanced Trust Companies -are able to offer. It conducts a general banking business, and buys and sells exchange. It receives savings deposits, paying in terest thereon. It issues certificates of deposit payable on ten, thirty or 90 days' call; and on these certificates pays Interest at rates governed bv the length of tfie call. JLt loana money on mortgages, collateral and deeds-of-trust, and offers for sale gold mortgages at attractive rates of Interest. It conducts a general, trust and agency business, acts ao trustee under mortgages to escure payment of bonds, and as reg ister and transfer agent for the stocks and bonds of corporations. It holds In trust real property as trustee under private agreements, and takes stocks, bonds and other personal property in escrow. It owns large amounts of real property, on which It builds homes for intending purchasers, who may pay for the eame in Installments. Its officers are: Benj. I. Cohen, pres ident; TV. H. Dunckley, acting vice-president; Dr. A. S. Nichols, second vice-president; B. Lee Paget, secretary, and J. O. Goltra, assistant secretary. GREAT YEAR FOR JOBBING Portlund'a Bnlne for 1002 In ?140,000,000. The jobbing trade of Portland amounts to $140,000,000 a year and Is steadily in creasing. None of this business Is of a temporary character, but has been built up in a region whose resources are such as to Insure permanency and continued growth. This trade will be added to not only by reason of the future development of the territory reached by Portland Job bers, but also by reason of the extension of the area of territory served. Full car goes of goods are brought to Portland by ships from all parts of the world and are here distributed to all sections of the vast Columbia River basin. MANY CARS HANDLED. . Terminal Company Lnrgcly In crcnKCX Volume of Bnslnena. Fourteen steam railroads are operating In Oregon with a total of 1667 miles of track. During the year Just closed the Terminal Company at Portland handled 130.979 freight cars, as against 119,000 for the year 190L and 116,000 fox 1900. These figures do not Include the grain traffic of the Oregon Railway & Navigation Com pany, nor a large amount of the freight business of' the Southern Pacific. The Southern Pacific crosses the state north and south, while the O. R. & N. traverses the state east and west. Both of these I I I I PUGBT SOUND EXPORTS First Half of the Year Shows Larger Clearances ThanLast Six Months. A large portion of the record breaking wheat crop of 1901 In "Washington was not moved until after January 1, and this fact, together with an extraordinarily quick movement of the 1902 crop, has enabled Puget Sound to make the best showing she has ever made In wheat shipments. The vessels clearing from Seattle and Tacoma for Europe, South Africa, South America and Australia with wheat during the year were as follows: January. Marechal Suchet 113.308 Glengarry 37.581 Glencrlcht 127.891 Denbighshire 172.6S9 Kenllworth 125.400 Elginshire 125,625 Euphrates 89.455 Loudln Hill 123,189 Marianne 1S1.76S Glenelvan 117,366 Robert Rickmers 124.4C9 Puritan 138.021 Dona Francisca 130.960 Avenger 71.737 Total 1.677,369 February. Alsterkamp 114.309 Neptune 164,712 Caithness-shire 70.357 Celtic Queen 102.709 Howard D. Troop 130,357 Glenesk 10S.S45 Glenafton 6S.6SS Plnmore 132.431 Ancalos 104,385 West LotWan 92.431 Robert Duncan 113.717 Mathilde 1C9.613 Java 17S.S50 La Fontaine 110.S3S Total 1,662,243 March. Springbank : 141,055 Inverkip 87.553 Kensington 101.250 Dudhope 120.S15 "Wanderer 162,673 Horda 132.646 Guernsey 218.891 Thekla 183.991 Schiffbek 139.027 Tamar 113.975 Eaton Kail 26.457 Total 1.49S.33S April.- Belford 114.629 Kalsow ; 149,636 Wllhelmina 219.400 Gelmark 46.1SS Alice .- 101.964 Grenada 1S6.5S9 Les Adelphes 68.626 Whitllcburn 122.803 Gwydr Castle 78,296 Total ... 1,038.147 3Iay. Peter Iredale 111,731 Arctic Stream 7,464 Pax r. 85,754 FIngal 143.679 Yanptse 232.020 Dunslaw 101,978 Levernbank 141,616 Total S24.242 June. Sokoto 130.441 Ladakh 110,191 County of Caithness .". SS.337 Braemar 55,925 Durbrldge 133,462 Dcccan 55,462 Total ; ... 573,818 ' July. General Roberts 106.045 Thlstlebank 136.782 Tweedsdale .-. 9,646 Total 252,473 August. Queen ot Scots 41,071 Danube ..w.7:....v.??7tr...'!. 18.380 I Total 59.451 September. Glenholm 103.02S Polamhall 53.69S Alsterschwan 137.6S5 Thistle 137,245 Total 431,656 October. Slieve Roe 92.086 Najade 99.843 Plnpsuey 175,099 W. J. PIrrle 140.817 Kintuck 92.632 Nereide 103.360 Pass KIHIecrankle 30,303 Province : 99.612 General de Sonls 25,125 Celtlcburn 154.600 Argus 85,342 Anna 1S5.250 Powys Castle S0.375 Oceana : 150,653 Flottbck 109.940 Angerona ' 11.200 Poplar Branch 108,924 Inverlc 203.433 Carnorvan Bay 115,557 "Wynnstay 1.867 Total 2,041.020 1 November. Octavla 142.693 Gael 110.170 Alice Marie 10S.939 Fortevolt 179,892 Sol way 103.353 Kyson 119.0S7 Carl J. 114.053 Gertrud SS.326 Pass Balmaha 89,428 Java 106.2S4 Celtic Cnief 93.566 Total 1,253,793 December. Largo Law 90.941 Ecuador 133.425 Pass ot Leny 18,659 Lamorlciere 2S.005 Lord Elgin 93.080 Ernest Reyer 120.962 lines have established a maximum passen ger rate of 3 cents a mile, so that the cost of traveling in Oregon is comparatively light. The growth of business in Oregon is Indicated by the fact that passenger traffic Is increasing at the rate of 10 per cent a yeaiv GOOD WORK BY RAILROADS Ho tv They Have Aided the Develop ment of thr State. The rapid growth of Oregon's agricultu ral districts is made certain by the vigor ous work" the two great railroads of the state have undertaken for the develop ment of Industrial rbsources. Both lines maintain industrial departments and im migration bureaus. The Southern Pacific Cdmpany has in the past three years placed the creamery industry upon a per manent basis. The O. R. & N. Co. has aided in the importation of thoroughbred livestock and Improved agricultural condi tions in all the territory served by Its lines The Interest which these large trans portation companies are taking in the upbuilding of. the country means more than coud any other single enterprise. Residents of the Eastern states, who are contemplating coming to Oregon to invest in farm or business property have the assurance that the value of the property they purchase will be enhanced as a result of the industrial work of the railroads. Great Value of Frnlt Crop. Tho value of the frurt .crop of Oregon for 1902 was $2,225,000. Nursery companies re port enormous sales of fruit trees, espe cially of "Winter apple varieties, and it Is apparent that the fruitgrowing industry is on the increase. BetteV methods of packing are being adopted, and Oregon fruit has ga.'ned reputatioh in European markets. Southern Oregon apples get the top price In the English market. V IMMENSE JOBBING TRADE Portland the Distributing Center for the Pacific Northwest Total for -the Year, $140,000,000. THE natural advantages which made Portland the principal and In fact the Dnly distributive point in Ore gon, "Washington- and Idaho, nearly 50 years ago, still enable this city to retain her position of prominence. The jobbing trade of the city for 1902 was by far the largest on record. Not only was there a marvelous expansion in territory which has been worked for years, but Portland drummers last years went farther Into ! new fields than ever before In contrast ing the methods of business men In a certain city on Puget Sound with those of Portland business men, a philosopher once said: "When a man makes a dollar at Seattle, he gets out on a corner and 'sets up a holler" and tells everybody all about it. "When -ue Portlander makes a dollar, he quietly gets It out of sight and Imme diately begins working for unoth his conservatism and modett manner ot doing business has a tendency to deceive a great many people unfamiliar with the system, and it also makes It a difficult matter to determine the exact volume of business handled each year. From the best obtainable Information, however, the jobbing trade of Portland for 1902 was approximately $140,000,000, an average gain of over 15 per cent over I that of the previous year, which was also J a record-breaker. This trade has not been secured without a fight for It, for the entire Northwest has been overrun with representatives of Jobbing-houses from all parts of the United Statos. and the Puget Sound jobbing-houses have 'never been more aggressive than during the year just closed. But, In spit? of all of the fierce competition, Portland has not only held her own but has Increased her lead In the race. The remarkable prosperity of the state has contributed In no small measure to this Increase In business, but much of It Is also due to the rapid development of newly settled portions of Oregon and "Washington by recent arrivals. The tim ber Industry In these states has probably attracted more newcomer? within the past year than have been brought here by any other single industry. The vast sums that have been paid out for timber lands and the establishment of lumbering and log ging plants, percolating through a dozen other lines of Industry, have created plenty of new business, which has assist ed in making 1902 the most prosperous year the Portland jobbers have ever known. Of the wealth-producing agencies which have for years supplied Portland with an Immense Jobbing trade, livestock, wool, hops and salmon nave all enjoyed a year of prosperity, and the buying power of the citizens in the sections where these industries thrive has never been greater than it Is at the present time. Portland holds her own In this big ter ritory for many' reasons. The one or two jobbers who handled Portland's wholesale trade at Its Inception were honor'able, fair-dealing men, and' they built up a reputation which has been a never-ending source of profit to the city. As the popu lation Increased, and more Jobbers ap peared, the policy of the original traders The CanadianBank of General Statement, November 30, 1902 LIABILITIES. Notes of the bank in circulation , S 7 36S 042 0O Deposits not. bearing interest $15,978 S9i"o6 ' ,v w Deposits bearing Interest, Including Interest accrued to date 37,944,396 3S 53 923 2S7 33 Balances due to other banks In Canada '139459 76 Balances due to other banks in foreign countries ....".".. 460788 IS Dividends unpaid ;.. i l 234 17 Dividend No. 71, payable 1st December. .7.7!!!!!"!!"" 2S0'000 00 Capital paid up , s..$S.000 000 00 ' Rest .- ; 2,500.000 00 Balance of profit and loss account carried forward !!!! 152,82107 10.652,821 07 . oc.,. $72,S25.632 56 - - - -ASSETS. Coin and bullion i .'..$1,579,602 S9 Dominion notes ; ;i : i;570.31S 25 $ 3 149 921 14 Deposit with Dominion government for security of note circulation.. 'S5o!o5o 00 Notes of and cheques on other banks S23 789 04 Balances due by other banks In Canada ' 15390 35 Balances due by agents In Great Britain .. 1 416 760 95 Balances due by agents of the bank and other banks In foreign countries l!62o',7S9 66 Government bonds, municipal and other securities 7 483 326 16 Call and short loans on stocks and bonds 7,247,389 11 , J, . $24,107,365 41 Other current loans and discounts 46 90 539 19 Overdue debts (logs fully provided for) ; . 33o'64 90 Real estate (other than bank premises) 175981 SI Mortgages'. ; ; 1SM40 03 Bank primiscs .-. 1,000,000 00 Other assets , ; 40,040 22 $72,S25,632 56 B. E. WALKER, , General Manager J. FRANK WATSON, President R. L. DURHAM, Vice-President Merchants National Bank y r ; Of Portland, Oregon "-. . , V;., .Designated Depositary and Financial Agent of the United States y ; STATEMENT ; - ? . Issues Drafts and Letters of Credit available in all pans of the world . . . Accounts of. Banks, Firms and Individuals solicited . . . Collections a specialty . . . Gold Dust bought was still adhered to. The new settler bought from Portland houses, because , the old settler gave them a good recom- i mendatlon, and the new jobber was forced to conduct his business on the Portland j plan or else get out of business. The j wholesale trade of Portland from its ear- liest days has been conducted on most I generous lines. The statement is fre quently made that there Is no sentiment In business. Ordinarily, perhaps, this may i be true, but It is undoubtedly true that j sentiment has had something to do with the retention of Portland's commercial prestige In the big territory covered by her salesmen. The pioneers of the interior, wfto wer.e the mainstay of Portland's job bing trade In the era of the pack-horse and wagon train, had cultivated a friend ship between our business men which was never shaken by the advent of the rail road and the new wholesale men and methods. Their relations have always been most cordial, and, while Portland has made steady gains In new trade, she ha3 never lost any of the old business that gave her a start As- the financial and commercial head quarters of the Pacific Northwest, the city has an advantage over other port3 Tvhjch it will be difficult to overcome It is In this port that the entire wheat crop of the State pf Oregon and a good-sized portion of that of the State of "Washing ton Is financed and handled, and where the wheat Is sold the farmers buy their goods. The same Is true of hops, w6ol, stock, etc., and of these principal indus tries alone the annual output is sufficient to make an enormous trade. Nine-tenths of all of the grain bags, wool sacks and hop cloth used in the Pa cific Northwest in 1902 were Imported by Portland merchants, and distributed from this port, and by far the larger portion of the money required for moving the crop of-the three states was supplied by Port land financial Institutions. For years this city was dependent almost entirely oh San Francisco for Oriental goods, the absence- of direct steamship communication preventing exporters from buying- direct, and in a measure placing them at a dis advantage with their customers In ter ritory where both San Francisco and Portland jobbers met. The establishment of a steamship line direct from this port, together with through rates being granted on all mer chandise hrnnrrht frnm tfin rirlant v... PugeC Sound 'lines for Portland merchants, has enabled Portland Joobers largely to increase their business In Oriental wares. No othr steamship line running to the Coast turns out so large a proportion of its cargo for direct distribution at the Pacific Coast port of entry as the Port land & Asiatic Line. Not only do the Portland merchants distribute large quantities of manufac tured articles brought In by the regular Oriental line, but Portland Importers, have built rice mills, and import large quanti ties of "paddy," which is cleaned and pre pared for market in this city and shipped all over the Northwest, and as far east as the Missouri River. The commission- RESOURCES Loans and Discounts -U. S. Bonds to Secure Circulation U. S. Bonds to Secure U. S. Deposits" Premium on U. S. Bonds - . -Stocks, Bonds and Warrants Real Estate Furniture and Fixtures Cash and Due from Banks - LIABILITIES Capital Stock Paid in -Surplus and Undivided Profits National Bank Notes Outstanding -Dividends Unpaid. - - - - . -Deposits - - - house business and the buying, and selling of farm products has perhaps expanded more rapidly than any other line during the past year. This is of course due to the remarkable growth of the agricultural Industry, the Increased output of the farms demanding new markets, which Portland dealers have been quick to find. Large quantities of Oregon fruit, butter and eggs were shipped to the mining dis tricts of Alaska, and the markets of the Orient were also tested with Oregon fruit, butter, hay, hops and numerous other products Wjhich have heretofore been lim ited to the local field. Portland has been rattier slow In get ting around to the manufacturing stage, but very satisfactory progress Is being made, and Portland jobbers now handle a dozen commodities of home manufacture where they handled one, 10 years ago. Most of the jobbers are Intensely loyal to the city, and endeavor to push Portland made goods wherever It -is possible, but quite naturally are still dependent on other parts of the couutry for goods which cannot be secured' here. In this connection, it may be said that there are no heavier buyers anywhere west of the Missouri River than the Portland whole salers, and they frequently bring in train loads of single lines of merchandise where a dozen years ago a carload would be am ple for all needs. The ships that have come to our ports from foreign countries have all returned with cargoes of Oregon wheat, flour, -barley and lumber. Coming with inward cargo, these ships are naturally In a posi tion to accept a lower freight rate than they would be If there was cargo obtain able but one way, and half the voyage was to be made In ballast. It was this feature of the shipping business that for years enabled San Francisco exporters to secure a differential of several shillings per ton against the Northern ports, where the limited direct Import business did not offer any. Inducements for a fleet ot ships of any consequence. Even as late as five years ago, the cargo tonnage com ing to the port was only about 10 per cent of the entire amount of tonnage required for moving, the wheat crop of the terri tory tributary to this city. Last year over one-third of the tonnage In the wheat ex port trade came to Portland with cargo, and for the first time on record this port for an entire season was on even terms with other Pacific Coast ports on out ward rates. For the coming year the prospects of plenty of cargo tonnage are better than they were at this time last year, for out of a total of 30 vessels now listed to arrive at this port. 21.. of them are coming with cargo. The Improvement In the jobbing trado for the month of December was nearly 20 per cent over that of the previous year. There Is nothing to indicate that the month of January will not show an equally good increase, and that the In crease will not be maintained through out the year. It is almost a certainty that the jobbing trade of Portland, the greatest I distributing center in the Pacific North j west, will in 1903 run well up toward 1 $170,000,000. Commcrc PORTLAND BRANCH STERLING AND INLAND EXCHANGE bought and sold. COMMERCIAL BILLS OP EXCHANGE purchased. DRAFTS ISSUED, payable at any of the branches of the bank, or at any of the points covered Dy its banners and cor respondents. COMMERCIAL CREDITS ISSUED Ex ceptional facilities for this class of busi ness In Europe, the East and "West In dies. China. Japan. South America, Aus tralia aro isew zeaiana. TRAVELERS CIRCULAR LETTERS OF CREDIT Issued, available In any part of the world. Tourists and other travel ers will And these the safest and most economical means ot provldlnfr them Felvea with funds. The money can be drawn In small or larce sums at any point in the Journey. INTEREST ALLOWED on special deposits at current rate. SAVINGS BANK DEPARTMENT Ac counts opened and interest allowed on minimum monthly balance. Rates on application. ACCOUNTS of country banks, corpora tions, merchants and individuals re ceived oa favorable terms. ALASKA BUSINESS This bank havlnff established branches at Dawson. White Horse, Skagway and Atlln. has especial facilities for the handling of business in those districts. E. A. WYLD, Manager 4 el R. W. HOYT, Cashier GEO. W. HOYT, Ass't Cashier $1,412,149.22 250,000.00 200,000.00 38,250.00 316,075.30 65,983.63 1,007,998.70 $3,290,456.85 $ 250,000.00 103,908.72 250,000.00 134.00 2,686,414.13 $3,290,456.85 r