THE MORNING OREGONIAX. SATURDAY, JANUARY 1, 1931
9
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I i ' ' " I DIRECTORS
! A. D. CHARLTON, ' A. S. NICHOLS,
J Gen'l Pass. Agent, Northern Pacific Ry. Capitalist.
I ! ' - j GEORGE H. KELLY,. EMERY OLMSTEAD
1 Whitmer-Kelly Co. . Pres- Northwestern National Bank.
1 j F. W. LEADBETTER, FREDERICK F PITTOCK
I . Pres. Oregon Pulp and Paper Co. Northwestern Fidelity Co.
1 NATT MoDOTTGALL O.L.PRICE,
I Mi ! A SecA Guihrie Co., Inc. Vice-Pres. Northwestern National Bank. j
j0:iWM Ml PHTI TVTFTSCHAN EDGAR. H. SENSENICH,
I Mk WW esand Mgr. Imperial Hotel Co. Vice Pres. Northwestern National Bank
II JmU' W ' JOHN TWOHY,
fflmm ? & I Ste T 5 ife. . Twohy Bros. Co., R. R. Contractors.
I -lip ' i
1 1'" "fSH OFFICERS I
1 fflBliiiilw EDGAR H. SENSENICH, ? O.L.PRICE , j
Vice-President. Vice-President.
1 MilBi C. L. LAMPING. ROY H B. NELSON, j
&I'!mm llmt l tMMW Vice-President. Vice-President.
fv;;8mftlt a.c.lo , I
I ifl - GEORGE W. HOYT, FRANK 0 BATES j
1 ! - -. vvc PigJB ! Assistant Cashier. Assistant Cashier.
I illt Wlirl WALTER H. BROWN, ' WILLIAM D. STUBBS j
H jjT Assistant Cashier. Assistant to the President. K
II NRTHVES 0RTLAND) OREGON M jj
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STATE COMMERCIAL BODY SERVES OREGON
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Proves Excellent Clearing House for Organizations and Persons Interested in Development of Resources.
By fteorge Qaayle, General Secretary Ore
ton Slate Chamber of Commerce.
THE Oregon State Chamber of
Commerce came into existence
in December. 1918. in response
to the call for uch an organiza
tion by many prominent men of
Oregon. It was pointed out by these
men that concerted work was need
ed for a state-wide development
programme. Many organizations and
individuals for years had been work
ing in an undivided effort toward the
betterment of Oregon and had given
ungrudgingly of their time and
money, but much of their labor was
lost on account of the fact that the
work was confined to small areas, not
broad enough in scope to give sub
stantial results. The state chamber
Is proving an excellent clearing-house
for the commercial organizations and
those who are interested in a state
development plan.
Chamber la Xon-polltlral.
The chamber Is non-political and
non-sectarian in character and is en
deavoring through its activities to
serve impartially every section of the
state. The organization membership
ha grown very rapidly during the
last year, and from about 700 mem
bers at that time there are at present
enrolled 6000. Included in this num
ber are the most substantial business
and professional men of the state.
The various phases of land develop
ment mark the major plank in the
platform. of the chamber's activities.
Under the heading of land develop
ment are a number of subheads,
among which are irrigation, drainage,
solving of the cut-over land problem
and the encouraging of better farm
ing methods in the agricultural dis
tricts of Oregon. The organization
at the present time is outlining a
definite plan of action with regard
to the irrigation of our arid and semi
arid lands. The actual results from
irrigation have proved their value,
and the chamber is heartily in accord
with the programme of reclaiming
nearly 1.500.000 acres of land Iff the
state that are now producing very'
light crops or no crops at all.
Oregon has received from the rec
lamation fund of the United States
less than one-half of what It has
contributed to that fund. While .no
legal obligation rests with the gov
ernment to return this money to Ore
gon, nevertheless there is a moral
obligation which should have consid
eration. It was the original intent of
the reclamation act that each state
should receive a large percentage of
the funds contributed by that state.
but this was later repudiated by con
gress. Were Oregon not possessed
of lands calling for reclamation there
might exist a just reason why these
funds should not have been returned,
but this state has a vast area of land
that in Its present condition Is prac
tically valueless but can be made
very productive with water. The
chamber Is making every endeavor
to get for Oregon what is her due.
In many of the agricultural dis
tricts there is annually a consider
able loss of produce owing to the fact
that markets are not always avail
able at the time such produce Is
ready for delivery. In order to con
serve raw products the chamber is
encouraging the establishing of In
dustries of various kinds In the
smaller communities of the state.
Good Roads Valuable'.
The vast territory of central and
southeastern Oregon now one enor
mous stock range could be made to
produce many thousands of dollars
in agricultural returns were railroad
transportation available. The state
chamber has heartily supported and
is supporting the construction of the
Strahorn railroad of that region,
which will connect the four stub lines
PORTLAND FINANCIAL STABILITY GREAT
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Splendid Economic Condition of City Commands Attention Bank Clearings for
Year Show Increase of 15 Per Cent Faith in Future Unbounded.
By Edgar II. Sensenlch. VI re -President
Northwestern National Hank.
THE pronounced curtailment 'of
buying by the consuming public
and the consequent check in the
movement of all kinds of merchan
dise from the producer to the consum
er;' the sudden and severe reduction
tn commodity prices and the severe
strain upon the credit structure of
the United States have resulted in
greatly unsettled industrial condi
tions throughout the country. Such
conditions test the stability of any
commercial or financial center. Se
vere as that test has been during the
fall of 1920, Portland has met the test
la an unusually satisfactory manner
and its present financial and commer
cial stability is commanding the at
tention of all who make a study of
economic and financial conditions.
Many favorable comments upon the
prevailing business and financial con
ditions in Portland have recently been
made by eastern and coast banker;
and business men.
The volume of a city's business and
the activity of Its financial institu
tions is best evidenced by bank clear
ances. Portland's bank clearings for
the year 1920 up to and including the
month of September showed heavy
monthly gains over the vsame period
In 1919. and while the gain in clear
ences suffered a severe check dur
ing the last three months of 1920
the clearances were heavy enough to
equal those of the same period In 1919.
Clearings for the year 1919 were
Sl.tS2.950.S30. 27. those for 1920 ap
proximate fl.'JOO, 000.000 (final fig-
I ures not available at the time this Is
I written), an increase for the year
of about $24S. 000.000. or a gain of
15 per cent. The following is a com
parative list of the monthly clear
ings for the two years:
1919.
11S. 666. 941. 54
99 J53.404.30
124.129.769.61
129,556.148. OS
132.S26.6S4.76
125.S64.307.il
128. 151. 378.65
136.176,715.46
171.405.240.44
181.477.797.26
151.701.278.59
151,642.264.47
Mos.
Jan.. .$
Feb. . .
Mar.. .
Apr.. .
May. .
June..
July. .
Autr. .
Sept. .
Oct.. .
Nov.. .
Dec. . .
1920.
145.839.115.69
128.24.739.06
173.172.975.98
171,099.181.61
149.352.701.67
166.642.541.96
157.540.238.70
150.498.175.20
ISO 346.491.38
ISO. 838, 789. 20
152.476.406.83
150.000.000.90
T'ls. 11.652.950.8307 1. 906, 091,357.21
'Estimated.
Portland's clearings at the present
time exceed those of any city west of
Omaha, excepting only San Francis
co and Los Angeles.
Deposits are reported by the banks
and published in the press In response
to the calls of the controller of the
currency, who during the past few
years has made six calls each year.
Deposits in Portland banks are high
est during the fall months. Those
reported in response to calls made
under the date of September 13. 1919.
and December 31, 1919. were $163,
410,354.13 and 3163,675.019.36 respec
tively. No report made during 1920 showed
deposits as large as those reported
In response to these two calls. The
nearest approach was the amount re
ported under date of September 8.
namely, 190,143,275.16. A subsequent
report made November 15, disclosed
deposits of $149, 806.956. 52, Indicating
a slight decline over the previous
report but still greatly In excess of
deposits reported December 31, 1918,
which were $124,935,918.96.
That Portland's banks have suf
fered such slight losses in deposits
in face of the unsatisfactory condi
tion prevailing throughout the coun
try during the closing months of 1920
speaks volumes for the solidity of the
city's financial and commercial posi
tion. Had the movement of the prod
ucts of Oregon's farms and forests
been unchecked this fall, Portland's
deposits at this writing would have
reached unprecedented amount.
The amount invested in the banking
business of the city has continued to
Increase In a steady and satisfactory
manner. The 1920 Increases were
made largely through earnings. The
capital, surplus and undivided prof
Its of all the city's banks amounted
to $13,983,000 on December 31, 1918,
$15,126,000 on December 31, 1919 and
on November 15. 1920. the date of
the latest call of the comptroller,
were $16,399,000. The capital invest
ment in the banking business of Port-
land is considerably In excess of that
reported by any other city In the
great northwest, or by any other
city located In any of the northern
states west of Minnesota.
A review of the continued and sub
stantial growth of Portland's finan
cial and commercial importance in
evitably inspires unbounded faith in
the greatuebb of the city's future.
and give that territory transporta
tion service to tidewater ports.
The value of good roads to any
state or community cannot be over
estimated. S'nce the beginning of Or
egon's road construction programme
thousands of people who were for
merly opposed are now heartily in
favor of such construction. No com
munity can successfully build up Its
industries or improve its conditions
without well-constructed roads as a
means of transportation. The cham
ber has in the past and will in the
future foster and support any well
founded road programme that will
have for its purpose the building up
and the improvement of any locality
in the state.
There are approximately 13.111,077
acres in the' national forests of Ore
gon ana in order to travel irom one
community to another it is necessary
in many instances to go across the
national forest area. The chamber
is. therefore, supporting heartily the
construction of national forest roads,
especially those that will have for
their purpose the connecting up of
Oregon's highway system.
Through the activity of the state
chamber of commerce the forestry
service has made a preliminary in
vestigation of the Skyline highway
along the summit of the Cascade
mountains from Mount Hood to Cra
ter lake. To those who are unfamiliar
with this proposed route it would
seem that this would be practically
an impossible thing. The officials
from the forestry service report, how
ever, that the entire road can be built
at a reasonable cost with no grade to
exceed 6 per cent. This proposed
highway would be one, not for the
tourist alone, but to protect the vast
forest areas from fire; to open up
stock ranges that heretofore had been
almost inaccessible and to be a link
connecting the western Oregon region
with the great eastern Orsgon em
pire. Development Wort Important. (
Realizing the necessity for concert
ed action in the matter of river and
harbor improvements and in an en
deavor to work out some solution to
our transportation problems, the
chamber caused the Northwest Rivers
7
rnsv. MII.I, DAILY USES YIELD
OF 4S0 ACRES OF BEAT.
rino miiiibTi loaves of bread, or !
-. - Aav fnr everv Der- a
one lua. j . - ,
son in Portland, Seattle and la
coma combined, could be made
from the daily output of one of
the many flouring mins in run- :
land. This plant uses in one i
day the approximate yield of, I
480 acres of land, or 150,000 acres j
of wheat each year. The output j
is 27,000 barrels of flour daily.
and Harbors convention to meet in
Portland on October 4 and 5 last. The
result of this convention was the or
ganization of the National Rivers and
Harbors congress, and while the re
sults are not apparent at the present
time, the programme that has been
outlined and the plans of the execu
tive board of the organization when
carried to a final solution will have
a great bearing on the development of
the whole northwest territory.
The chamber has been very active
in the last few months co-operating
with men from New York state who
are establishing on the Atlantic sea
board vast terminals for the handling
of Pacific northwest lumber. This
plan involves the operation of steam
ship lines from northwest ports by
way of the Panama canal to these
terminals and the programme is so
outlined that it will prove of extreme
benefit to the small as well as the
large lumber mills in the state of
Oregon, also to other shippers of
northwest products.
The chamber took a leading part in
an endeavor to secure a milling-in-transit
rate for the northwest and is
still actively at work along that line.
Through the chamber a number of
leading men of the state were called
into conference on November 9 to
meet with the congressional delegates
from this state to discuss matters
that might directly or indirectly bear
on state development. Never before
had any such meeting been held and
the result of this conference was a
better understanding between our
business interests and the Oregon
senators and congressmen.
News Letter Issued.
The Oregon land settlement com
mission, appointed by the governor,
has been doing very constructive
work in demonstrating that a model
one-man farm with modern buildings
and equipment is a successful under
taking. The commission was granted
an appropriation by the legislature of
$60,000 for this work. One unit was
purchased and put into operation
south of Independence in Polk county,
and another is nearing completion
near Roseburg In Douglas county. It
Is the plan of the commission to place
these model farms In other sections
of the state. To prove the worth of
such an undertaking, one has only to
I visit a completed farm near Inde
pendence.
The chamber has issued a bi-weekly
news letter to its members through
out the state. The purpose Is to keep
the membership advised as to the
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Our Faith in Hydro-Electric Bonds
The business life in a community, in a
very large measure depends for its growth
upon its electric energy. We cannot main
tain, to any degree, our industries, in the
abseace of "either electricity or gas. They
are both absolutely necessary.
We, therefore, have faith in the future of
well-managed hydro-electric and gas com
panies. We have been either syndicate managers,
or one of the original syndicate, for the
following hydro-electric bonds offered dur
ing past year.
$10,000,000 Pacific Gas & Electric Company
1 Convertbile Gold Notes.
? 2,625,000 San Joaquin Light & Power
Corporation, 8 Convertible
Collateral Trust Gold Bonds.
$ 1,500,000 Nevada-California Electric Cor
poration, 8 Ten-year Secured
Gold Notes.
$ 1,000,000 Pacific Power & Light Com
pany, First Lien and General
Mortgage 8 Gold Bonds.
No security is offered or recommended
until it has passed a rigid investigation as
to its character, its safety and its perma
nency. Every issue is bought outright and
is then offered over our own name to in
vestors. We stand behind every security
we sell.
BLYTH. WlTTE R& CO.
jjrjED STATES GOVEKJC1EKT MUNICIPAL Aim CORPCHVOIOIT BONDS
Yeon Building
Merchants Exchange 61 Broadway Alaska Building
cam TrrjAVHTsno NEW YORK SEATTLE
First National Bank Bldg.
SAN DIEGO
521 Trust & Savings Bldg.
LOS ANGELES
Chamber of Commerce Bldg.
PASADENA
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1 activities of the oreaniza-
tion. Many letters have been received
from people who are contemplating
locating in the state of Oregon.
The Oregon state chamber of com
merce has already gained a firm foot
ing in the state and is in a position
at the present time to render a most
valuable service to any and every sec
tion of Oregon.
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S :
I Overbeck & Cooke I
Company
Brokers, Stocks, Bonds,
Cotton, Grain, Etc.
216-217 BOARD OF TRADE BUILDING
Walla Walla, Wash.
Portland, Or.
Pendleton, Or.
I MEMBERS CHICAGO BOARD OF TRADE
Correspondents of Logan & Bryan, Chicago and New York
MEMBERS
New York Stock Exchange
Chicago Stock Exchange
Boston Stock Exchange
Chicago Board of Trade
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New York Cotton Exchange
New Orleans Cotton Exchange
New York Produce Exchange
Liverpool Cotton Association 1
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(Qarstens & flarles, Incorporated 1
Established 1891.
Government, Municipal
and Corporation Bonds
U. S. NATIONAL BANK BLDG.
PORTLAND, QREGON
Seattle
Spokane
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San Francisco
Los Angeles I
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