THE MOItXIXG OREG ONI AX, MONDAT, XOVE3IBER 21, 1921
7
No. 8 of The
Oregonian'a "Know
Portland" Series
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Portland is rich.
Its per capita wealth is estimated to be greater
than that of any other city west of the Missis
sippi. .
It has always been known as the sub-treasury
of the Pacific northwest.
It has always played a most conspicuous part
in the financing- of enterprises in the Pacific
northwest.
1 Portland and Oregon capital built the first rail
road in the Pacific northwest.
Portland and Oregon capital helped to develop
the mines of the Coeur d'Alene district.
' Portland and Oregon capital, through the pur
chase of bonds, and by direct investment, has
built the schoolhouses, roads, bridges, water sys
tems; has paved the city streets, installed sewer
systems and has turned deserts into veritable
Gardens of Eden through irrigation tracts in not
only the state of Oregon, but in a large part of
the states of Washington, Idaho, Montana and
Wyoming.
Portland is the pre-eminent bond and mort
gage market of the Pacific northwest.
Portland bond houses in 1920 bought and dis
tributed approximately $50,000,000 of bonds.
A conservative estimate of the bonds held for
investment purposes outside of banks in Port
land and in the state at large is $150,000,000.
City of Portland bonds command higher prices
than bonds of any other Pacific coast city, due to
the excellent credit standing of the community,
based upon the wealth, stability, moral and finan
cial reputation of its residents, 45 of Portland's
families owning their homes.
Portland's strength financially results largely
from the fact that Portland real estate and Port
land enterprise are owned by Portland capital.
Wealth made in Portland and in Oregon has re
mained here to build Up the community.
For further evidence of the wealth.of the state
let us refer back to the recent Liberty Loan
drives. Oregon went over the top first in the
third Liberty Loan; was third in the fourth
Liberty loan and second in the fifth Liberty Loan,
a record unequalled by any other state in -the
Union. Oregon, in all of the Liberty Loan drives,
was first in its district the Pacific coastndem
pnstrating a wealth not only in dollars, but in
By E. C. SAMMONS, Asst. Cashier United States National Bank.
patriotism and good citizenship unequaled any
where. Here is Oregon's record in the Liberty
Loan campaign:
First loan ........... 13,311,850 .
Second loan 24,452,550
Third loan .-. . . . . . . . 28,300,800
Fourth loan 38,362,550
Fifth loan ....... :. ...... .. 28,409,350
$132,837,100
Though it stands 24th in population, Pprtland
is the 11th city in the United States in Postal Sav
ings Deposits. On October 14 there was on de
posit in the Postal Savings Bank $1,539,844.
There were 4200 savers; an average of $366.63
per account.
Savings deposits are considered a barometer
of the prosperity of the people of a city. The total
Savings Deposits of the City of Portland on June
1 were $39,953,917.58 and the total number of de
positors was 108,935 more than one in three
persons in the city. The average per "capita on
June 1 was $154. The nation's average was
$61.85.
The assessed valuation of Portland property
in 1920 was $314,127,565, or $1216 per capita. The
growth of building permits and assessed valu
ation since 1900 indicate, in a measure, the stabil
ity of the city:
Assessed Valuation
1900 ....$ 29,554,209
1905 .... 130,432,766
1910 .... 274,266,035
1915 .... 303,006,010
1920 .... 314,127,565
Building Permits
1900, 392 permits .$ 945,985
1905, 2,318 permits . 4,183,368
1910, 6,523 permits . 20,886,202
1915, 11,083 permits . 5,333,945
1920, 24,832 permits . 14,924,140
In the survey of 1914, made by Secretary of the
Treasury McAdoo, for the purpose of locating
branches of the Federal Reserve Bank, Portland
was shown to be the overwhelming choice of 663
banks in the Pacific Northwest territory as the
logical place for the establishment of the North
west branch of the Federal Reserve Bank of San
Francisco, should but one branch be established.
However, three branches were established
Portland, Seattle, Spokane.
Banks are the clearing-houses of a community.
Instead of visualizing dollars flowing through
the banks, pause for a moment and visualize all
of the products of the4 Columbia Basin territory
being exchanged through the banks. Bank clear
ings, therefore, mean lumber, wheat, grains,
fruit, fish, wool, livestock, dairy products, mines,
paper, clothing, groceries, in short, every com
modity bought or sold. Note, therefore, trie
growth of Portland bank clearings since 1900-?
the index of the financial life of the community?
Bank Clearings
1900 :...$ 106,918,027.48
1905 228,402,712.69
1910 517,171,867.97
1915 554,446,756.22
1920 ................. 1,906,796,901.66
Bank deposits and postal revenues are gen
erally accepted as unfailing indices of the finan
cial position of a city.
Bank Deposits
June 30, 1910 $ 66,500,837
June 30, 1915 68,739,438
Sept. 6, 1921 ..... 127,360,893
Postal Revenues
1900 $ 215,978
1905 473,083
1910 925,165
1915 1,167,293
1920 1,960,010
A revived export business has brought Port
land to the forefront among the leading ports of
the. country. It is the outbound cargoes that
stimulate our industry, increase our payrolls and
bring prosperity, which, in turn, makes our city
a financial power to be reckoned with.
The Port's Export Record
1912 $ 9,976,927
1913 12,585,284
1914 13,806,500
1915...... 20,406,266
1916 10,654,491
1917 4,190,695
1918 10,205,445
1919 30,518,519
1920 42,812,891
1921 69,129,971
Portland has a reputation of being staid. That
very conservatism has enabled Portland to
emerge from the readjustment period of the war
with less financial disturbance perhaps than any
other community on the Pacific coast, save Los
Angeles.
The foregoing figures evidence prosperity
which none can gainsay. The banks of Portland
deserve the full confidence of the people and they
have it. Their co-operation in establishing new
enterprises and maintaining old business and
industries in Portland in the past has been cor
dial and effective and will continue so.
Ample banking facilities exist here for the ac
commodation of all of the people and all business,
commerce 'and industry.
W. S. KIRKPATRICK ADVERTISING SERVICE.
Other Subjects to Be, Covered in The Oregonian
The Pru't Industry
Pulp and Paper
Portland and Its Manufacturing
Portland, the. Jobbing Center
Portland, the Railroad Center
Our Fisheries and What They Mean
Our Inland Waterways
Iron and Other Metals
Tourists as a Trade Pesource and
Our Climate and Scenery