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About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (June 16, 1907)
J. THE SUXDAT OREGOXIAX, PORTLAND, JUXE 16, 1007. 11 n PLENTY OF NUT OREGON BNK5 State No Longer a Borrower, but a Lender of Sur- plus Funds. ACCOMMODATES THE EAST Financiers Here to Attend Annual Convention All Tell Same Story of Abundant Prosperity In Kvery County In Oregon. Portland was visited last week by bankers from every section of the state. Thewe men are competent to Judge con cerning the general prosperity of the elate. Tliey were asked regarding condi tions generally as disclosed through bank deposits. Regardless of the section of the state in which he lived, the story told by every banker who was inter viewed was substantially the same. The burden of their statements was that a superabundance of money is In evi dence in the banks throughout the state. Instead of being a borrower, Oregon, they said, is now a lender. The banks of this state, it was explained, are ship ping their surplus funds to the East, where they are being Invested in com mercial paper and other securities bring ing the holder i per cent returns in many Instances. Farmers are now lend ing money and have reversed the usual order; they are themselves tearing off the interest coupons and profiting from the earnings of their surplus capital. Rank deposits during the last year have Increased amazingly in Oregon banks, one Eugene ank reporting that its de posits In the year Increased more than I'iOO.OOO. There are abundant funds on band In the banks In every county to finance every legitimate enterprise. With money so plentiful and crop prospects so flattering, the bankers feel warranted In predicting that Oregon Is now entering on an era of prosperity such as has never been experienced in its history. The West is no longer dependent fi rs nrlally on the East. With a surplus of bank funds far in excess of all local demands, Oregon as a state has passed from the role of borrower to lender. It was undoubtedly due to this stable con dition of the state's financial Institutions, say the bankers" that the effect of the recent flurry and threatened panio on Wall street was not even noticed In this state. Prosperity In the South. "There Is a superabundance of money In the banks of Southern Oregon all the year." said E. V. Carter, cashier of the Bank of Ashland and retiring president of the State Bankers' Association, yes terday. "Money was never more plen tiful. Even the little bank I represent lias not only attended to all local de mands for funds, but recently Invested 135.000 in the East in securities which bring 6 per cent. When this loan is re paid we expect to be obliged to look for another customer outside of the state, for there is more available money here' than can be placed. The average of in dividual deposits has Increased surpris ingly in our section of the state. Pros pects tor crops of all kinds are good, with the exception ot peaches, hay and grain, of which there will be about two thirds of a crop." Representative bankers from other sec tions of the state made the following statements: E. W. Haines, president of the Forest Grove Bank and newly elected president of the Stats Bankers' Association "The people of Oregon were never more pros prous. This is indicated at the present time by the exceptionally large bank de posits and abundance of money gener ally. We are no longer borrowers, but are supplying funds to the business aid commercial world in the East. Under existing conditions it would require quite a serious financial disaster in the East to disturb conditions . in the West, where bank deposits were never larger. No other one agency is more responsible for this healthy financial condition in Oregon than the Lewis & Clark Fair. The exposition brought hundreds of Easterners to this city and state, and has attracted the Investing of large cap ital. There are other reasons, of course, for this prosperity. Take Washington County. There was a time when the farmers in our section of the state raised grain exclusively. Under that order they had money, as a rule, only once annu ally, at harvest. But the one-crop idea has given way to diversified firming which brings the farmer a sure and steady income every month in the year. In our county, besides following a gen eral line of farming and fruitgrowing, the farmers are daily patrons of one of xthe two condensed milk factories which distribute about $2000 daily. There is plenty of work for all classes and the highest of wages Is being paid." X.ane County's Record. 9, B. Eakln, vice-president of the First National Hank, of Eugene "Lane Coun ty was never mora prosperous.' Money was never more plentiful for accommo dating the demands of ail legitimate un dertakings. We are obliged to place our surplus funds outside of the state since the supply is far in excess of all local end state requirements. During the last year the deposits In our bank were JS00, ( greater than for the preceding year This record surpasses anything in the history of our business. Heretofore an Increase In deposits amounting to $100, 000 for the year has been considered a satisfactory showing. There is every In dication that this year's deposits will exceed those of last year." I.. K Jewell, cashier of the Grant's ' Pass Banking A Trust Company "There Is an excess of money for financing all legitimate enterprises in my section of th state. Deposits were never larger. Thers Is an abundance of money In all lines of business, and the demand for loans is eompaartively light. In order to Insure its lending, we ship our sur plus funds East, and have reversed the order in that we are drawing interest from those communities into which we have been accustomed to forwarding in terest payments. A diversity of indus tries contributes to the local prosperity of Josephine County. Our principal in dustries are lumber, mining, hops and fruit, the latter being the famed Rogue River Valley product. In addition, three creameries were recently established In our county, and they are all doing a sat isfactory business and distributing a large amount of money among the farm ers every month." X'nion County.a Leader. J. V. Scriber, cashier Farmers & Traders' National Bank, La Grande There is no stringency in the money market of Union County. While the demand for money is active there la plenty to meot all requirements. The products of the Orand Ronde Valley re worth $3,150,000 annually and therein lies largely the secret of Union County s prosperity. This total is made tip of the following items: Wheat, 1.000.J50: lumber, $540,000; sugar. 3iij.000; oats and barley, f:50,090; cat tle, $251000; hogs, . $200.1)00; fruit, $10,000; hay, $120,000: horses and mules, $100,000; sugar beets. $100,003; dairy products, $75,000; poultry, $30, 000: potatoes, J30.D00; wood, $20,003. Last year not less than 1000 acres were planted to fruit and this product is disposed of in the Montana and East ern markets, our shipments last year being 230 cars. The Amalgamated Sugar Factory Is located at La Grande. It nas a capacity of 400 tons daily. Be sides a great number of men in the factory, it furnished employment to about 403 -men and boys in the fields during the Spring and Summer months. We also have seven flouring mills and 40 sawmills. The report of the State Labor Commissioner shows that more money is paid out for wages in Union County than in any other county in tha state, excepting Multnomah County alone. These are some of the reasons for existing satisfactory conditions In Union County. W. W. Steiwer. of Stelwer & Car penter, Foss.il Deposits are holding up well in the eastern part of the state, notwithstanding there is usually ex perienced a slump in available funds at tn'is season of the year. Farmers are unusually prosperous and their ac counts are, with few exceptions, found on the credit side of the ledger. There has been an unusually large sale of horses at big prices, while the price of sheep and wool has likewise been above the average. These conditions may be considered the cause for the abund ance of money at this time, although there exists a generally prosperous condition among our people. The pros perous condition of our section is re liably reflected in the banking busi ness and the heavy deposits which are in excess of previous years. ( ' FINE CONVENTION ENDS WITH DIN NER. AT THE PORTLAND. Spread a Success In Every Feature. Felicitous Addresses by Bank ers and Their Guests. As a fitting finale to the second annual session of the Oregon State Bankers' As sociation, a banquet was served in the grillroom at the Portland Hotel last night that was perfect in every detail. Manager H. C. Bowers outdid himself in planning the affair, and all those present enjoyed the occasion to the limit. The grillroom itself was a bower of beauty. American Beauty roses, with Canterbury bells,, were the principal features of the decorations, while a pro fusion of carnations covered the tables. A green screen of wild huckleberry bushes made a wilderness of the walls of tha room. From behind palms the hotel or chestra discoursed strains of sweetest musie. Every feature of the spread was a pro nounced success. The decorations were so striking that they called forth enthu siastic admiration from all. Miniature incandescent electric lights twinkled among the green foliage and flowers down the center of the long tables. The serv ice was prompt and the after-dinner speeches were all that could have been wished. Cashier Chapman, of the Minne apolis National Bank, of Minneapolis, in responding to a toast, said he has at tended many banquets at the Waldorf In New York City, but he has never seen a more beautiful banquet-room than that of last night The most unique feature of the dinner was the place cards, which were In the form of a bond with 20 coupons, each bearing one item of the excellent menu. This striking innovation made a decided hit with the visiting bankers. Governor Chamberlain Speaks. After the excellent menu had been dis posed of, Toastmaster F. A. Wyld, of the Portland Clearinghouse Association, in troduced Governor George E. Chamber lain, who spoke a word of welcome to the state bankers. "I feel much as did Senator Nesmith when he was taken from the farm and made United States Senator. At first he wondered how he got there, but after he had been there a while he wondered how any of them got there. I had learned a long time ago that the bankers are the most patriotic class the country has to day. A banker named Morris financed the Revolution and another banker un dertook to finance the Civil War. Bank ers can get credit when no others can. "In the state banking law the bankers have played a prominent part. I may say that the bankers themselves prepared this law, whicL. is for the protection of tha depositors. "The bankers of Oregon have represent ed the typical business men of this state. They stand at the front of every advance of the State of . Oregon. Wherever you see an enterprising community, there you see an enterprising banker. They stand in the front rank of everything that goes to make a better . state. I congratulate you, gentlemen, upon your success, and whenever you seek to further promote the welfare of this magnificent 9tate of Oregon, you may command me." E. V. Carter, cashier of the Bank of Ashland, president of the Oregon State Bankers' Association, spoke briefly. He said the menu card was the first bond he had had in his hands for the past six months that he considered worth a pre mium. "While our calling is rather a pro saic one," said he. "we get considera ble amusement at times out of our busi ness." He then recounted a number of humorous experiences that had fallen to Ms lot in the banking business. Presi dent Carter advocated the formation of groups of country bankers, who should select delegates to the state convention. In this way he believed added Interest could be worked up throughout the state. Ex-Senator Fred W. Mulkey was the next speaker. He referred to the bankers as a serious body of men who only ex pect relaxation from their duties at such times as the annual convention and din ner. He spoke of the work of bankers as directly related to the progress of the state. San Francisco Toasted. A. L. Mills, president of the First Na tional Bank, told a number of good stories and referred in the most kindly way to San Francisco. A toast was drunk to San Francisco, the banqueters standing. . James K. Wilson, president of the San Francisco National Bank, the man who has barely escaped being elected presi dent of the American Bankers' Associa tion. poke upon being called out by Toastmaster Wyld. He said he realised that It Is not to be wondered at that the Oregonlans are a happy and contented people. He said that while San Fran cisco has had her troubles, she Is now beginning to see a lift in the clouds and she is not down and out in any sense of the word. He said the San Franciscans have to come to Oregon this year to get wheat to make their bread. His remarks were cheered. Cashier O'Brien of the American Na tional Bank, of San Francisco, read an original toast, which was drunk by the members of the Oregon Association. R. Lea Barnes, of the United States National Bank, spoke briefly, referring to J. Frank Watson as the father of the state association. Mr. Watson, presi dent of the Merchants' National Banx. was called out and spoke of the good to be accomplished by a state organisation of bankers. J. W. Maxwell, former state bank ex aminer of 'Oregon, now of the Continental National Bank of Commerce of Seattle, Wash., spoke briefly, giving a number of witty stories that were well received. T.ydell Peker. 'publisher of the Pacific Banker, was also on the programme and re Best equipped. Demonstrated by recent contracts for ' TELEPHONE BUILDINGS .at Baker City Woodlawn Mount Tabor. Sellwood Healy Building Hotel Lennox Wellington Annex Wilson Building Board of Trade Building and Large corporations, before making such contracts as above, investigate as to promptness, material, "workntf"1 ship and price. BARRE Warerooms, 408-410-412 Morrison St. . Factory, 166 Eleventh St. DIVIDENDS PAID IN GOLD QUARTERLY BY The Burnt River Consolidated Mining and Dredging Co. Baker County's famous placer. A limited quantity of stock for sale. The result will please you. 1 Closest inspection invited. 304-312 DEKUM BUILDING gave a short but effective speech on the work of the State Bankers' Association. Assistant Cashier Washburn of the Continental National Bank, of Chicago, was the last speaker. After singing "Auld Lang Syne,' the bankers declared the second annual ses sion adjourned. The money counters of the state will meet again next Spring, probably In Portland. BUSINESS SESSION IS CLOSED Bankers' Association Elects Officers for Coming Year. The business sessions of the Oregon State sBankers' Association were con cluded in the Woodmen-Hall yester day with the election of officers for the ensuing year. This election re sulted as follows: President. E. W. Haines, of Forest Grove; vice-president, Monte B. Gwin, of Pendleton; K. W. HAINES, FOREST GROVE tr ft - w-' tA, ' t- M Elected President of tke Orrsn State Bankers' Association Yes terday. treasurer, R. E. Williams, ot Dallas; secretary, J. L. Hartman. of Portland, (re-elected). The executive committee consists of these officers and the fol lowing members of the association: R. TV. SchmeeV of Portland; Ales Martin, Jr.. of Klamath Falls; E. r. Cusick, of Albany: J. E. Hlggins, of Astoria; and F. L. Myers, of La Grande. The place for holding next year's meeting of the association will be arranged by the executive committee. General prosperity was the key note of flvemlnute addresses made by bankers representing practically every county and locality in the state. These addresses were given during the morn ing session preceding the election of officers. Among those responding with these talks were: George N. O'Brien, cashier American National pan ot San Francisco: M. S. Woodcock, pres ident First National Bank of Corval 11s; C R. Htggins. assistant cashier Astoria National Bank; F. T. Hurlburt. cashier Condon National Bank; L. L. Jewell, cashier Grants Pass Banking & Trust Company; Alex Martin, Jr., cashier Klamath Connty Bank, Kla d Electric raciory others math Falls; A. C. Schmitt, cashier First National Bank, Albany; S. B. Eakln, vice-president First National Bank of Eugene; W. C. Morris, cashier Oregon Trust & Savings Bank, of Port land; L. K. Page, president . of the Oregon State Bank of Salem; Ira Pow ell, cashier Polk County Bank of Mon mouth; J. W. Scriber, cashier Farmers' & Traders' National Bank, Pendleton; Monte W. Gwin, president Pendleton Savings Bank; E. W. Haines, president Forest Grove Bank; Leslie Butler, president Butler Banking Company, Hood River; F. D. McCully, president First Bank of Joseph, Joseph; M. C. Christenson, cashier First National Bank, Newberg. The afternoon was devoted to sight seeing, the women of the party being furnished with matinee tickets to the theater in lieu of invitations to the informal - reception scheduled to be held in Elks' Hall, the use of which had been offered by the Elks. HALF-LID IN M1LWAUKIE Saloons Closed Until Noon Sundays. License Is Raised. It is expected that all the churches In Milwaukle will have large congregations today and each Sunday hereafter. It had come to the notice' of the Mayor and Council that attendance at the morning services - had fallen off considerably. hence it was decided to help the pastors out. At the regular meeting of the 'Council last 'Tuesday night it was unani mously voted that all saloons be kept closed Sundays until 12 o'clock, and this new order goes into effect today. The Council went still farther and raised tha saloon licenses from $400 to $600 per year. Packers' Teamsters W ill Strike. CHICAGO, June 15. All negotiations having failed, a strike of the packing. house teamsters on Monday appears in evltable. Tccthachs Gum not only stops toothache instant ly, but cleans the rarity, restores all odor, and prerestt decay. Keep a sup ply and save many a dentist Hill. Imitations. Bee that jo jot ba Hum. druggists, 16 cents, or or mail. . s Corn Gum rr, DENT CO.. 0 strait. sUek, TEA Think.of us once a day at least If you don't like it, take-back your money. ' Tocr trocsr rstaras year aosir U yss 4m1 Hss Schilling's Bttt par bis. sO l'5 I AlmtBAItair, I Dent' B C8. eviirtz China Closet Specials -b-ii v?fo'Vg Three Days Center Table Specials We are offering this week some phenomenal bargains in Center Tables Tables 'fit for the parlor, living or sleeping apartments. If you have use for a few more of these little necessities, do not fail to look over this line, for you will surely find something m the great number displayed that will please your fancy. We shall close them out at a reduction of 25, 30 and 40 per cent. Yon will have a choice of Tables in mahogany, birdseye maple, golden oak, etc., at reductions like these: $15.00 Tables for. .. .$11.00 $12.00 Tables for....$8.0O $ 8.00 Tables for....$ 6.00 $ 5.00 Tables for.... $4.00 Big Special Cut in Morris Chairs Ik."-' ;-..'' V ! $35 Dining Table for $26 No. 88. High-class dining table, of very unique design, just like cut. It is made of quarter--sawed golden oak, highly polished, hand-rubbed golden oak. Round top, 48 inches ; extends to eight feet; cross-bar stretchers, castings the yery best; richly hand-carved. Cut was made ' from photo and therefore will give a perfect conception of this piece. The regular price of this handsome table is $35.00; special sale price .... .... $26.00 $2.50 Bedspreads 1 Only two to a customer. On Wednesday we place on sale two hundred of of the "Wash easy'' Crochet Bedquilt of Mar seilles pattern, 72 in every respect. life-' ii l if w 7ft ef-sA TSrt-.liu5a Priced for Wednesday only Bedquilts Saturday Watch for our great Bedquilt Special on Saturday next. WE DO A LARGE MAIL ORDER BUSINESS IN FURNITURE, STOVES AND RANGES, SEWING MA - ' CHINES, ETC. SEND FOR FREE ILLUSTRATED CATALOGUE GEVURTZ 173-175 FIRST STREET $75.00 China Closets . . $55.00 China Closets $35.00 China Closets . . A dining-room is not complete without a stylish China Closet.. If you will only take a look at the line of beauties we are offering this week at reduced prices, you will wonder how they could be made at these figures. Standard size cases, from $17.50 to $20.00, easily worth $25.00 to $30.00. Glass back and glass-top cases, standard size, $21.00; worth $35.00. Beautiful crown effects and also glass crystal cabinets, $45.00 to $50.00, worth $75.00. These goods are. in oak and mahogany, and include nearly a hundred different styles. All reduced during this three-days sale. They will match any Sideboard or Buffet. Monday, - Tuesday and Wednesday $1.00 Down, 50c a Week Will take any Morris Chair shown in our Yamhill-street window. This on top of big cut in the regular prices. It will be worth your while to investigate this special offer, if you can make use of a stylish, comfortable Morris Chair of good lasting qualities. Tote some of the price reductions, then inspect the goods. You will find them all right, and one of those snaps you have, perhaps, been waiting for: - No. 788 Regular price $12.50, special price ..S 9.50 No.-888 Regular price $15.00, special price. . $10. 50 No. 15 Regular price $17.00, special price..... ...... .$12.75 No. 67 Regular price $18.00, special price... $13.75 No. . 52 Regular price $24.00, special price S18.00 No. 874 Regular price $22.00, special price......... :..$16.50 No. 286 Regular price $28.00, special price .......$21.00 No. 343 Regular price $35.00, special price $28.75 No. 878 Regular price $27.00, special price $20.00 Three DaysTuesday, Wednesday and Thursday 'I $1 . ' ' ' ''' l ' '' ' ' Gas Ranges on Easy Terms ...91.00 Office Furniture .... ( Our stock of office furniture is as complete and correct as onf home ' furnishings. This desk is of quartered oak, finely finished throughout, and eauipped with all sorts of pigeonholes, drawers and file comparts ments. It is carried in several sizes, and price varies accordingly. We carry roll-top desks-, at $25 to $150. Also typewriter desks, tables and chain. Gevurte' prices are always the lowest, too. Bear that in mind when looking for office furniture. - & $50.00 $35.00 $21.00 IPS I iiSiiif We sell the "New Method" Gas Range, the range that SAVES your gas bills. Does not cost any more than the range sold by the gas monopoly, and uses LESS GAS. It is the patent burner that does the money-saving busi ness. Call and investi gate. Installed in your kitchen without extra charge. J$l DOWN, $1 A WEEK SONS 219-227 YAMHILL