The Oregon daily journal. (Portland, Or.) 1902-1972, December 25, 1904, SECTION SIX, Page 2, Image 46

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Stow Striking Prosperity and Growth of City anJ State.
Clearing Nearly Doubled in Four Years.
Deposits in Portland banks have increased xoo per cent in four
The varied producta of the Pacific Northweat are moved by the.
money of Portland banks.
Bank clearings of Portland for the past ten months exceed by
nearly $10,000,000 the clearings of the corresponding months of 1903.
There are fourteen banks in Portland
PORTLAND'S acknowledged su
premacy as the flnanctal center
of the Pacific northweat la the
Just conaMjuenoe of tha wealth
and solidity of ita banking Inatltutlons.
and the prudence and sagacity which
have characterised their management.
Nothing mora atrlklnaly Illustrates the
growth and prosperity of Portland and
Oregon than the steady gains In the re
sources and bualneaa of the banks in
this city, the slate's metropolis.
The bank clearings have afforded am
ple evidence of the increasing: volume
of business centering lnvthls city, and
the record from year to year shows ex
traordinary advance When the com
plete figuree for the current year have
been complied. It la fully expected that
they will show a gain within tha last
tour years of fully 0 per cent.
Deposits have grown probably even
mora rapidly, although preclae figures
are not obtainable as only the national
banks publish exact Information on thla
point. A careful estimate made by a
leading banker of the city Indlcatee
that, the gain In deposits In four years
has been almost 100 par cent. "
Portland s banka afford the money Tor
moving the great bulk of the varied
products of the Pacific northweat. The
demands made upon them are enormous.
The handling of the annual output of
lumber, aalnlon. livestock, wheat, hops,
fruit and wool requires immense sums
of money and thla money la supplied
In tha main by the banka of thU city.
Moreover the banka of Portland are the
mainstay of scores of smaller banks
in this snd adjoining atatea, which look
to them for aid In tlmea of financial
pressure. . ,
The reputation of the Portland banks
for strength and conservatlam Is na
tional. In the great financial centers
of the east there Is ample recognition of
this city as the mbnetary capital of the
northweat. and this haa been a powerful
stimulus to lnveatment and an incal
culable aid to the development of thla
state. .
One important consequenoe of the
wealth centered In Portlands banka has
been that an unusual proportion of the
large enterprises undertaken In the city
and the state have been financed by
home capital. Tha proflta of theae en
terprises have, therefore, to this extent,
remained at home, contributing to the
prosperity of Oregon and hastening Us
development. .
Figures are more eloquent than any
general statement, and the records of
bank clearings are especially significant.
Tha rapid Increase of the past four
years Is strikingly Illustrated by these
records. In 1900 the clearings were,037.4$; In 1001. $122,576,461.69;
tn 1902. $154,741,110.23; In 1903. 3175,
596 622 63; and for the first 10 months
of 1904 the leartngs were $163,389.
107.79. as against $148,173,242.41 for the
corresponding 10 months of 1903. With
the normal heavy clearings for the
months of November and December, the
total clearings for thla year will exceed
$190,000,000, or nearly double the total
of '
High grater mark for the clearings of
a single day was reached October-10
of thla year, when the total was $1,333.
790.21. Thla record was the result of
no commercial tranaactldns of extraor
dinary size, although the figures were
swelled somewhat by heavy deallnga In
Oregon wheat. October of this year es
tablished the record for the largest
clearlnga In a single month In the his
tory of the city, the total being $31,637,
107.79. The Deposits.
Owing to the fact that only the three
national banks publish statements of
their deposits It Is Impossible to give
exact figures as to the total depoalts
of the 14 banks of the city. Upon the
theory, however, that these, three banks
do one third of. the banking business of
the city and the other 11 banks do the
remaining two thirds, an approximation
Is possible. Tsklng the September
statements of the national banks in
each of the last four years and estimat
ing the depoalts of the other banks upon
the ratio mentioned, the result will be
as follows:
isou , $22,507,010
lt0t .-w. 3S.94.-I.7R2
1112 33,2n.7:ui
11104 4HS4.0.V)
The slight falling off this year Is at
tributed to the heavy building opera
tions In this city during the summer
and fall. The figures show, however,
an Increase of almost 100 per cent as
compared with 1900.
In addition to the business shown by
the clearing house reports the banka of
Portland also do a heavy business dally
with country correspondents who draw
drafts against banks other than those
with which the correspondents are con
nected. It Is estimated that thla busi
ness alone amounts to $600,000 yearly
snd It Is properly to be claased as a part
of the regular volume of banking trans
actions of tills city.
There arc now 14 banks In Portland
the First National, the Merchants Na
tional, the United States National, Ladd
aV Till on. Security Savings, London A
Ran Francisco, Wells, Fargo A Co.,
Canadian Bank of Commerce, Portland
Trust company. Hibernian Savings bank,
Oregon Savlnga bank. O. w Bates A
Co., Cltlsens bank and Blast Side bank,
the last three In ra -t Portland. These
tanks have country correspondents
ranging In number from about 70 ?or
the First National nod 60 for the Mer
chants National, down to three or four
for the smallest concerns. They have
had a steady Increase In buslneas every
year since 18$7.
Local financiers expect to see an even
greater growth In the business of tha
Portland banks within the next three or
four yearn than has been seen In the
Mat four The rapid development of the
state's rearturcee that Is tn progress,
the great volume of business that will
result .from the fair, the growing de
mands of the agricultural, mining, tim
ber and other interests, all promise to
ttfve an unprecedented Impetus to the
financial transartlons centering In Port
land It is conservative to conclude that
rha very near fnture the business
of the iHiiiks of this city will again
have doubted In volume. -
the admission of Oregon to the union.
The coincidence Is an interesting one,
for of all the factors which have con
tributed to the commercial ggowth of
the state, npne haa been more Important
than the great banking house founded
nearly half a century ago, when It waa
stirl the day of small things In Oregon.
From small beginnings Ladd A Til
ton's bank has steadily grown- with the
growth of the city and the state. With
a wise provision of the future of Port
land and of Oregon the bank's founders
and their successors have constantly
broadened the field of their bualneaa ajid
Increased their capacity to meet the de
mands -upon them. The commercial hla
tory of Oregon is closely Interwoven
with the history of Ladd A Tllton's bank.
They have had a part in almost every
great financial enterprise which has
called for the Investment of large cap
ital and the name of the bank has beeir
a synonym for solidity and conserva
tism. Storms which from time to time
haVe" shaken the monetary World have
left this bank unscathed, and it occupies
today an enviable position among the
banking institutions which have made
Portland famoua as the strongest finan
cial center of the -Pacific northwest
The bank Is owned and controlled by
William M , Charles K and J. Wesley
Ladd. The capital stock Is but $260,000.
but the reeponslblllty of the owneref
the bank Is " conservatively placed at
$6,000,000 and unquestionably far ex
ceeda that figure.
The Ladd brothers are among- tha
wealthiest and most influential men of
the northwest, and the high reputation
which their bank has gained for solidity-
and conservative management has
been Justly earned, They handle the
buslneas of numerous large estates and
Important property Interests. The bank
is located at the aouthwest corner of
First and Stark streeta It allows Inter
est on time deposits, makes- collections,
issues letters of 'credit available all over
this country and In Europe, sells sight
exchange and telegraphic transfers on
New York, Chicago, St. Louis, Washing
ton, Denver, Omaha, San Francisco and
numerous points in the Pacific north
west and British Columbia and Canada.
Foreign exchange Is also sold on Lon
don, Paris, Frankfort, Berlin, Hongkong,
Manila and all oriental points of impor
tance. Tha Citizens' Bank.
The Citizens' "bank. $81 East Wastr
lngton street, does a large business,
chiefly with the merchants and residents
of the-east side and the farming popula
tion east of the city. The bank waa
founded September 22, 1890, and its busi
ness has steadily Increased until now its
deposits amount to $300,000. The offi
cers of the bank are: J. H. Lambert,
president; Joseph Paquet, vice-president;
a. W. Lambert, caehier; D. C. South
worth, assistant cashier. The Cltlsens'
bank does a general banking business,
utyi it haa gained -a high reputation for
careful and business-like methods.
The First rational.
The First National bank of Portland Is
the largest as well as the oldest of the
national banks of the city. Its deposits
amount to considerably more than one
fifth of the eatlmsted total deposits of
all the banks of the city. The bank re
ceived Its first charter July 4, 1$5. and
during the nearly 40 years that ' have
atnee elapsed it hss steadily gained In
the confidence of the public, and It has
been a powerful factor In the develop
ment of the community. The manage
ment has always been of a character to
command the trust of the public, so that
the growth of the bank haa more than
kept paee with that of the city.
The financial solidity of the First Na
tional Is well Illustrated by Its last
statement of condition, published in Sep
tember of this year. It was as follows:
Iont and dlaeoanta. .
U. s Bondi at par...
Other bond aad se
curities Beak premise
Due from treasurer of
V. h $ 28.noo.oe
Dae from other hunk- 1.131,701.83
Doe from reaerra
seats TM.S88 8
Cash on hand 1.10S.S4S.40 a raw
$.1,720 72S 12
$ 600.000.00
8. OM. 100.32
Ladd A Tllton'at bank began Its career
In 181$, the same year that witnessed
ftpital stock
Surplna and undivided
Depoalts Individual
and banka $7.291. 7RR.3n
Depoalta U. B 788.436.12
. $10,011,018.38
Since September, when the foregoing
statement waa issued, the depoalts In
the First National have increased about
The officers of the bank are A. L.
Mills, president; J. W. Newklrk, Cashier;
W. C. Alvord, assistant cashier, and B.
F. Stevens, second assistant cashier. The
directors are J. W. Newklrk. A. I. Mills.
Jacob Kamm .James F. Falling, H. F.
Conner and H. L Corbet t. The batik
occupies a handsome three-story build
ing at the southeast corner of First and
Washington streets.
- V. 8 national.
The Intted States National bank and
the Alnaworth National bank were con
solidated two years ago and the busi
ness haa since been conducted under the
former name. The growth of the bank
In the two years that have passed since
the consolidation has been extraordi
nary. The bank's assets have Increased
over 60 per cent, and there haa been a
similar lncreaae in deposits. The fol
lowing statement shows the condition
on November 1. 1902, Immediately after
the consolidation, and on November i
uf the present year:
Nor 1. moj.
loans and discount. $ 6O1.010.M
V. . bonds circnla-
II" n 00,000 00
I. B. bonds aad other
bonds $BR.I) .12
Beal estate 37.248 14
Fnroltiire and natures 7,000.00
Bask biilMlns; 12R.oon.oo
Caek In raulta 4M.012.S1
Due from banka 297, OSS. SB
i . B. seeds U. S,
I'remlum U. g. bond.
Not. J, lent.
IS, 78. 87
S3.3O8.083.S4 $3,6o.0gS.Sg
Not 1. 1002.
Capital . .$ 300,000.00
Suiplin and iitvllrlded
proflta BO.011. TO
i imitation , 60,000,00
IHrldenda unpaid
I-lo.tts 1.857. inxne
Nor. 1. 1004.
$ 500,000. OS
128.88S 12
i.i H
12 ana. oss S4 $n. nodosa. a
Tha officers of the bank are 1. C.
Savings Bank
Portland, Oregon
4 per cent Interest on
Savings Accounts
2 per cent Interest on
si H'
L. O. Ralston - President
William Ralston, Vice-President
W. Cooper Morris - Cashier
L. O. Ralson, William Ralson,
W. Cooper Morris
Albert T. Smith, W. H. Moore
Banking in Ail Its Branches
Accounts of Banks, Bankers, Firms, Corporations and
Individuals Received
Corner Sixth &
Morrison Sts.
Unsurpassed Collection Facilities
Commercial and Savings Department
l Invited
Ainswortb. president; W. B. Ayer. vice
president; R. W. Scii nicer, cashier, and
A. M. Wrlsbt assistant cashier. The
directors are: E W. Hell man, president
Nevada National bank, San Francisco,
and Union Trust company. Ban Fran-
nrMMnt lTnrmera And Mer
chants National bank. Los Angelea;
Percy T. Morgan, president or xne Cali
fornia Wine association; W. B. Ayer,
president of the Eastern A Western
I .mnlier oomnanv: RufUS Mallory, Of the
law firm of Dolph. Mallory Simon;
D. W. Wakefield, or the real estate rirm
of Wakefield. Fries tk Co.; George E.
Chamberlain, governor of Oregon; R. I.
Macleay, president of the Macleay
Estate company; H. I nttoek. pub
lisher the Oregonsn; J. C. Alhaworth.
president, also president of the Fidelity
Trust Company bank, of. Taeoma,
The TTnlted States National bank haa
correspondents in all important eastern
cities and drafts are Issued on all the
principal cltiea of Europe and the
The Canadian Baltic of Commerce In
thla city is a branch of the great bank
ing houae which haa Its headquarters in
Toronto with subordinate banks la
every Important center of Great
Britain's possessions on this continent,
as well ss In a number ' of cities In
he TJnled States. The Portland branch
Is located In the Commercial building,
144 Washington street, and la under the
direction of E. A- Wyld, the local man
ager. The Canadian Bank of Commerce haa
a paid up capital of $8,700,0 JO. and a
reserve which approximates $4,000,000.
It has correspondents all over the world
and a number of new branches have
been opened during the past 13 months.
The combined business of the bank and
its branches reaches Into immense
figures and tha annual proflta are in
the neighborhood of $1,000,000. The
bank has been a powerful Influence in
promoting the development of Canada
and the Pacific northweat
Wells-raxgo Bank.
Wells, Fargo & Co., the main office
of whose banking department Is in San
Francisco, haa brunches in New York,
Salt Lake and Portland. R. Lea Barnes
is cashier and manager of the local
branch. The bank transacts a general
banking business and haa correspondents
In all parts of the world.
The bank occupies spacious quarters
in the commercial building, at the south
west corner of Second and Washington
streeta Being only a branch of the
parent company separate statements are
not Issued by the Portland bank. The
last statement of condition published by
the home company ahowed the condition
at the close of business July 30. 1904,
and was as follows: .
Loses $l.O84.0T7.38
Bonds, atocka aad warrants 2.71.MM.-
Beat estate . .' 3,138, 70B.B3
IflseeUsDsoes assata 8.01S.68
Doe from banka and bankera l,T00,934.Sb
Cash .1.280,106.16
Capital, paid np $ 800,000.00
2. lfW. 108.06
I tdiTlded profits
Depoalta. banka aad bankers...
Deposits, indlridaala
' 838.811,686. OS
The London ft San Francisco.
The Portland branch of the London
San Francisco bank, limited, haa been
established for about 33 years. It oc
cupies quarters In the Chamber of Com
merce building, at the corner of Third
and Stark streets. W. A. MacBae is
the local manager. The head office ia
In London with branches in San Fran
cisco, Portland, Seattle and Tanoma The
bank has agenta In all the great money
centers of the world and doea a heavy
foreign business.
The authorised capital of tha bank
ia $1,600,000 and the capital paid up is
41,400,000. The capital reserve fund,
as constituted by act of parliament, ia
$1,060,000. The rortland branch doea a
general banking business and lasues let
ters of credit and drafts available in all
parts of the world.
Tha Ztbsrola.
The Hlbernla Savings bank, 147 Wash
ington street haa made steady growth
since it waa founded in 1893. The bank
pays internet on savings accounts and
also carries on a general banking busi
ness. Its deposits range from $368,000
to $300,000. Ita business consists large
ly of Ioana upon real eatate, great cars
being exerclaed tn the selection of tha
security. Dr. Andrew C. Bmlth Is the
president of the bank. D. W. Crowley Is
vice-president snd Lansing Stout secre
tary and cashier. These officers, with
3. T. Barron and E. C. Goddard, con
stitute the board Of directors.
One of the lesding flnanctal Institu
tions In that important part of Portland
lying east of the Willamette fiver is the
IBast Side bank, at the corner of Grsnd
avenue ana nn Aiaer siren. i no
bank commenced ita career November 1,
184, or little more than 10 yeara ago,
and Ita business has kept pace with the
development of the city. With a capi
tal atock of $25,000. ita surplus now
amounts to $30,000 and its deposits to
(Continued on following page.)
Merchants National Bank
Surplus and Profits, $135,000 Ca.pita.1, $250,000 Deposits, $3,250,000.0Q
J. FRANK WATSON, President
R L. DURHAM, .Vice-President
R. W. HOYT, CashieY
GEO. W. HOYT, Aat Cashier
Issues Drafts and Letters of Credit Available in All Parts of the World. - Accounts of Banks, Firms and Individuals Solicited.
Collections a Specialty.