23 ' - v " v ' 'flit I . XV ,t.,r- Li ImJr S II! A MAZING" is, in ordinary phraseology, a startling word, but it fits in some re lationships that are grown common nlare hv reason of familiarity. In a r country that Is growing rich, vastly increasing wealth may not excite much comment, but it may be amazing by comparison with other places and decades that have witnessed slower material develop- ment. Every close observer of the rapidly chang- ing conditions in the last three or four years has been impressed by the marvelous financial growth of the Pacific northwest, and the increasing numbers and individual strength of Oregon banking institu tions. The well-wisher will exclaim: More power to them not to oppress, but to boet Oregon I The Financial Hub. Significant in this growth rs the Pacific coast's increasing self-reliance and initiative; its prospec tive capacity for working out its own domestic problems of development, and its present ability to weather anv stress that may arise. While it con tinues true that the whole nation is a unit in its financial interests, it is also a fact that these units do not remain in the same relative strength. The progress of the Pacific northwest of which Tort land is the financial Hub is sending its banking in stitutions forward at a much faster pace than any other section of the country. Portland, within tlie last half year, answered Wall street's mutterings by increasing its DanK aeposus a 10 oo per ccm, a.m u.s daily clearings 4 percent over me same monins oi last vear. and bv doubling the volume of its build ing and permanent improvement for the current year. What answer could have been more satisfying to our people, or more convincing to Wall street speculative swashbucklers? Legitimate banking in terests in the east are satisfied with the showing made in Oregon, and they are demonstrating their confidence by pouring money into this investment field. Never before in the state's history has it drawn so heavily on the east for investments as in the years 1906 and 1907. From New York, Boston, Philadelphia and other centers come millions of dollars for Oregon development, and this money thereby becomes Oregon capital. Never before has any state guaranteed with such absolute certainty to reward investors with large margins of profit. Large Investments of Capital. It is conservatively estimated that, including rail road construction funds, approximately $145,000,000 has in the last three years been set aside or pro vided for from outside sources for investment in Portland's natural trade territory. Among these items are found: Southern Pacific and Union Pacific pur chases, extensions, enlargements and ; improvements $35,000,000 i Northern Pacific and Great Northern pur chases, new construction, bridges, ter minals, enlargements and improvements 25,000,000 Portland-Salem electric railway 1,500,000 Mt. Hood Railway & Power company's electric power plant and railway system 5,000,000 Packing Louse investments and construe tion 4,000,000 Willamette Valley Co. light, power and railway plants 1,000,000 Portland Railway, Light & Power com pany consolidation, extensions and im provements 20,000,000 For irrigation 10,000,000 For waterways 10,000,000 Investments for timber lands and saw mills '. 10,000,000 Agricultural and fruit lands 10,000,000 Increased mercantile investments 5,000,000 Eastern money for building and real estate 10,000,000 These figures are not set down as official reports, but as fairly accurate and to furnish some detail of a statement showing roughly the proportion of in creasing capital coming here from eastern sources. In the item of irrigation, the larger amount origin ated, of course, from sale of Oregon public lands, but it comes back to us from the national treasury and therefore may be classed as investment of out side capital. The same might be said of some other investments, and of the funds now being reinvested here by the Harriman and Hill railroad companies. But the benefits to be derived by Oregon should not be discounted on that score. Influence on Local Banking. These great movements of capital have their direct influence on local banking, and the results arc seen in the weekly clearings and balances, and deposit accounts. The enormous productivity of Oregon, and the regularity with which large returns come back from every judicious investment in its resources, is the real power that spells permanent prosperity for this splendid commonwealth. Ore gon has the goods, and delivers them in full measure. On The Journal's first anniversary in 1903 the total capital and resources of Portland banks aggre gated about $1,500,000, not including private banks -"Their deposits were $45,000,000. Today the figures read for total capital and resources, $3,000,000; de posits, $85,000,000. If the song of the glad new world were the jingle of money, our gifted Joaquin Miller would find some inspiration in that record. But taking his inspiration from a higher key in the i Same sphere of human progress, he nevertheless has touched the practical side of Pacific coast commer cial life in his sweeping, beautiful lines ""-"Stiake hands! Kiss hands in haste to the sea, ' -Where? the sun ceraes in, and mount with me Tbc trfatchless steed of the strong New World As he champs and chafes with a strength untold; i fj And away to the west, where the waves are curl'd As thev kiss White palms to the capes of gold!" fl iL The eyes of the east look westward, and as the money of the east moves westward the gaze of those eyes will become more fixed and permanent. Oregon's New Banking Law. Under Oregon's new banking law Portland's banking institutions are expected to go on gaining in permanence and prosperity. While the law is not a that the financial interests desired, it is a big step forward jt brings all private banks and trust companies under more rigid state control, and pro vides proper publicity. Formerly only national banks were required to publish periodical reports of their condition. After this year the private bankf and trust companies will publish similar reports, and a true estimate of the large strength of Portland's banking concerns will be easily accessible. Portland's Bank Deposits. Portland has long been regarded as the financial anchor of the nortli Pacific coast country, and year by year it is strengthening this enviable reputation. Its business firms are rated at something like $110,- 000,000. Its clearing house record for 1906 showed clearings of $281,170,796 26, ns compared to $106, 918,027.48 for 1900, and $58,842,284.51 for 1895. Its commercial growth has been in the same ratio. To days its bank deposits are $85,000,000, as compared to $35,000,000 in 1900. Five years hence, with simi lar ratio of increase which in all probability will occur Portland's rank in the banking list will be a cause for aboundlI,K pytle in every loyal Oregon . T, j.ortIand clearin house in 1906 made a record of gold clearings amounting to $275,000,000, and for 1907, the first four months show the amazing increase of 75 per cent over the same months ot the former year! The Spirit of Progress. The whole State of Oregon is aflame with the spirit of progress, and its bankers are in large meas ure meeting the emergency in which they must play so important a part. Not only are they helping others to improve conditions, but they are establish- tt . i c, . v . i i t i , United States National, which recently remodeled in : new and modern homes tor themselves, ine its quarters in the Ainsworth building, has one of the most magnificent banking rooms on the coast. Mr. Ainsworth is planning to remodel the entire building, and add several stories. The Oregon Savings & Trust company is comfortably settled in a splendid new home at the corner of Washington and Sixth streets. The Hibernia Savings bank is quartered in a handsome new room in the Labbe building. The Security Savings & Trust company is preparing to remove to fine quarters in the new C rbett building, at Fifth and Morrison, as soon as the structure is completed. The Merchants Savings & Trust company has taken a lease on the building at the southwest corner of Sixth and Washington, and will remodel it for a home and add two or three stories. The Merchants National bank has taken a long lease on its present quarters and is considering plans for enlarging and remodeling. The Bankers' & Lumbermen's bank, at the corner of Second and Stark streets, is in a new home mod eled especially for it last year. The Title Guarantee & Trust company, one of the largest banking and trust concerns on the coast, has just completed new quarters commensurate with its requirements in the Commercial block. The Canadian Bank of Commerce occupies a new home in the Lumber men's Exchange building. Morris Bros, have new quarters in the Chamber of Commerce, and the Bank of California is comfortably settled in a new home in the same building. The last year has thus seen a wonderful degree of material progress and prosperity outwardly manifested in a substantial manner by Portland's banks. In every case the change was practically a case of compulsion, result- i "um c K'win oi ousiness ana necessity tor more facilities for transaction of business. A strong movement is now under way to induce the .United States government to grant a much needed convenience a government sub-treasury in Port land. This need is every year more urgently felt, and today it is almost absolutely essential to the financial interests of the Pacific northwest that a sub-treasury be established here. Such an institu tion would be a great convenience to the four states of Oregon, Washington, Idaho and Montana. Ladd & Tilton. The first bank in Portland was started in 1859 by William S. Ladd, Charles E. Tilton and Stephen A. Mead, who had been school friends in the east and, coming together here in a new country, de cided to associate themselves in business. In 1878, one of the partners having died and the other with drawn to return east, William S. Ladd became sole owner of the bank, which today is owned by his heirs. The estate has largely increased its wealth, and today the bank and affiliated interests have assets estimated at $10,000,000. The bank has a surplus and capital of $1,100,000, and deposits ag gregating $12,000,000. It does a general commercial business, and its facilities are very largely employed in the handling and settling of estates and kindred business. The ramifications of the Ladd & Tilton bank are strongly apparent in various other finan- cial institutions in Portland and throughout the northwest. I he parent bank is managed by William M. Ladd. Charles E. Ladd and J. Wesley Ladd. It has heavy interests in the sound cities, and in nu merous smaller cities in Oregon and Washington. First National Bank. Portland was the first Pacific coast city to take advantage of the national banking law after its pas- sage in 1866, when Captain A. A. Ankeny, Phil Wasserman, J. B. Harker, Asa Harker, A. M. Starr and L. M. Starr established here the first national bank west of the Missouri river. Its first cashier, James Steel, a robust old man, is living here today, and occupies the unique position of the first Oregon state bank examiner, an office created by the last legislature. In 1872 H. W. Corbett. then a United States senator from Oregon, and Henry Fail ing, a hardware merchant, acquired a controlling interest, and ever since that time the Corbett influence has been the dominant factor in the bank's policy and progress. For years Mr. Corbett was its president, and at his death he was suc ceeded by A. L. Mills. J. W. Newkirk is cashier. W. C Alvord is assistant cashier, and B. F. Stevens is second assistant cashier. The growth of the First National has been a synonym for solidity and permanence. Since it first opened its doors there has never been a time, it is said, when depositors felt the faintest shade of un- easiness as to the safety of their funds. Through all the ups and downs, the stringencies and panics " v aniivibu nit wuiui r in nail " 1 .M a. it..; i i t-j nrsi iaiionaj nas retained inc complete cothiuchlc of the public, a record that is the most enviable an American banking house may strive for. United Statei National. The United States National bank has, since its establishment in 1891, taken a placi in the front rank of Pacific coast bankinu .institutions. First organized with a capital of $250,000, it increased this capitaJition tQ 00,000 in -1902, and to $500,000 in 1905. The policy of the bank has been directed by experienced, conservative men who have success fully met the needs of a rapidly growing country and a progressive community. The deposits have increased from $980,317.47 in 1901 to $2,659,112.03 in 1903, $4,807,257.33 in 1905, and $8,844,005.40 on Aoril 1. 1907. Within the last vear the bank has remodeled its home at the corner of Third and Oak streets, and today has one of the handsomest bank- ing rooms in the west. J. C. Ainsworth is its presi dent. Other officers are: Vice-president, R. Lea Barnes; cashier, R. W. Schmeer; assistant cashiers, A. M. Wright and W. A. Holt. Directors are: I. W. Hellman, who is president of the Wells-Fargo Nevada National bank of San Francisco, the Union Trust company of San Francisco, and the Farmers' & Merchants' National bank of Los Angeles; Percy T. Morgan, president California Wine association; Rufus Mallory, D. W. Wakefield, Governor George L. Chamberlain, R. L. Macleay, R. Lea Barnes and J. C. Ainsworth. Merchants National Bank. Since 1895 the deposits of the Merchants Na tional bank have increased from $175,000 to $5,560, 000. They reached the million mark in September, 1899, passed the two million mark in 1902, and the three million mark two years later, and since that time the gain has been greater than ever before, . , , , ... ocnnm . , .. , , The bank's capital is $250,000, surplus and undivided profits $236,000. Its total resources at the close of business May 30, 1907, were $6,292,632.95. The bank does a large and increasing commercial business, and has outgrown its present quarters at the corner of Washington and Second streets. It has under consideration important enlargements and remodel- ing of its home, at the same location, which is under a long lease to the concern. The officers are: President, J. Frank Watson; vice-president, R. L. Durham; cashier, Ralph VV. Hoyt; assistant cashier, George W. Hoyt. These and C. E. Smith, Fred S. Morris and R. D. Inman form the directory. Bankers' & Lumbermen's Bank. This bank commenced business May 28, 1906, in commodious banking rooms at the corner of Second and Stark streets. The growth of its business is shown by a remarkable statement issued by the bank in May, 1907. It shows the following increase of deposits by months: June 1, 1906, $123,612; July, $218,904; August, $265,868; September, $277,179; October, $340,177; November, $633,966; December $672,444; January, 1907, $708,843; February, $781,027; March, $896,475. In April it passed the million mark, less than a year from the date of opening of its doors. Today the bank's deposits are rapidly growing toward $2,000,000. The capital stock is $250,000. Officers are: President, D. C. Pelton; first vice-president, Fred H. Rothchild; second vice- president and executive officer, John A. Keating; cashier, E. C. Mears; assistant cashier, II. D. Story, Bank of California, Portland is the northwest headquarters for the Bank of California, which has branches in Tacoma, Seattle and Virginia City. Its officers in this terri tory are: William Mackintosh, general manager northern branches, Portland; William MacRae, manager Portland bank; James T. Burtchael, assis tant manager. The bank statement of April, 1907, shows total resources of $42,640,151.22. It has a paid gold coin capita, of $4,000,000, and surplus and un divided profits of $10,293,034. The parent bank was founded in 1864, and has far-reaching connections on the Pacific coast. At its head is Homer S. King, president; Charles R. Bishop and Frank S. Ander son, vice-presidents; Irving F. Moulton, cashier. Canadian Bank of Commerce. An important factor in the commercial life of Portland is the Canadian Bank of Commerce, which maintains a completely equipped banking institu tion in the Lumberman's Exchange building, at the corner of Stark and Second streets, under manage ment of E. A. Wild. The parent bank has done business in Portland many years, and its high stand ing is well known. After the new Oregon law regu lating the manner of bank organization in the state becomes fully effective the bank will make some slight changes in its system, and will thereafter r,hlish u,r, stment, Th last statement nf the parent bank at Toronto showed a paid up capi i ta! of $10,000,000, and a reserve of $5,000,000. Its president is B. E. Walker, and Alex. Laird is general m inager. H. H. Morris, at Vancouver, B. C, is superintendent of the Pacific coast branches. Title Guarantee & Trust Company. The growth of the Title Guarantee & Trust com pany is one of the marvels of Pacific coast banking. In its new home in the Commercial building it cm ploys 64 people, and 14 typewriting machines are kept clicking to meet the demands of its abstract and title business, and its departments of insurance, bankinor. trust funds, morteasre Joans, rcaltv and rentals. The companj has the largest and most valuable equipment of records on the Pacific coast, and the manner in which they are kept is a model for the whole country. The company uses 7,000 square feet of floor space in its business, and has six large fire proof vaults. Its trust depart ment last year used 1,000 blanks in paying taxes for clients.1' In 1904 a savings department was started with deposits aggregat ing $66,066. Today the total savings deposits are $1,760,000. Officers of the bank are: Presi dent, J. Thorburn Ross; vice president, George H. Hill; treasurer, T. T. Hurkhart; sec retary, John E. Aitchison. Security Savings & Trust Com pany. Before the close of the cur rent year the Security Savings & Trust company will be set tled in one of the handsomest new banking homes on the coast. It is one of the old savings and trust concerns of . . . thin ntv anH ha lent nn with the marVClOUS ffrowtll j - - of the country in the last few years, with the result that its old quarters have been outgrown and a new home is being built for it in the Corbett office build- ing now being completed at the corner of Morrison and Fifth streets. A statement issued May 23, 1907, showed the bank has resources of $6,242,511. Its loans aggregate $3,364,034. It has a cash capital of $500,000, and a surplus and undivided profits of $277,755. Its line of deposits ranks with the heav iest savings banks on the coast. The May state ment showed total deposits amounting to $5,4o4,3U. The enormous growth of this bank's business is evidenced by a comparison of these figures with its deposits in 1891, which were $311,121. The increase ha been bv leaps and bounds. The last six months have witnessed an increase of nearly $400,000 in the total deposits. Charles F. Adams is president of the bank; A. L. Mills, first vice-president; L. A. Lewis, second vice-president; R. G. Jubitz, secretary; G. F. Russell, assistant secretary. The directors are C. A. Dolph, A. L. Mills, L. A. Lewis, C. F. Adams, Joseph Simon, J. N. Teal, James F. Failing. Oregon Trust & Savings Bank. . . ,, , , inri. . , Sin ,,s, establishment March 11, 1904 the bank nas maac lor uscii a iujihuh wiung i.uu"6 financial institutions of the northwest. Today it has deposits and resources of $2,600,000. The savings department of the bank at the present time has over 16,000 savings depositors, and the number is increasing rapidly. It does also a trust business, and carries a bond department. Its president, W. II. Moore, is an old resident of Oregon, and is consid ered ope of the most conservative business men. The vice-oresident is E. E. Lytic, well known in railroad circles. W. C. Morris, cashier, enjoys a wide ac- nuaintance. and 1 popu ar with a 1 the customers of im", mi 2.K Y , , .. , ike bank. Leo Friede, one of the directors of the bank-, was for years head of Wadhams & Co. Portland Trust Company of Oregon. The twenty-first annual meeting of the Portland Trust Company of Oregon in May this year re elected the old officers and took account of business growth for the preceding twelve months, and found that the bank's total resources had increased from $1,497,439 in 1906, to $2,011,665 in 1907; deposits had increased from $1,135,579 in 1906, to $1,669,108 in 1907. Lm bank now nas a capital oi jw,uuu, ana undivided profits of $21,859. Between April 21, 1906, and April 2U, 190, two dividends ot $0,uuu eacn were paid to the stockholders. It occupies the best bank building in Portland, a massive structure of stone, granite and steel, at the corner of Third and Oak 11 intAr!o (inic Vtinrre qca r ( urh it m fl n H Sl.c. ,.v . green marble and tiling, and the fixtures are of steel " . . mahogany. The banks officers are: President, Benjamin I. Cohen; vice-president, H. L. Pittock; second vice-president, A. S. Nichols; secretary, B. Lee Paget; assistant secretary, J. O. Goltra; second assistant secretary, W. J. Gill; cashier, Karl A. Miller; general representative, Graham Dukehart; real estate officer, L. E. Carter; superintendent rental department, W. J. Tucker; superintendent woman's department, Harriet E. Moorehouse. The directors are: H. L. Pittock, A. S. Nichols, E. A. Noyes, Rodney L. Glisan, D. Solis Cohen, H. W. Decker. Earl C. Bronaugh, B. Lee Paget, J. O. Goltra, F. Dresser, A. F. Flegel, Benjamin I. Cohen, A. M. Smith. Hibernia Savings Bank. In 1905 well known Portland business men estab lished the Hibernia Savings bank, which today has deposits aggregating $1,000,000, and is established in a recently completed nome ai ine corner oi Washington and Second streets. Its management is Drosrressive. and its character it fitly indicated by the substantial and handsome furnishings of the banking rooms presided over by Cashier Lansing Stout. The bank's president is Dr. Andrew C. Smith David M. Dunne is vice-president. C. B. Sewall is assistant cashier. The bank's capital is $100,000, and it has a surplus of $20,000. It pays 4 per cent in terest on savings deposits. Among the bank's in- coroorators and directors are M. G. Munley, D. W. Crowley and John Kelly, well known business men Gf Portland. Equitable Savings & Loan. One of the strong savings and loan institutions of Portland is the Equitable, located at the corner of Second and Stark streets. A comparative state ment of its assets shows growth in the following ratio: December 31, 1899, $147,046.74; December 31, 1900, $311,603; December 31, 1901, $399,590.06; De cember 31, 1902, $627,683.29; December 31, 1903, $1,093,155.97; December 31, 1904, $1,531,357.21; De i 11 irtne i rro tt rri . r i 11 ru-iz cemDer 01, iuj, i,yo,oj.yu; uecemoer 01, iyvo, $2,079,626.13. Last year it paid in stock dividends $142,450 on it. canital It had in December. 1906. ...VV.. i( loans in force amounting to $1,896,273, distributed among 52 cities and towns in Oregon and Washing ton. The officers are: C. E- Ladd, president; T. B. Wilcox, vice-president; Edw. Cookingham, second vice-president; F. McKercher, secretary; H. M. Cake, attorney; and these with R. R. Hoge, S. M. Mears and Walter Mackay form the directory. Hartman & Thompson. The business of handling bonds, loans, real estate and insurance was the original rjuroose of the firn of Hartman & Thompson, but .recently they have organized a general banking business, and estab- lished in the Chamber of Commerce building a financial house that is becoming an important factor, sWD T&u&rca Mr. Hartman is manager of the Portland clearing! house, and serretary of the Oregon State Banker! assocration. Mr. J hompson is connected with nu merous development undertakings, and is actively identified with the Commercial club. One of thein large enterprises this year was the launching of Rose City Park, which was one of the most notable! realty successes in the city's entire history. Morris Brothers. The banking house of Morris Brothers, occupyn ing spacious quarters in the Chamber of Commerce has for years been a well known factor in western Oregon development. It is allied with the firm of Morris Brothers of Philadelphia. The Portland! house is under the "management of Fred S. Morris who has been prominent in electric railroading, and! is now engaged in electric road construction in New! Jersey. C K. Williams has charge of the Portland! business. Merchants'. Investment & Trust Company. Less than a year ago the Merchants' Investment & Trust company opened its doors for businessj with a capital of $150,000. Its growth has been sat isfaetoiy, and it is pi i p.it ing to move fiom its pres ent quarters, on lower Washington street, to af modern home at the corner of Sixth and Washing-I . .1 . ! , l I . , II ion, wucre a long lease nas ueen laKen, wnn a view: of remodeling the building and adding several stories. The bank does a general trust and bankin business. Its officers are: J. Frank Watson, presi dent; R. L. Durham, vice-president; W. H. Fear, secretary; S. C. Catchings, assistant secretary; O W. T. Muellhatipt, cashier. Four per cent is paid on savings accounts. Ashley & Rumelin, Bankers. The firm of Ashley & Rumelin, conducting a pri vate banking business in Portland the last six years, ws in April, 1907, incorporated as a bank under theff Oregon laws, with a paid in capital of $50,000. C. E.fj Rumelin is president, R. G. Ashley, vice-president,!' and A. M. Ashley, cashier, and these three form thef; directory. Northwestern Guarantee & Trust Company. The Northwestern Guarantee & Trust company located in the Lumber Exchange building, does a general realty, loan and investment business. At jts head is W. P. LaRoche, an able, conservative business man, with a good knowledge of Oregon ana its resources. The company has a capital stock Df $100,000. It handles bonds and mortgages, and Joes a general trust and loan business, and deals in timber lands. w Bates & Co. Two banking houses headed by Geo. W. Bates s . 3 , t i r rnm i ti ei-r f in In hncinpcc lit r t h oct Knrr- ICIIVV. fllrIJ(IV.II-l 111 HIV LIUIMV Ml. J land. The parent firm of Geo. W. Bates & Co. is a private bank with a paid up capital of $30,000, and does a general banking business. A. F. Wheeler is the cashier. The Commercial Savings bank organized by Mr. Bates is established in a new home in the heart of the east side business district. It has a capital of $50,000. Mr. Bates is president and J. C. Birrel is cashier. Citizens Bank. The Citizens bank is keeping well up with east side progress. With a capital of $25,000, surplus of $22,000, and deposits of $454,000, the bank is show ing steady growth and increase of prestige. It omens hic. ricMucm, j. ii. j,amDert; vicejfresi dent, Joseph Paquet; cashier, A. W. Lambert American Bank & Trust Co. I This bank opened its doors about two years ago! in the new Elks' temple on Seventh street, and has made a steady growth. It has a capital stock oft $85,000, and deposits of $145,000. Its officers are President, G. V . Waterbury; vice-president, John Davis; cashier, .Logan Hays; secretary, C. W. Miller. Commonwealth Trust Company, Ihis is a new institution recently organized in Portland and occupying quarters in the Com monwealth building on Sixth and Ankeny streets. The firm does a general banking business, pays 4 per cent interest on savings deposits, and, in addi tion, has in connection insurance, real estate and trust departments. J. C. Lee is president of the institution. CLEAR, COLD AND PURE WATER. No city in the world excels Portland in the quality and abundance of. her water supply. It reaches the city as pure and clear and cold as when it flows from the sides of Mount Hood into the , , . .. , . "uc f mi.es away, ine en,,re PPV " from the Bull Run River, fed by the melting snows of the mountain. Travelers from everywhere pronounce this water the softest and purest ever tasted from the mains of a great city. Its temperature varies but a few degrees from the hottest days in summer to the coldest winter. The fact that Portland's death rate 9.5 a thousand, according to the latest States census, is in a large measure attributable the purity of her water supply. Portland's water works are owned by the city and represent an in vestment in excess of $4,000,000. The supply is more than sufficient for the present population, but to provide for the future growth of the city steps are now being taken to double the supply by laying another conduit to the head works. wdays mil Wfcnnly II UnTft Ia tSWV 1