23
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I . XV
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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
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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.
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