WEEKLY STATEMENT SHOWS HEAVY LIQUIDATION
Edited by
Will F.Heseliaj
)
GOLD
X GAIN $7,000,000
Condition of Federal Reserve
'Banks Shown in Report for
"Week Issued at Headquarters.
Net liquidation of fifty-four mil
lions of discounted and . purchased
'"bills, accompanied by reductions of
20.1 millions In net deposits and of
25.3 millions In federal reserve note
circulation, are Indicated in the fed
eral reserve board's weekly bank
statement Issued as at close of busi
ness on, November 12, 1920. Gold
reserves show a gain of about seven
millions, total cash reserves in
creased by' 10.3, millions while the
banks' reserve, ratio shows a rise
from 43 to 43.6 per cent.
liquidation for the week is nhown for
11 claenes of bills in the bank's port
folios, the reductions being as follows.:
Paper scoured by government war obli
gations, including treasury certificates.
84.1 millions; all other discounts, about
( millions, and acceptance. 11.9 millions.
Holdings of treasury certificates in
ereased by 1.3 millions, the total decrease
Jn earning assets thus being E2.7 mil
lions. -
IVS. DEPOSITS DFXL1SE
Of the total of about 1181 millions of
paper secured by government "war obli
gations, 611.1 millions, or 61.7 per cent.
?were secured by Liberty bonds, 332.5 mil
lions, or 28.2 per cent, by Victory notes,
and 237.4 millions, or 20.1 per cent, by
' treasury r-J certificates, as against B2. 9,
' J7.5 and 19.6 per cent of a corresponding
total of 1215.1 millions shown the week
' before. ,
? Discounted billa held by the Boston.
fhil&delnhia. and Cleveland banks in
clude 200.2 millions of paper discounted
for the Federal Reserve bank of New
Tork and for six other reserve banks in
the South and Middle west, wmn ac
rntanee holdincs of the Boston and
Philadelphia banks are shown Inclusive
f 19.7 millions of bank acceptances pur
chased from the New York Reserve
bank.
i Net withdrawals of funds by the treas
ury during the week resulted in a de.
eline of government deposits by ,29.5 mil
Hons, while members' reserve deposits
Increased by 24.6 millions, ond other de
posits, including foreign government
credits and non-members' clearing ac
counts, declined by 1.2 millions.
BASK NOTES 15CKEASE
i The "float" carried by the reserve
banks and treated as a deduction from
Immediately available deposits was
about 14 millions larger than the week
before, these changes being reflected in
the reduction of calculated net deposits
by 20.1 millions.
Federal reserve note circulation shows
a reduction from the week in eight of
the 12 reserve banks, the largest de
elines being reported by the Boston,
New York and Chicago banks. Federal
reserve bank note circulation 'increased
by the small amount of 0.5 million.
, An increase or $1,023,000 In capital ac
count is due largely to additions to the
capital and. surplus of member banks in
New York city, the Increase of 25 mil
lions in the capitalization of the' Na
tional City bank alone accounting for
an addition of 1750,000 to the paid-in
capital of the local reserve bank.
Banks Turning to
Bond Investments
"The proceeds of recent bond Issues
f Industrial companies have served to
materially reduce these companies' loans
at their banks, which, with the lessened
demand for credit attendant upon the
contraction of business, has led the
banks, 'which have been a negligible fac
tor In the market for -A long time, to
"turn to bonds for the investment of sur
plus funds," says the Blyth, Witter
company, in its recent resume of finan
. cial conditions.
The company further states that "For
eign exchanges have curtailed foreign
buying, and the released productive ca
pacity formerly engaged on foreign or
ders has been made available for do
mestic production, thereby relieving our
corporations with a few exceptions from
the necessity of further borrowing
through the medium of funded obliga
tions Existing conditions, operating
toward Increasing the amount of funds
available ' for investment afld reducing
the normal supply of (bonds at a time
when the buying demand Is particularly
keen owing to the tendency of Interest
rates toward lower levels, have created
& very noticeable shortage of investment
securities."
J, A. Keating Leaves
On Business Journey
To San Francisco
John A. Keating, president of the Lum-
bermens Trust company, is now in Cali
fornia, having left theilatter part of the
wee)c for a business trip which Will take
him through the greater part of that
state. lie will visit various bauks
throughout the statej inclining those
of San Francisco, where he will spend
several days, lie will return to Port
land the latter part of this month.
This week's experience of the sale
department of the IjUmbermens Trust
company may be taken to dernonstnte
the growing public belief that the sup
ply of high-yield securities cansot last
indefinitely. !
Hales for the week Include practically
all of the $1 10,000 issue of Cowlitz Lik
Ing district No. 5 7 per cent bonds, of
fered at par, and a $30,000 participation
in the National Leather Syndicate offer
ing of 8 per cent fivq year' notes, also
offered at par. j
TOTAL DEPOSITS
Municipal Bonds of
Vancouver; Seaside,
Offered Investors
Morris Brothers. Inc.- are offering
bonds of the city of Vancouver, Wash.,
and Seaside, Or. The Vancouvers are
improvement bonds yielding 7 per cent
and the Seasides are 6 per cent general
obligation bonds, yielding 7 to 7V4 per
cent. Both are in denominations of $500.
John L. Etheridge.l president 'of the
company? states that 'it is his observa
tion and belief that conditions through
out the Northwest are improving; that
the increasing demand for municipal
bonds indicate confidence in the future
and that there will be continued pros
perity and an era of improvement ii
cities of this section, j
IN BANKS GAIN
In-
Consolidated Figures Show
crease in Comparison wit
Call Just Preceding.
Money May Ease
Up on January 1
. . .
An Eastern financial writer slates that
it is the consensus in the best banking
circles that money will begin to get
easier Immediately after the turn of the
new year. In summing up he states:
"That money will then continue to pile
up until the period of trade readjust
ment has run its course ; that there will
be a period after prijee-cutting has run
its course when business will stand still :
that this period, during which business
men must live on their fat, wili be
caused by hesitation on the part of the
buying public to make sure that there
are-to be no further; price reductions;
that part of the price reductions of the
future will be made possible by cuts in
wages; that the retailer, like the whole
saler and Jobber and: laborer, will have
to take a loss; that! after all of these
losses have been adjusted there will bo
another upward turn! in general trade,
and that the length of the upward turn
in general trade .wjll depend on the
amount of liquidation that takes place
in the meantime all along the line."
Tho comptroller of the currency
Saturday issued call for a statement
of the condition of national banks
at tho close of business Novembef 15.
The consolidated figures of thej na
tional banks, state banks and trust
companies of the city show a gain in
deposits of $2,988,192.30, compared ith
the previous call of September 8.j At
the same time the total deposits foij- the
present call show a loss of $23,086,407.80
when compared with the corresponding
call of 1919. Ixians and discounts show
a loss of $2,167,369.48, compared with
the last call, and a loss of $S. 466,9(11. 48,
compared with the call of November 17,
1919.
The comparative figures are as fol
lows : -
T'KPOSITS
NoTemtvr 1.-,. U;o 140.-R4,3t)l.::3
Si-ptunbr K. 1Q 14H.606.19R.93
Noteoiber 17. 1919 ....... 1 72. 770. 798.03
1).VNS AND DISCOUNTS I
XoTemhrr J 5, J 920 $107,770,332.47
September 8. 1920 109,937.701. 9R
November 17. 1919 116.237.293.95
The individual deposits and loans and
discounts of 25 of Portland's banks! and
trust companies as of November 15, 1920,
are as follows :
First National bank
I nited State National bank
I.add & Tilton bank
Northwestern National bank
Bank of California
llibemia Commercial & Savings bank
Onatiian Bank of Commerce .......
Hrcurity Sarines & Trust bank
SUte Bank of Portland
Citizens bank
Peninsula National bank ...........
Ijreatock Htatu bank
Broadway bank
, earns W. Bate & Co.
P.ank of Kenton
Hank of Hellwood
Ilarlman & Thompson
J. anli of East l'orllaml
Peoples bank
I.un.bermens Trust Comnany
Atliley ti Itummelin
Montaviiia Savings bank
Multnomah State .bank
l-irst National of T.mnton
Bank of Commerce of St. Johns
Window Display of
People's Bank Wins
Marked -Attention
Something new in the line of bank
window displays was shown by the Peo
ples bank last week. In its Fourth street
windows the bank had a big display of
newspapers, magazines and other peri
odicals that are published in Oregon.
More than 200 different publications
were shown.
There was also a clever reproduction
of livestock. Miniature cattle in Judging
pens, just like they appeared at the Pa
clfic International Livestock exhibition,
occupied an entire window. Behind the
pens were photographs of prize-winning
blue-blooded bovines that have helped
make the Northwest famous as the reo
OKnized livestock center of the West.
The windows attracted much attention.
President Gruwell promises some more
disDlays that he declares will be even
more attractive.
Burden of Taxes Is
Ljkely to Continue
It fs thoueht In financial circles
that th treasury department will
pav in 1923 the holders of the Victory
loan bonds by the use of funds secured
bv the issue of certificates of short time
loans. The idea is advanced that this
method will be in the nature of refund
ing. While Victory bonds will be taken
up by the government, nevertheless the
debt will be represented by new and
probably repeated loans. Through this
means of liquidation any immediate re
duction in the aggregate burden of taxa
tion does not seem likely.
ToUl
Teposita.
$ 34.678.98S.59
80.437,169.19
24,675.681.82
22.769.337.14
8,188.557.79
5. 524.672. 53,
3,285.394.43
3. 660,775. 20
3.488,031.16
2,250.959.94
1 .855. 172. 93
1.208.629.09
1.036.733.42
1.305,570.11
836,958.30
645.739.69
4 72.4 82.31
487.048.94
397.41 1.78
532.148.52
723.839.77
379.629 07
357.840.57
'. 260.747.80
125,877.99
$149,684,391.23
Lofcns and Discount.
25.651.628.49
19.936.707.02
19.423,686.03
16.270,811.84
6,959.493.64
3.641. 763.63
3,469.794.92
1.048.744.27
'.'.326.523.0tt
1.334.107.66
. 984.125.30
975.619.48
643.284.72
983,345.26
726.009.40
394.260.02
277.832.56
306.-451.71
332.231.51
17.717.76
628.233.38
348,l0.57
235.979.74
156,076.17
96.344.30
1107.770.332.47
T
STATEMENT oF CONDITIO OF THE
LIVESTOCK STATE BANK
At tbe Close of Bnslnns -November 15, 1939
RESOURCES
Ixarfs and Discounts J J
Bonds, Warrants, etc
Stocks in Federal Reserve Bank
Furniture and Fixtures ....
Cash and Due From Bank..
975,6111. 48
83.440.00
3.750.00
7.03H.0O
523,821.97
?l,5y2.669.70
.S 100.000.00
LIABILITIES
Canital Stock J
Surnlus and Undivided Profits 28, 046. 77
Rediscounts J 256.493.84
Deposits '.... 1,208.629.09
11,592,669.70
STATEMENT
of the condition of
The Northwestern National Bank
of Portland
At the Close of Business November 15, 1920
RESOURCES '
Loans and Discount $10,370,811.81
Federal Reserve Stock 37,500.00
Other Bonds and Securities 1, 300,358.37
Furniture and Fixtures.... 0 ,000.00
Customers' , Liabilities under Letters of
Credit, Acceptances and Bills of Exchange 813.134.41
United States Bonds and Certificates 3,052.923.23
Cash on Hand and Due from Other Banks. . 0,218,603.19
Total.
$20,767,631.06
LIABILITIES
Capital Stock Paid In. .$ 1 ,l00,000.00
Surplus and Undivided Profits 509,148.10
United States Bonds Borrowed 1,300,000.00
Circulation ., '. 50,000.00
Commercial Paper Rcdiscounted 250,000.00
Commercial Letters of Credit. 35,008.27
Acceptances Executed for Customers 051,077.19
Deposits 22,769,337.11
Total .$2G,7G7,631.0G
Uncle Sam Can
Get by Without
. Rest of World
From Commerce and Finance
A great many of our own people
delight In fostering the Idea that
these little old United States face
dismal days ahead, and they've been
harping on this pessimistic theory
ever since the war ended.
Do you know that-the United
States 'has only. 6 per cent of the
population of the world and only 7
per cent of the land?
That tbe United States is the rich
est country In the world?
That the bank deposits In the
United States exceed by billions the
combined bank deposits of the whole
world outside of this country?
That we produce 24 per cent of the
world's wheat supply and
Of all the cotton. 60 per cent. ;
Of all the corn, 75 per cent
Of all the cattle, 27 per cent
Of all the hogs, 40 per cent.
Of all the dairy products, 25 per
cent
Of all th Iron and steel, 40 per
cent -
Of all the gold. 20 per cent
Of all the silver, 40 per cent.
Of .all the coal, S3 per cent
. Of all the copper, 60 per cent
Of all the oil, 68 per cent
Of all the automobiles, 85 per cent.
.That Is to say, of the total prod
ucts of the globe, we contribute one
Quarter (25 per cent) f the agricul
tural supplies.
Over one-third (40 per centf of the
mineral products, and
One-third (84 per cent) of the man
ufactured goods:
Before the war we owed other na
tions $5,000,000,000. We have not
only paid this debt but foreiegn na
tions now owe us $10,000,000,000, and
we hold the largest gold reserves of
any nation in the world. ,
Condensed . Report of the Condition of
The First National BanI
AND
Security Savings and Trust Company
At the Close of Business November 15, 1920
RESOURCES The First National
- I ! 'Bank
Loans arid! Discounts .$25,651,628.49
U. S. Bonds......... 3,926,234.62
Other Bonds, etc.......... .1,758,510.00
Stock in Federal Reserve Bank 105,000.00
Bank Premises and other Real
Estate L
Security Saving
Trust Company
1,648,744.27
1,092,070.36
Customers' Liability u n d e r
Letters of Credit and Ac
ceptances Due from U. S. Treasurer. .. .
Cash ion Hand and in Banks.
969,755.06
2,626,988.73
75,000.00
8,969,973.98
1
Combined
$27,300,372.76
3,926,234:62
2,850,580.36
105,000.00
133,312.50 1,103,067.56
17550.00
,437,110.87
2,644,538.73
75,000.00
10,407,084.85
Total -.!.. $44,083,090.88 $4,328,788.00 $48,411,878.88
LIABILITIES The First National
j ; , Bank
Capital Stock. .$ 2,500,000.00
Surplus and Undivided Profits : 1,519,191.89
Circulation! ... 1,483,245.00
Letters of Credit and Accept
ances 1 2,667,921.48
Deposits, . I , 34,678,982.59
Federal Reserve Bank.. 1,233,749.92
Security Savings
Sc Trust Company
250,000.00
391,462.80
17,550.00
3,669,775.20
Combined
$2,750,000.00
1,910,654.69
1,483,245.00
2,685,471.48
38,348,757.79
1,233,749.92
Total
. .$44,083,090.88 $4,328,788.00 $48,411,878.88
The Stock of This Bank Is Owned by the Stockholders of The First National
Bank of Portland, Oregon
it
LIABILITIES $29,516,459.33
Capital Stock Fully Paid $ 1,000,000.00
Surplus and. Undivided Profits.
Reserve for Interest, Taxes, etc.
Letters of Credit
Acceptances
Federal Reserve Bank
Unearned Discount
2,138,060.55
174,558.44
753,984.01
962,642.00
1,494,235.35
33,923.17
Deposits , 22,959,055.81
529,516,459.33
Statement of the Condition of the
PEOPLES BANK
, At the Close of Business November 15, 1920
(OPENED APRIL 20, 1920)
RESOURCES
Loans and Discounts $382,231.51
Stocks and Bonds 34,694.03
Real Estate, Furniture and Fixtures 25,385.58
Other Resources 3,818.40
Cash and Exchange ... 103,089.13
$499,218.65
- LIABILITIES
Capital" Stock paid in . .$00,000.00
Discount on Bonds. 1,806.87
Deposits 397,411.78
$499,218.65
PEOPLES BANK
Where Fourth Crosses Stark Portland, Oregon
CONDENSED EEPOBT OF
THE CITIZENS BANK
PORTLAND, OREGON
At tbe Close of Business, November IS, 1920
llESOrRCES
Loans and Discounts.
United States, Portland and State Bonds...
Bank Premises and Fixtures
Other Real Kstate
Cash ana Due From Banks
$1,334,107.66
645.157. 6
56.0UO.00
M20.00
401,1'.6.35
Capital Paid in
Surplus and Profits
Reserved . i. ........
Deposits
Joseph Paqaet
O. M. Clark
LIABILITIES
DIRECTORS
N. V. Carpenter
A. W. Lambert
Condensed Report of"
The United States National Bank
Portland, Oregon
Submitted to the Comptroller . of the Currency at the Close ot
Business, November 15th, 1920
Statement of Condition of
LADD & TILTON
BANK
At the Close of Business
November 15, 1920
RESOURCES
Loans and Discounts .S19.423, 686.03
Stock of Federal Reserve Bank 60,000.00
Bonds and Stocks 1.925, 004.76
Customers' Liability on Letters of Credit 7S3.9S4.oi
Customers Liability on Account Acceptances.. 962,642.00-
Real Estate. Claims and Judgments 5 5,888.98
Accrued Interest Uncollected 144,094.4 1
United States Bonds and Treasury Certificates ,973,364.4 5
Cash and Due from Federal Reserve Bank and
Other Banks . . -J 5,179,5 36.61
Other Assets - 38,258.68
93,444,881.70
....J 100,000.00
88,431.114
. . . ' 6.489.8a
... 2,Z50,53.4
12,444,881.70
Joseph Supple
J
1
RESOURCES
Loans and Discounts......... t It,9367o7.02
United States Bonds and Certificates. . 3.66S.684.7 5
Other Bonds and Securities. . 2,673. 8S5. 78
Stock in Federal Reserve Bank 7 5.000.00
Bank Premises and Other Real Estate.. 1,07 3.87 3.4
Safe Deposit Vaults - 83,4 50.04
Customers' Liability Under Letters of Credit, and
Acceptances 1,266.899.58
Interest Earned 138,244.26
Cash on Hand and Due From Banks S,045,265.6l
Total ;.' .36,962,010.98
LIABILITIES
Capital .
Surplus and Undivided Profits
Reserved for Interest and Taxes.
Circulation
Letters of Credit and Acceptances. ....
Unearned Discount
Federal Reserve Bank (govt, secured) . .
Deposits
Total I. .
$ ' t.Soo.ooo.oo
I 1,'M.8SS.o5
15S.68S.44
!l, 028. 200.00
; l,266,89li.58
: 3 9,168.72
571,000.00
30,437,169.19
136,962.010.98
OF PORTLAND, OREGON
Member of Federal Reserve System -
Statement at Close of Business, November 15, 1920
RESOURCES
Loans and Discounts . J 3,64 1 j63.o3
Bonds and Warrants:
City of Portland. ... . 82,056.83
U. S. Government Bonds and
Treasury Cert 93 4,51 1.93
Other Bonds-and Warrants... 33,736.41 1,050,305.1 7
Stock Federal Reserve Bank . . . , , . . . . . V.OOO.oo
Stocks and Securities 80,296.14
Real Estate 9o,663.63
Furniture and Fixtures 16,377.8')
Cash on Hand and Due from Banks 1,04-1,719.01 .
Deposits for Taxes and Bonds 2,710.3 3
$5,932,836,.30
LIABILITIES
Capital Stock $ 200,000.00
Surplus and Undivided Profits 195,331.03
Dividends 2.56S.OO"
Deposits 5,524,672.55
Due to Other Banks. 10,267. 12r
5,932,836.30
STATEMENT OF CONDITION
i of the
State Bank of Portland
of Portland, Oregon, j
At the Close of Business, Nov. 15th, 1920.
RESOURCES
Loans and Discounts. . . .
Bonds and "Warrants. ... . r.
Furniture and Fixtures
Cash and Due from Banks
$2,326,523.09
727,865.45
25,000.00
706,206.57
Total'..' 3,785,5.11
LIABILITIES
Capital Stock
Surplus
Undivided Profits . .
$ 200,000.00
50,000.00
47,563.95
Deposits ......... 3,488,031.16
Rediscounts
Total
None
$3,785,595.11".
BROADWAY BANK
(Began Business Oct. 15, 1919)
STATEMENT OF CONDITION, NOV. IS, 1920
RESOURCES
Loans and Discounts.
U. S. Bonds
Other Bonds
Furniture and Fixtures...
Cash and Due from Banks.
.S 643,264.72
186.250.00f
11,010.62V
26,249.29
290,116.70
Total
.$1,156,891.33
Capital Stock paid in.
Undivided Profits . . .
Discount on Bonds. .
Deposits
LIABJUTIES
Total
i
Deposits, November 17.
Deposits, December 31 ..... -
Deposits, February 28. ..... .
Deposits, May 4; ........ . ..
Deposits, June 30.
Deposits, September 8
Deposits, November 1 S .....
.$ 100,000.00 !
7,115.45 1
1,036,733.42
.Jl, 156,891.33.
.$ 274,676.81
. 361,860.82 i-
517,254.07
668,288.16
720,346.06
829,233.95
1,036,733.42