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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (Dec. 25, 1921)
wVW .F. Perw - HWVH mmmm,- - m v mm ,- mm easaasawaew - : mammmm mmmm mmmm mmmma ' ' -aaswanw . aaMsassss---:; mmhm " m -u.. mm-" - -asanas... - ' ensnaaa. .easBBBBsn : is . - - - - - ' v essa - - - . hhm '- mm v .. aa mawaw - mh saanawsaw " r eaaaNssssasanni - Wii LAiJND,. 1 H& CLEARING: WAJSEWF MM EMMRE gc ii.'., ;,;ai,.-: .'" iij , ..'v. '". " '' r ' M&MmWkm fulfil! ' : : : -71 . rf IS, OP ; 1 v fS -, 1 - ' : : Year's Financial Review . s t e H. s s . . at Banks Reflect Trade Volume B7 Will F. HessJaB When taking: into consideration the rcon8tructlVe period that business has p.-?ed through during the year now rndingr, Portland's banks are closing; the year 1ft a very satisfactory condition. Banking: facilities, at the present time are. sufficient to meet all legitimate re quirements. While readjustments are not completed, roruana Dangers preatci a suhfitfi.ntia.1 Imnnmmrat in thA finan cial situation during- 19:2. The general c pin Ion In financial circles Is that the "v-orst has passed and that business is now on the road to recovery. In comparing; the figures of the last call ot the comptroller of the currency, September-S. 1921, .with the correspond ing call of 1920, the resources of Port la'nd's financial Institutions show a de crease of $25,864,498.62. This decrease is largely accounted for by the shrink age of 113,869,39.32 in loans and dis counts, which amount indicates the prog ress of ilouidatlon diirinc the 12-month period, gpurlng the same period deposits dropped from $146,849,695 to $127,065,112, a decrease of fl9.784.5SS. Cash and ex change declined from $38.24,652 to $30, 336.712. a loss of $7i9?7,940. . 91 BA3EI3G HOUSES Atr the close ot 1920 there were 2 bunks and ,trst companies in Portland, tibia tiumlvr halt been decreased bv two. due to the consolidations of the Peoples bank with the State Bank of Portland and the Bank of Commerce of St, Johns , -with the Peninsula National bank. ' There were 189 state banks and 93 national "banks In the state at the close of 1920. There are now In the state 186 plate banks and 96 national banks. The only ronsolidatlon outsidepf Portland was that of the Klamath State bank and the First National bank of Klamath Falls, now operating as the First Na tional bank of Klamath Falls. There were but three banks in the stattf to close their doors during this year. The LAfayette State bank of La fa. vette, Yamhiimbunty. closed August Jo ; the Nehalem Valley bank of Wheeler. Tillamook county, closed Oc tober 25. and the Bank of Jordan Val ley, Jordan Valley. Malheur county, closed uecemner. o. The-only new" charter granted during the year was to the Bank of Prineville. whichwas ca-j:"1 to take the place of the Crook County bank, which M closed in December. 1920. CI.EABJGS UDICATITE For the year -1921. December figures estimated, the clearings' Of Portland's banks total $1,128,201,079, this against $1.906,79.901 for 1920. a shrinkage of about 2 per cent, This does not mean, however, that there has been a corre sponding decrease . m the volume of business transacted In the city during the year Just ending. When taking into consideration the fact that the percent are of decline in brices com Dared with a year ago Is estimated to be about 20 per cent, the physical volunie of, trade In this district ahowa a healthy Increase ever 1920. For the 11-month period of 1921 clear ings total $1.898.201.079,, compared with $ 1. 766,09 1.S37" ' for the corresponding period ot 1920, a decrease of $357,890, 278. . -; BIG XMAS 01 N C E vT MOJTDAT 1CVK. DECEMBER S AT -COTIHIOX HALL Mtb at WaohlBgtea PRIZE HARD TIMES DANCE Tsars. Et Dse. II Bewley' MaamoU Orrkestra DANCING TAUGHT at le Heaey ; Schools Brgiaaers Classes start at Cotillion hall Wed. eve.; Dc 28, Und Friday eve.. Dec 30, at 7 sharp. Big AdTaarea Class starts at Murlark balU Tue. eve.. Dec 17th, S to 11 :Jtt. All dances guaranteed In eight lessons. Ladlei tS.twOeithmeB to all securing tickets this week. You til not become embarrassed and are aura to learn. Plenty of dxlrtl . nut. ners and practice. You can never be come a dancer in private, lessons alone or in public halls. We have taught J0.000 people to dance during the past three years. If' yoa do learn in Portland. It will eventually-toe at DeHoney's. Start this week, learn tromteactiers who can daacck and. teach dancing. My latest ook describing - all dances, etiquette, free -for -pupils. No doubt one leaaon Xroin- us i worth six in the average school: Phone Broadway 2002. Private lessons all lioura t Cotillion hall. - The comparative clearings and 1921 are as follows: 1020 1921 122,493,098 105,886.849 133,804,849 139.327.047 114,782.834 121.188.979 107.832,881 130.150,778 141.181.590 153.774.900 128,828.505 130.000.000 Janosry . February March . . April . . . May .... Jon .:. .. July .... Amnut .. September October .' Norember December S 145,839.115 128,284.789 f7S.172.975 171,099,181 149,852.701 f;42,54l 1 157tp,2S8 150,499.179 180.840X491 180,838J(78 152,476,t0 1 50.005 j544 Total .81. 900,794,901 81.528,201.079 Eitimsted. The increase in the volume of business transacted in Portland banks since 1905 is shown in the following table : 1905 f 228,402.712.89 1908 1907 1808 g 1909 1910 1911 1912 191S . 1914 1915 1918 281.170.798.26 850.888.630;97 810,9.512.69 attl.028.KAOSt 517,171.869 97 637,464.848.17 597.087.856.12 27.818.010.31 578.884,018.90 554.446.750.22 049,995.241.35 868,831.422.07 1.323.082.798.21 .1.658.930,830.27 J. 900.796,901. 66 1.528.261.079.00 1917 1918 1919 .... 1920 1921 December clearings eetimated. PORTLAND LEADS SEATTLE This year Portland jumps into the lead ever Seattle In the volume of bank clearings. For the 11 months of this year, the Portland clearings of $1,398, 201.079 exceed those of Seattle by $32. 933.248. their total being $1,365,267,831. Comparative daily figures of December clearings indicate this lead will be main tained, if not increased, by the end of the year. Seattle 1920 clearings totaled $2,073,107,409 against $1,906,796,901 for Portland. . , Portland now stands third In the list of the Pacific Coast cities in the volume of bank clearings. San - Francisco and Los Angeles stand first and second re spectively. FEDERAL RESERVE BANK ' The Portland branch of the Federal Reserve bank has made a rapid growth since its establishment in October. 1917. At that, time Its working force consisted of 27 employes, while today it requires 105 employes to carry on the work of the bank. A statement of the operations of the bank for the past year reflect the large volume of business that is transacted through the Portland branch bank. Dur ing the 11 months ending November 25, 1921, the Portland . branch bank dis patched 4259 telegraphic transfers, ag gregating $152,266,969 and received in behalf of its member banks 2314 tele graphic transfers aggregating $197,841. t55. The bank has handled in the past year, for Its member banks, 2,498,449 out-of-town checks totaling over $182. 000,000 and has cleared through the Port land Clearing House .608,582 items ag gregating over $319,000,000 and also han dled 2923 collection Items aggregating $33.00e000. There has been redeemed during the H-month period 821.80S.746 in currency unfit for further circulation and there has beer paid out to member banks in this district $32,827,760 in new money. For the year ending June 30, 1921, the Portland branch redeemed 999, 175 matured Liberty ban coupons total ing 84.21L823. During the year 1920 the bank redeemed C29 United States treas ury certificates of indebtedness amount lng to S5.S0UOO, while this year there have been redeemed 2011 certificates ag gregating $10,439,000. The functions of the Federal Reserve bank can best be described by the anal ogy that it la a bank tor the banker In the same sense that the ordinary com mercial bank is a bank for the Individual depositor. The district , served by the Portland branch comprises all of Oregon, except Klamath Falls. Lakevlew and Merrill, and the counties ot Clarke, Cowlitx, Skamanle, Wahkiakum and Klickitat in Washington, After paying a I per cent dividend on the capital stock owned by the mem ber bankav and setting aside 10 per cent as a surplus fund, the net earnings of the bank together with all other fed eral reserve banks and branches in the United States, is paid over to the treas urer of the United States at the end ot the year as a franchise tax. - The active management of the Port land branch la under the directidn of Frederick Greenwood, manager: R. B. West, assistant manager; J. P. Blanch ard. assistant cashier, and ita board of directors composed of well .known busi ness men: J. C, Ainsworth. president of the United States National bank s Edward Cooking-ham, preaidant of , the Ladd - Til ton bank ; Nathan Straus of Fleischner, Mayer Cow, and Joseph NV Teal ot the firm ot TeaL Minor Wlnfree. ;; ; i .f . . , - JfAPATISE FIXASCE3 COOD ChehaHs. WaslL, Dec 24, State Ex aminer W. H. Richards, tor the period fsotn December i. 1920, to October 31, 1921, reports the financial condition- of Napavine In good shape. ' , - THE OREGON SUNDAY JOURNAL,' PORTLAND, SUNDAY MORNING, i am,.;::; 11 sam 1 i'zijaaczd - January 4. Willamette river overflows banks near Oregon City. 6. First snowfall of year. 7. Tenth annual Oregon Irrigation Congress convenes. . 10. Mayor Baker assumes duties as chief of police to check crime wave. State legislature meets. 1L Coldest day of winter, tempera ture 28. . 12. Shadow makes , his ' appearance with blackmail plot against Ben Selling, J. W. Ladd. John M. Jones, Henry Jen nlng and Louis Gevurtz. ' 13. Shadow makes first escape from police. 14. Shadow makes secopd escape after a skirmish with police. 17. Gas rates increased. Japanese liner Anyo Maru, largest passenger liner to make port, arrives. 21. Supposed clue to Identity of Shadow unearthed. 29. Police shake-up. 30. Business section of Oak Grove de stroyed, by fire". February 5. J. Poeschl found guilty of first de gree murder. 18. Willamette Iron Steel Co. fire; $100,000 damage. 21. R, F. Scholz made head of Reed college. Julius Lw Meier made head of 1925 exposition committee. 26. Thomas Lotisso found guilty of murder ; given life sentence. 28. Shops of S. P. k S. and O-W. R. & N. shut down. March 6. John Bruno arrested on charge of having murdered , Harry Pawluk. 9. Contracts for $1,500,000 worth of road work let by state highway com mission. 10. Nineteenth birthday of The Journal. 23. Community Chest drive com menced. 24. Dr. Norman Bouchet found guilty of manslaughter. 25. Dr. Bouchet paroled by Judge Staple ton. 30. Gas rates reduced by public service commission. April 4. Milk cost cut to 11 cents quart. 5. Third annual International Mining Congress convenes. 6. Portland celebrates seventieth birthday. 9. General Leonard Wood visits Port- CITY BUILDS WELL FOR THE GREATER PORTLAND lib A etlmpse of the downtown district, Major Events of the Twelve Month in and Near Portland Presented in4Chronological Order for the Reader s Convenience land en route to the Orient 13. Democrats celebrate' birthday of Thomas Jefferson. 18. John Bruno given life sentence for murder of Harry Pawluk. 20. State bank at Troutdale blown up. , 23. Interstate commerce commission grants preferential rates to Columbia River basin. 24. Dr. Robert C. Yenney died. 27. State Bar association starts fight to prevent Albers espionage case from being dropped. 29. John B. Yeon resigns as super intendent of Columbia River highway In Multnomah county. May 3. Japanese ship Tokuyo Maru burns off Oregon coast 7. Dorothy Metschan named queen of 1921 Rose Festival. 8. Lieutenant Harold C. Jones, chief of local sea service bureau of shipping board, established national record for keeping ships .moving despite .marine strike. 11. Radio station at Hillsboro com pleted. 13. College of bishops of the Methodist Episcopal church opened. Price of gasoline dropped 2 cents. 25. Gas rate ordered lowered by public service commission. June 1. Western Union messenger strike. boys 2. Cruiser Frederick : and destroyer division 38 arrive for Rose Festival. 7. State election. Soldier bonus bill passed. 8. Rose Festival opens. 11. Roy Gardner escapes near Castle Rock. U. Contract for Mount Hood loop road let. 15. May apartment fire ; $75,000 dam age. H. Roy Gardner captured at Centralia. 18. C. E. Peck shot by wife. 21. Pacific Northwest Golf associ ation tourney at Waverley and Portland golf clubs. 25. George von Elm of Salt Lake City iilil - - with First National bank building; in 1 J j.j . w- 1 - j t 1 1 ! wins Pacific Northwest golf champion ship. Z Contract for bridge across Willam ette river at Oregon Oity let to A. Guthrie for $213,602.50. July I. Journal airplane service to Seaside started. 9. Monarch mills burn; $150,000 loss. II. Dr.. C. F. Cllne, veteran leader of Methodism in Northwest, dies. 13. Ordinance prohibiting parking in business district passed by city council. 15. Dennis Russell murdered by Dr. Brumfield. August 1. Buyers' week commences. 2. Hop Sing and Suey Sing tong war begins. 6. Steamer Alaska wrecked on Blunt's reef. " 8. Mud eruption on "Mount Hood. 12. Dr. Richard Brumfield arrested at Calgary for murder of Dennis Russell at Roseburg. 14. George Decker, believed ' to be Shadow, shot in an attempted hold-up. 19. Clyde G. Huntley appointed col lector of customs. 20. Judge John McCourt appointed to state supreme court. September 3. Governor Olcott calls statewide conference on 1925 exposition.- 5. Roy Gardner escapes from Mc Neils island. Cape Horn section of Columbia River highway opened. 6. Public schools opened. . 16. Revised parking ordinance ef fective. 17. Sells-Flo to circus robbed at Van couver. 21. Let er Buck Round-Up opens. October 1. C. R. Hotchkiss sworn in as United States marshal. 3. Oregon State Federation of Labor convenes. 4. K. K. Brodie appointed minister to Siam. v. , the foreground ud tovrerimr skyline DECEMBER 25, 1S21. 7. Chicago aldermen visit city. 8. Oregon Electric cuts rates between Portland and Salem 25 per cent 10. Fire In Benson hotel; $75,000 damage. 19. Dr. Brumfield convicted of murder. 23. Beavers purchased by W; H, Klepper of Seattle. 31. Dr. Brumfield sentenced to hang January 13. November , 2. Second police shake-up. 6. Stock show opens.' 7. Liberty theatre robbed of $8000. lL Armistice day tribute tendered to unknown dead. 16. Roy Gardner captured at Phoenix, Aria. 19. 1925 exposition measure passed 4 to L , 20. Silver thaw-. 25. Tug Sea Eagle given UP as lost 28. Liberty theatre robbers captured. December 1. Nine killed in wreck on O-W. R. St N. at CelUo. Marshal Foch' visits city. Wind storm does much damage. 3. City budget reduced $330,000 by tax conservation commission. . H. H. Newhall shot when bandits attempt to hold up Bank of East Port land. One robber killed, two captured. 8. Naval militia disbanded. 10. Tax levy declared to be 31.7 mills. 13. Validity of state bonus for soldiers upheld by supreme court. 15. Work authorised on $1,000,000 Elks temple. 19. State ' legislature convenes for special session. First snowfall of win ter. 21. Police force ordered reduced 10 per cent Postal Savings Bank Feels Eeaction of Good Bond Offerings Total postal savings deposits In the de Portland postoffice for A921 Btaow crease both In amount and the number of depositors compared with 1920. This is largely attributed to the fact that a large number of foreign depositors have withdrawn their deposit and departed to their native countries, and others, who have- invested their , savings in some of the attractive bond offerings during the 1 IN THE MAKING is c K i t . "If -1 of store and office buOdines. Railroad Activity for Year It K It It t H Major Projects Summarized An eight-year period of, InacUvlty in railroad development work In Oregon ended during 1921. While the actual construction work which has been completed during the past year in the state has not involved the expenditure of more than $500,000, the basis was nevertheless laid for m future working .program which should make 1922 a banner year In railroad im provement history. It was during the year Just past that the Southern Pacific Railroad company conceived the idea and constructed a tunnel through - Elk : rock, so electric trains operating on the weBt aide line could operate with greater safety than was afforded through use of a trestle swinging around the face of the rock. This project cost the Southern Pa cific company $250,000. The tunnel took three months to complete and was 1380 feet in length., Electric trains began to use the new bore three weeks ago. TWO OTHER; PROJECT Two other construction projects took tangible form during 1921. One of these new plans the construction of a union freight and passenger terminal means much to Portland, while the other extension of the United Railways line to the Eccles timber tract portends much for the state, i The building of a union freight and passenger terminal has been the desire of Portland business men for many years. Always the relations existing be tween the Hilt and Harriman interests had prevented cooperation on such a program. During 1921 the executives of the competing! interests ironed out tbeir differences with the result that active development work' was started upon a Union freight! terminal In the Guild'a lake district. . The decision was also reached to erdarge the facilities at the union station! to permit joint usage of the passenger station by all railroad lines. I . ' . past year which pay a much higher rate of interest as well as many who have withdrawn their funds to build homes. Tf the nrpaent hill now under consider ation at Washington, which' provides for the raising off interest rates from 2 per cent to 3 per cent and the maximum de posit of any one depositor from $2500 to $5000 becomes a law, tbe postal savings business will undoubtedly show a hand some Increase. The comparative figures show that on December 81. 1920. deposits total $1. 753.785 with 4790 depositors while at the present time deposits are approximately $1,520,000 wttlh 4200 depositors, a de crease of $238,785 in the volume of de posits and 590 in the. number of depos itors. ! . r . ! . Cfjrfetmag To you whose good-will and friendship have helped, to make this a happy holiday season for us, we send cor dial appreciation and our heartiest wishes for a very Merry Christmas and a New Year of happiness and pros perity. , ilgrB Allen flASCN AS3 MORRISOn CT. t -tMsaiimiiKinai urn .m,ala.mv",veiV,vsv'V,,e.r i H4H 4H tt4 t H$f 9it ImwJ 3 Vaf fif ilvlnnmnl varV . It la awtl mated that expenditure of at least $2,000,000 win be necessary. A' contract has been made with the Port of Port- ; lanA nAmmimtAn tA tnaV a. fill tar th4 .. . freight yards In' the Guild's lake section. This initial work will cost $80,000, The final plans were approved for the ter minal by railroad execnUves at a meet ing in December. The building of a roundhouse and laying of tracks, for -the yards wQl start In the spring of next year. -. Announcement was also mad twe " weeks ago ot the purchase ot the Port land, Astoria k. Pacific railway extend ing from Vernonia, where It connects with the United Railway, toward the Eccles timber tract ' When Charles B. Keith, head of the Central Coal Coke company of Kansas City, purchased the Eccles tract he also obtained the rail line but because he wanted to devote all of his attention to operation ot the tim ber tract sold the rail line for $2,600,000 -to the Great Northern and Northern Pa cific railway companies, Work on ex tension of the line la being pushed In an. ticipation ot Umber development work next spring. WT.W OTTTirr.WT nv.TtT.atTt Railroad executives ot the Northern jt'aciric ana ureal- roorvnern railways also became keenly Interested In the Washburn rail survey down the Wilson -. river to the coast and made several tours ,' of inspection over this route. It is be- lieved that some development will take I place In this territory during 1922. : Provision was also made by the South- i ern Pacific company during recent V months to replace light rail construction with heavy rail construction in the state to make the lines of a more permanent , nature, , - contracts werat enierea mio ct u ino . railroads serving the Oregon country for new equipment which will be placed on the lines during the coming year. Work Resumed on Loop Road Section Hood River, Dec 34. After a halt of several days, work was resumed Thurs day on the Booth hill section of the Loop road and the con tractors, Joplia ft Eldon, plan to continue operations until the snow Is too deep to use teams. Little rock has been struck up to the present.' and, as soon as the right -of way is cleared, a new steam shovel will be put . in' operation. Engineer Seeley Is In charge of the work. . . n 1 - S ' il (I tl M n rr (I ti u n ti n : !1 HUUJ FW5S AT COADVAY