TOD OREGON SUNDAY JOURNAL, FOIiTLAND, SUNDAY llOIZmiG, -zBLCZZZZZin 21, 1C2 WDJRENDIH BEA DF A CE Iatter of record fwemnhth Revfa.w of Ritsi- Jiess in the Oregon Country Bank Clearings .Year By; Year ing . By 1. K. GaTbraltll . Of It- G. Du Co.. n outline view of the leading facts industry, commerce and finance i Interest : at all times, but aspa- ly at- the close of the year. . haanauch , aa trade and . business trlty in each locality la closely Ind up with . the i transactions -In ter fields. It Is neceasaiy to a full lerstsnding' of conditions In Port- id territory to pay some regard to genera! conditions of the "entire ted States and also of those coun- 9, with which we trade. fhe principal industry, by common sent.- is agriculture with its anted nches, stock raising and hortl cul ts. . our mam concern aoroa-i is t the agriculture ef Burope. The Upetion- wrought by the war- is a large measure restored. The abilitatlon. of farm production. h some definite exceptions, has a almost complete. The status of leading cereal crops in Europe for 32 may be iudged by that of France. knee, the second in importance or laat - growing countries of the Hd, reports a crop almost equal to war yield. UIAL SHORTAGE SHOWIT L census of animal industry for 2. : covering the ' entire European a, compared with 1913, shows rtage of horses, 11 per cent; sheep rtage, 6 to 7 per cent ; goat short- t, IB per cent ; nog sooriage, x cent. CatUe. in which the heavi lossrwas occasioned by the war, reported up to normal in Great tain, France, Italy and Poland. The animation of agriculture is well- h complete. bf manufacturlnar industries a Viler account is rendered. The dis- rtion of Industry occasioned by war been overcome and manufacturing nU have returned to their original hposes. It is important to point L however, that while physical Moment of manufacturing inausixy h been largely restored, volume of nut has not vet reached pre-war lelav Unsettled financial conditions Ice the purchase of necessary raw terials extremely anccuit. CEOP rAllUEIS HEEE kgrioulture in the United States manifested a oenmte upturn. iere has been no failure of crops in considerabl e area. The yield oo ealfc in general, has been good. Corn fl cotton are full crops, wneat. oats. and other grains are aoout aver ts. There is a very definite increase number of horses, cattle, sneep hogs. The important fact is that account of increase of prices the hual income from, farm produce and bstock is estimated to provide an reased purchasing power of !l.aoV Keneral manufacturing conditions in United States are good. Steel Si iron industries report fresh fur fces "biowlng-in" after almost two Era shutdown. Orders are .booked kad. A steady building boom of Entry-wide dimetsions creates n tregate demand or grauiying pro- tions. Textiles report more oraers ked. than at any time during two- k.ra liumoer ana logging inausines iort - conditions satisfactory, with exception of sufficient cars for hmpt shipment. RICULTTJBE HERE GOOD bf agriculture in the area tributary Portland, it may be said that the heral report is good. . An exception- late spring threatened serious dam- b to cereal crops in the Willamette ley. but a favorable growing sea- t brought a harvest well in advance early expectations. In Eastern ure- h and Washington, hot weather did ious damage to wheat. Favorable borts, however, are generally made. Lh as to yield and quality. An ins tant feature Is that the combined eat and oat crop of 1922 has an 'mated value of 128.000.000; bf other, industries in the Portland ritory, the general account is quite orable. Lumber and logging, it will kxcely be questioned, are nearest in Ixirtance to agriculture. Activity has reased steadily throughout the year. pees, in the opinion of mill men, are tftclently high and the demand ex- fcds production. . bairylng. fruit and vegetable can- hg ana salmon packing maae up a hsiderable portion of the annual out- It. .1 There is no special feature of lm- irtance noted, but definite announce-, nta of increased output and greater bnetary returns are steadily made. summary of Industrial conditions bws that production is fairly up to lerage, that the proauct must ana can sold in regular markets since.no Nr or unusual maraeia nave peen lied into being, nor on the other hand jve any been curtailed by the events the year. pf European foreign commerce, it hat he said that unsetUed political hditlons and depreciated currency htinue to disturb and retard develop- nt While the internal commerce European countries has apparently tea largely restored witn me lm pvement of industry, there remains um nart of their foreism trade filch has not resumed former chan la and will not until political and jonomic policies axe more nearly in reement.- JB COXXKXCK GKOvTS Commerce in the United States has nost returned to natural economic unds.? Foreign trade has shown an -reading tendency to seek the natural aaoeta. The artificial Interchange stared by the war. and poet-war ln lences has In a large measure disap ared. No new commodities have been ded to the lists of trade. Internal trade in the United States s demonstrated a constantly rising lume.. This is attributed largely to -passing -of efforts1 to depress the igm level and atill more-largely to increased buying- power of the aa ultural sections. It is roughly ca ns ted that more than 60 per cent of odocts Is consumed on the farm. We a ' approaching- the great economic sideratura when the products of the rm balance in money value the nducta of the loom and factory. Rising ' prices of commodities- has &n an obtrusive and unexpected char tertstic of the year. To examine a prices of commodities tn detail Is a 4ious task, but the general trend ts ("barometer of first importance, pun's Index number of wholesale Rotations, consolidates) the price of h estimated, per capita consumption labout 100 articles. . ; phe war caused a rapid and exces i'e inflation.. The index number rose tadOy from July 1. 1914, when it Tod at $119,705. until May V 1920, ea U reached 126333.- Ihe down- Financial growth of Portland ax ihown by &e reports of the Clear- House association : J890 : 1895 . i " , i - 1900 190! 1902 1903 1904 ' 1905 1906 1907 1908 1909 19I0i 1911 1912 1913 1914 1915 1916 1917 1918 1919 1920 192t 1922 $ 9.439.224.51 58.84284.51 106.918.027.48 121.7l5.026t51 ' 154.320.103.09 175396.622.53 189.051.469.92 228.402.712.69 281.170.796.26 350.932.422L1 1 310.655.493.69 , 391.028.890.61. 517.171.867.97 557.464.848.17 597.087.856.12 627.818.010.99 578.884.018.99 554.446.756.22 649.775,141.46 868.331.442.07 1,323.082.798.21 1.652.950.830.27 1.906.796.901.66 1328.445.024.09 1,534.583.278.00 Figures to December 1 5, inclusive. ward trend of prices then set In and continued until July 1, 1921. when the figure was 1159,833. From the lat ter date prices again rose until on No vember 1, 1922, the figure waa 1182, 291. , - Business tn Oregon has also passed through its periods of inflation and deflation. Agricultural interests have suffered severely , and these troubles have been passed along to the retailer, the wholesaler and the manufacturer, also to the bankers. Commercial fail ures this year, however, incurred lia bilities of one-half the volume of 1921. POBTI-AjrD HOUSES OAIK ; During the past four years there has been a net gain in the number of business houses in Oregon as a whole of about 29 per cent, in Portland alone of 36 per cent and in the state outside of Portland of 23 per cent. The detailed showing for this period is as follows : Oregon business concerns: Number. 13.4S7 14,227 16.458 January, 1919 .. January, 1920 .. January, 1921 .. January. 1922 16,737 January. 1923 17,314 " uiuunesaes sianea in uregon : , ' ' Number rear. Number. Discontinued. 1919 4,314 3,544 1920 !. 6,440 4,209 1921 5,669 5.390 1922 5,719 6.H2 Portland business concerns : t. Number. January, 1919 ,705 January, 1920 6,151 January, 1921 6,959 January, 1922 7,266 January, 1923 7.777 New businesses started In Portland: ., - - Number Tear. ' ' .Number. Discontinued.' 1919 ............... 1.464 1.019 1920 1,981 H!! 1921 1,971 1,671 1922 X28 - ' t lnS SEA-TOaiTAGE ADEQUATK -v ' Sea going- tonnage 'has been fully adequate to all commercial needs. The loss of the war period has bean, fully made good. .. i The chief feature of Internal trans portation during" the year, was the rail road strike, which delayed, business seriously. There' has followed' a seri ous shortage of tars for many purposes. In- - tha Portland terri tory this has been -especially marked. t At the cloae-of .1922. tbe- whole sub ject of transportation In all -its phsssw. is engrossing; .the public, mind.. The inadequacy of. present means - causes much thought to be devoted to water ways, highways, ' automobile transport and v even airplanes. ' aiore emcient equipment is a " pressing - requirement. The closing months of the year 1921 and the opening; months of 1932 form a period in which the forces which caused the post-war deflation spent borne by new forces, which have given business a definite upturn. -The total volume of , business is considered . to bear a. general ratio to the total bank clearings. In 1919 and the first part of 1920 bank clearings both for the re porting centers, of the United states and for Portland, were greater man in 1921 ; already 1922, has reached a total in excess of 1931. The same Is true for all the generally accepted criteria of industrial and commercial ' conditions. There was a steady and severe decline which is now changed to an upward movement. All ' attention is now concentrated on this upward movement. Specu lation is rife as to its true interpreta tion.' Is it a new period of Inflation merely, or is it a definite return of stable prosperity? It is Mot the pur pose -of this BBmmurJi go beyond a mere statement of the facts and In dulge in speculation. . Since, however, the original disloca tion of industry and commerce was occasioned by substituting political for economic methods, there is ground for hope that, as the political methods which gave rise to the war period of inflation are replaced by economic methods, conditions win tend to as sume their natural balance. Fifteen hundred acres of burns with in the national forests of Oregon and Washington are reforested annually by the United States forest service. This Is mat We Call Banking Service It Is Yours to Command You hear much of "Service." What is it? Here it means that we meet all the financial requirements of Manufacturers, Corporations, indi viduals, Farmers and Investors. Here are a few of the things we do: for Manufacturers We furnish money for financing long term loans; help to shape financial policy and care for short term obligations in line with good banking practice. , for Merchants Our commercial banking department makes loans, acts as a depositary for active checking funds, and extends a full line of mercantile banking service. for Individuals It offers the full facilities of its commercial banking department the moment a checking account is opened. 4 for Savers Not only does the Savings department pay 3 interest per annum on monthly balances, but it also cares for your securities, collects interest on them when due and deposits to your arrmtTnt . if desired. : : -'-." Y, for Investors Our bond department, which is one of the' largest in the West, ' offers a greater interest on your accumulated savings and with its safety of principal and liquidity as effects the securities. , Bonds which yield anywhere from 4 to over 8, depending' m f-Vttr Iimm ran K t-HTrrfias! Vsv vrat Tf vm. liavm a. h funds to pay outright for them- you have the privilege of buy- -i . .. .i ... it . . ing tnem on tne mscaument plan. - forFarmers , . - Tnrotigh the Oregon-Washington Joint Stock " Land Bank, ' which is affiliated with the Lumbermens, we loan money at 6 -for 33 years and charge no commissions nor collect any bonuses for this service-' Farms are the sole security required. our Trust Department ; Acts as executor of wills, adnunistrator of estates,. trustee fori property or securities. Manager of properties, ; Paying agent . for bond or note issues among other things. There are many other services which ; ' toe extend to patrons and wilt ex plain them in detail on request . .. k - Call at k'' BROADWAY and : -O AK IT!TIJ.I.M.t.l.M.I.I.T.I.l.f -T.T-T.T .T. I J. 1 .1. 1 .1. 1 J.I.I.I..1 .1. 1 J. I J I .t. I J. 1 .1. 1 J. I J. 1.1.1.1.1 .1. 1. i.i .1.1.1. 1 .1.1 .1. 1 .1. 1 .1. 1 .1. 1 .1.1.1. 1. 1. 1 .1. 1.1. i .1.1 .1. 1 I. H. 1 .1. 1 JBAKK asse A priceless asset-not listed on our state ment of "total resources $27,657,- 878.43," but an asset that twe prize even more highly and guard even more carefully is the good will and faith of our customers born of daily commer- j dal contact and built through sixty three years of sound business relation-? ship. Officers W. M. Ladd, Chairman of the Board ; Edward CooVingham, President Walter M. Cook. Cashier Isaae D. Hunt, Vice President Cameron Squires. Asst. Cashier Samuel L. Eddy, y We President Arthur W. Brookings, Asst. Cashier Robert S. Howard, Vice President - Godfrey C. Blohm, Asst Cashier Charles A. McLean, Vice President - Frank S. Ileagher, Asst. Cashier Clyde L. Phflliber, Assistant Cashier : A. L. Deak.. . mm.. .Manasrer Foreign Department ' , Willis K. Clark Manager Bond Department ' Prescott W, Cookingham General Counsel Directors William M. Ladd Frederic B. Pratt Edward Cookingham Harold I. Pratt " Isaac D.Hunt Cameron Squires Raymond B.. Wilcox f HIMItr' JlUtkl IESCRVE Oldest in the Northwest WASHINGTON AT THIRD Interwoven With Portland Growth! In every city there is at least one f inanci a 1 institution whose history is interwoven with the industrial and civic development of the commun ity. In Portland, the First National Bank is such an in stitution. - The chronicle of its rise through three generations par allels the transition of Portland from a Tillage to a city. Through these years, the First National Bank has heen building up many highly specialized departments, all designed for efficient service to patrons, : The foreign department brings the markets of the world to you. It transfers money with the greatest speed pnd at the lowest rates. The collection department relieves you of all collection details on bills of lading,' and all commercial papers. In "the savings department you may open an account and obtain a home bank with as small a deposit as $1, The facilities of this great national bank the oldest in the Northwest and the personal interest of its officers, are at your disposal. We welcome your ac count, be it large or smalL - - 1 the; efTpriorot bank OF PORTLAND OREGON