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