Page:Portland, Oregon, its History and Builders volume 1.djvu/711



THE BANK OF CALIFORNIA.

The Portland branch of the Bank of CaHfornia is the successor of the Port- land branch of the London and San Francisco Bank. On February, 1905, the California Bank purchased the business on the Pacific coast of the London and San Francisco, in the cities of Portland, Seattle, Tacoma and San Francisco. William Mackintosh is the general manager of the business in these north Pa- cific branches, and William McRae is the manager of the Portland branch.

The following is the statement of the present bank at the close of business March 29, 1910:

Resources.

Loans and discounts $24,926,114.04

Bank premises (San Francisco and branches) 1,137,868.80

Customers' liability under letters of credit 1,416,821.21

Sundry bonds and stocks 4,660,620.47

United States bonds to secure circulation 4,113,898.62

Redemption fund with U. S. treasurer 114,500.00

Cash and sight exchange 1 1,999,125.73

$48,368,948.87 Liabilities.

Capital paid in gold coin $ 4,000,000.00

Surplus and undivided profits 11,300,436.91

Circulation 3,424,020.00

Acceptances under letters, of credit 1,518,214.24

Other liabilities 64,241.56

Deposits 28,062,036. 16

$48,368,948.87

CANADIAN BANK OF COMMERCE.

The Canadian Bank of Commerce is the successor of the Bank of British Columbia, which was the first foreign banking house opened in this city, being established here in July, 1864, and was always a popular and useful institution.

The Canadian Bank of Commerce opened for business in May, 1867, incor- porated in the Dominion of Canada with an authorized capital of $1,000,000. Afterward increased by successive steps to $15,000,000, of which $10,000,000 is paid up, while the reserve fund amounts to $5,000,000. At the present time (June, 1910) the total assets of this great institution are $147,446,957. De- posits, $118,907,871, and loans $103,524,587. The bank has 216 branches, to be found in every province in Canada, in the United States, in London, England, and in Mexico City.

In 1901, the Canadian Bank of Commerce amalgamated with the Bank of British Columbia, an English institution, with a capital of $3,000,000. The Bank of British Columbia opened a branch in Portland in the year 1864 under the management of Mr. E. Russell, later succeeded by Mr. Frederick Townsend, who is still living in Portland. This branch, upon the amalgamation has, since Janu- ary, 1901, transacted business under the name of The Canadian Bank of Com- merce. In 1864, and the years immediately following, the Bank of British Co- lumbia rendered very useful service to the community of Portland by making loans of considerable amounts to the school district pending the collection of taxes ; and as soon as wool raising became an important industry in the state, followed by salmon packing, and in 1870 by wheat raising, the branch took its share in financing the requirements of the exporters.

The present president of The Canadian Bank of Commerce is Byron E. Walker, LL. D., and the general manager Alexander Laird, both of whom are well known in the financial districts of New York and Chicag