Page:Portland, Oregon, its History and Builders volume 1.djvu/715



THE CITY OF PORTLAND x 527

Overdrafts 774-30

Capital stock 100,000.00

Undivided profits 7>33i-56

Deposits 441,711.18

Total $549,042.74

THE EQUITABLE SAVINGS & LOAN ASSOCIATION.

The year 1889 brought to Portland two men from Minneapolis, Minnesota, C. B. Wadleigh and F. McKercher, the former representing a farm implement concern, the latter secretary of the Pacific Coast Elevator Company.

The promising field for, as well as the urgent need of, an association that should promote and stimulate the virtue of saving on the part of wage-earners impressed them so deeply that on December 30, 1890, they organized the Oregon Building & Loan Association.

The first officers were: S. B. Willey, president; H. R. Lewis, vice-president; F. McKercher, secretary and C. B. Wadleigh, manager; and F. McKercher is the real founder of the association.

The growth of the association was phenomenal from its start, and in 1892 the secretary was compelled to give to the association his undivided time and attention. The manager was then transferred to Philadelphia that the money of the east might be brought into service in the development of a new land and to share in the better interest earnings of the great west. While this proved an ad- vantageous and most promising measure the association continued to develop at home both as to increase of membership and as a factor of home building.

When, after however, to the minds of the association's officers, it had passed all experimental stages of development, assumed most satisfactory proportions as to membership, assets and loans, and to their optimistic senses it stood upon the threshold of a greatness of service, — then came the crash of 1893.

Then began a long and painful period of liquidation, during which more than one-half of the membership withdrew and received their cash, (and many are the men and women who received it with tears, declaring that otherwise they were hopelessly stranded), much property taken over; much of which it carried for years, unable to sell, in many cases for a long time unable even to rent ; changes of officers, except its secretary, who like the captain of a sinking ship, seemed tied to the interests of an institution, which at such a time, passes beyond and above the realm of mere business and become sacred ; all the changes, too many and too painful to record, incident to the adjustment to new and trying condi- tions of an institution which held the earnings of the masses and sought to con- serve them through that heart breaking, soul stirring period of tempest and storm.

The spring of 1899 showed such a promising rift in the clouds that the asso- ciation was re-organized ; electing officers, all of whom retain their positions to this day, and none of whom except the secretary and assistant secretary, are on the salary list.

The association was enabled to pass through the recent panic of 1907 un- scathed, and with the exception of the suspension of loans for a period of four months, conducted its business on a moral basis ; the surprisingly few withdraw- als being promptly paid ; loans then in process of payment promptly financed ; able to meet every demand made upon it except for those limitations. Its present officers are : Theodore B. Wilcox, president ; F. McKercher, secretary ; M. M. Johnson, assistant secretary.

It has conserved and loaned the savings of over 18,500 wage-earners ; loaned on homes over $5,728,000.00, and thus assisted in building more than 5,250 American homes — those institutions so potent for patriotism and good citizen- ship, and has returned to investors more than $2,200,000.00. It now has :