Page:Portland, Oregon, its History and Builders volume 1.djvu/717

 tland, in the

year 1875. He came as the agent for a Dundee investment company known as the Oregon & Washington Mortgage Savings Bank. That was merged later into a company known as the Dundee Mortgage Company, which was finally merged into the Alliance Trust Company, Limited, now represented here by Mr. William MacMaster.

William Reid also succeeded in getting his friends in Scotland to finance the Oregonian Railway Company, Limited, which built the railway known as the Narrow Gauge Line, with its terminus in Portland at the foot of Jefferson street. This is now part of the Southern Pacific system.

Mr. Reid's connection with the Dundee company terminated in 1882, but he informed other people in Scotland of the merits of Oregon as a field for invest- ment, and The Oregon Mortgage Company Limited was formed in Edinburgh, in 1883, with Mr. Reid as its Oregon representative. His connection with this company ceased two years later, when Robert Livingston became the resident agent of the company in Portland.

Other financial companies, with headquarters in Scotland and England, have done business here for many years. Some are represented by Messrs. Balfour, Guthrie & Co., of Portland, and some by Mr. Wm. MacMaster, and some by myself. The amount of capital brought to the northwest through these agencies has been large and has been an important factor in the development of the country.

P. S. The author of this book can add to the above statement of Mr. Liv- ingston, that when William Reid came to Oregon, money commanded twelve to fifteen per cent on mortgage loans ; and that the work of Reid in inducing foreign capitalists to lend money on Oregon farm security reduced the rate of interest to ten per cent.

THE EAST SIDE BANK.

The East Side Bank of Portland is the successor of the First National Bank of East Portland. The First National Bank of East Portland was established on the east side of the river in 1878, by the Breyman's & Sommerville ; and retired as a National Bank in 1895. The East Side Bank of Portland took over their, business November i, 1895, and have conducted a successful and growing busi- ness since that date. For the first ten years it was conducted by H. H. Newhall as a private bank. When the state banking law took effect in 1906, the bank was incorporated. The directors are H. H. Newhall, L. Newhall, and Roger Newhall.

The bank is established in its own building on Grand avenue and East Wash- ington street, Portland, Oregon, with a capital of $50,000 and surplus $15,000. Deposits $400,000. It is known as a safe and conservative institution, and is owned and conducted entirely by the Newhalls.

Statement as close of business, March 29, 1910: •

Loans and discounts $185,417.16

Overdrafts, secured and unsecured 46.36

Municipal bonds 20,000.00

Banking house 25,000.00

Furniture and fixtures 1,400.00

Due from banks (not reserve banks) $ 69,205.52

Due from approved reserve banks 112,023.53

Exchanges for clearing house 4,521.77

Cash on hand 28,442.64 214,193.46

$446,056.62 Liabilities.

Capital stock paid in $ 50,000.00

Surplus fund $ 5,000.00

Undivided profits, less expenses and taxes paid 7,17