Page:Portland, Oregon, its History and Builders volume 1.djvu/722

 be commended.

And both of these home life insurance companies wisely chose to place the management in the hands of men who were not only known to have had ex- tended and successful experience in life insurance in Oregon, but who were also possessed of that business standing and upright character that guaranteed honest administration and fair dealing to all. Mr. L. Samuel, the general manager of the Oregon Life, had been the trusted and successful manager of the Oregon and northwest business of one of the largest New York life insurance companies for more than twenty years. While Mr. S. P. Lockwood, the general manager of the Columbia Life had held a similar agency for the Northwestern Life Insurance Company of Milwaukie, one of the most popular companies that had been largely investing its capital in loans in this city, also for a period of about twenty years.

Believing that the time was ripe and the field ready to be occupied, and that Oregon men and Oregon capital could combine in the establishment of an Ore- gon fire insurance company, the Pacific States Fire Insurance Company, was or- ganized May, 1910. It has its headquarters in Portland. Its officers are: F. E. Beach, president; E. G. Jones, vice-president; F. I. Fuller, second vice-president; A. H. Averill, third vice-president; William M. Cake, attorney.

Executive board — F. E. Beach, E. G. Jones, F. I. Fuller, A. H. Averill, L. G. Clarke, Dr. A. E. Rockey, Judge William M. Cake.

The enterprise is receiving much local encouragement. There is no apparent reason why a financially-sound fire insurance company made up of local men and well backed by local capital should not be a success.

THE FINANCIAL SITUATION OF PORTLAND.

The financial situation of Portland this ist day of October, 1910, is ex- ceedingly encouraging to every business man in the city. Summed up by the latest report of State Bank Examiner, it shows that the 151 state banks and 75 National banks for which statistics are presented have total deposits of more than $115,000,000, with general resources in excess of $124,000,000. The con- servative policy of Oregon banks is reflected in a loan item which aggregates $71,000,000, or but little more than half the deposits, although there was an increase of nearly $4,000,000 in the two months ending June 30. In the same period there was an increase of about $1,200,000 in deposits.

An encouraging feature of the report is a heavy increase in the amount of deposits in savings banks. These deposits now aggregate nearly $12,000,000. And of this amount $842,000 has been added within the past two months. To a much greater extent than commercial deposits, these savings deposits reflect the thrift and prosperity of the people. Commercial deposits are increased at times by large amounts of cash which have been brought in for use in handling big land deals, or financing industrial undertakings, but the savings deposits represent all that their names signify. They are the most certain and reliable financial barometers. This heavy increase in the tangible wealth of the state, as repre- sented by actual cash, is an excellent testimonial to the character of immigration which Oregon has been receiving. It corroborates the news reports that have been drifting in from all parts of the state telling of real estate and industrial transactions in which newcomers have invested heavily in Oregon property and have paid the cash for it.

Timber has been one of the principal staples which has drawn eastern money to the state. While the individual transactions in this class have been greater than in any other line, it is in farm and orchard lands that the aggregate new invest- ments have been the largest. Meanwhile the wool clip has brought about $3,000,- . 000 into the state. The salmon will bring in another $3,000,000, possibly more.