Page:Portland, Oregon, its History and Builders volume 1.djvu/865



GROWTH OF BANKING.

The aggregate condition of the six national banks that were in operation in 1888 shown by the U. S. comptrollers report for the year ending December, 1888, that the total paid up capital of these six banks was at that date $1,250,000; that their surplus funds were $187,500; undivided profits, $573,359.94; individual de- posits (exclusive of government deposits), were $3,627,497.79; loans and dis- counts, $3,717,789.12; invested in U. S. bonds, $825,000; and total liabilities, $7,209,734.65; with a lawful reserve of more than double the requirements of the law.

That was heralded as a very flattering statement at that time, giving great credit to Portland. The banks making this aggregate showing were :

Capital.

The First National $500,000

Commercial National 250,000

Oregon National 200,000

Ainsworth National 100,000

Portland National 100,000

Merchants National 100,000

Three of these banks closed their doors in the panic of 1893, and passed out through various forms of liquidation. The old First National, the Merchants National, and the Ainsworth National held on and have come down to the present — the Ainsworth being consolidated with the Subsequent U. S. National. In a comparison of the business of 1888, and that of. 1910, it is seen that one of the surviving banks of that period, the Merchants' National, has now nearly the same amount of individual deposits as the whole six had twenty-two years ago; while another survivor from that period — The First National — has now more than four times the total deposits of the whole six National Banks in 1888.

Another comparison with the banking business of today with that of twenty- two years ago is shown by the operations of the Clearing House — and the bank- ing business is a good index to all other business. The Clearing House was opened July 15th, 1889, and taking the first three months from August ist, 1889 to November ist, 1889 — the clearings and balances of the banks are as follows:

Clearings. Balances.

August $ 7,273,339.84 $1,563,332.65

September 6,110,056.71 1,051,479.87

October 7.895,075-99 i,347P30-33

$21,278,472.54 $3,961,842.85 The clearings and balances for the corresponding months in this year of 1910, are as follows :

Clearings. Balances.

August 6 $ 9,441,813.26 $ 1,100,260.19

August 13 9,804,528.40 870,956.18

August 20 9,041,606.31 906,319.80

August 27 7,900,808.58 647,034.19

September 3 10,358,989.86 1,623,165.57

September 10 8,735,624.77 773,989.08

September 17 11,801,542.41 1,452.484.74

September 24 9,021,248.25 759>95i7i

October i 11,278,184.96 1,186,690.83

Octobers 10,861,219.41 1,006,565.43

October 15 12,840,006.19 915,56903

October 22 12,013,302.76 1,631,176.80

October 29 9,826,662.33 977.759-13

Totals $132,133,556-99 $13,