Page:Portland, Oregon, its History and Builders volume 2.djvu/75

 The 15th of April, 1851, was an important day in the life of Mr. Failing, for it was on that day, with his father and a younger brother, John W. Failing, that he left New York to become a resident of Oregon. They sailed for Chagres on the isthmus of Panama and proceeded by boat up the river of the same name and thence to Panama by mule train. On the western coast of the isthmus they took passage on the steamer Tennessee, which in due time took them to San Francisco, and on the 9th of June they arrived in Portland as passengers on the old steamer Columbia, which was then one of the fleet of the Pacific Steam- ship Company. A fellow passenger on that trip was C. H. Lewis, late treasurer of the water committee, and for many years Mr. Failing and Mr. Lewns together annually observed the anniversary of their arrival in this city.

The following year brought a great many people to Portland, but in 185 1 the city was a small village, its only advantage apparently being its position on the river, bringing it into close connection with the sea. Father and son began the building of a store room on Front street, one door south of Oak, and in the course of time their little stock of goods was installed there and they were meeting the demands of the public in the lines of their trade. The father at once took an active part in municipal and educational affairs, was chosen a member of the first city council in 1852 and the following year was elected mayor of Portland. He retired from active connection with the business in 1854 and Henry Failing then conducted the store under his own name. With the growth of the city he increased his stock and extended his business connections until he was recognized as one of the most important factors in the commercial and financial circles of the city.

On the 21st of October, 1858, was celebrated the marriage of Mr. Failing and Miss Emily Phelps Corbett, the youngest sister of Hon. H. W. Corbett, formerly of this city. The death of Mrs. Failing occurred in Portland, July 8, 1870. She was survived by three of her four daughters, namely: Henrietta E., Mary F. and Mrs. Henry C. Cabell, whose husband, Captain Cabell, is a member of the United States army.

It was in the year 1869 that Henry Failing entered into active connections with the financial interests of the city. He joined with his father, Josiah Failing, and the Hon. H. W. Corbett in purchasing a controlling interest in the First National Bank of Portland from A. M. and L. M. Starr, who in 1866 had been prominent in the establishment of the bank. From 1869 until his death Henry Failing served as president of the institution, and his careful guidance, executive ability and keen discrimination were salient features in the conduct of the establishment, which became one of magnitude. He had no sooner assumed charge than the captial stock was increased from one hundred thousand to two hundred and fifty thousand dollars, and in 1880 the latter sum was doubled, the bank being capitalized for five hundred thousand dollars, while the legal surplus and undivided profits amounted to more than the capital. Year after year extensive dividends were paid to the stockholders and the bank became recognized as one of the most prominent financial enterprises on the coast. In January, 1871, Mr. Failing and Mr. Corbett consolidated their mercantile enterprises, forming the firm of Corbett, Failing & Company, which maintained an existence for twenty-two years and was then succeeded in the ownership by the firm of Corbett, Failing & Robertson.

Something of the cosmopolitan nature of the interests of Mr. Failing is indicated in the fact that not only was he one of the most distinguished and capable merchants and bankers of Portland but was also equally active in his efforts in behalf of political, intellectual and moral progress. He believed it the duty as well as the privilege of every American citizen to support through political activity and by his ballot the measures that he deemed most beneficial to the community and to the country at large. His position was never a matter of doubt. He stood loyally for what he believed to be right and advocated a policy which he believed to be both practical and progressive. He was made