The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1878-06-29
Official Press of King County.
Saturday, June 90, 1878.
OREGON AND WASHINGTON
SAVINGS BANK.


sertisr of May 2sth we clip the
following report of the annual meet
ing Of the above-named institution,
organized with q view to the invest
ment of British savings on our coast.
A the company was organized origi-
nally with q view to extending its
operations over our Territory, as
we'll ss in Oregon, we extract this re-
port ~ being on this account of some
interest to our readers
The annual general meeting of the
Oregon and Washington Mortgage Sa-
wings Bank Iimited) was held yester-
dsy-Mr. Alex. Gourlay in the chair.
The Secretary having read the notice
calling the meeting, and the report Of
the Directors, which we have already
published, having been held as read,
The Chairman said--In moving the
adoption Of the report of the Oregon
and Washington Mortgage Savings
Bank, I think l may say that we have
made very fair beginning, as you will
see by the state of accounts now in
your hands. showing that a dividend
can he declared ut the rate Of 8 per
cent. per annum. that we can clear
away altogether the preliminary ex-
pensss. amounting in ali to about GEO,
and place TO reserve sum considerably
more than is required by the articles of
association. We have received moneys
on deposit in Oregon amounting in oil
to t84. 00e ct date of last accounts, not
withstanding of having refused large
sums. and limiting each deposit not to
exceed $4,000 think the fact of be-
ing now able to get money in Oregon
at as low rate as Az to per cent.
whereas at the commencement we had
to give as high rs 3 per cent, is very
significant, and shows the growing con
fidenoe that is placed in the bank in the
country BY recommendation Of the
local board we thought that it would
be an advantage. and add to the status
OF the bank, to have a building of its
own. and therefore ground was pur-
chased ana suitable building has been
erected at cost of $4,000 which will
bring in rental of $1,000. leaving a
net revenue of ii per cent. per annum.
The L. 8. Government are one of our
tenants for their Signal Service Bureau.
l have also to inform you that Mr..
Louis Fleischner, merchant, has been
appointed local director in room of
Mr.. Goldsmith. who has retired. Mr..
Fleischner has been resident in the
country for twenty years. and has had
long experience as Secretary of the
State Treasury. which will enable him
to be Of much service TO the Bank, es.
pecially in determining loans over State
and county warrants. l think | may
further say that the States of Oregon
and Washington are steadily growing
in wealth and population. and that
loans now made on real estate there are
on . much safer basis that in any other
State in the Union from the following
facts That they having been always
under gold currency, property has
not been unduly inflated, such as
paper currency induced in the eastern
sLd middle States; that they have
never been subjected to drouRhts as
California, nor their crops destroyed by
Srasshoppers az those in Kansas, Ne
braska and other States have been that
the wheat crop has never failed, and
brings the very higheet price in tho
market; that their husbandry is be-
coming moro and more . mixed one,
producing ell kinds of grains and fruits
and dairy produce; and that Oregon
has fertile soil, abundance of wood
and water. with coal and iron. and to
good extent the precious metals. so
that it has been designated by a writer
IS the gem State of the Union. Besides
all that, there will be large increase in
the value of property the moment that
they get through communication by
railway with the Eastern States, and
which will ere long be realized. beg
now to propose that dividend of six
per cent, free of income tax, DO declard.
Mr.. q. Gilroy. jun. in seoonding the
motion. brought before the notice of
the shareholders the necessity Of pro.
noting the Compsny's interests in OBJ
tanning debenture money. and he point
Cd out that through the exertions of the
Directors the debenture money has
been doubled since the date of the
present balance sheet.
Mr.. c G. Maxwell, Vice. Chairman,
referred to the fact that the manager,
the Secretary, and both Boards of Di-
rectors have given their services gratu-
itously to the Company. and that the
Directors will continue To do so for the
present year.
After votes of thanks 10 the other
office bearers, the meeting senarate1