Los Angeles herald., 1907-11-25

the old firm name is retained. Inc panh
of Ladd e. Tilton is managed by tne
three brothers Ladd-W. NJ, G. IT, ana
j w.
Recently the Title Insurance &
Trust company failed. having among
other liabilities, deposits of $405,OOO owing
to wage earners in small sums. Up to
last June w. M. Ladd had been presi-
dent of that concern, but resigned In
favor of j. Thorburn Ross, who still con-
tinues the use of Ladds name on the
banks stationery. When that concern
went to the wall, Ladd at once came
forward and pledged his personal fortune
to the extent of s405,OOO for the repayment
of those small depositors.
Organized in, 1866
The First National bank of Portland,
the first national bank started to the
west of the Mississippi river. was organ
ized in 1866 by Asa Harker. A. p. Ankeny
and Philip Wasserman. In later years
Henry Failing purchased the Ankeny
and Wasserman interests. and on his re-
tirement from the United States senate,
Hon. II. w. Corbett purchased the other
stock.
1t handles and always has handled
more business paper than any other
bank in Oregon, and while its capital
is not over one-half of what the Ladd
& Tilton banks control its traffic Is
more mercantile in character
The United States National bank is
reorganization of bank started In
1884 by capt. John c. Ainsworth, who,
in partnership with Robert r. Thomp-
son, founded our seaside city of Re-
dondo. This bank, originally capital
lied at $250,000, has recently increased
it's capital to $5, ,00H. and 1t Is under
stood that 25 per cent of the stock is
held by Isaac w. Hellman, who got his
start in Los Angeles. John c. Aims
worth, eldest living son of the commo-
dore, is president of the bank and Is
rapidly making his mark as man of
affairs in his native city. The deposits
of this bank as shown by the biennial
reports of the controller of currency
were:
1901 ........$ 9s0 713 47l905 S07 257. 90
1908 1853 liz 0O19O7 S.S44 4005 90
These reports were dated April 80 in
each of the above years. The Mer
chants National bank. which suspended
few days ago. will undoubtedly re.
sumo in a few weeks. as all parties
agree that it's securities are ample to
assure it's solvency. Indeed, it is for
tunate for Los Angeles that the eastern
money panic has come when 1t did, for
if 1t had come in January, with an
orange crop to- be paid for, our banks
might have felt 1T more than they have
done Portland has had to pay for
wheat, oats barley and hops at a bad
time for oregon.
Not Rival
I do not see how any sensible man
can call Portland a rival Of Los Angeles,
although she lies almost equidistant
with us from San Francisco. What was
San Francisco's misfortune proved a
bonanza for Portland as. since then.
Portland has been selling goods all
over northern California, more espe-
cially in the counties of Siskiyou and
Humboldt. Fleishner. Meyer & Co. now
carry larger stock of dry goods than
either Levi, Strauss & Co. or Murphy.
Grant & Co. of San Francisco. In the
matter of groceries either Long & Co.
or Allen & Lewis carry bigger stocks
than any San Francisco house. and the
latter house now keeps three drunmers
at work in Humboldt and Del Norte
counties.
Difference of Seasons
There is a difference of season to the
extent of five weeks between Los An
geles and the western counties of Ore
gon, and about seven between Los An
geles and the Inland Empire" That
of course, means an interchange of
products, and the interchange of staples
| is what forms the basis OF all COM
merce, whether by sea or rail.
| One of the most fortunate things. both
for Los Angeles and Portland. is the re-
cent establishment Of through steamship
| line from San Pedro to Portland, making
San Francisco and Eureka merely way
landings In former days when a man
came by steamer from Portland to Los
Angeles, If he did not make close connec-
| ton at San Francisco with a southbound
boat he would have to wait three or four
days in that city. Now the detention
there is never more than twelve hours and
often but six. The Columbia was the
Test passenger ship that ever went into
Portland, and the Roanoke is the next
best. She is one of the most commodious
boats that ever turned a wheel In Pacific
waters. The other ship, George w. Elder,
after having lain at the bottom of the
Columbia river for two years, has been
entirely rebuilt, and is better boat than
ever.
Tho oil wells of Los Angeles have been
the salvation of Oregon in the matter Of
river navigation. In the past four years
the price of cordwood has advanced from
$3.50 to So in the city, and from $3.50 to
$3.50 at all the landings along the Column
bia and Willamette rivers. The use of oil
has enabled steamers to run at q profit
and they would have had to go to the
bcneyard If they were compelled to pay
present prices for wood I asked an old
engineer. who was at one time broth sr
officer of mine, how he liked oil for fuel
He replied: "I hope 1 will never see the
day that I have to go back to wood.
cen regulate the steam pressure so much
b-tter with oil than with wood. If
strike long stretch Of slack water can
reduce my feed Of oil and let the steam
run down to seventy pounds, and when
come to rapid 1 can increase the feed
and run 1t up to 100 or no. according 10
the pressure allowed by the inspectors
Every railway that comes into Portland
comes ins on a down grade. hence the
sight of freight train of fifty cars Is
Lothing unusual.
oncNIA crnlunrc rn nr