Multnomah-Washington County OR Archives Biographies.....Olds, William Parker January 20, 1857 - ************************************************ Copyright. All rights reserved. http://www.usgwarchives.net/copyright.htm http://www.usgwarchives.net/or/orfiles.htm ************************************************ File contributed for use in USGenWeb Archives by: Ila L. Wakley iwakley@msn.com June 5, 2008, 9:04 pm Author: The S. J. Clarke Publishing Company William Parker Olds, one of the pioneer business men of Portland, was long a dominant figure in mercantile circles of the city and now devotes his attention to financial affairs, in which he has been equally successful. A native of Oregon, he was born near Hillsboro, in Washington county, January 20, 1857, and is a scion of one of the colonial families of America, being a descendant in the fifth generation of Gideon Olds, an Englishman, who came to the new world in 1732, settling in Massachusetts. The latter's son, Timothy Olds, was born in Boston in 1752 and when a young man enlisted in the Continental army, serving in the battle of Bunker Hill and other notable engagements. His son, Martin Olds, the grandfather of William Parker Olds, was born in Boston in 1798 and migrated to Oregon in 1850. He married a Miss Parker and their son, George D. Olds, was born in Seneca county, New York, in 1826. In 1852 he made the long and hazardous journey to Oregon and cast in his lot with the early agriculturists of Washington county, hewing a farm out of the wilderness. He was the father of William P. Olds, whose mother, Sarah A. (Fairbanks) Olds, was born in Potter county, New York, in 1836. She was related to Vice President Fairbanks and represented a family that was founded in America in 1626 by Jonathan Fairbanks, who settled in Dedham, Massachusetts, where the old home is still standing. Owing to the death of his father William P. Olds was obliged to leave school when twelve years of age but his teacher was a capable instructor and in mathematics his pupil had advanced as far as geometry. Mr. Olds obtained his start in life as a clerk in the dry goods store of John Wilson, a pioneer merchant of Portland, and in 1878 purchased the business of his employer, at that time organizing the firm of Olds & King. The business was conducted on Third street, between Morrison and Alder, until 1881, when a removal was made to First street, between Yamhill and Taylor. The next change occurred in 1887, when the store was established at the corner of First and Taylor streets, where it remained until November 1, 1891, and was then moved to Fifth and Washington streets. Since July, 1910, the business has been conducted in an imposing building erected at that time and extending from Morrison to Alder and from Park to Tenth streets. In 1897 the present style of Olds, Wortman & King was adopted and William P. Olds was elected president. For many years he filled the office and under his expert administration this became one of the leading dry goods firms of the Pacific northwest,—a prestige which it still enjoys. Mr. Olds studied mercantile methods in various parts of the world, adapting them to his business, and perfected a highly efficient organization. Meanwhile he had become president of the Portland Woolen Mills and is still at the head of this industry, which has constantly expanded. In order to facilitate the discharge of his executive duties he went to Australia for the purpose of consulting with the wool growers of that country, and in Egypt studied the cotton industry, while in Japan he gleaned much valuable information concerning the manufacture of silk. In 1925 he withdrew from the firm of Olds, Wortman & King and has since been president of the Union Savings & Loan Association, a mutual benefit organization which had its inception on November 26, 1917. The association is owned by members and has never paid less than six per cent interest. It is under state supervision and a rate of eight per cent is charged for loans, which are divided into three classes: first mortgages on improved real estate, on which loans may be placed for half the value; United States bonds and state and municipal securities; and lastly loans on deposits made by individuals. Safety is the first consideration of the association and under its plan of loaning money on realty the property cannot be taken away by robbers. The association must deposit all notes and mortgages with the state of Oregon, which holds them in escrow, and the association holds receipts for them but cannot sell them. At stated intervals certified public accountants are employed by the officers of the organization to examine its books which are also audited frequently by the state. Appraisers must be practical builders as well as expert valuators and the title to every piece of property must be perfect. In ten years this has become the largest mutual association in Oregon and it now has nearly eight thousand members. The executives of the association are men of proven worth and ability and the wisdom of the course pursued in its management is indicated by the following table, which shows the steady growth of its assets: November 26, 1917 $ 586.10 June 30, 1918 3,334.40 June 30, 1919 19,663.16 June 30, 1920 111,037.06 June 30, 1921 290,434.42 June 30, 1922 515,448.54 June 30, 1923 865,820.36 June 30, 1924 1,335,553.62 June 30, 1925 1,816,714.59 June 30, 1926 2,333,962.99 June 30, 1927 2,743,234.20 In the past year the increase in assets amounted to $409,271.21 and during the year ending June 30, 1927, the association paid $133,000 in dividends. Mr. Olds was married May 19, 1880, at Lafayette, Oregon, to Miss Lillian Cooke, who proved an ideal helpmate, and who passed away in 1914. Her parents were Amos and Mary F. Cooke, the former, a native of Maine, coming to Oregon with the pioneers of 1840. Mr. Olds is affiliated with the First Unitarian Association of Portland, of which he has been treasurer and a trustee, and his political allegiance is given to the republican party. At one time he was president of the local association of retail dealers, a director of the Portland Cremation Association and also of the Reed Institute. In Masonry he has attained the thirty-second degree and he is a life member of the Multnomah Club and belongs to the Waverly Club. A lover of art in its highest forms, he is a good judge of paintings, and among his treasured possessions is a collection of valuable books. With deep interest he has watched the various phases of Portland's development, contributing his full share toward the city's upbuilding, and a useful, upright life has established him high in public regard. Additional Comments: History of the Columbia River Valley From The Dalles to the Sea, Vol. II, Pages 505-507 File at: http://files.usgwarchives.net/or/multnomah/bios/olds493gbs.txt This file has been created by a form at http://www.genrecords.org/orfiles/ File size: 7.1 Kb