[ Volume XXVII
THE CHICAGO BANKER
24
			
The Audit Company			Marshall & Ilsley Bank
of Illinois			Milwaukee, Wis.
			ESTABLISHED 1847
1439-42 First National Bank Building, Chicago			Capital $500,000 Surplus $370,000
Specialists In Auditing and System־־			Oldest Bank in the Northwest Conservative Progressive
atislngf Public Service Corporations			We take pleasure in placing our facilities at your disposal and should be pleased to have you write us if you are contemplating opening either an active or a
			
C. W. KNISELY, C. P. A.			reserve account in Milwaukee.
President—Manager			OFFICERS AND DIRECTORS
			JAMES K. ILSLEY, President JOHN CAMPBELL, Vice-President HARRY J. PAINE, Asst. Cashier
REFERENCES:			JOHN H. PIJELICHER, Cashier G. A. REUSS, M^r. South Side Branch SAMUEL H. MARSHALL J. H. TWEEDY, Jr.
Leading Bond Houses dealing in Gas, Electric and Railway Securities			ROBERT N. McMYNN C. C. YAWKEY GUSTAV REUSS
			
California Banking News
By WILLIAM J. HOLLISTER
tion of stock. Much interest was manifested in the remarks of John H. Allen, formerly of the Bankers’ Trust Co. of New York and former president of the Mount Vernon National Bank of Boston. He emphasized the great possibilities for the purchase of irrigation and water users’ bonds and marketing them in the East. He also said that he would׳ immediately take steps to interest Boston capital in the new company, and said that strong financial support can be secured for the enterprise. Allen drew attention to the fact that in California there are more than forty trust companies and the whole northern portion was not represented.
Says Deposits are Taxable
At the last session of the county board of equalization at Napa, Hon. Theo. A. Bell, the board’s special counsel, spent several hours in supporting his contention that the deposits in savings banks are taxable, and asked the board to fully test his theory by assessing the deposits of the three savings banks in this county, which will compel the banks to bring a test case. Attorney A. J. Hull, representing the Napa Savings Bank, took issue with Attorney Bell on every point raised, and claimed that the deposits could׳ not be assessed. District Attorney Silva listened attentively to the arguments, and will in a few days advise the board on the question of assessing the deposits.
Prohibits Re-opening of Bank
Superintendent of Banks Alden Anderson decided to prohibit the reopening of the State Savings and Commercial Bank, announcing outright that he did not consider the financiers identified with it to be safe holders of money entrusted to them by depositors. Anderson believes the 600 depositors can be paid dollar for dollar by wiping out the $68,000 paid-up stock owned by President C. T. Hasshagen and his relatives.
Alden Anderson said that a questionable entry of $1,000 had been found in the books, which might be explained away or might involve one or two officers. There was an entry of $3,000 in one place and the same entry was found for the amount of $4,000 in another place. “I am rather inclined ׳to think that the error was clerical,” said Anderson, “but that is something which nothing except a thorough investigation will bring out. At present the whole affair presents such a muddle that no definite conclusions can be reached.” Sacramento Valley Trust Company
The Sacramento Valley Trust Co. has been formed at Sacramento, with a capital of $1,000,-000. D. W. Carmichael, president of the Sacra-
SW First and Santa Clara streets, on the site of the present bank building.
Dividend Declared
The Union National of San Louis Obispo has declared a dividend at the rate of 5 per cent per annum for the term of six months ending June 30th.
Re-elected to Presidency
At the annual meeting of the stockholders of the California Savings Bank of Petaluma recently A. J; Bloom was re-elected to the presidency of that flourishing financial institution.
Increase in Deposits
The reports of the 12 San Francisco savings banks for June 30th show an increase in deposits in the past year from $137,098,975 to $140,362,-317. The German had a net increase of $2,822,-300, and the Hibernia $1,375,400.
First Savings of Vallejo
The First Savings Bank of Vallejo has filed articles of incorporation in the county clerk’s office at Fairfield. The life of the corporation is fixed at 50 years. The capital stock is $40,000.
Sacramento Bank and Trust Company
By subscribing $300,000 ■within an hour, preliminary steps were taken at a meeting of capitalists July 17, at Sacramento, for the formation of a trust company with capitalization of $1,-000,000. D. W. Carmichael, president of the Chamber of Commerce; John H. Allen, a Boston capitalist; A. L. Darrow, of the Fort Sutter Bank, and many bankers and business men of the counties of the Sacramento Valley were present at the meeting. The institution will be called the Sacramento Banking and Trust Co., and the first plans were to launch the new enterprise with one-fourth of the capital stock, but when $300,-000 was subscribed in such short time, the men back of the movement counseled that it would be a better stroke to start to start with a paid-up capital stock of $1,000,000. In order to protect the investors during the formation of the company, Carmichael and Darrow were named as trustees for the depositors. Herman Davis was appointed to promote a campaign for the subscrip-
The Calistoga National of Calistoga is now an assured fact and the articles of incorporation will be filed at once. Robert J. Tyson, who is to be president of the new financial institution was wired to the comptroller of the currency at Washington, D. C., for a charter under the name of The Calistoga National Bank. The new bank will have a capital stock of $25,000, fully paid up, all of which has been subscribed. The town has been without such an institution since the failure of the late Bank of Calistoga. Among the stockholders are: Robert J. Tyson, Herbert F. Brown and Mrs. A. M. Arlington of San Francisco. E. L. Armstrong will be cashier.
Savings Department Auxiliary to National
A savings department auxiliary to the First National of Los Angeles is contemplated in a plan that has been submitted to the stockholders of that institution, whereby it is proposed to enlarge the scope of the Los Angeles Trust Co. now owned by the First National stockholders, changing its name to the Los Angeles Trust and Savings Bank, and conferring on it the privileges covered by its name. The new bank will enter the field as a savings bank with its capital increased to $1,250,000 which represents the combined capital of the Los Angeles Trust Co. and of the Metropolitan Bank and Trust Co. The surplus and undivided profits of both institutions will be combined in the new institution.
Officers and Directors Re-elected
At a meeting of the stockholders of the Bank of Centerville at Niles recently ■the following officers and directors were re-elected: John G. Mattos, Jr., president; Joseph Dias, vice-president; F. T. Duaterberry, cashier; directors, Emanuel George, L. C. Morehouse, M. E. Silva and E. Ehrman. A semiannual dividend of $1 a share was declared.
Moves to Temporary Quarters
The First National of San Jose is removing its office fixtures into׳ the office formerly occupied by T. C. Barnett, at 27 South First Street, which will be used as the bank’s temporary quarters until the completion of its new tall building at