[Volume XXVII
THE CHICAGO BANKER
24
Marshall & Ilsley Bank
Milwaukee, Wis.
ESTABLISHED 1847
Capital $500,000 Surplus $370,000
Oldest Bank in the Northwest Conservative Progressive
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 reserve account in Milwaukee.
OFFICERS AND DIRECTORS
JAMES K. ILSLEY, President
JOHN CAMPBELL, Vice-President HARRY J. PAINE, Asst. Cashier JOHN H. PUELICHER, Cashier	G. A. REUSS, Mgr. South Side Branch
SAMUEL H. MARSHALL	J. H. TWEEDY, Jr.
ROBERT N. McMYNN	C. C. YAWKEY
GUSTAV REUSS
The Audit Company of Illinois
1439-42 First National Bank Building, Chicago
Specialists in Auditing and System־־■ atizlnjf Public Service Corporations
C. W. KNISELY, C. P. A.
President—Manager REFERENCES:
Leading Bond Houses dealing in Gas, Electric and Railway Securities
California Banking News
By WILLIAM J. HOLLISTER
Republican Club, has been chosen by the directors of the Capital Banking and Trust Company of Sacramento to be president of that institution, to fill the vacancy caused by the resignation of Alden Anderson, who became State Superintendent of Banking, July 1st.
Expects to Make Complete Report
Superintendent of Banks Alden Anderson expects to have a complete report of the affairs of the defunct State Savings and Commercial Bank by the end of this week. The $500 discrepancy discovered the day the bank was closed, involving the name of the late William von Meyerinck, has not yet been cleared up. There1 are other irregularities in the books which are not being made public, because they may be cleared up by the time the expert gets through with the books. The former officials of the bank still continue to visit the place at the order of Superintendent Anderson, so as to be on hand to answer any questions.
Aged Banker is Dead
Fred M. West, president of the Stockton Savings and Loan Society Bank, of Stockton, died at the age of 70 years. Death was due to a complication of troubles brought on by old age. West was a member of the original board of directors of the Western Pacific Railway Co.
Two New Banks
The comptroller of the currency has approved the application of P. E. Hatch, George C. Flint, J. T. Bixby, C. H. Thornburgh, W. J. Horne and others to organize the First National of Wilmington, with a capital of $25,000.
The comptroller of the currency approved the application of J. ■M. Needland, M. N. Newmark, A. E. Edwards, F. H. Flaskell and others to organize the Pacific National Bank at Los Angeles, with a capital of $200,000.
Sacramento to Have New Bank Building
Fred L. Martin, who succeeds Alden Anderson as president of the Capital Bank and Trust Company, says that the company will build on the site now occupied by it at 7th and J streets, a structure that will be a decided ornament to Sacramento. It will be eight stories, of steel and stone, and Class-A, absolutely fireproof and modern to the minute. The banking company will enlist Eastern capital in the enterprise. One floor will be given over to an assembly hall, where physicians, architects, lawyers, dentists and so on can hold their conventions or find a meeting place for their various organizations.
dividend was declared. A. E. Warmington and E. Jones of Los Angeles, who heretofore purchased the controlling interest in the bank, resigned as president and vice-president. Senator J. B. Curtin was elected president and D. H. Steinmetz vice-president.
Going Out of Business
O. Newberg, manager, announces the Bank of San Bernardino is going out of business. He says no loans will be called in nor will any property or bonds owned by the bank, be sold. Everything will be closed out in the natural course of business.
Wrecking Old Bank Building
The work of wrecking the old building of the. First National, San Jose, was commenced recently. All the coin and certificates have been transferred to the Bank of San Jose pending the occupation by the bank of its temporary quarters on South First Street.
The Nixon National
The sixth semiannual meeting of the directors of the Nixon National, Truckee, was held recently at which the regular dividend at the rate of 8 per cent per annum was declared. The semiannual report of F. M. Lee, the cashier, presented for the consideration of the directors, was found to be very satisfactory. R. C. Turrittin, who has been assistant cashier, was appointed cashier, and Harry H. Kennedy, who has been one of the efficient paying tellers, was appointed assistant cashier. John D. Cameron who has been chief clerk was appointed auditor.
Butte Valley State Bank
At a meeting of the board of directors of the Butte Valley State Bank, of Dorris, recently the following officers and directors were elected for the year: C. T. Silvers, president; M. Evans, vice-president; F. C. Stitser, cashier, and, including O. E. Moore and Jehu Hayworth, directors.
To Succeed Alden Anderson
Major Fred L. Martin, member of the State Board of Agriculture, and president of the Union
The First National, which owns the Los Angeles Trust and the Metropolitan Bank and Trust, has decided to merge these two institutions, the former being the absorbing bank. The capital stock of the Los Angeles Trust has been increased from $1,000,000 to $1,250,000, for which new stock will be issued, while that of the Metropolitan will now be retired. The absorbing bank will be both a trust and savings institution, and for the time being the Metropolitan will be conducted as a branch. When the First National acquired the Los Angeles Trust and the Metropolitan Bank and Trust, it was not intended to conduct them permanently as separate institutions, and the merger which will now be brought about is in accordance with its original intention.
Bank Deposit Decision
California bankers may now breathe easier. The new banking act which has but recently gone into effect, will not necessitate a greater amount of work and perhaps some reductions in deposits of state moneys as was at first feared, according to an opinion received by State Treasurer Williams from Attorney-General Webb. The opinion sustains the original contention of the state treasurer that the new act relating to departmental banks, under one joint capitalization would not make it necessary to shift the deposits. It was at first feared that a bank doing a departmental business would not be eligible to receive deposits in one department equal to 25 per cent of the entire paid-up capital stock of the institution and that it would be necessary, under the new law, to apportion the fund to one of three departments when the commercial, savings, and trust divisions were operated by one institution. Under Attorney-General Webb’s ruling, the state is not concerned with the question of whether a deposit after it is received, be assigned to one or all of the departments of the institution.
Semiannual Dividend Declared
At the semiannual regular meeting of the directors of the Tuolumne County Bank, of Sonora, recently, the usual 6 per cent half-yearly