[ 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 Prof£ressive
We take pleasure tu 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, Mir. 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 isa Auaelltliajj and System-atiglt&§| 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
bank offered to settle with Finnell for $20,000. Now if he redeems his stock he must pay $260,-000, the accrued interest amounting to over $101,000.
To Build Business Block
The Alameda National, of Alameda, is to proceed at once to build its long-contemplated business block on Park Street, which will give additional room to the present bank premises and include several new stores. It will be a two-story structure.
First National Succeeds Citizens Bank
The First National of Vallejo has succeeded to the business of the Citizens Bank. P. E. Bowles of Oakland is president; Joseph R. English, vice-president, and B. F. Griffin, cashier. The capital stock of the new bank has been increased from $50,000 to $100,000. This, is the only national bank in the 14 banks in the county. The First Savings Bank of Vallejo, with a capital stock of $40,000, has been organized with Joseph R. English as president ; Charles Widen-mann as vice-president, B. F. Griffin as second vice-president, and George R. Cadan as cashier. The capital stock is fully paid up. The bank is incorporated under the state laws and will do a general savings bank business.
Must Increase Capital Stock
Superintendent of Banks Alden Anderson has ordered 35 banks in California to make good deficiencies or impairments of their capital stock. Some of the banks were ordered to do so immediately, while others were given sixty days in which to make good the impairment. These banks are located in different sections of the state, but Supt. Anderson prefers not to divulge the names or localities, as it might cause needless alarm to stockholders or depositors. Anderson has received reports from nearly all state banks showing their condition July 1st. After investigating the reports, Anderson said:	“The
general condition of the state banks is good. With good crops in California, selling at good prices, there will be ample ready money, and banking, as well as business in general, should be good this fall. Some of the 35 banks that have been ordered to make good their amounts have made bad loans, and impaired their capital ; same had the authorized amount of capital on paper, but did not have the required sum in cash.”
Made Vice-President
V. M. Greever has been elected vice-president of the First National of Azusa, in place of P. C. Daniels, deceased.
Trust Company to Change Name
The Los Angeles Trust Company has petitioned the court for a change of its name to the Los Angeles Trust and Savings Bank Company. Big Legal Battle Ended
After five years of litigation the biggest legal battle in the history of Napa county came to an end when the supreme court decided the action of Simpson Finnell of Red Bluff against the James H. Goodman & Co. Bank of Napa. This was the action in which Simson Finnell, as the assignee of Geo. E. Goodman, former president of the James H. Goodman & Co. Bank, sued the bank named for the possession of 3,200 shares of stock of the Finnell Land Company, valued at in the neighborhood of $300,000, the land being located in Tehama county. The action was commenced on December 22, 1903, and tried the following July. After a long trial Judge Ges-ford took the matter tinder advisement, and finally decided that Finnell was entitled to 2,717 shares of stock out of the 3,240 sued for. The defendant appealed, and finally after having the case before it four years the supreme court, on July 1st, last, completely reversed the superior court of Napa county, vacating Judge Ges-ford’s order. On July 21st Attorney McEnerney filed a petition with the supreme court asking that judgment be entered for the defendant corporation absolutely, or for the plaintiff upon his paying the amount due, $158,000, with nine years’ interest at 7 per cent.
In deciding against Finnell, the higher court says: “The judgment and order are reversed, and the cause is remanded to the superior court, with directions to enter judgment that, if the plaintiff shall, within six months from the date thereof, pay to the defendant the sum of $158,893, with legal interest from October 26, 1900, after crediting all profits received on the stock after that date, the plaintiff shall thereupon receive from the defendant the 4,500 shares of the stock of the Finnell Land Co., which said defendant received from Finnell; and that, if such payment is not made within said period, then that the plaintiff take nothing. The defendant will recover the costs of appeal. Five years agp the
State Superintendent of Banks Alden Anderson left last week for Los Angeles, where he will listen to a plan for the reopening of the Citizens Savings Bank of Long Beach, which was closed by the Bank Commission several months ago. While in the South Anderson will probably appoint John W. Wilson examiner for the Los Angeles Clearing House Association, one of his examiners. His staff of examiners will then be as follows: W. C. Watson, H. E. Sherer, Milton Heynemann, John W. Wilson, and R. H. Beamer of Woodland. Anderson will also look into the affairs of the Los Angeles branch of the Kimmon Ginko, or Golden Gate Bank. It is reported that the southern branch is in a good condition, and he may allow it to reopen as a new institution. The report of the condition of the State Savings and Commercial and the Union State banks will probably be issued before the end of the present week.
Declare Three Per Cent Dividend
The Union Safe Deposit Bank of Stockton, at the last meeting of the board of directors, declared a dividend of 3 per cent on all fully paid-up stock, the dividends being payable twice a year, in July and January.
Rivers to Have a Bank
George Triggs, secretary of the Rivers Board of Trade, states that Rivers is to have a bank soon with a capital of $25,000.
Buys New Safe
The Salinas Valley Savings Bank, the savings department of the First National, of Salinas, has just purchased a new manganese safe, which will be used in the new building.
Turns in Fees under New Law
State Superintendent of Banks Alden Anderson has turned $9,000 into the state treasury, which represents the amount collected in fees from the various banking institutions of the state under the act passed by the last legislature.
New Bank Building for Turlock
Ground is being broken for the Commercial Bank Building, at Turlock, and before long this magnificent structure will begin to rise at the corner of Main and Center streets.