[Volume XXVII
THE CHICAGO BANKER
18
in the most competent and considerate manner is our constant study.
Irving
!National Exchange 5Bank
West Broadway and Chambers Street New York City
RESOUR CES T WENTY - NINE MILLIONS
The LIVE STOCK Exchange National BANK
of CHICAGO
Volume of Business for Year 1908 Exceeded
One Billion Two Hundred Million Dollars
California Banking News
By WILLIAM J. HOLLISTER
Philip B. Steffan. The Citizens’ Bank was organized ten years ago, with a capital stock of $50,000.
Broadway Bank
Officials of the Broadway Bank and Trust Co. of San Francisco, state that they will nationalize the institution. The change probably will take effect about January ist, when it will become the Broadway National Bank. There will be no change in the present capital of $250,000, and the officials of the bank will remain the same. The officers are:	Warren Gillelen, president;
George I. Cochran, vice-president; R. W. Kenny, cashier, and J. M. Spaulding, assistant cashier. Branch of Bank of Italy
It is authoritatively stated by an official of the Bank of Italy of San Francisco, that the institution has practically concluded negotiations with the San Jose Commercial and Savings Bank, by which they agree to take over the stock of the San Jose Bank and later establish the San Jose branch of the Bank of Italy in its quarters. The directors of the Bank of Italy have been granted permission by the State Bank Commission to establish a branch of the institution in San Jose. Banker Carlson Discharged
After deliberating more than twenty-four hours and failing to reach an agreement the jury in the case of William H. Carlson, former president of the Consolidated Bank of Los Angeles, who was charged with the embezzlement of funds of the bank, was discharged late November 4th by Judge Davis. From the beginning the jury stood 6 to 6.
Banking Notes
Formal announcement is made that the business of the National Bank of the Pacific has been merged with the Western National.
The Citizens Bank of Oak Park has filed its articles of incorporation, with capital stock of $25,000, shares $100 each. The full amount of the stock has been paid in. G. J. Bryte has been elected president of the new institution.
The First National of San Fernando has been authorized to begin business, with $25,000 capital. The officers are: President, J. E. Wheat; vice-president, R. H. Mackly; cashier, T. J. Walker.
The Commercial National of Uplands has been authorized to begin business, with $25,000 capital. Officers:	Charles E. Harwood, president;
W. T. Leeke, vice-president; M. F. Palmer, cashier, and R. C. Norton, assistant cashier.
New Subtreasury Building for San Francisco
The appropriation made by congress for the purchase of the new subtreasury site in San Francisco was $375,000. According to the records on file this was the consideration included in the deed. Possibly $500,000 more will be expended with the construction of the building designed for treasury uses. Unlike other structures for the government in San Francisco this will not be of relatively great cost. It will be a building primarily for offices and accounts, with large vaults for the receipt and storage of treasure and other moneys superadded. The expectation is that it will be handsome of exterior and ornate in the interior, but it will be largely in the nature of the type of a banking building. Presumably it will be confined solely to the uses of the subtreasury.
Los Angeles Hibernian Bank
A legal battle is imminent as the result of the filing of articles of incorporation by the Los Angeles Hibernian Savings Bank and Trust Co. of Los Angeles, with Charles F. Curry, secretary of state. Owing to the fact that only $3,500 out of $250,000 capital stock demanded by the statutes was subscribed, the state office deferred approval and sent the articles back to the southern city. In the meantime the Hibernia Bank of San Francisco, which is one of the largest financial institutions in the United States, having a total capitalization of $63,000,000, will bring mandamus proceedings against the Southern California corporation, because of the latter’s alleged infringement of that section of the California statutes which gives the original corporation the right to hold the title under which it is organized. New Vallejo National
Having absorbed the Citizens’ Bank of Vallejo, the First National of Vallejo has commenced business, the officers and directors being : P. E. Bowles, president of the American National of San Francisco, president; Joseph R. English, vice-president; B. F. Griffin, cashier; Captain Z. T. Hatch, president of the Monticello Steamship Co.; Charles Widenman, president of the Solano Brewing Co.; Frank R. Devlin and
Two of the new financial institutions definitely announced the intention of going into business last week. These are the Oil and Mineral Bank, with Lloyd C. Haynes at the head, and the Los Angeles Hibernian Savings Bank, which will open its doors January ist. These organizations, with the consolidation of the Metropolitan and the Los Angeles Trust and Savings Bank, both subsidiary institutions of the First National, made an unusually eventful week in financial circles. The Los Angeles Trust and Savings Bank also figured in the largest real estate transaction of the year, through the sale of the Los Angeles Trust Building, Second and Spring streets, for $450,000 to Valentine Peyton. The building cost the trust company $250,000. The new institution formed by the combination of the Metropolitan and the Los Angeles Trust and Savings Bank will be known by the latter name, and will open for business January ist in handsome quarters on the ground floor of the Central building.
Organization of the Hibernian Savings Bank has been talked of for a long time. D. F. Mc-Garry, G. Allan Hitchcock, George W. Litchten-berger, Thomas J. Cunningham, John P. Coyne, Robert G. Hill and John R. Grant, will be the directors.
First National of South Pasadena
Charles Ewing, who recently resigned his position in the office of the bank superintendent, accepted a position as cashier of the First National of South Pasadena and the South Pasadena Savings Bank, succeeding G. W. Lawyer, who is promoted to the office of vice-president of the same institutions.
Depositors Accept Proposition of Bank Officials
About 400 Japanese depositors of the Nippon Bank of Sacramento which was closed three weeks ago by State Superintendent of Banks Al-den Anderson, recently decided to accept the proposition made them by the officials of the bank. The terms guaranteed them are the power to withdraw their deposits in three installments, on March 31st, June 30th and December 31st of next year. If Superintendent Anderson approves the bank will be reopened soon.