[Volume XXVII
THE CHICAGO BANKER
22
The Girard National Bank
Of Philadelphia
Capital, .	.	.	$2,000,000.00
Surplus and Profits, .	. 4,100,000.00
Deposits, .	.	.	40,450,000.00
FRANCIS B. REEVES. President
JOSEPH WAYNE, Jr. Cashier
CHARLES M. ASHTON Asst. Cashier
RICHARD L. AUSTIN
Vice-President THEO. E. WIEDERSHEIM Second Vice-President
To Satisfactorily Handle Your Business, You Need a Philadelphia Account
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THE NAUMAN
California Banking News
By WILLIAM J. HOLLISTER
county, is behind the new bank with an offer to subscribe for 50 per cent of the capital stock. Judgment in Favor of Bank
Superior Judge Hutton’s decision rendered December 7th, giving the First National of Monrovia judgment against the Maryland Casualty Co, for $18,271, establishes the point of law that the fact that a safe expert connected with a bank knows the combination to the vault does not constitute negligence if the bank be robbed. The Monrovia bank was robbed some months ago of $29,000, of which $11,000 was afterward recovered. It was alleged by the casualty company that the bank was negligent in that too many persons knew the combination of its vault.
Sixty Per Cent of Claims Paid
Sixty per cent of the claims of depositors of the defunct California Bank of Oakland have been paid off by receiver Jas. P. Edoff, according to a report that he filed December 8th. The total paid depositors to date is $679,760.99 and the balance due depositors is $375,290.31. The assets of the bank November 30th, according to Edoff’s report, were $449,774.75. A five per cent dividend was paid last month, making the tenth dividend since the bank’s affairs came into the hands of the receiver.
Union Trust Company Mortgage
The state of California, through the state treasurer, has lent half a million dollars on a mortgage on San Francisco real property. This mortgage loan has been placed on record here. The borrower is the Union Trust Co. and the property mortgaged is the new banking premises of the company at NE. Market Street and Grant Avenue, 40x120, where the company’s magnificent new banking house is in course of construction. The loan is made “without interest on demand.”
Prominent Banker Dead
Death summoned Sydney Newell, president of the California Navigation & Improvement Co., and cashier of the Stockton Savings Bank, November 25th, in his apartments at the Yo-semite Club. In 1882 during the month of November, Mr. Newell organized the Stockton Savings Bank, was elected cashier and retained that position until his death.
V*
Mark E. Wilson, Frank Peterson, Frank Souder and Ralph Souder, are incorporators of the Citizens State Bank, of Coal Springs, S. D., with a capital of $10,000.
California Safe Deposit and Trust Co. for $44,-287 was not a preferred claim, and that the corporation would have to accept its pro rata among the general creditors. The money was deposited with the bank a few days before it closed its doors, and was redeposited with the Anglo-California Bank. An effort was made in the hearing before Judge Seawell to trace the actual coin deposited by the railroad, but the judge was not satisfied that this had been successfully accomplished.
Los Angeles Hibernian Savings Bank
Supt. of Banks Alden Anderson has received an application from the incorporators for a certificate to conduct the Los Angeles Hibernian Savings Bank in Los Angeles. The capital of $25,000 has been subscribed and paid to John R. Grant, one of the directors. The following have been chosen directors for the first term : Thomas J. Cunningham, George W. Lichtenberger, John R. Grant, G. Allan Hancock, D. F. McGarrv, John P. Coyne and R. G. Hill.
Union National Bank
Counsel for the depositors’ committee of the Union National, Oakland, submitted an opinion to the chairman as to the merits of the case. In it attorney Montgomery reiterates his assertion that receiver Morris has been lax in his duty and was giving the stockholders every opportunity to evade their responsibility. He said:	“While Morris, according to his own
statement, is nursing the rather shaky assets of the bank in the hope of Ultimately paying dollar for dollar, the stockholders can quietly transfer their property to obliging relatives.”
New Bank in Place of Branch
The intention of the directors of the Swiss-American Bank and of the Scandinavian Saving Bank of San Francisco to discontinue their Fillmore street branches after the first of the new year has resulted in a proposition to organize a new bank for that throughfare with a capital of $100,000. Robert Davies, formerly cashier of the bank of Corning, Tehama
All foreign banks doing business in this state through branch banks or agencies will be amenable to all the provisions of law applicable thereto, whether found in the general statutes, in the bank act or the constitution, according to regulations prescribed by Alden Anderson, superintendent of banks. Since Anderson assumed office the regulation of foreign banks and agencies in this state has been a moot question. Several conferences with the representatives of foreign banks were held and the result was the isuance by Anderson of the following regulations:
“That the home office of every foreign bank maintaining a branch office or agency for the purpose of transacting business and receiving deposits in this state shall, in addition to complying with other mandates and requirements of the laws of the State of California, apportion to such branch or agency the minimum sum of $250,000 for the use of said branch or agency, and which may also be used for the general business of the bank. Also that all bonds, securities or evidence of debt from investments made by such a branch or agency from the funds so apportioned, and all bills receivable and security therefor coming into their possession and arising or obtained from the use of deposits, shall be kept within this state at all times and at the principal place of business of said branch bank or agency, where the same may be subject to inspection by the superintendent of banks without notice.”
Los Angeles Bank Clearings
Los Angeles bank clearings increased $155,-229,249 in the first eleven months of 1909, as compared with the corresponding period of 1908. The total from January 1st to December 1st is $607,781,974, compared with $452,552,725 in 1908. For the same period in 1907 the total was $552,341,228, and in 1906, $525,920,184. The clearings last month broke all previous records, amounting to $62,070,245.
California Safe Deposit Suit
Judge Seawell decided that the claim of the Western Pacific Railroad against the insolvent