Newspaper Page Text
Los Angeles Bank. THE many solid hanking houses of Los Angelen have figured In all of the, propositions thnt have brought ! th« Angel city «nd Southern California to the front In the business world and I as a rich producing section. The trend* I tire vaults of the banks, lined with gol den coin mid treasury notes, contain the I heavy deposit!) of a prosperous people. lndividually and collectively, but. the cash la no! idle. It Is used dally In I hundreds of legitimate enterprises that • Bervftto give still further commercial ; anil Industrial Importance to tho south \ land, while, netting handsome returns in Interest earnings and In bank divi dends. Record Bank Clearings The bank clearings for Los Angeles .'for the year 1906 broke all previous records In volume of business. The tdtal for the year 1908 was $578,835,517, against $479,885,298 for the preceding year, a gain of $98,650,219. The clearings for December were $52,715,330, an In- I creaso of $10,879,101 over the corre- HEOtidlng month in 1905. ln 1898 the clearings were only $61, 190,899. The rapid Increase, as shown •by.'the statement given below, began -, In 1899, and sine- that year the ex changes have bounded upward at a pace that has marked the marvelous develop , irwrit of Los Angeles as a growing com mercial confer, still greater achieve ments in the business field at confi dently predicted for 1907. Tabulated Statement Following Is the Los Angeles clearing I house showing by months in 1906, to ,: gather' with comparisons with the two I preceding: years: 1 906 1905 1904 January .... $46,835,8fi9 $34..i0f).250 J2S.IR4.Tn3 Kebniary .. 43,283,827 31.357,510 25.233.558 March 53,188.37!) 35,4ni,5!W 81.865,2*1 "April 50.028,948 40.322, i.l| 29,70(i,9i2 Mity 47,320,(*S 42.401.2Kl '28.601.913 .Tune , 45,599,050 :!!>.::»:. .TIL' 28,014.293 ■July 44.857.143 42,7«3.55;) August 46.197,178 41,690.533 26.558,683 September . 44.1M3.517 10.03!i..'1'h ::i.<l7.:.'i;'. October .... 60.041. 1 40.flSi!.l!i:: .'7. •:.::, November .. 63,137.100 45.474.52 l R:f.435,1.50 December .. 62,715,330 41.836,229 :!7.5«0.-J5!) Totals ....$678,635,517 $479,985,298 J345,343.n51 '.The showing by quarters is as fol lows: Quarter— 1906 1905 I'.'im First $1«,306,07rt5104.268,851 $S2.2fcl.KW Second 142,f1»V»>( 122.(66,031 5G.323,129 Third 135.097.839 J25.593,63« 78,472.119 .Fourth 157,283,508 128.297.244 98,265,074 ; Totals ....$578,635,517 $479,985,298 $345,343,951 ;'.':'i Following: are the clearing house to tals for the last twelve years: 3 906.."..'. $578,635,517 1906..;....~ 479,985,298 1904..;1 1904..; 346,343.961 .1903... 307,316,530 .1902. 1902 !!!""!! "!!!!" !!!!!!!! '.".!!!"! 245,516,091 1 901... 161.468.671 I 1900... 122.692,565 1 899 90.261.931 1 898 74.413,508 1 897 (3.663.969 18961 1896 61.190.859 ' 1595 62,123,C01 Southern California Conditions In a recent issue of the New York Financier appeared the following com prehensive article on the resources of Southern California, written by J. M. Elliott, president of the First National Bank of Los Angeles: I am often asked why Southern Cali fornia in general and Los Angeles in particular hay« grown so marvelously during: the past few years. Many per sons seem to doubt that our prosperity is real and In order to convince them that it is, it will be necessary to give a few figures. In the first place, the income from the products of Southern California is much larger than is commonly supposed. In the year 1905-06 the orange crop alone yielded a net revenue to the growers ot over $14,000,000; add to this the returns from English walnuts, olives and olive oil, wine, dried and canned fruits, to gether with the aristocratic celery and cauliflower, as well as the onions and cabbages that are shipped to the east for consumption during the winter months, and the total returns received from the FAMOUS MINING CENTER RHYOLITE, NEV., SIX MONTHS AGO— CHIEF CITY OF THE BULLFROG DISTRICT wmm& ■* *-3^l^-<3^isxii —^T^ fn\i7^>^lr^* Tlllll 1j \ t -^m \\\* j--l ii 'Itl/*i■■ I ii I ~n k I // •h^ r4 I \m. ' ' - ' k ' ** 'k ' "Jf 111 1 1 1 1 ki 1n k I \ £* Ji. Bn ■ i'i'l ;] wfi tff (fiL X 1 •Jkt m"J**lH■ I I ■ ■ *" 1 "" \T "■ \ ' yJT I ¥ I," I" " '1 j '" " *V b 1 fc*tr ti MM ■ [l " H'TiXr ■ f k^r ' \ 11l|R1| 1 *^ ' 1 a 1 j * Bff ,j* | ' | 1 IWI ■* hP^S I> v IS' H 9 wfm Financial Institutions of th) Angel City Solid Huhvarks of Commerce products of the noil IHWm largl pro portion!". Again, the discover) of . petroleum twenty years ago In Southern California with the subsequent development of the product In paying quantities, has made lt possible to build up our manufactur ing Interests. Prior to the discovery or petroleum our fuel was Imported coal and it was so expensive that It was Im possible for our manufacturers to com. pete; now our crude oil has entirely supplanted coal, and at the prevailing price of from 40 to 70 cents per barrel we are placed iilmost on an equality with Plttsburg and with cities located lr, the natural gas area. In the cheap ness of our fuel. Cheap fuel has given a wonderful Impetus to the growth of manufacturing Inter In Los Ange les ami Southern California, affording employment to an ever Increasing army Of workers until now the number ot cur factories exceeds even our own comprehension, and the end It not yet. Business men from the east who visit us take advantage, of the opportunities offered to establish new lines Of In dustry and remain to give the members of th«lr families and tnemselves tnc benefit Of a more genial clime than they have been accustomed to. Growth of Angel City Thirty-six years ago l.os Angeles city had about i*"» American Inhabitants and ihe remainder of its ROW was made up of native Caltfornians artß others from every nation under the sun. In HSO there were i:\000 persons here, lardy American: In IWO. 60,000; in 1900, 103,000; ami now. estimating from our school census ami the present number of water consumers in the city, we must have at least 840,000 Inhabitants, We acknowledge, with many thanks, thai we are Indebted for the energy dis played by our people and to the pros perous and successful men who have come to us not only from the middle west, but from all over the country. Bach one of th^se men brought some go. id idea of his own with him. and coming in contact with men of like cai- Iber from other parts of the country, blended into a community which works harmoniously as a whole for the benefit of the whole. This is somewhat evl ,l i by" the fad thai our chamber of commerce, which has 2300 active mem bers, la an institution which Is certainly not equaled In any city of the country of more than twice the size of Los Angeles. A great project is sometimes a vast benefit to a city, even if it oosts a large amount of money, t'p to the present time we have depended upon the valley to the north and west of us for the sup ply of water for Los Angeles city, and so far. without being bountiful, it has been sufficient, though to say the truth we use more water per capita than any large city In the Tnited States, prin cipally because we have so many lawns and produce so many Rowers. With the growth of tfce city, however, and the in crease of poVmlatlon in the surrounding country hai4 come the necessity for a larger suppkv. and a project that we ! have for bringing this water some 'jno miles is now being examiner! by some of the most prominent water engineers in the T'nited States. We believe that they will advise us that this project is entirely feasible and will approve the plans laid down by our own engineers. The city lihs expended a good deal of money so Ear toward this end. having purchased infi.iHlii acres of land In :i vnl ley immediately east of Mount Whitney In the Sierra Nevadas, the blghesi wa fer shed In the United States. Rights of way have been secured from the T'nited States government and from private parties so that if the undertak ing is approved all will be In readiness LOS ANOELES HERALD: SUNDAY MORNING. MARCH 17, IQO7. to go Into the project at once. The cost will probably npproxltnatc $20,000,000, and will provide I/ok Angeles with enough pure mountain water to supply n population of 1,MK).OOO. In conducting the water from Its source to the city, water power can be produced which mny be sold to i ■ irlo companies for n sum more than sufficient to pay thf In terest on the bonded Indebtedness necessary to carry out the. project. Some idea <<f the city may bo obtained from the statement (hat the water re ceipts from the system owned by It tit tho present time aggregate about $1. 0,000 a yi mi for domestic purpose* alone. Splendid Railway System Los Angeles has a city and i«ubTirban railway system second to none In the United States. Henry 15. Iluntlngton ls largely responsible for thin, and we must also attribute « good .l-vit of our other prosperity to this gentleman's confidence In our future. In addition to the system owned by him, ES.'.Hi Ilnrrl man of the Southern Pacific is largely lnterested In lines running from Los Angeles t.i surrounding town*, Includ ing th'- sea beaches, which are .within easy reach of the center of the city. The government has i» m beneficent to us in providing an outer harbor of protection nt the mouth of Pan Pedro estuary; this grent sen. wall, costing somethirg like $2,900,000. H about seven eighths completed, and during a severe storm last winter eighteen yes sels ran behind its protecting firm with out having to call upon .i pilot. The government Is nt the same time uredg lng out the Inner harbor nt Ban Pedro so that in two or three years WO expect to have good protection and ample wharfage for even the deepest draught vessels. One would suppose that a country which had been prospected diligently for the past sixty yean had had most of Its mineral treasures disclosed, but the last two years have demonstrated that this Is a grave mistake, for the deserts of Nevada, within 200 or 300 miles of Los' Angeles, have shown that the surface has only been scratched, and that in most unexpected places gold Is to be had by tho.ie who seek for it. and In plenty. Through the energy of the owners of the Salt Lake and Santa Fe systems these mining camps have, Just been put in communication with this city, and the prosperous trade which always comes from this class of business is one of the Items which go is to make up our present prosperity. i . os Angeles has always been re- Rarde<l a winter resort, and people Who came to us were told that although we had some in In in the winter, we often had weeks lownh"] " f bright sunshine-. We siiy this truthfully now. and we also add that we have m ( the finest sum mer clhnates In the world. The Inhabi tants of AfiSona, New Mexico urn! I Western Texas Informed us of thin fact by insisting upon t'ikiiiK the quarters vacated by our winter visitors and liv ing In them all summer. In addition to this, the nearness and accessibility of oui sea coast, with its many resorts, is an added charm to many families from the states and territories e;ist of us who look forward with pleasure to the time when June brings the children back from school and all can meet in their cottages by the sea. where the nights are always cool and the days so pleas tnl that the sands with the bound less Pacific In front <.f them are a bet ter place to stay than their own houses, j We do not claim that our climate i.-; heavenly, though come of the young married couples who come here to spend their honeymoon might possibly think that we are mistaken in this statement. This seems to be a good deal of un stinted praise, but we ourselves realize that we have many faults and short comings, which we are endeavoring to remedy. A city which lias grown as fast as has T.os Angeles necessarily lacks the beautiful parks which belong to older cities. We have h large park area, however, which will prove the pride of the city when properly de veloped. < >ur roads and streets are far from being in good order. A good wa ter supply is necessary to make them and keep them in a climate which is as dry as Southern California for six or seven months in the year. We j promise our visitors that we will do j better. As they come to us and depend upon us for their pleasure, we will en deavor to provide them with all that is necessary toward this end. We have ne theaters and a magnificent fire proof Auditorium. The climate (Jod has given us. and we trust that he will not take away our principal asset. Ella Wheeler Wilcox Revised Knock and the world knocks with ' you. boost and you boost alone. When you roast good and loud you will find thai tin' crowd has a hammer as big as your own. Buy and the gang is with you; rente, and the game is off, for the lad with a thirst will s«'.-> you first. If you don't proceed to cough. He rich and the. gang win praise you; be poor and they will pass you the ire; you're a warm young boy when you start to J buy you're a slob when you haven't the price. Be flush and your friends are many. go broke and they say "ta ta"; when your bank account burns you will get returns, and when tt'« out you'll get the ha-ha. Be gay and the mob will cheer you: they'll shout while your wealth endures; show them » tearful lamp and you'll see them all tramp, and It's back to the -woods for yours. There la always a bunch to boost you while at your money they glance, but you'll find them alt gone In the cold gray dawn when the fringe shows upon your pants.— Unidentified. FRANK P. MANNIX EDITOR OF THE BULLFROG MINER AT RHYOLITE CAPITALISTS BUY THE DAISY MINE STOCK TO BE LISTED IN NEW YORK MARKET Men Who Posoess ?.nd Handle Millions of Dollars Visit the Goldfield Property — Travel In Great Style it is authoritatively announced thai tim men comprising the large party of :<e,v fork financiers recently In Los Angeles have closed an option on Lhe famous Daisy mine In the '?oldfl«ld group and will proceed with extensive ilevelopnients without delay, Personnel of Party \v B, Mitchell, :< mining engineei" of New York, was at the head o| tho party and With him. as owners in lhe Mo hawk and nrganlswrs of the delefra tloti. were QUS Holmes .■! Bait Lake, mining man and former proprietor of th ■ Hotel Angeiup. Los Angeles: O. V Pomy, who located and founded the Tom Boy mine in Colorado, opened] tic- Bingham mine In Utah and if tiie present manager of all the mines in Nee, ,l;, controlled bj rs of the p*rty; and Will! - n Report of the Condition of . The First National Bank of Los Angeles aAt the Close of Business January 26, 1907 RESOURCES s LIABILITIES . .■■— ■» Capital etork paid in J. $1,350,000.00 I-oans and olseount* $10,54r..535.T0 Surplu9 fund 250,000.00 Overdrafts, secured .in<l unsecured 113.881.88 Undlvlded roflt9 , ess expf .nses and taxes paid 1.157.338.M U . S. Bonds to secure circulation 1,230,000.00 Natlonal Bank notes outstanding 1,250.000.00 Bonds to secure U. S. Deports 7M.9f19.08 Due to other National Banks ;...« 1,198,784.63 U . 8. Bonds on hand 12,160.00 oueto t at« Banks and Bankers «»,... «71,805.36 Premiums on U. P. Bcndf. 07^80^9 rruej ue to Trust and Savin s Banks .'Vr. ,.;'... 1,385,641.80 B ona" 520.873.15 Dividends unpaid 2,465.00 Due from National Banks (not reserve agents) ■ (M8.T78.17 Individual deposits subject to check.. ;..:..■ 11,003,737.93 Dub from State Banks and bankers WM.710.83 Demand certificates of deposit .;.-„..... 216,495.03 Due from approved reserve agents 1,061,435.83 Certified cheeks ~". ••.••<«»••• 35,781.55 Cheeks and other cash items 129,721.5« Cashiers checks 'outstanding W.'.?."& 89,030.92 Exchange for clearing house.. .: 283,104^2 U. 13. Deposits 695,102.84 Notes of other National Banks 8.813.00 " * (IE 1117 OC/i ftl Fractional paper currency nickels and cents 4,531.93 Total DepOSltS.« - J10,6V1,0a0.Ul Lawful money reserve In hank, viz: Clty an County deposits 370,000.00 S pe<-1« •2.161,441.00 Bonds borrowed 140,000.00 Legal-tender notes 008,600.00 2.770.041.00 >v>^ Cash and Sight Exchange $5,451,145.53 ' Cash on hand City and County 370,000.06 Redemption fund with U. S. Treasurer j_lli^j_: 62,500.00 total $19,720,194.27 total _ $19,720,194.27 STATE OF CALIFORNIA I County of Los Angele.- ( I. M". T. S. Hammond. Cashier of the above named bsnk, do solemnly swear that the above CORIIECTi ATTEST. statement is tin- to the best of my knowledge, and belief. s J. M. ELLIOTT, W. J. TRASK, Subscribed and sworn to before me thl^.Z9tti day of January, 1907.— W. N. HAMAKER. W. C. PATTKRSON. G. E. BITTINGER. Notary Public. W. T. S. HAMMOND, Cashier. BTODDARD JKBB, Directors. ADDITIONAL ABSKTS— One Million Five Hundred Thousand Dollars. Invested In the. stock of the Los Angeles Trust No Heal Estate. Company and the Metropolitan Hank and Trust Co.. and held by the Officers of the First National Bank as Trustees, In the No Furniture and Fixtures. interest of the shareholders of that bank. P.H.vicy, n mining man of Los Angelei. The other members or the party were. i : U. Austin, a Pennsylvania hanker, Who owns m string of banks In (he Wyoming valley, near Bloofnburs;, Is lnterested In Now York banking find was formerly treasurer of < Iroon'i Copper company; W. M. Hoaglnnd, former treasurer of tho lats Royal Baking Powder company and now treasurer of the Alhnmbra Coal and lron company and treasurer of the Ne vada Copper m itiiticr and Smelting com pany; A. it. Peck of the First National hank of Syracuse, T. A. Woods, a Syra cuse lawyer, who represents the estate of tin 1 late Governor Flower In New York: F. do Vain, a member of tlio New York stuck brokerage concern of B. F. Hut ton .<- Co. : John R. Rearles of New York, engineer of the American Car mid Foundry company, one of tho greatest car building concerns in this country; C, W. MacQuold, a member of the New York slock exchange; John Seeles, a member of the large Chicago glove making concern of Ross, Kllln ger & Co.; J. K. MantOTl of Utlca. N. V.; former United States Consul to Johan nesburg and for twelve years a mm ing engineer on the Rand in South Africa; Dr. J. F. McCarthy of New York, chief of the consulting staff of Bellevue hospital: W. J. Cartan, a mining man from New York; nnd Wil liam Rreevoort of New York, who Is also Interested In the Balaklaln, mine in Shasta county, California. These men are behind Ihe Nevada Copper Minlnc and Smelting r-onipnny, a new corporation, and they have leased ground for a. smelter and have. laid out plans to control more of the output Of some of Nevada's promising mineral properties. They were greatly pleased with the mines and tlio pros pects ii ami about Ooldfleld. While there they Invested iii more mines. The first nir pump was made in lßfiO. ¥|6gnHinSifri(anl Sjlfr .fi&zj 'OS ANGELES, CALIFORNIA \^J^sM^£J/ fl fl (1 Capital and Surplus $800,000 Deposits, $9,500,000 Resources, $10,500,000 Los \ngclefl is the metropo- lis of Southern California. As to capital and surplus, this is the largest Savings Batik. People to whom safety, conservatism and ad* . equate banking facilities ap- peal, find this Bank the logi- cal depositary and medium for transacting Savings Hank business in Southern California. 4 per cent inter- est paid '"ii Term Deposits. U U Correspondence invited. I -LJ kj U f ' - \ \Y. H. lIARTI.ETT, I'ren. f ' \ 1 *| M. N. AVBnY, V. rr«>». I BAIL 11. .l»U\S(t\. V. Pre>. %»&t> W . K. >1.-V*V. V. Pre«. 4ts£b f\\. V. I U,l,i;Vlli:ll, ( nshlrr. \^M&"mst~4^ v 223 So. Spring Street **^Ullls^ HOME SAVINGS BANK of Los Angeles. Capital Fully Paid $200,000 Statement at Close of Business February 18, 1907 RESOURCES: Loans $ 812,022.22 Furniture and Fixtures, Safes and Safe Deposit Vaults i 10,852.63 Cash on hand and in Banks. 309,753.65 $1,132,628.50 LIABILITIES: Capital Paid-up ■ ...■ $ 200,000.00 Deposits -.-.. , 913,699.42 Surplus and Undivided Profits - 18,929.08 . $1,132,628.50