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Imperial Valley Press.
VOL. VI SAFE, STRONG, SOLVENT Imperial Valley Banks all in Splendid Condi tion and their business showing steady Valley Finances in the Best of Condition, Bank Deposits Rapidly In creasing and Investment of Outside Capital Going Steadily On *■ The condition of the banks In ' any community is an almost invariable test of the prosperity or adversity of that community. If the business of the country Is lagging the banks will show It, and If the farmers of an agricultur al community are not prospe-ous, the condition of the banks in that commun ity will reflect that fact. These are self-evident truisms, and conversely, if the business of a country Is good and brisk and the farmers are prosperous, the banks will show it forth In abundant deposits and increasing business.' We know of no fairer way to judge of the general prosperity of any community than by a reference to the condition ] of the banking institutions of that com i rnunlty. And judged by this criterion, the Imperial Valley takes pre-eminence at the head of Southern .California • A brief statement of the history of the banks In thls J - Valley will be to the point. The first bank established was the 1 First National Bank at Imperial, which was organized in the winter of 1901 with a capital of .-$25,000. This pioneer Institution has always been in careful and competent hands, and has been a powerful instru ment In the upbuilding of this Valley. .Through its help and that of its presl-, dent. Leroy Holt, the dairy business has been established much more rap idly than It would otherwise have been, and both the bank and Its president have helped many of our farmers to I realize a profit from their crops' of feed by furnishing them with range cattle. These operations have been alike prof itable to the pioneer farmer and the I pioneer bank, and have built up both [.alike into a very prosperous condition. I The first National now has more than I $120 000 on deposit,' which is about I one-half the total deposits of all the I banks In the Valley. It. must not be I surmised that this happy condition has I come about except as the result of the •I most careful and conservative meth ods. During the past two years, as everyone knows, this Valley has had Its troubles. There was the water shortage and the agitation for relief, which It precipitated. Then the re- Isiirvey tangle came on and the final proofs were held up and no titles grant- Bed to the land. This condition finally [culminating in the withdrawal of all the lands lathe Valley from entry or final proof. While this was going on conditions regarding the water became leversed, and the water came In ever Increasing floods threatening to inun fiate and destroy the Valley, gathering m Salton sea, and furnishing a 90 days' wonder to the sensational newspapers. II While none of the evils feared have gome to pass, nevertheless, while they /lere apparer.t, they had a very bad ef mct on the outside capitalist with mon- 'to Invest. He naturally kept away >m our Valley, and consequently me of our Valley banks handled any islness from that source. Through J those unsettled conditions the First atlonal kept Its cash reserve up to 40 per cent of Its deposits, and operat ed in such a careful and conservative way that no disaster that could have happened would have threatened a de positor' with the loss of a single dollar. The other banks now operating in this Valley are: The Imperial Valley Bank of Brawley, the First State Bank of Calexlco, and the Valley, State Bank of El Centro. The first named bank was organized by Frank S. Mil ler at Brawley during the time he held sway In that town." After his depart ure It passed Into the hands of Mr. F. C. Paulln until it was purchasad and re-organlzed by Mr. W. F. Holt in Oc tober. 1905. It has a capital stock of $25,000, about $20,000 of which Is paid up. The deposits at the present time are about $35,000. The bank is just beginning the erection of an ele gant two-story brick block at a cost of more than $10,000, which will be a credit to Brawley, and a suitable, be ginning of that era of substantial con struction which is dawning on that town. W. F. Holt is president of this bank and Major W. T. Dunn is cash ier. The bank is in an exceptionally strong condition f.'r a country bank, and its business is increasing rapidly. The first State Bank of Calexlco was organized In May. 1905, and subse quently strengthened by consolidating the International Banking Co's busi ness with It. This bank has a fully paid up capital of $25,000, and has about $65,000 In deposits. This is a remarkable showing considering con ditions that have obtained in the Val ley during the past two years. The deposits are Increasing all the time, and the volume of business growing rapidly. W. F. Holt Is president of this bank and J. A. Morrison is cash ier. A bank Is In process of organiza tion for Holtville, and will be opened and ready for business about July Ist. The capital stock, $25,000, Is already subscribed and fully paid up, the room for Its occupancy Is already being fitted up In the Alamo Hotel building, the furniture and fixtures, safe, books, stationery and^ everything needed has already arrived on the ground and can be gotten In place at a very short notice. The name* of the Holtville bank has not yet been deter mined upon but that Is about all that yet remains tobe done. Holtville and the people of Number Five and Number Seven will not be without banking fa cilities but a very short time, and when they are supplied they will be of the very best for the Holtville bank Is being organized by Mr, W. F. Holt, and the wealthy men Interested with him In his many Imperial Valley en terprlzes. The Valley State Bank of El Centro. was organized In January of the present year and opened Its doors In temporary quarters In the frame building that used to stand on the cor ner or Sixth St. and Imperial Aye. In Imperial, and was occupied by Dr. P. S. Anderson for a time ai a drug store. The little wooden building Is AND THE IMPERIAL PRESS EL CENTRO, CALIFORNIA, MAY 5. 1906 singularly out of keeping with the bank Itself, for the bank has a larger capital than all the banks In the Valley com bined, and It Is all paid up In full. It also has a cash surplus of $20,000, Their elegant new brick bank building Is In process of construction at the present time on the corner of Main and Fifth streets, El Centre The walls are up and the floor joists In. The carpenters are working on the floor and upper joists. It Is hoped to have the building completed and the bank properly housed by the middle of June. This bank has a paid up capital of $100,000. which Is the largest- cap ital of any bank in the county outside of San Diego. Mr. W. F. Holt- Is president and Mr. True Venclll Is cash ier. Although only In business about 90 days it has $26,000 on deposit and its deposits and the volume of/ its busi ness Is increasing very fast. So much for the banks of the Valley and their splendid condition. It must be borne In mind, too, that the money in these banks wasn't brought here by capital ists and tourists and deposited for their convenience. It was every dollar pro duced right here in this Valley and represents the surplus of our farmers after paying their water stock mort gages and the debts they owed for dairy cows, hogs, farm machinery and the dozens of things a poor man has to buy on time to fit up an Irrigated ranch. The banks have practically had no out side customers during the past two years and yet the bank deposits have more than doubled In amount during the past year. . These are most elo quent figures when considered In rela tion to their bearing on financial con ditions In this Valley. It means that every bank in It is as solid as Uncle Sam, 'their business increasing, depos its doubling and affairs prosperous in every way. The banks have all adopt ed the plan of the First Na.lonal of Imperial in carrying 40 per cent, of their deposits In a cash reserve fund where more than \ Glance at this Map will Show you that $200,000 r~ j-y~\ — " IS BEING SPENT / /»«—■-«- I \ The town of El Centro was started In the fall of f>9 " /:.../ :.'scT\ \ 1905 and is now about six months old. It Is located in / •/ \ . w «?\ the centerof the best part of the Imperial Valley, and Is / / \ '"£? \ destined to become the metropolis. r*^^ -7 \ \ The following Improvements now completed, or ( I \ under way, make a record to be proud of: /^s^-^ \ f w" (~^ Ice and Cold Storage Plant (Brick) $75,000 \ p*^£" Hotel El Centro (Brick) - - 30,000 \p^ VV. /.we* Transformer Station and Power Lines 20,000 T~\ V ./%, / Nv * Opera House Block (Brick) - 40,000 / ,JS>- A H>-^ Cement Sidewalks - - 10,000 'w6 - -Vr- : Water Works System - - 10,000 I *>y^^- N °^ Electric Light Plant for El Centro 5,000 s. p. r. r. Depot - - 6,000 EL CEINTRO v Holt Block (5 brick stores) - 15,000 \ Machine Shop and Equipment 2,500 WiM beconie the Hotel Franklin - - 5,000 MBTRO. F> O Hardware Store - -'••' 2,000 -'-the El Centro Cantaloupe Association ' - mM «-^ «-.-.„ Packing House 2,000 IMPERI Peterson Building (Brick) - 1 ,200 More money^n Fuller's Residence - - 1 500 permanent improvom Three Cottages - - 3,000 P«»a» Valley in fl v « El Centro Land Co's Office - 800 yourßelf * Blinn Lumber Co. Yards 2,500 Th| s is the Fuller &Aten's Office - - 600 T\W7 Grading Streets, Etc. - - 1,000 jrf Total - - $232,100 bom© ana r For Information regarding El Centro and xhe Im- perial Valley, and Its opportunities, address D. H. CHAPLIN Farm/ GENERAL AGENT EL CENTRO LAND CO. EL CENTRO. CALIFORNIA and exercising extreme care and abso lute safety In making loans. The law only requires banks to carry 15 per cent, of their deposits In a cash reserve and 25 or 30 per cent. Is regarded as extraordinary precautions In banking circles everywhere. The action of our Valley banks in carrying a 40 per cent, reserve was a new departure In bank- Ing and with the conservative rules followed In making loans makes our banks absolutely safe. In the further development of this Valley It Is Inevitable that the Valley State Bank will take a very Important part. With Its paid up capital of $100, 000 and Its cash surplus of $20,000 It overshadows all the rest of the banks In the Valley In available cash re sources. The principal stockholders of this bank are W. F. Holt, A. G. Hubbard. of Redltnds; D. W. Wicker sham, of Safford, Arizona, and R. H. Ingram, of the Southern Pacific Co. It Is organized under the laws of the State of California which, as everyone knows, are as strict as the laws of any state in the Union crncernlng banking matters. The men who organized this bank are also Interested with Mr. Holt In the other enterprises he Is Installing In this Valley. Mr. Hubbard and Mr. Wlckersham are each rated as million aires several times over and both are large stockholders in the Holton Power company, Holton Inter-Urban railway and the Imperial Valley Bank and First State Bank. Through the Holton Power Co. practically all the .outside capital that has been put Into Imperial Valley enterprises during the past two years has been Invested. These cap italists are shrewd, far seeing men. They are putting in their money In the most substantial kind of Improvements and the future will abundantly prove their wisdom. They are also estab lishing their enterprises at the most ad vantageous points in the Valley. The Holton Power company's plant will, provide power and lights for all the Valley towns. The ice manufacturing plant will furnish Ice for the entire Val ley and the Valley State Bank with the growth and development of El Cen tro will soon take its place as the lead- Ing financial Institution in the Valley. The plans of these capitalists are well laid and are being carried to suc cess without a hitch. The fulfillment of these plans will make El.Centro the principal town In this Valley. The building of the town was not begun till the plans of Mr. Holt and his associ ates had reached such a stage that de feat was Impossible. , The present rap idity with which El Centro is building Is only In response to an urgent demand, which even with the efforts put forth cannot be supplied. If the town was building twice as fast every building in It would be called .for before It was completed. It will thus be seen that the banks of this Valley are in excep tionally good condition and that the capitalists who own the Imperial Val ley Bank, the First State Bank of Ca lexlco and the Valley State Bank of El Centro are showing their faith In this Valley by Investing hundreds of thousands of dollars In building up its industries on a most permanent and substantial basis. Also that their en terprises make it inevitable that El Centro will be the metropolis of this Valley and the county seat of the forth- The Imperial i^tandard has been cold to E. F. Howe \ who will take charge yon June Ist. Mr. Howe expects to publish the iStandard daily as soon as prepara tions can be made for doing so. Mr. Howe is quite well known to the people of the Valley as- the formor editor of the Imperial Press and later by his con nection with the Los AngGlesExarnmer. Arrangements have been made to have a ball in the Hotel El Centro next Thursday. They advertiso good music and the "best floor you ever saw.". A good crowd is expected, as all lovers of dancing in the neighboring towns are invited. *" 7'A-'H%^i Moonlight Festival Tuesday evening, Hotel El Centro. NO. 4