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Imperial Valley press and the Imperial press. (El Centro, Calif.) 1906-1907, May 05, 1906, Image 1

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Persistent link: http://chroniclingamerica.loc.gov/lccn/sn92070144/1906-05-05/ed-1/seq-1/

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Imperial Valley Press.
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
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
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

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