The San Francisco Call. Newspaper, December 25, 1895, Page 30

30 THE SAN FRANCISCO CALL, WEDNESDAY, DECEMBER 25, 1895. k£ AR GO B i e o L P W i oo e s SO el 2 SR i e SRR RS A M A e b R e O e S D e e R e e e 'THE BANKS AND THE BANKING INTERESTS OF SAN FRANCISCO AND VICINITY. The Year of 1895 Will Be Recorded as One of Healthy Resumption for Nearly All Kinds of Sound Moneyed Institutions Throughout the United States, and Especially in California. There Are Bright Promises for the New Year. Through many stubborn early experi- ences. through good fortune and bad, with | ample opportunity afforded for Shylock to i make his deadly bargains through absence | t last open out in the full ettled financial policy the | of usury laws, bloom of a banks of to-day. re ve classes of banks—the pri- | vate bank, now almost like the dodo, ex he foreign bank, always a *‘limited’ jon, incorporated under the laws of some foreign country and operating more in the nature of a large loan organi- zation rather than as a commercial bank; the National bank, that, since gold and | paper money came to a level and Eastern | capital ome more plentiful, has own in favor; the com- under State supervision s now to do the lion are of busi- s, and the savings bank, that aids the 1in becoming free irom want in time nd distress. e financial history of this country 1895 will be recorded as one of healthy re- sumption. There has beenan almost uni- v 1 building up of moneyed institu- tions, from the retail firm, the wholesale house and the factory to the bank. The banks of San Francisco have shared this erity, with one exception, that of the Bank, whose liquidation was ary and by which no depositor loses. 1did showing made by San Fran- | volumes for their able had the effect of 11 other lines of business. DS The Mutual Savings Bank of San Francisco. Less ings Bank of San Fran- siness is 33 Post s’ Institute build- corporated November 21, 1889, commenced business in the year 1890 the late James G. Fair as president, the late James Phelan and 8. G. Mur- v (president of the First National Bank) s its vice-presidents. Among the stock- rs are some of the most prominent | wealthy business men, among them Joseph Britton, Samuel Blair, C. Carpey, ex-Mayor Grace of New York, | Joseph D. Grant, Charles Holbrook (of | Hoibrook, Merrill & Stetson), Sidney M. | Smith, E. & S. Heller, ¥. S. Winsinger, T. | J. Moynihan, Herbert Kraft (banker at The Mutual Sa cisco, whose place of b e Mechani h Red Bluft E. Johnston (the Napa at- torney), William Haas and fifty or sixty oth zens of San Francisco. | The present Board of Directors consists of James D. Phelan, ite president, S. G Murphy and John A. Hooper, vice-presi- ' dents, C. G. Hooper, L. P. Drexler, Joseph | D. Grant, Frank J. 8 an mes Moffit, R. McElroy. Since its organizdtion George | A. Story has been its assistant cashier and cashier, which position he now holds. stock paid in in gold coin is hile the guaranteed capital he may be called upon to pay the other , which is an addi- | tional guarantee to depositors, besides the well-known standing of the gentiemen in ‘ its management. It has paid regular semi-annual dividends to depositors, rang- ing from 4 to 5 per cent per annum, and it has accumulated a surplus of $90,000, its stock being quoted at 50 per cent above par. lts deposits now aggregate $3,000,000, and the Bank Commissioners’ report shows that the average deposit amounts to $1110, there being 1731 individral deposi- tors. The number of deposits less than $1000 is 1221, which shows the popular racter of the bank. It is the expecta- 10f the directors to erect a banking building for the use of this growing in- stitution at some early date, which will probably be an architectural adornment to one of our leading thoroughfares. Steady growth and conservative manage- ment are the characteristics of this bank during the six years of its progressive prosperity. It invites deposits from the people and makes loans on real estate, bonds and stocks, and enjoys a full share of public patronage and confidence. bl ity Anglo=California Bank. The San Francisco branch of the Anglo- California Bank (limited) was incorporated on April 5, 1873, and it owes its existence to English and California interests, which were allied for the purpose of doing a local commercial and foreign exchange business. The bank has been eminently successful and in the course of 1ts career it has shipped immense quantities of bul- lion to China, India 2nd other foreign countries. It has contributed largely to the development of California and has gained the confidence of the entire bank- ing world. The capital stock is $6,000,000, of which over $3,000,000 has been subscribed and $1,500,500 paid in. The latest report of the Bank Commissioners upon the affairs of the bank is a flattering one. The headquarters of the bank are in London, and the business in this City is under the immediate control of Ignatz Steinhartand P. N. Lilienthal. The names of the directors are as follows: Isaac Se- 5. H. Lushington, 3. Montefiore imon. A. L. Seligman is cashier, . H. Fowler, M. P., and J. E. Cussans secretary. The wise and conservative volicy adopted by these financiers has given theé bank a reputation for stability that will prove a sufficient guarantee for the future. The Sather Banking Co. This institution has been in existence for thirty years, and its prosperous and | successful record is due to its wise and conservative management. The Sather Banking Company 1s composed of San Frauncisco’s most substantial citizens, and their standing and character are recog- nized everywhere 1n the financial world. The momnetary crises to which all com- munities are subject, and of which San Francisco and the State have had their full share 1n the past quarter of a century, produced no effect on the prosperous career of this financial concern. The bank has a capital of $1,000,000 and is located on the southeast corner of Pine and Sansome streets. Its management is in the bands of the following gentlemen: James K. Wilson, president; C. F. A. Tal- bot, vice-president, and Lewis L. Cowgill, cashier. The Sather Banking Company’s letters | Cary. )—that is to say, the stock- | of credit are available in all parts of the world, its correspondents being: New York, Messrs. J. P. Morgan & Co.; Phila- | delphia, Drexel & Co.; Boston, National Bank of Commonwealth; Chicago, Conti- nental National Bank; St. Louis, Mechan- ies’ Bank; Kansas City, First National Bank; Denver, National Bank of Com- merce; London, Messrs, Brown, Shipley & Co., and Paris, Messrs. Morgan, Harjes & Co. The Hibernia Bank. When a moneyed institution whose operations extend over a long period of years is so intrenched in public confidence as that of the Hibernia Bank, it is simply one of the well-earned results of safe and { successful management. The magnitude of its business, as well asits vast resources, are a familiar story to the reacers of THE Outside of the city of New York it is the largest savings bank in the United States, and in the amount of its resources there is but one exceeds it in America. In the report to the State Board of Bank Commissioners made November 1, 1895, under the requirements of the present law, another chapter is added to the society’s history of uninterrupted prosperity. From the above statement the total re- sources of the bank are shown to be $34,- 671,251 26. United States bonds and other first-class securities it holds of a total value of $8,201,080 16, and the gmount due de- positors is $31,§24,309 93. No stronger expression of the solidity of this gredt savings institution cculd be fur- | nished than this stupendous array of fig- ures, which possess an elogquence pe- culiarly their own. The history of San | Francisco, brimful of strange surprises as it is, cannot paraliel the striking contrast | 1859 in | between the rude building of which the society had its birth and the stately structure of classic architecture, one of the city’s monuments, at the corner of Market, Jones and McAllister streets, which is its present home. The bank owns and occupies the entire building. The president is James R. Kelly and the familiar figure of Robert J. TobifA remains at the secretary’s post. The Nevada Bank. Figures are not generally interesting reading, but in the case of a financial in- | stitution their eloquence exceeds that of Demosthenes or Cicero. One of the oldest chartered commercial banks of San Francisco is The Nevada Bank of San Francisco, at the corner of Pine and Montgomery streets. Although a pioneer institution in its line it is fully abreast of the times, and at no period in its existence has it transacted as large a business as at the present moment. The | place is invariably crowded, and bookkeep- ers, tellers and clerks have their hands | full to meet the requirements of the pub- |lic. The confidence and popularity of the management are based on the fact that they do business on strict business prin- ciples. The bank is incorporated under | the ironclad banking laws of California, the most stringent of any State in the | Union. [ The Nevada Bank was founded in 1875 | by the bonanza kings. It was reorganized { in April, 1890, by I. W. Hellman, with a | paid-up capital of $5,000,000, In the space of three years its surplus has steadily | grown, until now it is nearly $600,000. Its | stock is now held at over 30 per cent pre- | mium, although, unlike that of many other financial institutions, it has never been listed on the stock board. These few facts concisely set forth the prosperous condition of the Nevada Bank. The re- sult was not unexpected with I. W. Hell- man at the head of the management. ‘When it was known that he was to take | charge of the bank’s affairs general confi- | dence was felt in the outcome. The stock | was quickly subscribed for by nearly 200 | persons and firms among the most promi- nent in 8an Francisco. As president of | the Farmers and Merchants’ Bank of Los | Angeles, and other banks of Southern Cal- | ifornia, his reputation as a clear-headed financier was well established. That repu- { tation has extended as president of the | Nevada Bank, which now ranks among the first financial institutions in the United States. | Isaias W. Heliman stands high in the public estimation. His business foresight, | his knowledge of affairs, leads him to be | consulted whenever any matter of general | importance arises for solution. He is sought out by men engaged in public life for-his advice, and seldom does a great popular need arise or a question of general policy have to be considered that the | management is not consulted by the city press. What he says is always worth listening to and his printed utterances always excite the interest and confidence of the reading public. 8o it has come that the Nevada Bank is an institution in which local pride is felt and whose management is looked to and respected by the people. Quarterly divi- | dends of 1)4 per cent have been paid on the stock since July 1, 1892, with every | prospect of continuance. The business of the bank is large and growing. Its state- ment for the year ending September 30, 1895, showed total assets of $10,148,041 55, capital, $3,000,000; reserve, $500,000; undi- vided profits, $163,750 90; due depositors, $4,978,77579; due banks and bankers, $459,665 04; other liabilities, $5549 13. The | Nevada Bank does a general commercial business and issues letters of credit availa- ble in all parts of the world. Its New York correspondents are the American Exchange and the Importers and Traders’ National banks, and its Lon- don bankers are the Union Bank of Lon: don, limited. The officers of the Nevada Bank are as follows: President, Isaias W. Hellman; vice-president, John F. Bigelow; cashier, D. B. Davidson; assistant cashier, George Grant; directors—John W. Mackay, Isaias W. Hellman, Robert Watt, H. L. Dodge, James L. Flood, Henry F. Allen, Levi Strauss, John F. Bigelow, Lewis Gerstle, C. de Guigne and D. N. Walter. This is a record which few similar insti- tutious can equal. Itis due entirely to its excellent management, to its conservatism and to its spirit of progress, a happy com- bination of qualitieg which has commanded public confidence and won the esteem and admiration of the commercial community. st First National Bank. ‘Among the foremost of the banking in- stivutions of the City is the First National Bank on the northwest corner of Sansome and Bush streets. It 1s the Government depository, and is recognized as having a conservative management. The following statement shows the condition of the bank on September 28, 1895: AsSETS, Loans and diseounts. . 83,978,172 54 United States S. . .o ,00¢ Bond premium account 33,812 60 Banking building and other real estat Due from bank: bankers. . Due from U. 8. Treas- urer (5 per cent re- dembiiou fund). Cash.... 849,321 88 $691,698 66 2,250 00 o 1,636,832 14 2,230,780 80 +eee. $6,841,587 72 LIABILITIES. Capital stock paid In. Surplus fund.... Undivided profits. Circulation. .. i | Individuals. $2,981,668 34 | Banks and b 1802,004 97 U. 8. deposit: 100,729 75 4,334,308 06 Tl 1 loie ity ereeneneens . 86,841,087 72 The officers are as follows: President, S. G. Murphy; vice-president, James Mofli ashier, James K. Lyr.ch; assistant cashier, J. K. Moffit; directors, 8. G. Murphy, James Mofiit, George A. Low, George C. Perkins, James D. Phelan, Thomas Jennings, N. Van Bergen, J. Downey Harvey and John A. Hooper. SRS A SOLID INSTITUTION. The San Francisco Branch of the Great French Financial House. The large volume of foreign business transacted by the San Francisco agency of | the famous Comptoir National d’Escompte de Paris is not exceeded by that of any | moneyed concern in this City. The main office of the institution at 14 Rue Bergere, Paris, has long been famil- iar to the traveling world. The branch house here transacts busi- ness throughout India, China, Australia, Japan and all European cities through the main office and branches, of which there are 39 in France besides 16 in Paris alone. | In every part of the civilized world are | found the agencies of the great Paris | house. Theforeign agenciesare: London, | Manchester, Liverpool, Calcutta, Bombay, | Tunis, Sousse, Melbourne, Sydney, Ma- | junga, Tamatave, Tananarive, Shanghai, | Chicago, New Orleans and San Francisco. | The paid up capital is $20,000,000. | Here is the sitnation of the bank taken from the balance sheet struck October 31, 1895: Deposits and current accounts, ex- ceeding.... 71,000,000 00 HKeserves over.. 1,525,000 00 Cash on han 7,506,179 95 Bilis receivabl 41,000,000 00 The system of letters of credit estab- lished by the Comptoir National d’Es- compte de Paris is one of the most admira- ]ble known to banking-houses. At the | branch office, 2 Place de 1'Opera, Paris, | which is located in the most aristocratic | part of the city, a special department is set aside and elegantly equipped with | waiting-rooms, storage-rooms, safes and ;deposit-vauu& This is designed for the | convenience and comfort of travelers doing | ‘business with the bank. A. Phillips, the present m anager of the San Francisco branch, is well known in financial circles and is regarded as an au- thority on questions of finance. He keeps | thoroughly informed on all foreign ex- | change, and readily furnishes intormation | at the commodious quarters of the bank, | 122 Sansome street, of value to parties ; contemplating a visit abroad. 1 TITLE INSURANCE. | It Is of Great Interest to Property=- | Owners and Purchasers and Real Estate and Money Brokers. There is, perhaps, no part of the United | States where the purchase of real estate " should be attended with a greater degree | of caution than in this City. This is not | for the reason that any great degree of | fraud has been practiced in the numerous | transfers of property that have taken | place since the early settlement of the | country, but for the reason that, owing to the conflict between the American and Mexican systems of acquiring title to real | property, the subject began in confusion | and- has maintained uncertainty and con- | fusion ever since. Besides, when property | had no intrinsic value but that gained by its adaptability to grazing purposes, there ‘was a generai carelessness observed in real estate transfers that, if pursued in these latter days, would prove extremely disas- trous to the property-buyer. The time for such a state of things is past, and with the rapid increase of values has come the necessity for the utmast care. | Inview of the considerable number of title suits brought during the last few months and the probable increase in real estate transactions the coming season, no enterprise is of more importance to real estate owners and buyers than the plan of the California Title Insurance and Trust Company. This institution, of which ex- | Mayer L. R. Ellert is the manager, is not | only in a position to absolutely gnarantee the title to a piece of property for pur- chasers, but is in a position to render invaluable assistance to brokers by facili- tating sales. Of no less value is this company in the financial world, as its policies are the basis upon which the mortgages in the City are placed by many of the capitalists and sav- ings banks. The company is formed by local capital- ists and business men, who have paid up a substantial capital stock, and investea their surplus means where it has benefited the whole community. This company has certainly already performed an invaluable service to the property-owners of this City, in view of the fact that their guarantee practically establishes the title to any piece of property in the County. —————— FINANCE AND FINESSE, Here Is a story abouta member of Parliament well known for his knowledge of his own knowledge aboug all questions of finance. This wise statesman was approached by a reputabie looking man, who said, with & deferential but not servile manner, “Excuse me, sir, are you not Mr. Blank?” “Iam,” said the M. P., with affable. dignity, “I believe you are well informed upon all financial questions?” “‘My friends and the press are kind enough to say 80.” “‘You have given much attention to the sub- ject, I think?"” “More than to anything else.” *And no doubt you could give a satisfactory answer to almost any question I might ask?” The member saw that he was being inter- viewed and wished to say something that would look well in print. “Perhaps I could, if it were in the power of any man,” he answered. “Well, I have a question in finance thatI should be greatly pleased it you would answer to my satisfaction.” “Very good. What is it?” ~Will you lend me a sovereign for a day or two?” The M. P. produced the sovereign. “By George!” he said, afterward, ““he could have caught me for five just as well, if he had only known it!” ————— “You seem sad, my redskinned brother,” said the missionary. % “Redskinned brother's heart heap bad,” #aid the noble son of the prairie. “White man shoot better, fight better, and now Injun hear college yell, he know' Injun can’t war- ‘whoop for sour apples. Waugh!"’—Cincinnati Enquirer. Inviting The Settlers to Come to : California—Good Opportunities. The Sugar Beet Lands in the South. As has already been noticed in this issue of THE CALL, the year that is closing has been characterized by many notable features in the line of the development of the manifold resources which this State possesses in such surpassing abundance. Many of these features have been touched upon, but there remain several for discus- sion. A very vital matter is the inducements offered to immigration and to the invest- ment of capital in California and the progrsss made in breaking up the large landholdings and settling intelligent, in- dustrious tillers of the soil upon the small subdivisions. While little has been said in the press concerning the workings of one of the most prominent agents in this important feature of development, it is only fair that a brief recital should be made of what has been accomplished by that agency. Reference is had to C. H. Phillips of S8an Luis Obispo. A recital of his views will be of interest, because of the magnitude of his land operations. It should be pre- mised at the outset that the land transac- tions of Mr. Phillips during the past year were fully 50 per cent larger than for the previous year, while the prospect for the coming twelve months encourages the belief that at the close of 1896 an even greater ratio of progress may be noted. *‘Thne season of 1895 will long be remem- bered as one in which the labors of the agriculturists and horticulturists of Cali- fornia were rewarded with more abundant harvests than had previously fallen to their lot at any time,” said Mr. Phillips in a recent interview. Continuing, he observed: *In other years it has been necessary, while recording a superabun- dant harvest in one line, to offset it with a light yield or a complete failure in another. But for the one just closing the wonderful spectacle hasbeen presented of a uniformly good crop in every direction and a tre- mendously large one in several lines. The fruit-growers have been rewarded with better returns than had been secured by them in many years, and their profits have been, in almost every case, of a most satisfactory character. The fruit-growers may not have realized as high profits as in some other seasons, but the universally greater output brought more money into the State, though the average amount netted to the acre may not have been so great. ““That the season’s results were satisfac- tory is shown by the fact that the prepara- tions are under way for the setting out this season of orchards and vineyards more extensively than ever before, while the acreage in grain will be fully as extensive as ever, and perhaps larger. “This has been especially true in Santa Clara County, which is the headquarters of my land operations in Central Cali- fornia. I krnow of many instances where orchards around San Jose have paid more than $300 per acre this season. Other sea- sons of course profits were greater. “It is_an encouraging feature of the land market that large holdings are being subdivided and sold off in small subdivi- sions. In the neighborhood of San Jose I am selling in small tracts to suit pur- chasers one of the most famous and fertile of old land grants at prices reached during the depression, from which figure many adjacent lande have advanced. “Located near a market town, or near a railway leading to one. devoted to various vroducts—peaches, apricots, prunes, plums and cherries, say twelve acres; small fruits, strawberries, raspberries, blackber- ries, currants and gooseberries, five acres; alfalfa two acres, and one acre for buiid- ings, yard for shade trees and flowers and vegetable garden for family use, will fur- nish employment for a large family and require the labor of others in the height of the fruit season. Twelye acres in bear- ing fruit, judiciously planted, well culti- vated and pruned, will produce five tons of fruit per year each acre, or sixty tons on the twelve acres. At the present prices, 134 to 2cents per pound, this will give from $1800 to $2400 worth of fruit. Five acres in small fruits wil! yield an average of $750 per year, and in good years will exceed $1000. “The alfalfa will keep the horses for farm work, a cow, pigs to make meat, and chickens. The vegetable garden will fur- nish fresh vegetables for the table the year round. ‘‘Such a diversity of products will fur- nish work for afamily the year round, make a beautiful home, support the family in comfort and even luxury, and atthe end of the year leave an encouraging bal- ance in the bank. ‘‘Let none of the representations of high profits from small pieces of land create the impression that a fortune awaits all who | | engage in fruit-raising. As a matter of fact there have been many failures, but the proportion, as more and more is learned, is now reduced to & minimum, and failure is the outcome of ‘circumstances wholly apart from the vital considerations of seil, climate and a market. The tendency of fruit-raising is to develop much greater thrift, care, attention, industry, study and intelligence than the FEastern farmer is likely to display on his Eastern farm. Evidence of this fact is manifest on -| every hand. A drive through an orchard or vineyard district will discover a condi- tion of things which makes an interesting social study. Neat fences, tasteful and well-kept houses, finely cultivated flower gardens, handsome horses and buggies, fruit trees trimmed with the care and pre- cision of a cypress-hedge, the land so fine, clean, smooth and absolutely free from weeds that it appears suitable for a lawn party. All these and many more evidences of intelligence and prosperity abound here to a degree unknown in the agricul- tural districts of the Eastern States. ‘‘During the last sixty days I have sold $210,000 worth of the lands at Chino, the most wonderful industrial center of South- ern California. These sales have been made largely to the farmers already here, who have during the past five years been leasing the lands they have now purchased. This is a most encouraging feature, as these farmers are the best able to judee of the value of the lands. The country sur- rounding is settling up very rapidly, and numbers have built during the past six weeks. Iam selling off a great deal of this land in small pieces, and therefore the people now building or moving on the ranch are occupying their own lands, and will proceed at once to improve and beautify their homes in a way that would never be done under a lease of the land. Under this condition, and with the wonder- ful sugar industry so firmly established, we can readily expect Chino to forge ahead | in the prosperity already inaugurated, and build up of itself and from itself a com- munity of wealth. My offices in Los An- geles are daily visited by Eastern people who wish to inquire into and in many cases invest their capital in this industry. California proudly claims the possession of the first establishment in the country where beet sugar was successfully made and by which an industry has been in- augurated which is destined unquestion- ably to become of the highest importance. The products of that and the other beet- sugar factories established, as well as of those certain to be in operation before long, will, when appropriately marshaled, form a monument both to the enterprise of those whose capital and energy have caused that production and to the wise provision of law by which it was made pos- sible. A visit to Chino would be an object lesson to those who are ignorant or skepti- cal as to the vast and varied character of the resources of the Pacific Coast, and wouid be at the same time an irrefutable demonstration of the falsity of the claim that the United States cannot in time prodyce every ton of the immense amount of sugar consumed by her people, and even enter the markets of the world as an exporter. This is perhaps looking a long way ahead. The task of merely sup- plying the home demand is one that will require years in its completion, and which will bring prosperity to thousands of farm- ers and others, as it has already to those | engaged in the industry on this coast. Professor. Henry of the Agricultural Col- lege of Wisconsin, after a personal visit and thorough and extended examination in the direction of the manufacture of beet sugar in California, has declared that Oali- fornia can, without difficulty, and without a perceptible diminution of activity in her industries, supply the entire United States with sugar from the beet root. Ina most excellent article upon this subject, written several years ago, Professsor Hilgard of the State University gave as one of the most promising points in beet-sugar production the fact that the saccharine percentage of beets produced in this State was much higher than the average in Europe. ‘While in the central portion of this coun- try it varies at the best from 12to 14 per cent, in California the average is from 16 to17. Itisof interest to note what Pro- fessor Hilgard concluded as to the possi- bilities of beet-sugar production in this State: ‘California alone could readily supply the entire present and prospective sugar consumption of the United States, and still leave ample room for orchards and vineyards and the production of the home supply of breadstuffs. It is perhaps not probable or desirable that this one branch of production should be pushed to this extent, but it would be strange, in- deed, if, with such extraordinary climate advantages, it failed to attain a very prominent and lucrative position among the agricultural industries of California.’ “For many years the factory at Alvarado was theonly one in the State and, indeed, in the entire country.- In 1888, however, an extensive beet-sugar plant was erected at Watsonville, S8anta Cruz County, and has been in.very successful operation since that date. From the commencement the greatest success has attended both the cul- tivation of the beets themselves and the manufacture of the sugar. Besides obtain- ing large supplies of beets from farmers the company operating the works have several hundred acres under cultivation on their own account. “Tne stimulus given by the bounty placed upon the sugar by the last Con- gress causea the erection of a large beet- sugar factory at Chino, San Bernardino County, which was put into operation for the first time in 1890. Although the farm-, ers who produced the beets had had no previous experience, yet they were suc- cessful as a rule, and are satisfied that the | industry is on a permanent basis and will give them as well as the operators of the factory a handsome return. “Chino has taken the initiative in South- ern California in the beet-sugar industry, and has demonstrated its great utility and value to such an extent that many other localities are taking steps to secure similar establishments. Just five years ago, when the sugar industry was established here, the town of Chino was a mere hamlet surrounded by 30,000 acres of mostly unbroken soil of the most fertile character. The transformation in the country during these three years has been a marvel About 10,000 acres of land have been brought under cultivation of the most thorough character, and homes have sprung up on every hand. The town has grown from the cluster of houses to the thriving business center, with all the ad- juncts and comforts of modern life. Un- like that of many Southern California towns it has been an exogenous rather than an endegenous growih, the town building up only as the conditions conse- quent on the settlement of the surrounding country demanded. ‘““Chino is essentially a farming com- munity, with no elements of boom growth in it, but the products of the soil are them- selves building up a prosperity that no boom fluctuations can affect. “During the past year there were 7000 acres devoted to beets on Chino ranch, with very satisfactory results to the farm- ers, about 300 of whom were engaged in the work. A very large amount of labor was also employed on the crop. There were harvested and delivered to the fac- wory from these fields over 87,000 tons of beets, which were paid for at the rate of $4 30 per ton. This amounted in 1.:he aggre- gate to $374,100, which was 'distriouted among the farmers on Chino ranch and other adjacent localities. “The farmers’ individual crops show an income of from $50 to $120 per acre gross from the crop. Many farmers have bought land and paid for it from the proceeds of beets raised, and many who came here with no capital and heavily in debt are | now in comfortable circumstances. - “The manufacturing - campaign in. the sugar factory commenced this yearon July |5, and from that time to November 15, | when the last beet was sliced, steam was never shut off. Slicing of ‘beets was kept up constantly until 87,400 tons were worked up. The factory reached a capncnty'of over | 850 tons of beets a day, with a daily out- | put of nearly 250,000 pounds of raw sugar. | The entire output of the factory for the | season was 20,600,000 pounds. This prgd- | uct if loaded on cars standing in line would make 850 standard carloads—a solid train about five miles in length. 1 “When the future history of this section of California shall be written up the name of Richard Gird will stand out in bold | type. The record of his enterprise and generosity will fill one of lhg brightest pages, and will shine forth with greafer luster by reason of his haying done his work at the proper time.- He }las done everything in his power to develop all the important interests in the State. % s “Doing good work just at the right time makes it much better. California had at the right time its Charles Crocker, its Mark Hopkins, its Leland Stanford and its C. P. Huntington. “In spite of the hates and “prejudices, real or imaginary, just or unjust, because of the accumulation of vast estates by these men, we owe a debt of gratitude which we can never repay to those whose courage and foresight opened up for our advantage, as well as their own, this vast empire on the Pacific.” TALLANT BANKING COMPANY, NORTHEAST COR. CALIFORNIA AND BATTERY § SAN FRANCISCO, CAL. Founded 1850. Incorporated 1891. {JOHN D. TALLANT...................PRESIDENT FREDERICK W. TALLANT VICE-PRESIDENT JOHN D. McKEE.......c.ccve00eeeeee... . CASHIER AUTHORIZED CAPITAL - PAID-UP CAPITAL - ~ $1,000,000 $00,000 Draw Exchange and Issue Letters of Credit Available In All Parts of the World. DIRECTORS: JOHN D. TALLANT, FREDERICK W. TALLANT, JOHN D. McKEE, 4 AUSTIN C. TUBBS, KIRKHAM WRIGHT. CORRESPONDENTS: J. S. MORGAN & CO., LONDON. J. P. MORGAN & CO., NEW YORK. NATIONAL BANK OF AMERICA, CHICAGO. NATIONAL BANK OF CITY. COMMERCE, KANSAS AND IN OTHER PRINCIPAL CITIES. WELLS FARGO & (0.5 BANK ESTABLISIED 1852), San Francisco, Cal. : CASH CAPITAL and SURPLUS........................$6,250,000 00 . JOHN J. VALENTINE HOMER S. KING .. H. WADSWORTH L. LIPMAN..... BRANCHES—NEW YORK, H. B. F. LONDON BANKERS +..PRESIDENT MANAGER .CASHIER ++++-. ASSISTANT CASHIER Parsons Cashier; SALT LAKE, J. E. Dooly Cashier. ¢ The Union Bank of London, Limited: Statement of Condition on Morning of November 1, 1895: ASSETS. Real Estate Bonds, Stocks and Warrants. Furniture and Fixtures Deposits, Banks and Bankers. Deposits, Individual A General Banking Business Transacted. .Domestic and Foreign Exchange Bought and Sold. Travelers’ and Commercial Credits Issued, available in all parts of the world. $11,642,231 18 500,000 00 882,913 63 3,938,436 76 $11,642,231 18 Bullion and Mexican Dollars Bought and Sold. Collections Made Promptly and Economically. Accounts Received on Favorable Terms.