The Hawaiian gazette., 1869-12-08

Sensational stories, suspicious reports, and
open attacks by malicious enemies, upon the
business credit Of San Francisco, and upon
the credit Of the Bank Of California. have
drawn forth a statement Of the condition Of
the Bank. in selfdefense. II is another in
stance illustrating how much mischief may
be brought about IN community by eSeit-
ing general distrust, when. in reality, there
is no foundation tor It. The B'.llstiR says:
"Coming along. day after day, and going
10 every part Of the State and TO New York,
these reports have kept the public mind un-
easy Many weak. timid people have been
made afraid to do business Finally, the
Bank Of California. as the principal subject
Of these attacks. felt that II had a duty 10
perform for the benefit Of the public One
OF the chief officers visited the 6.ileiis office,
and complained Of our publication Of so
many dispatches. which he said We opght TO
know were unfounded in truth. We replied
that the people OF the interior rsTS excited,
just as our dispatches represented, and that
the Bank Of California was greatly at fault
for this lack OF confidence. =" How are We
responsioles' demanded our bank representa-
tive. Because" We replied, "you have
been too proud To vindieate yourselves. You
have rested quietly, and allowed these at
tacks on your credit 10 90 on month amer
month; and because YOU were able Ia stand
II. have allowed hundreds of business men
who need credit TO suffer, Why do you not
show up the absurlity OF these repOrtss We
that Is, well-informed met in San Francis
cO-know that your bank Is perfectly sound;
that its Stockholders are composed of our
richest men, whose private fortunes aggre-
gate over S40. 600. WHY not make an
official publication of the names of these
stockholders, ami of the true condition Of
the bank, 50 that those who, unlike our
selves, do not know how idle are these re
ports, may have the material TO refnte
them 50
The following is the statement:
During the year preceding the late snnuAl
election of Directors. the average monthly
cash movement at the counter of this bank.
through the hands of the tellers, WAS SEQ
IS, 600. and the total average monthly move
ment was 81 40, goo The number IT active
accounts on the books of the bank at the
close of the year was l. 6Sl. showing fair
INCREASE over the preceding year. These IL
CURES show the enormous business done by
the concern. which Families to every part Of
the Pacific States. The healthy condition Of
the bank is proved by the following facts lis
paid up capital stock Of IS, e0O. 200, gold, is
held by lS6 individuals and firms, who are
the extent Of double their stock. and who
own among them an aggregate of nearly or
quite 81, 100000. These stockholders com
prise not only many of the wealthiest, but
most careful and circumspect Of our bust
ness men, as will be seen by reference to
the list which We publish in our local CO.
lumus- The resources of the Bank itself are
very large In addition TO its paid up capital |
OF S5,OOO.0 600. II reported a surplus on the LIST
OF October Of 81. OH. $50 Its assets exceeded |
81. 600, 900, of which amount 50. 500, 600 was /
in the shape of secured discounts and loans !
TO business men, greater part payable on |
call. The Transactions for the year include |
sales Of exchange to the amount OF So, 707,- /
OOO; purchases, s3l, 7sSS 600; receipts of bull |
lion, 81, $500; shipments Of bullion, S. |
$4,000 The Bank continued to pay regular 4
monthly dividends Of l per cent, and its net 4
profits in three yrars, dedueting all losses, 1
have been %, 80. 'l2. From this large sum 1
have been paid SS7S, 249 in taxes. and 81 800
600 in dividends, while $500. 600 " as set apart 4
for Reserve; in addition to which the Bank 4
has an insurance fund of $500, 000 and has 4
gained By insurance SIS, ga: all these items 1
going to swell its total surplus, which is now 4
not less than 81. 500. 600 While the number 4
OF active accounts with the Bank has increas- 4
ed, its Indebtedness to depositers has largely 1
standing at less than 8, CO.., 900. /
In the face Of such statements as these, L
which can be verified and are well known to .
our leading business men, the absurdity Of /
the reports prejudicial TO the Bank, as 10 the /
general business and finances of San Francis |
co, will be apparent.