The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1895-01-26
MONEY, STOCKS AND BONDS,
More State Loan and Trust
Stock Sold.
Dir. Cochran VIII Retire From the
Presidency OF the Bank.
Closing Prices of the Leading stocks
and Bonds oreign and 10
nestle Exchange.
Los ANGELES, Jan. %.

Los ANGELESi JAZZ
Another block of stae Loan and Trust COM
pany stock has changed hands. The seller is
Dr. Cochran, the president of the institution,
who has disposed of his 93 shares. The pur-
chaser is Warren Gilelsn, president OF the
Broadway bank, who recently bought the hold
ings of o. T. Johnson and others, amounting to
about 600 shares OF the par va ne of 300. The
price received by D.. Co .hral, according to his
own statement, is about the same as that paid
for the johnson stock-So7. 1t is limited in
some quarters that Mr. Chilean is not acting in
his own interest, but represents syndicate OF
which Major Bonebraks aud F. c. Howes are
the princlpals Neither Major Bonebrake nor
Mr. .Gillalan would admit this, however. M.
Gillelal stated positively that he bought the
sock on his owa account simply IS sn invest
ment.
Dr. Cochran when questioned about the
transfer, stared thet while thsre was no par
ticular friction pstwaen any OF the officers or
stockholders, his chief reason for selling out
was MIR. Q. T. Jonuson's retirement from the
directory. Mr., Johnson had bssn one of the
strongest supporters of his pc icy on the board,
and as tho Johnson stock WIS purchased with
the evident desire of recognizing tho bank IN
the interest OF a fact on that asprei 10 control
its destn', he mad . them an offer of his stock,
aiso. and it was accepted. While he felt proud
of the record he had made DUNG his two
years ncnmbsncy as president aud manager of
the institution it was with senso of relief
that he laid aside the r.spoashllity and retired
from work that was too condning aud exacting
to suit his tastes. He h I'd practiced medicine
for 20 years previous to taking charge Of this
b9 nix nd ~ "a 10 all n n
life, or else retire permanently from hard work
which q man of his age and means was entitled
to do
NEVER IN BETTER SHAPE
"You can say" said President Cochran, 'that
the bank was never in better shape than it is
today. During the two years of my admins
tratlOn the business OF every department, in-
Guiding income from savings vaults, clearing
house and deposits has increased about three
fold; and during my entire incumbency $425
will cover all the doubtful loans that nave been
made. There is record. think, which no
other bauk in the city can excel
Something has been said in the paners about
the concern under my management having
changed from a savings bank to Il regular com.
mercial bank. 1t is the latter in the strlctest
sense of the word. When took charge q law
suit was pending to prove that it was not saw
ings bank and the suit was won. II is true that
tne Dirk pays Interest On QSpOslJS III JuS shiue
rate and under ths same conditions as regular
savings banks, but it also does a regular COM
mercial business and assumes trusts for estates,
etc. /; in fact it has broader scope than almost
any other financial ms tuition in the city.
| sit is the commercial department tnat has
| developed most under nay management. The
rate of interest on savings dep1si is less than
| when came In, and makes saving in the ex-
penses of the bank of 800 a month ut 10 ist.
| The rates now paid are 8 per cent on term de-
| posits, per cent on 6-mouth certificates ana
per cent on ordinary deposits.
| AN ACTIVE rREsGDENT.--a-
''When Major Bonebrake resigned the presi-
deney two years ago. it was to make room for
an active president, as his time was fully taken
up with his many other interests. If any fault
can be found with me as president, | think II
must be that have been too active do not
know who my successor will be, but there are a
number of good men to select from, and have
no doubt that the interests of the bank will be
| we'll looked after, whoever may be az the helm,
| With its central location and excellent rooms,
| / see no reason why the bauk should not con-
| tinue to prosper and become ono OF the largest
and best banking institutions in the city"
The Stockholders annual meeting Will be
| held February Is, whsr new directors and II
president will be chosen to fill the places
vacated by the retirement of the Messrs John
son and DR.. Cochran. No ona has yet vensured
an opinion as to who will be the new president