Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1907-07-24
BANK TO HA We
MINES BRANCH
WILL HANDLE THE GoLDFlELD
FINANCES
PROMINENT MAN IN AMERICAN
NATIONAL
w. ]. Monnette Hopes to Secure for Los
Angeles Institution at Least Half
of $so,ooo,ooo Nevada BUSH
ness Annually

II ia practically certain that the 'election
of NJ j. Monnette, prominent ihihihs
operator of Goldfeld, New to olrector
shin in the American National bank OF
Los Angeles on the first of last June VIII
result in the establishment OF a prancn
office of the American National Wnere
Nevada stocks of negotiable value Will be
accepted as security for loans IN any
reasonable amount Mr.. Monnette MINI
self. in all probability, will have charge
of the proposed mining" department.
The rumor has been current severai
days in financial circles that Mr. Mon-
nette had purchased controlling interest,"
in the American National and would be-
come president, to succeed w. f. Bots-
ford. This is far from the truth, however
the Nevada investor having gone SO 1ar as
to exact an understanding that Mr. Bots-
ford would remain as president LOT al
least two years before Monnette invested
his capital. The stock which he purchased
formerly belonged to John +. Champion
of Cleveland, O., whose place Mr.. Mon
nette has taken on the board of directors
To Start Mining Department
oft Is not to be assumed" said Mr.. Mon
nette last night, that because nave
bought stock in the American National
bank and have been elected a MEMBER OF
the board that there will be any raolcal
change in the policy of the institution.
am not to be president-that report Is err
roneous. 1 was at one time president oil
the Second National bank of Bucyrus, o..
\ but 1 am not expecting to fill the same
position in any bank in Los Angeles.
"As to the acceptance of mining stocks
as security for loans, 1 will say that some
time in the future department working
in conjunction with the bank may be
opened to take in certain stocks of known
value; that Is, stock certificates IN paying
mines, In which case this department
would have a subcommittee acting Tor
the bank to pass upon all loans solicited
upon such securities.
"In fact l may myself open private
department to loan on collateral stocks, as
I know what Nevada stocks are. They
are as reliable as any now being nego-
tiated in Los Angeles, as the institution
of a Nevada mining stock exchange In
this city will demonstrate.
But this department has not been ar
ranged for, and it may be the first OF
September before plans now in view are
contaminated.
Seek GoIdfieId Banking
"You may state, in any event, that the
policy of the American National will con-
tinue as in the past-one of legitimate
banking, with the probability of an added
feature which will enhance rather thar
interfere with the present prosperity Of
| the institution.
'There will be about sSO.OOo,OO0 taken out
of Goldfield next year and we want al
least half Of that sum to be banked II
| this city. 1t is my expectation that WI
| will double our deposits within one year.
Mr.. Monnette, who has offices in tn
Merchants Trust building, was one of tn
early arrivals in the Goldfield district an
holds something like $4,000 shares in tn
famous Merger mine. He is interested Il
the $4,000 Goldfeld hotel and other in
| situations of the Nevada metropolis.
All Nevada shareholders will be inter
ested in the statements made by Mr.. Mon
nette. 1t may be taken by the most con-
servative to mean that Los Angeles is tc
offer mining men as great boon as New
York did when the big copper mining
bank was opened there, it's speciality being
to make loans on stocks known to be
worth their face values