Los Angeles herald., 1909-10-08
NEW BANK WILL
Be ESTABLISHED
IN LOS ANGELES
OIL AND METAL INSTITUTION
TO BE CREATED
ENTERPRISE WILL CONSERVE
INTERESTS OF MINING
Aggregation Will Be Second to None
In Pacific Coast States for Safe
guarding the Property of
Capitalists

more ago, of an obscure bank In
~ Los Angeles has grown power
full institution, now about ready to
enter the ranks of the big financial
organizations of South Califol MIA
equipped with ample funds to make
for itself a place in the big business
affairs, not only of California but OF
the southwest.
The new institution, which is to be
known as the Oil and Metals bank, will
eventually have as its home modern
skyscraper on a prominent down
town corner, with a paid in capital o.
100000 or $250,000 The money is sub
scribed and within three months the
bank will be prepared for business.
The consummation of the plans which
have resulted in this large aggrega-
ton of capital which will compete with
the old-line banks of this. section or
the state arose from the necessit'' of
having a financial institution which
would recognize the ,-orth of the min
ing industry and its requirements
that would be the friend rather than
the passive opponent, of the man or
men who dc sired to wrest from the
earth the real money of the world, a
bank which would receive the support
of the vast fortunes which are en-
gagged in the development of the min
ing INDUSTRY, anu WHICH WOulu DllhS
to Los Angeles the wealth from the
mineral resources of it's adjacent terri
tory rather than force the flow of divl-
dends from this source into alien chan
nels.
Financial Man at Head
The head of the new institution is
Lloyd G. Haynes, president of the
Manhattan Securities company, which
is a dividend paying mining company,
having offices in New York and Los
Angeles, and owning a number OF
prof1t-paying mines. The obscure bank
which is to form the nucleus of the
new Oil and Metals bank is the Union
Exchange bank, doing a small bust
ness with the merchants in the vicin-
ity of it's home, Ninth and Main
streets.
Mr. Haynes connection with this
bank dates back to several months ago
when he purchased the control of the
stock and reorganlzed the business.
Being a mining man himself, Mr..
Haynes naturally looked with favor on
the suggestions and arguments ad-
vanced in favor of a banking institu-
tion organized and financed and Of
ficered by mining men. That the plan
is feasible had been demonstrated by
the instant success of the National
Copper bank of New York, which be-
came one of the powerful institutions
of that city.
There was no lack of capital proffered
Mr. Haynes in the organization of tho
new bank, but he refused to consider
any applications for stock excepting
those men interested in the business
of oil or mining. and that he has sue
ceeded in financing the business speaks
eloquently of the resources of Los An
geles which have been derived from
that source.
Conservativeness to Be Used
The Oil and Metals bank will be con-
Quoted along conservative lines, and
will not confne itself to the oil or min
ing business. 1t is known that large
percentage of the mining men of Los
Angeles will become its depositors and
it's funds will be loaned freely for the
advancement of mining business, OH
good collateral, and the oil and mining
Industries will be given the precedence
in the investments of the banks re-
sources.
The new and palatial home of the
bank will be made a mining exchange
building in a way. The ground floor
will be occupied by the bank and prob
ably trust company, but the last
named will not accept deposits, con-
fining it's business to the legitimate
functions of such an institutions. The
office floors will be rented to oil and
mining companies and the entire top
floor will be taken by the Sierra Madre
club, a social organization of mining
men, several members of which will
be stockholders and officials Of the
bank.
Bonds VIII Be Sold
The money for the erection of this
building will be secured from the sale
of the bonds of the Oil and Metals
Building corporation which is to be
for that purpose.
Los Angeles has in the past profited
greatly by the wealth produced by the
metal mines of the southwest, and the
possibilities of the future, realized by
the men at the head of this institution,
are of great magnitude.
That these possibilities may be real |
lied, and that western money may be
used to develop western resources, are
the aim and wish of the powerful in
terests which have been drawn together
by the organization of the Oil and Met !
ais bank. The completion of the new
building will not be awaited, but be-
fore a new year has been ushered in
the bank will be engaged in the busi-
ness for which it has been organized. |
Mr.. Haynes is we'll known in finan- |
cial circles in Los Angeles, and is presi- |
dent of the Manhattan Securities COM
pany as well as the presiding officer of
the Union Exchange bank, which will
be taken over as the going concern in
the new bank,
Mr.. Haynes has secured options on
two favorably located downtown cor
ners, and as soon as the officials of the |
bank have made a selection of the |
site, the oil and Metals Building COM |
pany will be organized and the new and |
structure will be erected |
The capital of the Oil and Metals |
bank has not as yet been definitely de-
cided on, but it will be not less than |
5000, 900, and possibly $250,O0O. The OFF,
cials will be men distinguished in Los
Angeles for their business ability and
probity.
The example of the National Copper |
bank of New York already has been |
in the west by the incorpora-
ton in Salt Lake City Of the National
Copper bank of Utah, of which d. c.
Jackling, one of the giants .of the min
ing world. is at the head.