Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1909-07-02
AN ABSTRACT CO. ABSORBED
Banking Institution Will
Hereafter Guarant e e
Realty Titles L. w. Cog
gins a Director-H. B.
Wilkinson Moving Spirit.

The Union Bank and Trust company
from which it will emerge in day or
two twice its former size in the matter
of capital stock, and more comprehen-
sive in its field of operations. To the
usual features of its banking business
will be added that of a title guarantee
ing institution, and in the organiza-
tion of this department the bank will
absorb the ownership of the Phoenix
Title, Guarantee and Abstract compa-
ny, which, however, will continue to do
business at the present location. for the
time being. with L. w. Coggins as
manager. All that is lacking to COM
plete this arrangement is the assem-
bling of the directors, which may be
done today. to ratify in body those
things they have already severally
agreed upon.
The issuance of an additional $4,000
worth of capital stock was begun yes
terday. though the personnel of the
holders of the new stock has not been
made public yet. and may not for some
little time. They will be silent part
ners, as il were, for the present, but
their money will be working for them
just the same 1t is proposed also to
further expand the business field
little later by again doubling the stock
issued to 100000. if the present plans
mature satisfactorily, and to undertake
enterprises that will be of general in
terest to the community. but which the
projectors refuse to discuss until the
reorganization is completely and sat
isfactorily accomplished.
The moving spirit in this reorgani-
zation is H B. Wilkinson, who ac-
quired a large block of the original
stock and initiated the project for a
larger bank and a larger business, in
which enterprises he found ready CO.
operation among the members of the
old board and the prospective pur-
chasers of the new stoc. Mr. Wilkin-
son, for the time being at least, will
not be represented in the banks direc-
torate but will keep in the background
as merely a stOckhOlder. 1t is not un-
derstood that any change is contem-
plated in the office organization of the
bank, except that d.. Nicholson, who
no longer resides here, will he sue
ceeded as a director by L. w. COggins,
who is now and will continue to be
the manager of the abstract company.
The ownership of the abstract COM
pany. it is believed. will prove a valu-'
able acquisition to the bank and will
also be the means of increasing the
business of the abstract company.
through the guarantee feature. The
con no will no in, n rneitfnr, aftn~ tho
change is made to do what has never
been done before in this city in the
abstract business, namely, not only the
furnishing of abstracts but guarantee
ing their accuracy and reliability. 1t
is a feature of the business quite nee
essary in the larger cities and it is
conceived that Phoenix has reached a
stage in its developdement demanding
an institution of that kind, so that
capitalists making large investments
may for a proper consideration have
certain guarantee of title as we'll as a
mere transcript of records. 1t is the
purpose of the new bank under its new
policy to expand its capital as fast as
possible. keeping its strength in full
proportion with its undertakings in its
field of title guaranteeing as well as
it's loan and general banking depart
ments.
Knowing Mr.. Wilkinson to be the
professional partner of l. H. Chalmers,
attorney for the Phoenix National
bank, it was surmised that there might
be mutuality of interest by the two
financial institutions, in the new plans
of the Union Bank and Trust company.
Mr.. wilkinson was interrogated on that
point by the reporter. but replied that
the two Institutions had absolutely
nothing in common in a business way,
and that though Mr.. Chalmers is the
attorney for the Phoenix National. this
project on his part is undertaken inde-
pendently of his professional business
and is solely an enterprise of his own,
not to be confounded with Mr.. Chalm-
ers or his business and professional
connections.