USA > California > Los Angeles County > History of Los Angeles county, Volume I > Part 11
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WILMINGTON BANKING
The First National Bank of Wilmington, was established by converting the Bank of Wilmington which was organized March, 1905, by F. S. Cary and September, 1909, into the institution named. It started with a capital of $25,000, and now has $50,000, with a surplus of $10,000. The recent reports show deposits amounting to $800,000. In March, 1905, the present bank building was constructed at a cost of $22,000; it is a brick structure. The original officers of this concern were: C. H. Eubank, president ; George C. Flint, vice president ; Don C. Fohl, cashier ; Paul H. Eubank, assistant cashier. The same officers still hold office and a vice president in the person of E. W. Clark has been added. In May, 1922, a statement issued, as required by law, stated that the resources and liabilities of this bank were at that time $875,118.84.
BANKING IN CLAREMONT
The First National Bank of Claremont was established, in 1909, by C. M. Parsons. The first officers were: C. M. Parsons, president ; William
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HISTORY OF LOS ANGELES COUNTY
Beach, cashier. The officers of today are: Martin Aberenthy, president ; J. T. Brooks, vice president ; Harry T. Belcher, cashier ; Herbert E. Mead and John W. Brooks, assistant cashiers. Other clerks are May H. Moore, Minnie Frase and Violet Smith. The first stock of this bank was $25,000, but now it is $50,000, with a surplus of $25,000. Its recent statement gives the amount of deposits as $780,000. The concern was the result of a con- solidation of the Claremont National Bank and the First National Bank. In 1912, a fine banking house was built of brick at a cost of $40,000. The May 5, 1922, report gives the resources and liabilities at $803,957.98.
COMPTON BANKING INTERESTS
The Farmers & Merchants Bank of Compton was established on a cap- ital of $25,000, and now operates with $50,000 and a surplus of $12,500. The institution was established by the Farmers and Merchants Bank of Compton purchasing the old Citizens Savings Bank of Compton in July, 1921, the same being affiliated with the First National Bank. The bank is within a good brick building; the book value is $15,000, but it is, in fact, worth $20,000. The bank was formed at first by a Mr. Angel, who soon sold to Mr. Reed. The officers today are: O. K. Reed, president ; J. H. Williams, first vice president; H. E. Reed, second vice president ; R. B. Hedrick and P. E. Wiley, assistant cashiers. E. E. Elliott, deceased, was formerly cashier.
BANK OF VAN NUYS
This banking concern was organized November 19, 1921, on a capital of $100,000. Its present surplus is $20,000 and recent reports give the amount in deposits at $300,000. The first, as well as present officers, are: W. P. Whitsett, president; W. E. Bierkamp, vice president; H. C. Sorgenfrey, cashier. At this time (June, 1922) a beautiful bank building is being con- structed. It will be fifty by eighty feet, with offices on the second floor. The main lobby of the bank will be marble, except the floor which is to be modern materials. There will be a public room for men, ladies' rest room, escrow booths, coupon booths, safety deposit vaults, savings department, commercial department, etc. The bank is situated on the northeast corner of Sherman-way and Sylvan Street. This institution will be in a position to care for the banking business of the place for many years to come.
BANKING AT WATTS
The Farmers and Merchants Bank at Watts was established as a branch of the Los Nietos Valley Bank of Downey, January 1, 1910; was organized as Farmers and Merchants Bank of Watts September 4, 1918, and took over the business of the branch. C. R. Church has been manager of the bank since January, 1910. Its first capital was $30,000 ; present capital, $43,000; present surplus, $12,000. The bank building now occupied was purchased in December, 1920, at a cost of $16,500. The first officers, same as today, were: C. R. Church, president ; J. W. Siler, vice president ; Paul Blythe, cashier ; with E. H. Rose added to the officers of 1922, as assistant cashier. The business is prosperous, as shown by the statements of last season.
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HISTORY OF LOS ANGELES COUNTY
SAN FERNANDO BANKING
The First National Bank of this place was established in 1907, and affiliated with it is the San Fernando Valley Savings Bank, established in 1917. The original stock of the National Bank (capital) was $25,000 and of the Savings Bank $50,000. The present surplus in the National Bank is $6,000 and in the Savings Bank, $10,500. In deposits the National Bank has $350,000, while the Savings Bank has $250,000. The business of these combined banks is transacted within a building erected in 1909 at a cost of $40,000. The present officers in charge of various departments of these banks are as follows: J. M. Douglass, president; F. M. Douglass and J. H. Jemfer, vice presidents ; I. H. Malin, cashier ; L. A. C. Waite and Robert W. Bailey, assistant cashiers.
SANTA MONICA BANKING
Bank of Santa Monica (Branch of California Bank) was organized March 15, 1888, as the First National Bank of Santa Monica; reorganized April 14, 1893, by Senator John P. Jones as the "Bank of Santa Monica." Its first capital was $25,000, but today it is $2,000,000; present surplus is $669,902.80. Recent amount in deposits, $40,422,660.59. The Bank of Santa Monica, oldest and largest bank on the Bay, amalgamated with the California Bank, Los Angeles, on January 31, 1922. The old Bank of Santa Monica building was razed in the spring of 1922 and a new building is being erected at a-cost of about $55,000. It will also stand on the corner of Third and Santa Monica streets.
MONROVIA BANKING
The National Bank of Monrovia was established in April, 1905, with a $50,000 capital, same as it now ,operates with. The present surplus is $25,000 and recent deposits amount to $700,000. The bank's headquarters are within a handsome class "A" structure of brick and concrete, built at an expense of $115,000. The present officers are as follows: Dr. C. W. Higgins, president ; A. I. Mellenthin and M. S. Pottenger, vice presidents ; R. H. Bush, cashier, and W. L. Stubbs, assistant cashier. Connected with this bank is also the Granite Savings Bank of Monrovia that operates under a capital of $25,000 and has a surplus at this date (1922) of $15,000. Recent statements show the amount of deposits to be about $360,000. The present officers are: Dr. C. W. Higgins, president; A. I. Mellenthin and M. S. Pottenger, vice presidents ; R. H. Bush, cashier.
MONTEBELLO SAVINGS BANK
The June 30, 1922, statement of the Montebello Savings Bank shows these facts concerning one of the two banking institutions of the enterpris- ing little city: The resources and liabilities are $284,652.30; cash capital and surplus, $36,400; undividued profits, $120.00; savings deposits, $246,231.66. It is stated on its stationery that "the Montebello Savings Bank grows just like Montebello." Its present officers are: H. A. Church,
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HISTORY OF LOS ANGELES COUNTY
Jr., president; Fred Layman, vice president; George S. Dodge, cashier. Its various statements show that in 1919 the deposits were $102,201.01; 1920, $142,242.09; 1921, $184,177.73, and 1922, $246,231.66.
MONTEREY PARK FIRST NATIONAL BANK
This bank was established in 1921 with H. P. Thayer, president; A. P. Manning and W. J. Stewart, vice presidents; R. T. Segner, cashier ; Dr. A. J. Maronde and H. H. Godber, directors. The same officers still hold their respective positions. The first, as well as present capital, is $25,000; present surplus, $5,000 ; recent deposits, $230,854.12. The bank built its own home in 1921 at a cost of $19,000. The present resources and liabilities are $207,564.14. After being opened two and one-half months this bank had 670 depositors; which certainly bespeaks well for the men who have charge of the institution.
BANKS OF COUNTY IN 1922
Rand-McNally's United States Bank Directory for the year 1922 gives the banks of Los Angeles County as follows (outside of the City of Los Angeles ) :
Alhambra-Savings & Commercial Bank, First National Bank.
Arcadia-First National Bank.
Artesia-First National Bank.
Avalon-Los Angeles Trust & Savings Bank.
Azusa-Azusa Valley Savings Bank.
Burbank-Burbank Savings Bank, Farmers & Merchants Bank, State of Burbank.
Belvedere-Branch of California Bank.
Compton-Citizens Savings Bank, Farmers & Merchants Bank, First National Bank.
Covina-Covina National Bank, Covina First National Bank, Covina Savings.
Culver City-Culver City Commercial & Savings Bank, First National Bank.
El Monte-First National Bank, Southern County, Bank.
Gardena-Citizens State Savings Bank, Farmers & Merchants Bank, First National Bank.
Glendale Bank-First National, First Savings Bank, Glendale National Bank, Glendale Savings Bank, Glendale State Bank, Los Angeles Trust & Savings Bank.
Glendora-First National Bank, Glendora First Savings Bank, Glendora Commercial & Savings Bank.
Huntington Park-One up-to-date banking concern, proper.
Hermosa Beach-First Bank of Hermosa.
Inglewood-First National, Citizens Savings Bank, Inglewood Savings Bank.
Lancaster-Antelope Valley Bank.
Lankershim-Bank of Lankershim, First National Bank.
La Verne-Farmers & Merchants Bank, First National Bank.
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HISTORY OF LOS ANGELES COUNTY
Long Beach-California National Bank, City National, Farmers & Mer- chants, Farmers & Merchants Trust Company, First National Bank, Golden State Bank, Long Beach National Bank, Long Beach Marine Commercial & Savings Bank, Security Trust & Savings Bank, Western Savings Bank.
Monterey Park-First National Bank.
Monrovia-First National Bank, Granite Savings Bank, Monrovia Savings Bank, National Bank of Monrovia.
Montebello-First National and the Montebello Savings Bank.
Norwalk-Bank of Norwalk.
Ocean Park-First National Bank, Marine Bank, Ocean Park Bank. Owensmouth-State Bank of Owensmouth.
Pasadena-Central National, Citizens Savings, First National, First Trust & Savings, Security National, Security Trust & Savings, State Bank of Pasadena, Union Trust & Savings Bank, Hunter Dulin Company, William R. Staats Company.
Pomona-American National, First National, Savings Bank of Pomona, State Bank of Pomona.
Redondo Beach-Farmers & Merchants National, First National, Redondo Savings Bank.
San Dimas-First National, San Dimas Savings Bank.
San Fernando-First National, National, Valley Savings.
San Pedro-Bank of San Pedro, California Bank, First National Bank, Harbor Commercial Savings Bank, Hellman Commercial Trust & Savings Bank, Marine Branch of Los Angeles Trust & Savings Bank. San Gabriel-Bank of San Gabriel, First National Bank, East San Gabriel. Santa Monica-California Bank, Merchants National Bank, Ocean Park Bank.
Sawtelle-California Bank, Citizens State Bank.
South Pasadena-First National Bank, South Pasadena Savings.
Venice-First National Bank, Ocean Park Bank, State Bank of Venice, Venice.
Van Nuys-Bank of Van Nuys, Savings Bank.
Watts-Farmers & Merchants Bank.
Whittier-Community Bank, Home Savings Bank, Whittier National Bank, Whittier Savings Bank, First National Bank.
Wilmington-First National Bank, Seaboard Savings Bank.
OIL FIELD IN LOS ANGELES
CHAPTER VII
OIL, GAS AND MINERALS
In 1862, not far from the village of Newhall, this county, and over in Ventura County, petroleum deposits were discovered by men engaged by Tom Scott, the Railroad King of Pennsylvania. A company bored to the depth of eight hundred feet and secured a quantity of black oil, which they tried to refine in a still erected near the spot. At that date illuminating oil sold in Los Angeles as high as $2.50 and $3.00 per gallon. The project failed largely because they were not acquainted with a way by which it could be refined. From that time on until 1876 but little effort was made in the way of oil development. What little was produced of the black oil was used as a lubricant, or found its way to the gas works. It was in 1876 that operations were commenced by the Star Oil Company in the Pico Canon, San Fernando district, and they were soon followed by the work of R. McPherson and N. C. Felton. Success crowned their every effort and it was not long before the two companies consolidated their interests under the name of the Pacific Coast Oil Company. From a report of Sutherland Hutton, a good authority in those days on the oil industry and its develop- ment in California, we glean these words: "The year 1876 also saw the organization of a company to operate in what is known as the Sespi Oil Region, about thirty miles west of San Fernando district, which was composed of citizens of Los Angeles and other cities near by, the name given to the corporation being The Los Angeles Oil Company. They were successful, and their first well produced for a time 125 barrels per day. This well was lost some years later, through ignorance, and the com- pany ceased operations.
"Owing to the lack of demand, the producing of oil remained stagnant for a period of years up to 1884. From that time until the present, much activity in oil wells has obtained throughout the county in general. A new district was opened up known as the Puente Hills, twenty miles out from the city.
"The immediate cause of this activity was the demand for fuel oil. The organization in March, 1885, of the Los Angeles Oil Burning and Supply Company, for the purpose of introducing this liquid fuel, both for manu- facturing and domestic purposes, sold in the first year 137,000 gallons of the distilled product, which was solely for domestic fuel through the medium of their patent burners."
The oil industry in the city of Los Angeles commenced in reality with the operations of E. L. Doheny and others prospecting for oil in the western residence section of the city at a depth of about 150 feet, who struck the crude oil some time in 1892. Excitement ran high, money was made from this for a number of years. Between that year and 1901 some 1,300 oil wells were drilled within the city limits, and though none of them were
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HISTORY OF LOS ANGELES COUNTY
very large the yield aggregated a very considerable output of petroleum oil and natural gas. Over-production in this and other states caused the price of oil to go down to fifteen cents a barrel, it having usually sold at one dollar per barrel before that time. Fortunes were made and also many lost all they possessed by dabbling in oil stocks, all of which were not good stocks, as is always the case. The oil derricks are still to be seen here and there in the oil district of Los Angeles, where a few of the wells are still yielding a small amount of oil, but for the most part the oil wells are no longer great producers, for the thirty years they have been running has naturally reduced their flow. It is said a recent city ordinance has ordered that no more leases be granted to operators on account of the unsightly, unclean and unhealthful condition caused by these wells and the machinery that operates the same. So within a short time the oil wells of Los Angeles city will become a thing of the past.
By the discovery of this crude oil, the manufactories of the city were greatly augmented, as this oil came into almost immediate use as a fuel for producing steam power and pumping plants. In 1912, the local reports as published in the daily papers of Los Angeles show that Los Angeles County was then producing 4,484,590 barrels of oil per annum. The total value of the output in that year was $2,798,384.
Whittier is known as among the real pioneer oil fields of the county. For more than thirty years the territory surrounding this sprightly city has produced a steady flow-never immensely large-of what is termed a light gravity oil. Year by year its production has enriched the city of Whittier, which, with its superior advantages in the growing of citrus fruits and English walnuts, has made the place one of wealth and content- ment. In treating this subject of the Whittier oil field in recent years, it was stated in 1920 that "about 2,500 barrels of oil per day is the average output and this pays $1,000,000 per year." Today the reports show a production of over 90,000 barrels per day.
Of recent times there has been nothing to compare with the paying oil- well developments found at both Long Beach and Santa Fe Springs, the latter being near the oil territory of Whittier. The first well to produce in this last named field was owned by a poor man and his wife, who had a small fruit farm and were struggling along to make their payments and be free of debt, when one day a Standard Oil Company's agent came along and, with his geologist, looked over the place and decided that it was the best place to sink a well; so a contract on the royalty plan was made out and work commenced. The well proved a success and, although not half so large as others of a later period developed in that region, it yields 3,000 barrels every twenty-four hours. This has made the farmer and wife wealthy and no one begrudges their fortune. Some of these wells caught fire during the past season and destroyed much property before they could be controlled. The pressure of pent up natural gas causes the oil to flow to a point high above the surface of the ground.
The one item of automobiles made in this country yearly calls for a doubly immense amount of oil from which gasoline is produced. This has stimulated the prices of crude oil to a wonderful extent and probably will continue so to do.
LOS ANGELES, FROM THE MOUNTAINS TO THE SEA
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HISTORY OF LOS ANGELES COUNTY
LONG BEACH OIL FIELD-A CLIMAX
Frederic A. Herr, in the Long Beach Telegram of last April, tells of the oil excitement in that locality in recent months, as follows: "A half mile north of the city of Long Beach two eminences rise out of the mesa stretching for miles between the Los Angeles and San Gabriel rivers. The gently rising slopes of the smaller, easterly knoll fall away gradually to the west and rise again abruptly into a frowning turtle-backed acclivity about two miles from the Pacific Ocean.
"The larger of the eminences is Signal Hill; the smaller Reservoir Hill. As the city expanded to the north, Signal Hill presented a tempting morsel to ambitious realty men for the creation of a wonderful, exclusive residential section. The steep sides of the hill were made accessible by the building of roads and boulevards.
"Signal Hill developed into a notable residential section, numerous handsome houses being erected. Especially during the past five years had this development been swift. Landscape architects' skill combined with that of builders and decorators to make Signal Hill home places beautiful, as their exceptional locations deserved.
"Fields of violets and carnations, rose gardens and California poppies delighted with their beauty and fragrance. Vegetable gardens also covered scores of acres. From home and garden land to an oil field ; from quietness and beauty to rushing, driving, throbbing industry, such is the transforma- tion that took place within a few months after the Shell Oil Company, in the role of Aladdin, rubbed the mystic lamp by starting the 'discovery' well, on March 23, 1921. The properties included in what is known as the oil field could have been purchased formerly, perhaps, for nearly $350,000. Were the wells, drillsites and lease holds in the same territory today lumped for sale, the staggering price of $65,000,000 would not be considered excessive by individuals acquainted with the oil possibilities.
"June 23rd last was a memorable day in Long Beach industrial history. On that day Shell Alamitos No. 1 shot a stream of 'crude' to the crown block, marking the first finding of oil in the Long Beach Signal Hill oil field.
"The effect was startling. Land offices sprung up. They were on all hands before many sunsets. There was a rush for desirable leases. The companies, corporations, syndicates, community combines and individual operators appeared to develop the hillsides. 'Within a few months Signal Hill, the erstwhile exclusive residential district, underwent a remarkable change. The Shell Company began building more derricks. The Sandburg Petroleum Company followed. Then came the powerful Standard Oil Company, the Union Oil Company, General Petroleum Company, the Midway Syndicate and others.
"Today 112 derricks dot the hillsides, lowlands and mesa of the Long Beach oil field. Twenty producing wells yielded 11,141 barrels April 8th, an increase of 2,726 in one week. Shell-Goddard No. 1, a new well, topped the list with 2,140 barrels. Millions of feet of natural gas also flow from these oil wells."
The municipality of Long Beach also has profited by the oil find. It owned land and leased to oil companies, and within a few months had a
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HISTORY OF LOS ANGELES COUNTY
$15,000 credit as receipts for royalty received. All in all, this is the biggest financial boost Long Beach ever had. Now manufacturing will be a reality and the city will not only become the finest beach city on the entire coast-line, but also it will be known as a great factory city and an all-round commercial center.
WONDERFUL MINERAL RESOURCES
Aside from the many stone formations and the soils, Los Angeles County has more than three-score valuable minerals deposited beneath its surface. The list is by far too long to treat in detail in this connection, but a word should be recorded about the large production of petroleum, brick, clays, borax, stone, road material and other non-metallic mineral products of vast commercial value.
Petroleum has been known in the county since 1850, when the San Fernando Mission used a seepage oil collected by Andres Pico ; in 1874, ten barrels a day were being shipped, all coming from seepages. The first producing well was drilled on the Pico claim in 1875. E. L. Doheny "brought in" his first well in Los Angeles in 1892. By 1912 statistics show the county was producing 4,484,590 barrels of oil.
In sand and gravel Los Angeles County leads all others in California ; in producing crushed rock, sand and gravel; the valuation, in 1913, was about $1,000,000. In 1912, the state produced superior brick valued at about $3,000,000, and of this amount Los Angeles County furnished $2,000,000 worth.
It may not generally be known that our state furnishes today about the entire output of that useful mineral known as borax. Los Angeles County has the second largest producing mine, located forty-five miles from the city of Los Angeles. The products of these mines are shipped to Europe and to the refinery at Pittsburgh, Pennsylvania. State reports in 1912 give the following commercial values of various minerals from Los Angeles County at that date: Petroleum, $2,798,384; brick, $1,692,258; stone, $1,000,000; natural gas, $78,682; salt, $46,370; clay, $12,028; mineral water, $6,333 ; gems, $3,000; glass sand, $1,800.
CHAPTER VIII
INTERESTING ANNALS
With the end of the Mexican war period, closed the first epoch in the history of Los Angeles County and the next period in its history had some interesting events, hardly important enough to form a full chapter ; hence they have been grouped under the above caption, and they will be abridged as more important things will take the space allotted for this publication :
1849-The first blacksmith in the county was John Goller, who was also a wagon-maker. He came with the early band of emigrants from Salt Lake. He was "started up" by Louis Wilhart, who helped him to both tools and customers. He soon got onto the fact that Californians in those days stopped not for the prices asked for mate- rial and work. He used to relate how a man paid $500 for an awning in front of his residence. A horse was usually shod at an expense of $16. There being little new iron in the country, this blacksmith and wagon-maker used to hunt up all the old, such as half worn wagon tires, and reforge it into such work as came his way.
1851-The first American child born within Los Angeles was John Gregg Nichols, on April 15th of that year. The population of the place was 2,500.
1852-Spirit rappings manifested themselves at San Gabriel. On August 16th that year the United States Land office commission met here to settle private land claims.
1853-This year the second survey of the city was made by Henry Hancock, when the thirty-five acre lots were surveyed and donated to actual settlers.
1854-In the city of Los Angeles there was not less than one death each day throughout the entire year-violent deaths, too, for the most part. The Mexicans and Indians, however, were largely the ones who suffered death at the hands of one another. There was no police at that date. "Only four murders were committed," said one issue of the Southern Californian, in one of its papers "during this week." It was during August of 1854 that the county supervisors appropriated $1,000 for the opening of a wagonroad over the moun- tains between San Fernando Mission and the San Francisco Ranch.
1855-In the month of April fifteen ten-mule teams belonging to Alexander Banning and W. T. B. Sanford, left Los Angeles for Salt Lake with sixty thousand pounds of general merchandise. Washing- ton's birthday was celebrated by a parade of the City Guards. Christ- mas and New Year festivals were accompanied by bull fights. Abel Stearns and J. R. Scott erected a brick flouring mill during the year.
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