California Its Products Resources Industries And Attractions What It Offer

Cover California Its Products Resources Industries And Attractions What It Offer
California Its Products Resources Industries And Attractions What It Offer
California Louisiana Purchase Exposition Commissio
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The Bank of California, incorporated from the private bank of Fretz, Ralston & Co. In 1864, is still the leading commer- cial bank in the State.
The first incorporation for a savings bank was in 1857. The first national bank was chartered in 1870; the first trust company in 1882 ; while the close of the century saw all four classes of in- stitutions firmly established and forming a financial system of which any state might be proud.
The early banks were merely offices where gold dust Commercial
... was exchanged for some form of current coin or Banks. Drafts, and every steamer leaving for Panama car- ried shipments of gold to meet the drafts sold. Banks of deposit, where funds were held subject to check, was the next step, and the discount and loan features soon followed.
The magnificent harbor afforded by the bay of San Francisco, which as early as 1849 was crowded with shipping, marked the BANKS AND BANKING. 159 city as one of the commercial centers of the world, and banks to care for the needs of commerce were a necessity.


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