San Jose Safe Deposit Bank of Savings
The San Jose Safe Deposit Bank of Savings first opened its doors for business on the first day of May, 1885, as an incorporated institution under the laws of California, in the Safe Deposit Block, on the southeast corner of Santa Clara and First Streets, with Mr. E. McLaughlin as manager. On May 4, 1869, Mr. E. McLaughlin and C. T. Ryland established a private banking house in a building previously erected for the purpose by Mr. McLaughlin, on Santa Clara Street, between First and Second Streets. Mr. McLaughlin had intended to open the bank himself, but the partnership was formed with Mr. Ryland before he was ready to start. In 1872 the firm erected the Safe Deposit Block, which it moved into and occupied until their business was merged into the Commercial Savings Bank, two years later. The Commercial Savings Bank was organized as a joint-stock company, with Messrs. E. McLaughlin, C. T. Ryland, and Martin Murphy as stockholders, and opened for business May 13, 1874, with E. McLaughlin as active manager. It leased the banking rooms in the Safe Deposit Block, and occupied them until it moved to the opposite corner, in 1886. In January, 1883, Mr. McLaughlin disposed of his interest in the bank and retired from its management. In February of the same year he purchased Mr. Ryland’s interest in the Safe Deposit Block. Ever since it was opened, the Safe Deposit Bank has been under the official control of Mr. McLaughlin as manager, with M. Malarin as president, and John E. Auzerais as cashier. Its elegant banking rooms are equipped with one of the largest and best safety deposit vaults on the Pacific Coast, or in the whole country. It is thirty-one feet long, twelve feet four inches broad; is fitted up with small safety vaults for private individuals; has double doors with time-locks, and is both fire and burglar proof. The bank does both a commercial and savings business. It keeps its own accounts with New York and London, and has its own independent connections with business in those cities, as well as with San Francisco. The paid up capital of the bank is $300,000, with a reserve fund of $75,000, and a nominal capital of $1,000,000. It pays interest on deposits.
E. McLaughlin is a
native of the Keystone State, born in Philadelphia in 1829. His early life was
chiefly passed in New Orleans. He came to California during the gold
excitement, and embarked in the hardware business in Nevada County in 1852. In
1866 he sold out and spent a year in Europe, and on returning, came to San Jose
in 1868, with the intention of retiring from active business. But not feeling
contented to be idle, he decided to engaged in banking, and erected the building
for that purpose before mentioned. He still is interested in the hardware
business in Los Angeles. The Safe Deposit Block (which he sold to the bank for
$200,000) is one of the finest business blocks in interior California. It is
three stories in height and beautiful in architectural design, having a frontage
of one hundred and twenty-six and one-half feet on First Street, seventy feet on
Santa Clara, and one hundred and thirty-eight feet on Fountain Street. Besides
the splendid banking-rooms, there are several stores on the first floor. The
other stories are used for offices.
Pen Pictures From The Garden of the World or Santa Clara County, California, Illustrated. - Edited by H. S. Foote.- Chicago: The Lewis Publishing Company, 1888.
Transcribed by Kathy Sedler
SANTA CLARA COUNTY BIOGRAPHY PROJECT