The morning call., 1893-06-24

Thomas Brown. the cashier Of the
Bank OF California, was not worried or
bothered by the furry. He said:
"All of the banks are in good condition.
We received by mail to-day 100000 from
the East. 1t should have come through
the Sub-Treasury but for the refusal of the
Secretary to give the usual facilities. To-
day we have had only our ordinary bust
ness. The banks precincts have been as
quiet as ever"
Philip II. Lilienthai, the manager Of the
Anglo California Bank. said that 81, SOC. 900
in gold had been received on Thursday
through the Sub-Treasury here and that
each bank received a portion. Yesterday
another half million or more had come.
More than that" he continued, 1.-THE
city banks have been anticipating some
trouble of the kind that has come upon
them and were prepared for it. Owing to
the very peculiar unwilingness of the
Secretary of the Treasury TO transfer funds
out here except upon gold certificates IN
New York when gold certificates were
practically undesirable these banks be-
gan to ship money by EXPRESS. thus taking
time by the forelock and getting them
selves forearmed. The commercial banks
NNocibCA NAV tuc CUuISc VI tuaHy Oh Tie
savings banks in declining to pay on de-
mand and taking advantage of their legal
right of a time notice is very wise one.
They are parceling ont even justice to all.
You may say that we have in San Fran
cisco savings banks that are as sound as
any in America and that they are all
solvent"
William Fl. Croker, president OF the
Croker Woolworth National Bank. said
Il consider that the failure of the Pacific
Bank has had very little effect on the
financial situation here in this city. The
failure had been anticipated for some time
and had been an open secret in financial
circles, and therefore caused us no uneasi-
ness. This should NOT have any effect in
the way OF affecting the credit of the other
banks, which are being conducted on con-
Servaiire lines. There is no alarm or panic
here and no cause for either, because the
banks are all in good conservative coudi-
tion and well prepared for this little furry.
which will be all over In a few DAYS. One
of the causes of the stringencv here has
been the heavy Withdrawals of gold by in-
terror banks from this city l think that
all the banks have ceased making new
loans and after July the tightness in the
money market will be very much relieved
by the payment of corporation dividends
throughout the country"
At the Clearing house President Mckee
said that everything had gone through in
the usual way, although there was larger
gathering of bankers there than usual yes
terday. Mr.. Mckee added: Nothing
has happened to-day resulting from the
suspension of the Pacific Bank and the
Peoples Home Society, except slight RUS
in two or three savings banks for which
there was 10 good excuse They were
caused by lot of women who became
scared and wanted their small deposits
The savings banks here are abundantly
able to meet all their July demands in the
shane of diviG ends"
Lowell White of the San Francisco Saw
ings Union. on which there was run of
number of small depostors yesterday.
said that there was no excuse for anv
worry in its case.
"On learning of the coming failure of
the Peoples Home Savings Bank" he
said, lin order to fortify ourselves we re-
fused to pay term deposits until the expi-
ration OF the time of the notice required.
Notice is demanded on all deposits of over
$1,000. The other banks, as far as we
know, are doing the same thing How
ever. we are not at all worried Our ordi-
nary deposits are about SS.O0O,0O0. and OF
this less than one-third is due in this city.
We have loans on collatera amounting to
S4.S00.000. We have in bonds and loans
$7.500,000 Immediately convertible. and in
cash 100000. This is enough to cover all
our liabilities. and we are not feeling con-
cerncd at all. We shall very likely pay
out to-day and Tomorrow two or three
hundred thousand dollars, and by that
time the poor panic-stricken fools who