The morning call., 1893-11-24
MUCH COIN HOARDED UP.
Interviews With Officers of Big
Institutions.
NORMAL CONDITION NOT FAR OFF
General Impression That the Banks
Will Be Making Loans as Usual
in January.

turned on Monday from q three months
trip East, said yesterday to CALL re-
| porter: IF you want a really important
piece of news, visit the savings banks and
ask them about their affairs. | want to
build soon on some lots in the Western
Addition. aud / went to three banks to see
whether / could get any money. lt sur
prised me to learn that at each bank they
ara getting ready to make the usual loans
just as soon as the January settlements
are over"
Practically the savings banks OF San
Francisco have made no new loans since
last July for reasons which every one
knows. They have been accumulatIng
coin to meet demands which arose during
the financial storm of last summer, which
has blown over. These vast sums have
been Kept in idleness. earning no interest
and consequently no dividends for STOCK
holders.
A well-kpown fuarcier said to CALL
reporter: 1.-The amount Of $50 gold pieces
great as at this time. The sworn slate
ments of the banks. which will be made on
January /, will astonish the town. The
actual cash on hand will probably be twice
as great as on January last"
In order to get the most reliable inf0rma-
porter visited the heads OF the large saw
ings institutions of the city, with inquiry
as to the probable date of resuming the
making of new loans.
Lowell White, secretary of the San
Francisco Savings Union, said: ave have
which will come. For this purpose we
have accumulated sufficient coin. Our
half payment of taxes. amounting to
S175.00 has been met.
I'VE will pay about 100000 in dlvi-
dends early next year. The amount to be
called for in cash is uncertain. Some
years it is as low as $500. 600; in others
from 100000 TO 100000. Then there are
the term deposit notices to be provided for.
''As soon as it is determined what pro-
portion Of dividends and term deposits will
be demanded, just so soon will we be able
to TX time for making loans again.
IF the demand shall be an average of
former years, and am inclined to believe
such will be the case, we will begin max
ing new loan ms. soon after New Year-say
January Is"
Robert j. Tobin, secretary of the H ber-
MIA Savings and Loan Society, said: 'As
you perhaps know, this bank mas only one
term deposits. i think after the payment
of annual dividends early in January that
the business OF the savings banks of San
FRANCISCO Will return TO its normal condi-
tion. Dividends will let loose about
S., ,0c0, 900 in money. No man can tell to a
certainty tue events six weeks hence, but
believe the loaning of money will be re-
sumed generally during next January.
Want OF confidence has passed away al
most entirely. We have been making
loans in small sums right along"
George A. Story, secretary of the Mutual
Savings Bank, said: "On November we
sent out notices to all our depositors that
we were ready to meet their demands and
we have now settled with about all of
them. This bank has met all of its obli-
De pack TO our normal condition within
two weeks. We expect to resume the
making Of loans between Decem Der 8 and
10; perhaps little earlier"
Samuel Bigelow. president of the Saw
ings and Loan Society, said:
much diminished and deposits are increas-
ing. OF the term deposits for which we
had received notices of withdrawal on
November /. only one-sixteenth of the
sum was called for on that date 1t is al
together likely that after January settle
ments, the balance will be on the right
side and that all the banks, including our
own, will commence making loans again"
Edward Kruse, acting president of the
German Savings and Loan Society, said:
This bank has accumulated sufficient
funds for the payment of January diyi-
dends and term deposits which have been
called for. 1t is great disadvantage to
have TO retain large sums lying idle and
not know when demands will be made for
the money. In order to ascertain approx
maley the amount which shall be called for
we have sent notices to ali our term depos-
it0rs by whom notices of withdrawals have
been given up to January 10 to call and get
their money or cancel the notice. Up to
to-day the calls have been yery trlflng
and 1t is fair to suppose they will continue
to be inconsiderable. The time for the re-
sumption Of loans cannot be determined
until after the usual annual settlement.
which takes place in January. Our de-
p0sits are increasing and Withdrawals d.
minishDg. Indeed. nearly all The money
being taken out now is devoted to the pay
ment OF taxes"