The morning call., 1893-08-15
A SOUND FEELING.
Faith in the Financial
Future.
MERCHANTS STAND UNITED
Bankers and Collection Agents Say
That the Crisis Is Passed and
Business Is Reviving.

Plethoric coin sacks and bulky purses
were the results of collection day. and
many waning bank accounts were replen-
ished to a gratifying extent. Bank OH ers
felt fattered at the result of the days
business. and numerous congratulations on
the improved tone Of the money market
we're exchanged.
Merchants and their patrons have tacit
understanding that the national motto in
sured safe plan of weathering the finan-
cial gale which blew in here from the East
few weeks ago. Consequently, they
stood united and none fell. The banking
furry was checked by the solid institu-
tons, and the great wholesale houses and
dealers Of lesser preteusions presented a
front that idle rumors or even heavy de-
mands could not demoish.
The wisdom of this cooperation was
demonstrated by the results of collection
day. The principal features of the strn-
gency must needs be fed on failures and
assignments, defaults and embellishments,
in order to exist. AS these deplora bic fac
tors were not forthcoming when the furry
crossed the Serras, the vital points of the
threatened disaster persisted from mani
ton and left the marts of San Francisco
untouched.
l. w. Helman. president Of the Nevada
Bank, said: I'VE are more than ever con-
WINGED of the stability of San Francsco's
money institutions. They are BILE
rocks of Gibraltar. and have emphasized
the onfidence of their patrons In the
face of the national furry. however, it is
but natural that even the INST cOnserva-
tive bankers will pause and deviate from
a method that has been suggestive of too
great lberality. l do not imply that such
course would include a complete change
in the banks methods, but it would in
crease already great precautions. Wheat
IS beginning to come in from the interior
in great quantities, and barley is rapidly
moving. The hanks have advanced large
amounts of money IN the aggregate on the
products. and the farmers have been able
TO paw the harvesters. AS soon as the out
prt reaches the warehouses, it will be
m tier OF comparative ease to realize on
the stored crops, and as a result the farm
erS can ease up their outstanding indebf-
edneSs. L ain particularly we'll pleased
with the future Of San Francisco. and
firmly believe that the little failures which
have occurred will have n tendency to in
crease public confidence in the solid insti-
buttons. There IS plenty of money in the
banks and IL is growing easier each day."
At the Security Bank they said: ut is
surprising to see how promptly interest
accounts are paid, in the face of all tn
talk about hard times and the crOakng
about stringency. Our patrons are pay
ing promptly. and not even limiting at an
extension. Our deposits are not large. but
they are numerous and rapidly increas-
ing"
Sam Newman, manager of the Harding
Collection Agency. said: There is
gradual Improvement in our business.
Collections to-day were slightly better,
but our business partakes Of an everyday
character. Merchants are disposed t. be
very lenient with their patrons at this
time, and no great amount OF new claims
are being placed in our hands for colec-
ton"
Wholesale houses report numerous re-
nit ances from the interior, ranging in
amount according to the locality ard the
particular product Of the section. The
grain growing counties are beginning to
ease up, and in thirty days the price of the
crops will be in the producers pockets.
Those sections will naturally follow the
fruit-grown counties in yielding to the
trade arteries.
There is plenty OF available money for
grape-pckiEg. which will begin on a larger
scale on the San Joaquin vineyards in
few days. Extensive owners are usually
borrowers al this season, and their prev-
Gus dealings have established a credit that
remains mistaken. The displacement of
Chinese labor in the orchards and packing
houses of Selma, Fresno County, had a
sautary influence upon the community,
and hundreds of white persons will find
profitable employment there for the next
ten weeks or three mo2ths. There are ru-
mors to the effect that Selma's example
will be followed in Fresno. in which case
over 1000 white persons will be needed to
ga her the grape crop. The wage-earners
will consequently improve the business of
that section to gratifying extent.
While there were numerous demands un-
paid on presentation yesterday the faith in
ultimate payment was so great that no at
tachmpnts were levied during the day. and
consequently no failures were recorded.
San Francisco is comparatively indepen-
dent Of tile financial storms in the East and
elsewhere, and to-day stands firm upon
her foundation. When the great houses
elsew here totter and tumble down rows of
their neigbb orS the city at the Golden Gate
can turn to her well-filled Golfers and rem
der them assistance, instead Of falling
through effect.