The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1894-12-26

1t is nice thing TO be a millionaire so
many times that one can walk into a bank
and check out $500, 900, and yet rest easy
in the consciousness that the snowy trans
action can be repeated the next day. and
the next day after that without the book
keeper demonstrating with a little notice
to the effect that the account is overdrawn.
It sounds like Aladdin's lamp. says the
San Francisco Examiner.
Doubtless there are several gentlemen in
San Francisco who could do this if they
rehearsed for the performance by CONSOLE
dating their securities. but there not
many who make habit OF it. The average
San Francisco paying teller would blink his
eyes. make some inquiries in the back Of
flee. and even if all was pronounced regu-
lar he would stutJer when he inquired.
Notes or gold. sir?'' of the gentleman pre-
senting a check for $1.5O0,000.
Those were the figures on the check drawn
by Claus Spreckels, the sugar king, on the
Nevada bank last Friday, when clearing
house transactions were swollen to consid-
erably over high-water mark.
Nobody questioned Mr.. Spreckles's fnan-
cial right to draw such a check or the
it caused more of a furry in banking and
financial circ.es than has been experienced
in several years. The Pacific and Peoples
bank cOllapses were not unexpected. and
were mere ripples on the fact Of the money
ocean compared with the waves Of talk the
big check provoked.
From all accounts Mr. Spreckles was
walking down NOntgOmery-st. in a re-
Elective mood Friday morning when he was
l. IL. flanfI fff-r
have a 1.-THE pocket money available IN
some other institution than the Nevada
bank. He climbed the steps, asked for a
blank check. scratched in the date seven
figures. the words Bank of California
after Pay TO-" and then signed it as
quietly as though he was putting his o. X.
on a cigar bill The porteltous slip of pa
per was passed to Cashier Davidson as a
matter Of form and the president was also
notified. The latter official did not trouble
himself 20 leave his office. but merely sent
out word that il was all right, and Mr..
Spreck.es. being satisfied that his business
would be attended TO, resumed his walk
down town.
Speculation on the Check.
That is the way the story goes. and it
may or may not be correct as to detail, but
anyhow it is certain that the man who beat
the sugar trust on its own fighting ground
drew his check for n million and Il half of
money last Friday and the sum was trans
ferred from the Nevada bank vaults to
those of the bank Of California before the
close Of business.
With this fact to work on everybody in
every bank in town began 10 speculate on
the sort Of a transaction that could in
volve such a mint of money and yet be
kept a secret. Theories and rumOrs were
thicker than fog.
One young man evolved the explanation
hand in the mysterious bull movement in
the wheat market last summer, and that
the check was intended 10 cover the cost
of buying steadily on a falling movement.
This was generally laughed a by those
who knew the SpreckelS's opinion of wehat
Another suggestion was that Mr.. Spreck-
els was tired of business and intended to
seek recreation in the United States SEN
ate.
This idea was sc1rnfully repealed. Every
body cl3imed 10 know for a fact that John
D. Sp-ecklss and his brother AdOlph had
merely gone into politics for amusement
and % see how the machine was worked in
various branches Of the state and munich
pal government, and that no member Of
the family had any expensive desire for
place.
A transfer Of accounts was considered
the most likely theory. Il was well re-
membered how the AnglO-Calfornia bank
disagreed with Mr.. SpreclSles once upon a
time-nOt so many years agO-and the lat
ter drew out his odd pennies by checking
them into another bank. He had lot Of
nice new checkboOks at the time.
Instead OF throwing them into the waste
basket he bought 2 large red rubber stamp,
and every time he drew check thereafter
he took this stamp and printed Nevada
bank" across that portion Of the checks
that read "AnglO-California bank This
did not provoke a run on the bank that
was turned down, but Il stood in the nature
Of red reproach as long as those check
books lasted.
The question of Fridays big check being
a similar change in strong boxes was much
debated. and the effect of such a transfer
was discussed in like manner.
II was this presentation OF the case that
induced Mr.. Spreckel's to say something
about his big check, which, by the way, he
did not consider anything extraordinary
last evening. He was engaged in an after
dinner game Of checkers with his son,
John, when called upon, and having a little
the worst of the game was much more in
terested in the buttons on the board than
in any matter involving a mere million and
a half John D., too, was deeply interest ted
n the game. IL Is a way these milliOnaires
have, this being interested in trifles, and
the young man is a fair sample of his sire.
just an Everyday Affair.
This IS a small matter Of private bust
ness" he said, land 1t involves no business
transaction that is of interest TO San Fran
ciscans-Or any one else but myself. for
that matter. 1 have drawn many checks
for amounts as large or larger than that,
and, though some OF them may have pos
sessed some business significance. they have
no. attracted any great amount Of atten-
ton. What is the matter with this one,
which does not involve any deals or turns
or anything OF interest in the business
World?"
Some OF the theories Of people who con-
sidereI the check worth talking about were
suggested, but Mr.. Spreckles only laughed
until the matter Of 4 transfer Of his ac-
count was mentioned.
There is absolutely nothing in that.
The Nevada bank paid my check for
$3.50 coo Friday, and Il would cash another
ore for a simillr amount tomorrow morn
ing and another one Of the same size in
the afternoon, II I had occasion 20 draw
them If l thought it would not there
might be some ground for the talk Of a
transfer OF account, but the bank was
never in better condition TO pay a check,
and the fact Is that the Nevada still holds
more or my money than the California.
Tie boys bank tlers, too, 7 believe, and
we have eight or nine accounts with the
institution that viii remain there"
4 suggestion that the withdrawal might
be an object Of too many eggs in one
basket was frowncd upon
No the bank has nothing - do with the
Withdrawal. I know enough about il to
know that the Nevada would casn my
chec6 for another 81, 100000 whether I had
IN. money there or not but 1t Is there,
I n i Wqpf drauu o,aoly f,y-