The San Francisco call., 1906-04-22
United States Mint to Advance
Millions to the Banks of Cities
About the Bay,
MONEY TO BE ABUNDANT
Secretary Of the Treasury Depart
ment Comes to the Aid of
San Francisco,

More than $5,000,000 will be advanced
Immediately by Superintende ent Frank
A. Leach OF the United States Mint to
the San francisco and Alameda county
banks, under instruction by Secretary
shaw OF he Treasury Department ,rbas
soio IN the Mint in this citv an,onnts
torinore than $500, ,00O, ,00Os The s5. eoo
VoV more to be paid out now will 90 "a
.iie oallks hayingl deposits in New York
anu oIher Eastern money centers
mere VIII be abundant money at
ce' once' SO said Superintendent Leach
udy. secretary Shaw is alive
70 'he situation. He wired to me and
asked Tor recommendations. He h,d
anticipated the desirability of govern
mental assistance in view of tbe re-
cent olsasters. The result is thar the
government viii aid. Some of the re-
lieI money provided by Congress by
approprlation is also available on three
different orders"
measures for the relief of tbe 6pon
eial 1nstitutfons of Sam Francisco viii,
pe dl cussed and action will he takao
at meeting Of the Bankers Associa-
tloh In San Francisco tomorrow at tba
nome OF Mrs. Eleanor Martin.
The State Bankers Assoc;atfo,, .,,,
meet for the same purpose in OakIa od
next Tuesday. The place and exa.t
time will be announced later TaIo
grams TO members of the associati1n
residing at interior points have bAap
sent, giving notification of the meet
ing
Inc Bankers, Association of Oakland
10 aeclAed to~defer action regarding
ene poilcy to be pursued by them until
Ite results of the meetings of the San
riahcisco and the State Bankers As
soclatlons are known
The San Francisco claorir, 49,.
luei,ioers VIII meet on Monday morning
oO me Cnlef Wharfinger's office to dis
cNss Inc situation. The State Banking
commission met yesterday in the Svn0
ulcate Bank building The discussion Of
aHalrs did not result in the adoption of
any definite plan. The commission do
cloed that banks of the State now
closed as result of the Coverno,.,.,
proclamation should remain closed m
III definite relief measures have hean
agreed upon
bankers of San Francisco and Oak
iahd consulted yesterday in reference
70 pians for resuming. One proposition
was to organize a clearinghouse with
headquarters in the Mint building and
10 nave business transacted in that
way Tor the present. SUPERINTENDENT
Leach says that the Mint can supply
accommodations if they are desirej
Assistant United States Treasurer ia
GODS has been instructed to make the
Mint his headquarters for the present.
An immense sum in total will come
into San Francisco as relief money
from many places in the United States
in few days, which will improve the
situation financially
1t was announced yesterday at a
meeting of bankers of the city that
they had found 500, 1000 900 intact and
that all the vaults were perfectly SAFE
One result of the discussion of re-
lief measures among financiers has
becn the suggestion that Congress be
asked to authorize the issuance !. of
bonds in the sum of $2,000,e00, 20
bear 2 per cent interest. payable in ten
years. The bonds would be sold by
popular subscription. to be called the
San Francisco relief bonds" secured
by first mortgage on real estate of San
Francisco. The proceeds from the sale
of the bonds would be placed in the
hands of commission, to loan to own
ers of San Francisco real estate. Pres
ent mortgages would take second
mortgages, giving the Government,
which practically would guarantee the
bond ISSUE first lien on the real estate.