Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1906-05-23
Never Before in Their History
Have They Had so Much
Money on Hand.
WAS VERY LITTLE DISORDER.
some Did Not Open Because They
Could Not secure Business
Quarters.

San Francisco, May 23.--At 10
o'clock this morning practically every
bank in this city that has been able
to secure temporary quarters threw
open It's doors 20 the public An
unique feature connected with TINS
general resumption OF business after
the suspension caused By the recent
great calamity. was the fact that never
IN the history of San Francisco was
there 80 much bank money on hand.
For the past week money has been
pouring into the various financial In
situations from all parts OF the world.
supt Leach. OF the United States mint.
has received many large transfers from
eastern and European centers, and
s,ill tho money is coming. What the
total Is 10 date II not known. but some
time ago II exceeded sS0.000,000, The
last transfers consisted for the greater
part OF large nims for the savings
banks
When the,r ..oors o, ened this morn.
Ing they by no means had 10 depend
upon the money received from outside
sources Great savings institutions
like the Hiberna, the Humboldt and
the Mutual hal millions In coin and
valuable securities In their vaults,
which were undisturhed by the Are
The first named OF these banks had
In trust IN It's care enormous sums. II
was reported when business opened to-
day that this bank had back OF Il SIS
100000 In United States bonds and, NO.
Q00000 In other gilt-edged securities, to-
gether with millions IN coin. In It's lists
OF depositors are Included great num-
Der Of the working classes. Most OF
these people Loaf their all In the recen,
great Are, and at an early hour they
tesan to line up before the banks
doors. BY o'clock the lines were over
tlcck long and the police were sum
nioned 10 maintain ORDER and be pre-
pared for any possible emergency, Their
duties, however, consisted OF little more
than keeping the patient men and
women In line. There was no disorder
anc not an anxious face In the long
line, Features were stamped with ex-
pcctsncy rather than worry, for conf
dtnet In the banks ability TO pay In
fun was questioned by no one. The
early lining ur simply meant that
workmon needed their small savings at
this juncture and took the first oppor-
tunity to obtain them. Over the shat
tercd bank building an American nag
fioated In the sunshine and when the
doors swung open the shuttle OF feet
/ In the long line was accompanied by
the click Of gold. II was music to these
men and women who once feared the
acrumulations OF life time had been
swept away. The banks paid without
limit
The Mutual opened in It's own build
ing. which was badly wrecked. but a
fs,.n tYNi
damaged vaults made the necessary re-
pairs no great task, The bank officials
said they had over 81 900 900 IN coin or
it's equivalent In active securities. and
met all demands promptly and without
limit Cashier Story IN referring 20 the
condition of the Mutual said that 1t
was peculiarly fortunate In that II had
but 81. 400 900 IN loans IN the burned dis
trlct, and sl,25O,0QO Of this was covered
by good insurance.
At the Union Safe Deposit and Trust
company's banks both commercial and
savings, everything proceeded with
that degree Of order and quiet that was
remote from even a suggestion OF a
money panic.
The Humboldt bank IN It's temporary
quarters carried on business as In the
days before the fire Cashier Palmer
said that only about 30 per cent Of the
banks loans We're In the burned district
and that II was the intention to return
insurance moneys back TO the Dor
rowers for rebuilding purposes.
The fact that all OF the banks did not
reopen their doors was due TO the
dearth OF necessary quarters, Those
institutions which had parts Of their
old sites remaining had the advnn-
tage and embraced It. Now that normal
conditions have been about restored,
the business Of the clearing house bank
In the mint has been practically closed
no.