Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1906-04-20
Many Rich Brokers Owned Large
Property Interests in the Pacific
Coast City-How the News Was Re-
ceived in That City-stocks consd-
erabIy Affected.

way system of San Francisco, is held
in Wall street The stock of that COM
pany was seriously affected by the
news. The combination stock declined
from 90 to ga. while the preferred stock
broke 20 points to II. Both issues re-
covered somewhat before the close.
A great many of the stockholders
make their headquarters at the office
of Ladenburg, Thalman & Co., NO. 2b
Broad street. The company has an Of
flee at No. 60 Wall street, and at the
Mercantile Trust Company. To all
these stockholders rushed, and some of
them were in condition of panic.
Some insisted on selling out their
stocks no matter what price they
brought, but the majority yielded to
the urgent solicitation of their brokers
to await results.
New York Had Direct Wire.
The headquarters for San Francisco
financial interests were the offices of E.
f. Hutton & Co., 35 New street, and
j. S. Bache & Co, No. AZ Broadway.
Both of these firms have a large San
Francisco clientele and had a wire
working almost the entire day in their
day e. F. Hutton & Co. placed their
wire at the disposal of all persons who
desired to make inquiries concerning
friends in the stricken city. Many peo-
pie took advantage of this offer.
The private wire of Hutton & Co.
ran direct to their offices in the Kohl
building, at the corner of California
and Montgomery streets, San Francis
co. This is in the very heart of the de-
vastated district. Hutton & Co. were
about the first firm in Wall street to
receive news of the disaster.
First News of Disaster.
When the office was opened about 8
o'clock the telegraph instrument was
clicking frantically in language which
the clerks did not understand. When
the operator arrived the voice that had
been meaningless to them appalled, him
with the news it sent.
Great heavens!" cried he; "San
Francisco has been destroyed by an
earthquake. Our office building is still
standing, but fire is raging everywhere
and shock after shock is occurring"
From that moment until about 8
o'clock, when the wire ceased working,
ious inquirers. He sent scores of in
answers.
Then Building Was Dynamited.
An hour later from a roundabout
way, came report to the office that
the building had been destroyed in
which the offices of E. F. Hutton &
Co. had been. Whether it had been
dynamited in order to prevent the
further spread of fire. or whether
it had been weakened by the
successive shocks and had finally be-
come .untenable, the firm had not
learned All their efforts to obtain fur
ther news failed.
Unloaded Their Stocks.
All the stock exchange houses re-
ceived large selling orders and the
transactions in stocks were unusually
hravy The offices of the Union Pa
cific, Southern Pacific and st. Louis &
San Francisco railroads were besieged
by inquirers but they had very meager
news. At Mr.. Harriman's office in the
Equitable building, most inquirers were
referred to the afternoon newspapers.
At the banks only meager details OF
what was going on in the financial dis
trict of San Francisco was obtalnable.
There are forty-three banks and trust
companies in San Francisco, and most
of them have New York correspondents.
At the offices of these correspondents
little information was received con-
corning the disaster.
1t was the general opinion in finan-
cial circles that the first effect OF the
disaster would be the demand TOR
funds upon the New York banks. NO
such demand was received Wednesday,
but that was due to the panic existing
in the stricken city. 1t is thought that
later in the day order would be in some
measure restored and the subtreasury
is expecting demands for telegraphlc
transfers of currency. Up to the close
of business there was no means OF
transferring money by Wire, even II
there had been demand.
j. j. Hills Statement.
James ]. Hill. who has just returned
to New York, has many interests on
the Pacific coast. He has received
number of kilograms concerning the
disaster, but they were mere bulle-
tins. Mr.. Hill said:
81 was deeply grieved to hear OF
the catastrophe. My news has been
very indefinite and unsatisfactory. II
tho disaster is as severe as reported.
If is very deplorable and it may retard
To some extent the great progress that
is being made in the commercial and
industrial development OF the facliic
coast"
d. o. Mills is the largest owner or
California property in New YORK.