Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-05-10
INSURANCE MONEY READY
Companies will Begin Adjustment Of San
Francisco Losses at Once.
COMMITTEE GRttTs NEWS WITH CHEERS
Nr. PhcIan says Tbis Action VIII
BrInR About an Early Resump-
uon Of Normal COndi-
lions.

SAN FRANCISCO, May e.--Financial in
terest today centered IN the announcement
made by the insurance companies that IN
/ the immediate future they would pay losses
of the fire sufferers It is believed that
most of the money will he put into general
circulation and when It is distributed will
/ relieve the people Of san Francisco as no
other means could.
This news was welcome. not only to the
/ policyholders, but also to the banks that
/ have been doing their hest for the public
with the resources At their immediate COM
mand. necessarily limited. The announce
meut was official to the extent that It was
| given to the subcommittee of the citizens
general committee and duly reported al
! the general committees daily meeting. The
announcement was received with applause.
news from these interests having been
awaited with much anxiety.
/ What will be the effect Of the payment
OF this insurance money!" was asked OF
james d. Phelan, chairman of the finance
committee.
Nothing could do more good" he re-
piled. When the money lie paid out 90 the
people It will put them on their feet 1t
will bring about an early resumption OF
normal conditions. The people want money
! to buy what they need, and the payment
of these many million dollars will greatly
assist the banks in giving them money.
What is more, the circulation OF the money
will be OF great value to the banking in
! terests"
With their announcement that losses will
soon be paid the insurance interests have
made the concession that salvage opera
tons on property swept by the flames may
be proceeded with.
pnlicx-bnIdars r,o,. ,,,,
find without fear Of risking the loss of their
claims for insurance.
To great extent the work Of demolish-
ing walls and clearing away debris has
been postponed because of the doubt re-
garding the attitude the insurance COM
panies would take. The work OF contract
ing and wrecking companies has been de-
! ferred awaiting such a definite statement
| as that made by the insurance companies to
the committee today.
Tax Rate VIII he High.
| When the tax rate of San Francisco for
| the fiscal year 19O8-O7 is finally fixed the
| figure may be $3.50 on 800 Of valuation
Assessor Washington Dodge was present
this morning at the meeting of the sub
committee and read the following report
covering the situation from his point Of
view:
Last years assessment roll was about
SIS, OOOo 600, made UP as follows: Land,
t9o4OOO, 600; buildings, s97SOOOOo; personal
property, HS,OOO,OOO.
This years roll will in my opinion, as
far as 1 am now able to Judge, show a de-
crease of from $3.50, 100000 TO S25OOOO.Ooo.
Much OF the personal property amount
ing to $123, co. has been destroyed, and
all records of its ownership and valuation
ale nj hut
vious years.
THE larger part of the assessment on
buildings has been lost through destruc-
ton OF the buildings"
A survey by the underwriters show the
damage done to vessels al the Union Iron
works by the earthquake to have been con-
siderable. The two 5O0-foot-lon freighters,
the Mexican and the Columbia, in course Of
construction for the American Ha waiian
Steamship company, were found forward
i'm their cradles and damaged to the extent
of about $4,000 each.
Damage at Union Iron Works.
The Hartman Steamship, Columbia, on
the dry dock was thrown one side,
wrecking the dock and damaging the vessel
to the extent of $4,000. The Columbia and
the dock later sank and have not yet been
recovered.
A pair OF heavy shear legs fell on the
City of Pueblo, inficting damages OF about
$4,000. The Pueblo will be in commission
in about a month.
PhOtOErRphinE City from Balloons.
The signal corps OF the United States is
photographing San Franciscos ruins from
balloons. A series of pictures is being taken
to be kept on file by the War department in
washington. Several hundred pictures
have already been taken OF the different
buildings and an order sent for three bal
looms, so that complete panoramic pie
ture Of the city can be had.
Relief the Way.