The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-19
]. ]. HILL ON THE
DISASTERS EFFECT
Development Of Pacific Coast Will
suffer-Wall Street in
Dismay.

Journal Special Service.
New York, April 19.-The entire
financial district in New York was
filed with dismay over the tidings from
San Francisco. Stocks broke violent
ly and financial sentiment was much
affected. Wall street has enormous
interests on the Pacific coast and is
large stakeholder in all of the financial
and industrial corporations that do
business there. The controlling inter
ests in the United Railways Investment
company, which owns the street railway )
system of San Francisco, is held in Wall
street. The stock of that company
combination stock declined from 90 to
81, while the preferred stock broke 90
| points to II. Both issues recovered
somewhat before the close
A great many of the stockholders
make their headquarters at the office of
Ladenburg, Thalman & Co., No. 26
Broad street. The company has an Of
flee at No. SO Wall street, and at the
Mercantile Trust company. ITO all
them were in a condition of panic
Some insisted on selling out their stocks
| no matter what price they brought, but
the majority yielded to the urgent soli-
citation of their brokers to await re-
suits.
New York Had Direct Wire.
The headquarters for San franciscan
| financial interests were the offices of E.
f. Hutton & Co., 35 New street, and
j. S. Bache & Co., No. 40 Broadway.
Both of these firms have a large San
Francisco clientele and yesterday had a
wire working almost the entire day to
their San Francisco offices. Early in
the 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
people took advantage of this offer.
The private wire of Hutton & Co. ran
| direct to their offices in the Kohl build
| ing, at the corner Of California and
Montgomery streets, San Francisco.
/ This is in the very heart of the devas-
tated 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 9
o'clock the telegraph instrument was
clicking frantically in a 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: nSan
Francisco has been destroyed by an
earthquake. Our office building is still
standing, but fire is raging everywhere
and shock after shock is occurring
l. From that moment until about 8
o'clock, when the wire ceased working
the operator was surrounded by anxious
lnquirers. He sent scores of inquiries
but only few of them brought an
swers. ..ty
Then Building Was Dynamited.,
An hour later from roundabout
way, came report to the office tina
the building had been DESTROYED i
which the offices of E. F. Hutton
90. had been. Whether it had bee
dynamlted in order to prevent tn
81 it had been weakened by tn
successive shocks and had fin
ally become untenable the firm ha,
not learned. All their efforts to Obtain
further news failed @~%
Unloaded Their Stocks.
All the stock exchange houses re
ceiVed large selling orders and tn
transactions in stocks were unusuall
heavy. The offices of the Union Pa
- cafe, Southern Pacific and st. Louis .
. San Francisco railroads were besiege
y by inquirers, but they had very meage
;! news. At Mr.. Hartman S office in tn
Equitable building, most inquirers wer
g referred to the afternoon newspapers.
- At the banks only meager details o
\ what was going on in the financial dis
q trict Of San Francisco was obtainable
., There are forty-three banks and trus
/" companies in San Francisco, and mos
y of them have New York correspondent,
, At the offices of these correspondent
!. little information was received cor
.. corning the disaster.
VI Effect of Disaster in "tfle Street,
y 1t was the general opinion in fnaI
!, cial circles that the first effect of tn
IL disaster would be the demand fo
funds upon the New York banks. N
= = such demand was received yesterday
y but that was due to the panic existin
- u in the stricken city. It is thought tha
~ later today order may be in some mea:
:. ure restored and the subtreasury is e.
pecting demands for telegraphic trans
fers of currency. Up to the close G
i business there was no means of tran:
= ferring monty by wire, even If ther
81 had been a demand. as -
a J.. J. Hills Statement.
~ % James J. Hill, who has just returne
o. to New York, has many interests o
o. the Pacific coast. He has received
number of kilograms concerning the di
H. aster, but they were mere bulletin
90 Mr. Hill said:
u. "I was deeply grieved to hear
g. the catastrophe. My news has bee
-. very indefinite and unsatisfactory.
n the disaster is as severe as reporte,
he it is very deplorable and it may retar
ID to some extent the great progress thu
a. is being made in the commercial an
of industrial development of the Pacif
coast
go D. o. Mills is the largest owner {
IN California property in New York.
ls-
or JlE THEIR STATUS.