Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1906-05-23
SAN FRANCISCO
BANKS Open DOORS
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 its doors to the public. An
unique feature connected with this
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 so much bank money on hand.
For the past week money has been
pouring into The various financial IN
stitutions from all parts OF the world.
supt. Leach. OF the United States mint.
has received many large transfers from
eastern and European centers, and
still the money Is coming. What the
total In TO date Is not known. but some
time ago II exceeded S30,000,000 The
last transfers consisted for the greater
part Of large sims for the savings
banks
When their doors opened this morn
ing they by no means had 10 depend
upon the money received from outside
sources Great savings institutions
like the Hibernia, the Humbold, and
the Mutual hal millions In coin and
valuable securities In their vaults,
which we're undisturbed 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 II Sl5,-
100000 In United, states bonds and $780,
00O00O In other gilt-edged securities, to-
gether with millions IN coin. In It's lists
OF deposltors are included great num-
EA af tha kl.aa La
these people lost their all In the recent
great Are. and at an early hour they
teran to line up before the banks
doors, BY 3 o'clock the lines were over
tlcck long and the police were sum-
nloned 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-
pectsncy rather than worry. for conf
dtnee IN the banks ability to pay In
full 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-
tuilIty to obtain them. over the shat
tered bank building an American flag
doors swung open the shuttle OF feet
I In the long line was accompanied by
the click NJ gold. II was music 10 these
men and women who once feared the
acfumulatio 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
few remaining counters and the un-
damaged vaults made the necessary re-
pairs no great task, The bank officials
said they had over t2.0O0000 IN coin or
its equivalent in active securities. aud
met all demands promptly and without
limit Cashier Story IN referring TO the
condition OF the Mutual said that 1t
was peculiarly fortunate in that 1t had
but 81, 400, 900 IN loans IN the burned dis
trict, and sl,260,000 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 suggestion OF a
money panic.
The Humboldt bank IN its temporary
quarters carried on business as In the
days before the fire. Cashier Palmer
said that only about so per cent Of the
banks loans were In the burned district
and that II was the intention To return
insurance moneys back tn the Dor
rowers tor 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 advan-
tage and embraced IT, Now that normal
conditions have been about restored,
the business of the clearing house bank
i'm the mint has been practically closed
up.