The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1906-05-12
SAN FRANCISCO
RECORDS SAVED
CONTINUED from page II

| will be anxious to secure, and as those
nearest the source of arrivals will have
the best chance of obtaining their GUS
tom, it is not a hazardous assertion
that lower Market street presents one
of the best opportunities for the in
vestment of ready money. provided a
portion of it be Immediately expended
in improvements. The basis thus es-
tablished, the outward growth would
be natural, and as such healthful.
ALL THE CITY BANKS
ARE REPORTED SOLVENT
A few purchases of realty are being
made, mostly in outlying sections of
the city. One of these was made by
a client of Hooker & Lent in the Po-
trero for $25,O00, this price being the
same as that at which the property was
held previous to the upsetting of nor
NAL conditions in the market. An
other transaction has been the sale by
DR.. w. F. Smith to Thomas H b.
Varney of the dwelling at 900 Ashbury
street for $4,000, it being an increase of
$500 over the figure paid for the same
property a year ago.
The clearing house committee reports
all city banks as solvent. Such state
ments are never made by clearing
house committees until after careful
examination of the securities of each
bank. Its statement may be taken as
authoritative. That does not mean that
any bank could pay out the full bal
ances of all its depositorS at sight, for
the majority of that money is loaned.
1t means simply that all banks could
pay at sight all checks which would be
drawn in the ordinary course of bust
ness under normal conditions. and all
other deposits within a reasonable
time. Under existing conditions there
will be some delay in collections with
an increased demand for payments. To
provide for that the banks must them
selves borrow money on the pledge of
their securities and get it here. 1t may
not be needed. 1t probably will not
be needed. Prudent banking, however,
requires that all banks be prepared for
all possible demands. That requires a
little time. But there must also be
vaults and other conveniences for
transacting business which requires
more time.
RUDOLPH SPRECKELS HEAD
OF THE FIRST NATIONAL
Under these circumstances the clear
ing house is acting with great wisdom.
The first step was to provide for sup
plying actual necessities from old bali
ances. That has been done and will
continue. The next step, obviously
was to provide for the custody of
money actually in circuIation-which is
now enormously above the normal
and facilitate exchanges based solely
on that circulation. That has been
skillfully done by opening new "spe-
ciaf' accounts with depositors having
no reference whatever to old accounts.
For the present these two measures
viii provide for all the business which
is ready to be transacted. BY the time
that large payments are required the
bank vaults can be opened and bust
ness will be on a normal basis. All the
savings banks are in good condition,
but can do nothing until their vaults
can be opened. which will presuma bly, |
be some weeks.
Rudolph Spreckels has been elected |
president of the First National Bank. |
to succeed S. G. Murphy. The election |
occurred yesterday at a meeting of the |
board of directors Murphy has been |
desiring for year or more to retire |
and deemed the present an opportune |
time for him TO step out and leave to |
a younger head the government of the
important financial institution over
which he has so long presided.
Rudolph Spreckels possesses LARGE
wealth, commercial and general execu-