The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-07
LOAN SHARKS FOMEHT PANIC.
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raft. Hui fur p.,t Is fhofr sere tirt'
~ ftftf o. l.rt ua'i I1 in pr nre sr'ine
sin itY. lH'tr H fHo FrrIi M"
fho dif.rH .t Ity Nv f1r Clothes fof ~
though t.arr 10 sitar fuf rlthine nov ITO
iaundrtra rrc INV nv fr'ti1a iut1 tciinn ~
that hoi'ri .II..t 1uIl %n1lit.a nre ~ pre-
fnluu ftei tlr lHn' 90 ND Httle limo 20
stss HrsTY. 90 ibtt t,r uItti' brfnfs tho
hahI a'iri we lirry
LACKING fup. vtI mo proosaainn ~
smHrt ctrrins1. ruI prptiirs and hiryclra
whirh uaad iu rinb" 'he great driveway
lively nr Sunday afternoons Thrse sun
dav afternoon iu rh" park wrrr oncr q
great frr'ur' ~ lfe w This neld.lpving
nrrt rorplIs
tharr wont boz much lsfi ~ mo park
when ihis thing is over Iuat % few monu-
ments and two or tirrc buildings which
stool ils uuntr rhe miles and miles ~
lawns. carefully -odind and cultivated
IN Thu country wh"ro grass grows relir-
family have boon trampled beyond hope.
The trees have suffered. too. tho pa vilion
on = rnwberrv Hill l. down, the Museum
T. knocked out, and the other buildings
haw suffered. Yct the grca, park has
been the salvation ~ the city.
Otherwise II was q working Sabbath.
There Is much pressing work 10 he done
and most of the gangs Of men repairing
street railway lines. clearing away rub
bish and throwing up temporary shacks
for the use Of business houses worked on
as usual. There was not even a Clergyman
to say that this was not an act Of mercy
and necessity
To-day. for the first time. many went TO
the cemeteries to sRe what had happened
TO the homes Of their dead. The cemeteries
Jared quite a. badly as the business dis
trict. Great monuments were cracked from
top To bottom, nearly all the little grave
stones, set as they were on insecure foun-
dations. were overthrow and often broken
and great vaults were reduced to heaps
of rubbish,
Those who could find where their dead
lay -st rp the unbroken COMMISSIONERS and
bra cad them temporal ily aga inst another
shock.
Most dana ged Of all. probably. were the
cemeteries in the shadow Of Mountain
Cross. For many year burials have
stopped in these fields. The tombstones
were old and had often sunk 80 that
they leaned. The earthquake scattered
them like cards,
incidentally these cemeteries have made
an earth rlalie record which throw a great
Light on the character of The temblor. The
stones have fallen in no one direction,
but in every direction. Three or four
tomLstones in o family lot hlve fallen to
different points Of the compass; there il no
uniformity here in their direction.
The midsection of some monuments
have fallen in one direction, while the caps
have fallen in another. All these signs
go to indicate that the earthquake was
a "twister," the result, possibly, Of several
seismic disturbances, which, starting S-
multanPously at several points, met in the
region about San Francisco Bay and shook
the vicinity with multiplied force.
So many sharks and bunco operators
have appeared that the chief OF police has
issued the following order:
ITO the IeOpic Of san Francisco Warming;
Our city is becoming rapidly infested
by d~lsreputahle money brokers and loan
sharks, who are attempting to secure all
handbook accounts and insurance papers
at a ridicnlously low percentage Of their
actual value This ~disreputable class is
INDUCING tlllHCUS 10 TelliQulEn tTtU CldltnS
to bank accounts and insurance. papers
and is circulating reports that all banks
upon opening will pay only % cents on the
dollar upon all handbook accounts and,
further, that tho insurance companies have
decided to pay no insurance upon buildings
damaged by the earthquake.
o are hereby warned against any such
Representations, and We would further
strongly urge that you keep your bank
accounts and insurance papers until such
tiDnp IA rules pnNprniDp the Ramn ire daft
nitely established by the proper authori-
ties. j. +, OMAN, Chief of Police"
This warning has been posted all over
San Francisco and Oakland and printed
in all the newspapers, The loan sharks
have managed to create a mild panic among
the holders of insurance policies and have
got some Of them quite ready to sell out
cheap This feeling has been fostered by
a number of insurance agents who have
gone over the burned section and have
tried to nAaggerate az much as possible
the earthquake damage, On the other
hand, some of the larger insurance corn
panies have stated that they intend to pay
in full, and the underwriters are doing
everything in their power to minimize the
feeling Of panic.
That is not the only panicky feeling.
In certain quarters there has grown up an
utterly unfounded distrlst OF the banks.
Financial alarmists started a rumor yester-
day that the Rothschilds had refused the
credit of one of the greatest banks in Cali
fOfnla ana nau hnut down on lis letters Oh
credit. To-day Slpt, Leach of the Mint took
oogniEanoe Of this and like rumors and
Issued tho following statement;
"The cold fact is that the banks in San
Francisco have more money and more
credit than they know what TO do with.
They cannot handle tho cash that iN coming
in or them, hdon't like to put it Just that
way. but it il almoS, true that it requires n
pull for a mar to get "A bank to accept his
money.
'rhe coin is coming in faster than it can
no handled, The San Francisco banks have
been trying to get rid of their surplus
through country banks, But the country
banks are turning the money back. .
To-day / have handled more than
100000 sent hack to San Francisco by
these institutions. One Oakland savings
bank has sent to New York $500 Geo in the
last two days. A commercial bank in Oak
land has moro than 81 500, COO in DEPOSITS
above what it had on the day before the
earthquake.
Every San Francisco bank has had
more deposits than Withdraw ais"
In fact, the Clearing House has had a
quiet time of it. There has been nothing
approaching a money panic and toward
the end Of the week the cashier was able 10
cash PROMPTLY all the $500 rromissory notes
as fast "a they were pre- sented, OF $780,
Onn t1onal In tho Mint Cor an,rrn,rop