The San Francisco call., 1906-05-03
ORDER TO REOPEN
VAULTS IS AWAITED
BY SAVINGS BANKS
All Are Anxious to Resume Business,
but Are Mindful of Depos-
ltorS Welfare.
Have No Fear Of Tight Money Mar
ket, a. Labor VIII Be In
Demand.

Richard n. Tobtn, q director Of the
Hibernia Bank and chairman OF the
executive committee o. tie Associated
Savings Banks, has issued q rsaSsuring
statement to tho depositors.
The banks win reopen for the trans
action Of regular business a. soon ~
access can be had to their vaults.
AL the banks are equally dedrous Of
adopting some plan By which the enor-
nous sum Of money Of which they win
soon be in possession may be placed
at the disposal OF their borrowers for
purposes OF rebuilding.
Mr.. Tobin's statement follows:
The savings banks ind no change
In the situation and they are awaiting
the moment when thAy are advised
they may safely open their vaults.
They are al equally conhdant a. 10 the
futur& No expressions Of distrust nor
unsasiness have reached them and they
count upon the restoration Of normal
conditions within Q short TINA. They
have no tsars Of Q tight money mar
kst. but. On the contrary, feei con-
vtncsd that the building Of The new
San Franchise vfii put args sums Of
money into circulation 1hers wrl be
work and pay and consequent prosperi-
ty for all. Such communications an
they have had by mail express perfect
confidence and calmness on the part OF
their depositors.
The only impatisnce exhibited has
been on the part Of those who. smbar-
rassed by the possession Of ready
money, are anxious to ind some place
where they may safely deposit 1t. The
public in general seems to understand
perfectly that there Is no financial
crisis involved In our calamity. On the
contrary. San Francisco has met her
trial when at the highest point Of
financial prosperity and strength The
savings bankers are most anxious to
resume business, but they are unwiIl-
ing to jeopardize the interests OF their
depositors by opening their vaults
moment before 1t Is quite safe to do 50.
Having escaped one great danger they
do not wish to encounter another
equally serious.
THE contents OF several vaults (not
savings banks) having been prema-
turely opened have been destroyed. The
banks have had impressive warnings
from experts here az well az those In
Baltimore and Chicago to beware Of
opening too soon. 1t is hoped that
they. as well as the commercial banks,
will resume business on or about the
same day, which will be finally chosen
at a general meeting OF all the savings
banks. Due notice will be given to the
public. Bankers without exception are
confident that the contents OF their
vaults are uninjured.
The nature OF the savings banks
business has preciuded them from
adopting any measure similar to that
adopted by the commercial banks for
advancing loans to their customers A
large number OF their depositors,
amounting In one case to more than
$4,000. makes impossible any business
without the use OF their books, which
are inclosed In the vaults. The own
ers Of lost passbooks need feel no un-
easiness as to their accounts The
same steps Will be taken for replacing
the book and for the payment OF the
account to its rightfrl owner as are
taken by the different banks under or
dinary conditions. All the banks are
equally desirous Of adopting some plan
by which the enormous sums Of insur-
ance money of which they VIII soon be
in possession may be placed at the DIS
posal OF their borrowers for purposes
Of rebuilding.
1.-THE savings banks have no tempo
rary quarters. They win resume IN
their own buildings where possible
THE EXECUTIVE COMMITTEH
OF THE ASSOCIATED SAVINGS
BANKS"