The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1907-11-02
Heavy Payments Made on
Weekly Payroll Accounts
Governor GillettDe-
clareS Another
Holiday
j. DalzeH Brown Resigns
Treasurership of w. P.

ne OnllcQ ONdleS SOVcFI-
ment came to the assistance of
the San Francisco banks yester-
day. announcing through tele-
grams that it had taken steps to
expedite the shipment of coin to
the Pacific coast. This action
was the result of an appeal made
by local hnanciers to Secretary
Cortelyou Of the treasury de-
partment A vast sum, said to
be in the. neighborhood of S1o.-
0O0, 600, is to be transferred by
telegraph for the use of the San
Francisco J. savings. banks.
The: government has coin in San
Francisco TO the. amount OF $4,000. 900.
. oE this sum ss05.ooo:oo0 is stored in the
mint ana $50 o00soQ0 in the subtreasury.
An effort was frst made to induce
. the government. To allow the local
barks .to deposit their federal bonds
with the subtreasufy here and obtain
: coin in return, but the authorities in
washington. refused TO. consent TO this
plan.
An arrangement was erected at 4
O'Clock yesterday afternoon, however
p. by which similar results. may be
!. achieved: by- operating. through the New
York subtreasury. Just why the gov
ernment was willing to make the deal
through the New York subtreasury in
stead of directly through the local sub
treasury has. not been explained. 1t
IS suggested by local. bankers, however,
that the government naturally prefers
TO act through a central agency such
{ as New York, and independent action
through the san Francisco. subtreasury
would set a~precedent that would make
Il .fncumhent Epon* Secretary -cortelyou
10 turn. every -subtreasuFy in the -coun-
Try. into a. sort Of clearing house.
-. The. arrangement entered into be-
tW.een. the san. Francisco savings banks
: and. the government. provides that such
federal bonds as the local banks have
oh1deposit IN New York may be turned
in to the subtreasury there. The New
York. snbtreasury VIII then wire the
san. sFEancisco sssibtreasarg TO pay out
an equivalent amount in coin. The
first Of this money VIII. be transferred
this morning
Dispatches from washington approx
/. ing this arrangement were received by
the local savings. banks too late 10 per-
NIT: them TO take advantage of the Of
for yesterday afternoon. No banker
was prepared last. night TO name the
exact sum that would thus be detected
!. 70 the coast. but all said # was. OF sum
oient size TO relieve. materially the. To-
cal situation. Estimates ranged from
ss.oOo0oo to s15.0OO.0oo.
! During the past 10 days $5,sos. 900
has. been transferred through the sub
treasury to local banks: The sum of
sl,30o. 900 was received yesterday. The
bulk Of Il. was for the account of San
Francisco banks, but. portions went to
seattle. Fresno and Berkeley.
BANKERS ARE OPTIMISTIC
Secretary W. T.. Palmer of the Asso-
ciated' savings banks and Vice Presi-
dent Lynch of the First national bank
were among the first apprised OF the
governments action. Both expressed
the opinion that it would greatly re-
lieve the situation.
All the banks reported an increasing
amount of business yesterday. Money
was easier and payments were en-
larged TO 2ccommoda.e those concerns
with large pa.yrolls to be met at the
end Of the week. A. the same time an
Increase IN depo sits was noted. There
was no excitement at any OF the fnan-
ciaI houses and business was conducted
as usual.
Bank Commissioner Garoutte, with
the assistance Of former Commissioner
Dunsmoor continued the examination
of the California safe deposit and trust
company. No report viii be made for
day or two Manager J. Dalzell
Brown repeated his statement Of The
day before, that the bank had been
promised assistance and would resume
before long. Announcement was made