The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1907-11-20
San Francisco Financiers
Declare the Present
Outlook Excellent.
MONEY IS FLOWING IN
Bank Issues Have Helped to Large
Extent...Much Money Comes
From Strong Boxes.

SAN FRANCISCO, Nov. 1S-Six of
the most prominent bankers in San
Francisco, including Homer S. King,
president of the clearing house, en-
press the opinion that the financial
situation here is clearing rapidly.
1t is pointed out that the clearing
house certificates now in circulation
are the best and safest circulating
medium under present conditions.
They are absolutely good, say the
bankers, and have relieved the situa-
ton to a greater degree than any
other scheme that could have been
devised. Crops are moving out, pro-
ducts of all kinds are being shipped
to all points, and the money for these
is commencing to roll in. 1t is San
Francisco money coming back to San
Francisco.
Action Has Effect.
The recent action of the clearing
house committee in recommending
that the banks accept coin deposits
payable either in coin or in certifi-
Gates at the request of depositOr
has had it's effect already in the trans
fer of a large amount of gold from
safe deposit boxes to the Golfers of
the local banks. The signs are of re-
turning confidence and of a speedy.
restoration of normal conditions.
Homer S. King, president of the
Bank of California, president of the
San Francisco clearing house, says:
"The financial situation in San
Francisco is clearing daily. The
people have become sensible and are
accepting conditions as they exist.
They are taking our clearinghouse
certificates, which are absolutely
good and have achieved an object
which could not have been attained
any other way.
I'm New York the runs on the
banks and trust companies have
stopped and the situation is gradu-
ally clearing up. 1t was serious for
a time, of course, but it will improve
from now on. But, speaking strictly
of the situation here, it is my judg-
ment that we are a great deal better
off than a great many other places
in this country.
Export Volume Grows.
1--WE are gradually getting SO that
we can take care of ourselves The
exporting business is going on, and
its volume is increasing every day.
For instance, there are large daily
shipments of salmon, fruits and
raisins, by carload after carload, not
withstanding all this trouble. In a
little while the money for those pro-
ducts will come back right here to
this state. 1t will benefit the pro-
ducers and the state and We'll all
taxes
when they become due at the end of
the extended period set by the State
Legislature.
"In my judgment it will not be
long before things return to normal
conditions and we are able to trans
act business as before. One thing
we must not forget-the East owes
us. not we the East And were
bound to get our money. Its ques-
ton of only short time. We're
getting some money from the East
now. SO that we are getting into
better condition to handle business.
The situation is gradually working
out. It's getting better all the time.
1t has improved SO much within the
past few days that | feel very much
encouraged"
Gold Coming In.
P.N. Lilenthal vice-president and
manager of the Anglo-Galifornian
Bank says:
'With the ending of the present
week and further developments of
an unfavorable nature, financial mat
ters appear to be assuming some
thing like reasonable shape. The
golden stream leading from Europe
nrtn itlly
the atmosphere in that most import
ant city of the United States, ana IL
will not take long to reflect that
benefit on the remainder oil the
country.
"In my opinion the financial situa-
ton is mending daily, and with JUST
little patience until some Oh the
crops have fairly started moving ana
Europe becomes our debtor TO the
extent of hundreds of millions OF
dollars, we can see daylight. III lot
mer wears New York bankers had
anticipated the moving OF the crops
by what is known as finance bllls'
which were ultimately paid out OF
the proceeds of such crop. The con-
ditions in the East for the last Sixty
days have caused the bank OF
England and the Bank OF France 10
discountenance such bills, and as
result America has been trading on
her own money and such as was due
her from the other side. The crops
have begun to go forward-in fact
have been going forward for some
time-Europe is absolutely indebted
to us in new money, and therefore
cannot fall back on any Indebtedness
which in former years America owed
her, through the operations OF wan
street bankers.
Runs Have Subsided.
ssThe two runs on the two or three