The San Francisco call., 1908-04-26
BY Russell Lowry

who sinks along Kearny street
of an evening, soliciting the
price of a supper from each be-
nevolent looking stranger. probably
would not shout with JOY if told that
the San Francisco banks contain an
aggregate of deposits sufficient to give
every man, woman and child in the
city a little more than 5000. And the
harassed merchant who has encoun-
tered the chilled steel glance at each
successive effort to borrow from his
banker a few thousands to carry him
over the dull season. might be surprised
to learn that this is one of the strong
est cities, financially, in the United
States. Both would agree, doubtless,
that the bankers of San Francisco are
conservative. though they might apply
a more emphatic and perhaps less COM
plimentary adjective.
Nevertheless these two factors
great strength and great conservatism
arc the dominating features of finan-
cial San Francisco. The purpose of this
article is TO point out to the casual
reader the elements Of this strength
and some of the causes which have
contributed to make this city the
largest financial center west OF the
Missouri river. BY way of showing
that this is the case it may be men
toned that the deposits in the San
Francisco banks on January 1, 1908,
were q millions greater than the COM
I
Angeles, Seattle, Portland, Oakland.
Spokane and Tacoma; 81 millions
greater than the combined deposits of
the banks in Kansas City. Minneapolis,
81. Paul, Denver and Omaha, and 46
millions greater than the deposits of
the st. Louis banks.
All the banks of California have at
the present time about 4s5 millions OF
dollars in deposits and of this total
275 millions, considerably more than
half, rest with the banks Of San Fran
cisco. The bank clearings Of this city
for the year ending December 81, 1907.
were 2.1z1 millions. as against 2,1o5
millions for Los Angeles. Seattle, Port
land, Spokane. Tacoma and Oakland
combined, the total being exceeded by
only six cities in the United States.
The sources OF this vast accumula-
ton OF money are many and varied,
but fully seven-eighths of the bank
deposits are the property of people who
live here. For more than half a CEN
fury this has been wonderfully pros
porous trade center, and scores of for
tunes, little and big. have been ac-
Quired. Before the fire San Francisco
had the reputation OF being a spend
thrift town. In a way the reputation
was earned, but the implied reckless
ness was not present. AS a matter of
fact expenditures that would be
counted large in other communities
were well within the bounds Of
prudence here for the reason that the
spender was able to make a splendid
income In legitimate ways OF business
Ali Glasses Grow Richer
The history OF this region is one long
record OF uncommon opportunities
from which men of ability and resource
made fortunes large enough almost to
be termed swollen" First there was
the gold rush Of '49, with its resultant
crop OF millionaires. Later on followed
the silver discoveries at Nevada City,
and the Comstock crowd took its place
alongside the gold. diggers. Railroad
development gave riches to another
group. the sugar industry to still an
other. while any number OF minor for
tunes were acquired in real estate, in
numbering, IN shipping and merchan-
dising and all the other activities by
which men reap benefit in supplying
the needs OF a fast growing state But
there has been none of that condition
the socialists love to dwell upon-of
the rich growing always richer and
the poor always poorer. On the con-
trary. as the rich have become richer
the poor have become richer also, and
there is hardly city in the country
so free of the slum element not one
where the workers have been uniformly
prosperous, more able to live in com
fort with a minimum OF hard work
and put by little something against
the day OF emergency. Witness the
$l41, 100000 deposited in the savings
banks, mainly in small sums and by
thousands of persons representing all
walks of life. The aggregate of these
small deposits is the huge bulk OF cash
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