Citizens National Bank (San Francisco, CA)

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Episode Information

Episode UID
771301276
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
77130 national
Charter Number
7713
Start Date
April 18, 1906
Location
San Francisco, California (37.780, -122.419)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6989374fc82cade0

Response Measures

None

Events (4)
1. April 27, 1905 Chartered
Source
historical_nic
2. April 18, 1906 Suspension
Cause
Local Shock
Cause Details
Great earthquake and subsequent fire destroyed banking houses and blocked access to vaults, forcing suspension of banking business throughout the city and state
Newspaper Excerpt
all the banks were in ruins and consequently had suspended business
Source
newspapers
3. May 23, 1906 Reopening
Newspaper Excerpt
practically every bank in this city ... threw open its doors to the public. San Francisco banks have reopened and are doing a good business.
Source
newspapers
4. June 1, 1907 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (23)
1. April 22, 1906 The Sun New York, NY
Article from The Sun, April 22, 1906

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holidays "in the interest of public welfare, and in consequence no legal business can be transacted and all banks will remain closed. Another important meeting in Oakland to-day was that of the San Francisco Clearing House, which discussed the financial question and prepared plans which will be submitted to the State Clearing Association in Oakland Tuesday. While the State bank report shows all the banks throughout the State in good condition yet a large majority of the smaller institutions had large deposits with the San Francisco banks and the situation is very grave. A general suspension of banking business throughout the State until the monetary condition is readjusted was the general idea of the bankers attending the meeting. WASHINGTON, April 21.-The Treasury Department to-day received several telegrams relating to the condition of banking property and the financial outlook in San Francisco. Supt. Leach of the San Francisco Mint reported that every bank in the devastated city was buried in ruins, but banks in Oakland, Berkeley and Ala= meda were able to resume business. The telegrams to Secretary Shaw follow: "Thanks for your complimentary despatch. Every bank in San Francisco buried in ruins. All banks in Oakland, Berkeley and Alameda able to resume business, including First National, Oakland; Union National, Oakland; First National, Berkeley, and Berkeley National, Berkeley. "It looks as if Oakland must be temporarily the banking centre for California north of Tehachapi. State Banking Commissioners have located office in Oakland to meet this condition. "The suburban banks ought to have free and prompt telegraphic transfer of funds. In view of the ruined condition of SubTreasury, advise making the transfers direct through the Mint. "The Sub-Treasury went down in the fire early, and is now surrounded by blocks of ruins. "The fire is still burning, but it is thought to be confined to a few blocks of residences somewhat isolated. No foundation for published statement of attack on Mint. "Will do what I can about bureau of information of refugees. Have received to-day Meline's order for transfer of funds to Bank of California, San Francisco. "LEACH, Superintendent U.S. Mint." "My temporary address is 3147 Clay street, San Francisco. All San Francisco banking houses destroyed. None destroyed in Oakland. Cannot report at present as to condition of suburban banks. "Sub-Treasury roof caved in. Vaults apparently intact, but blocked with débris. After consultation with leading bankers, will report as to best plan of procedure. "JULIUSJACOBS, 'Assistant Treasurer, U.S." "Plenty water at Unalaska wharf. All business portion of San Francisco burned except Appraiser's building. Crew of Thetis and Bear have done guard duty since the earthquake Can'tsay when they can resume ships' duty. City burning. HUMMEL, "Official Treasury Department. OMAHA, Neb., April 21.-Joseph Tobin, president of the Hibernia National Bank, San Francisco, en route from New York, received a telegram in Omaha to-day reading: "Bank destroyed; every dollar in vaults gone." After reading the telegram President Tobin said: "Our deposits were up in the millions of dollars. We will pay dollar for dollar to all depositors."

2. April 23, 1906 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, April 23, 1906

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RECORDS IN CITY HALL ARE SAFE PROPERTY OWNERS REJOICE OVER NEWS Bankers Hold Meeting and Decide to Resume Business Within Thirty Days If Such a Thing Is Possible By Associated Press. SAN FRANCISCO, April 22.-It was that a examannounced today careful and ination had been made of the books records in the city hall and that all were found to be in good condition. This fact has greatly relieved the anxiety of many property owners who feared complications regarding titles might arise. The bankers of San Francisco represented in the clearing house, which includes the commercial banks and some of the savings banks, held a most satisfactory and most encouraging meeting at the home of Mrs. Eleanor Martin, at the corner of Buchanan and Broadway. Sufficient Money on Hand The conclusion of the conference was that there is sufficient money in San Francisco to meet the financial emergency, but that it would be folly to open for business unless fully prepared to do so. The experience of Baltimore in opening the vaults of the banks in two weeks after the fire was reviewed. In that city the contents of many of the receptacles burst into flames because they had not been given opportunity to cool. The banks thought that thirty days would be the limit of the time before they would resume business and that possibly they will be prepared soon. Reports From Washington Read Homer S. King, president of the clearing house, presided, and Worthington Gregg, secretary of that institution, acted as secretary. Sub-Treasurer Jacobs read some telegraphic correspondence between himself and Secretary of the Treasury Shaw. The secretary had inquired in respect to the condition of the commercial banks of this city. The assistant treasurer's reply was that all the banks were in ruins and consequently had suspended business. The roof of the sub-treasury on Commercial street had fallen in, covering the vaults and rendering the structure the transaction of business. however, was unfit The mint, for vaults, still intact, upon with over $200,000,000 in its which transfers from New York might be drawn. Bankers Will Work Together Chairman King said: "The bankers all want to work together and we will do the best we can.' I He said that no one was in need of money except for the purchase of food and no one would be so unreasonable ns it for other purposes at this He himself had been to time. to accept current expenses. obliged borrow money for 5 Henry T. Scott spoke in opposition to an early opening of the vaults of the banks. He recalled the experience of Baltimore, where the receptacles were open in two weeks, and from many of them flames burst, consuming their contents. May Extend Holiday There was some discussion about the advisability of asking the governor to extend the legal holiday for thirty days and committees to confer with the governor on the subject were appointed. Metings of the clearing house banks and commissioners will be held tomorrow to further consider the financial situation. $ 75 Consider Sanitary Conditions A medical committee composed of Dr. Ward of the city board of health and Colonel Turner of the federal board of p health today made a survey of the supply lines of the Spring Valley Water p S company. It was their purpose to ascertain def- in o initely the location of the breaks s the water mains. The committee, after consulting with 1 the chief engineer of the company, h proposes to engage 500 or more plumbto immediately repair the pipes so secure a full supply as ers to Master of water. The members of the Plumbg ers' association have offered their services to make house to house inspection of the water pipes with a view to making sewer connections. d Three Maternity Hospitals r r Three maternity hospitals are to be established in different parts of the f IS city. A physician has been delegated by the board of health to quarantine all 9 houses where contagious diseases may 's appear. Colonel Turney anounced that Hark bor View park, situated at the foot of had been seized for the of contagious e purpose Baker street, housing responded patients. Fully 200 physicians have e to the health department call for volunthe assistance of more r those present was than teers and decided 300 necessary to shield the city from pestilence.

3. April 25, 1906 The Sun New York, NY
Article from The Sun, April 25, 1906

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PUZZLE. BANK SITUATION A IN STATE CONFERENCE HELD IT. OAKLAND TO CONSIDER the No Banking Business Can Be Done Holiday in State Owing to the Legal Plan of Meeting Emergency Needed. Notes Some and of Avoiding Runs OAKLAND Cal. April 24 meeting of the State was held in Oakland this afternoon by Gov Association attended the State Bankers' Attorney-General of to Pardee, the State Bank Commission. Webb and upon some relief for the stringent caused determine market throughout the State of banking money enforced suspension days by business the upon the Governor's thirty of interdiction. Representatives from over the a score big coninterior vailey banks. Sacramento and the large Los Angeles and attendance the cerns Oakland of institutions were in upon the meeting problem of permitting banks business through to The State to do sufficient of trade out the the paralyzed avenues run by open up incurring the dangers of that a was : / without deposito was the question paralysis ! the this afternoon The as they I discussed all of the San Francisco banks, centre acting for the : did as the chief all nervous the State, has brought money market of to the banking business is a series crisis and one which it realized i throughout can California only be alleviated by careful and discreet manipulation. bank The question submitted to the Can the this afternoon was: exchange commission limited business of withbanks do a limited number of drafts and honor a to the San Francisco banks out doing without injury incurring the danger of being meet and swamped by timorous depositors?" of called to the attention the in the It was gold supply intact Mint and with which is ing that Francisco with the cent. the generous San of from 40 to 60 per emergency reserve of the banks. imbe paid without the might themselves and to notes carried by the all banks seriously stagnant perilling great convenience of the now trade. the question arises- if a anything bank opens to Yet for business is there demanding its doors depositors from prevent all of their funds and ruining drafts the a score full of amount banks where the heaviest would be felt? the session of the bankers the business was Although an executive character and over until toof of the delegates was carried definite announcemorrow without any the belief being made of it progress. commission supment the bank favors a prevails that Attorney-General, ported by the upon emergency demand limited payment San Francisco banks can days open their until doore the at the end of the thirty period of quiescence. time sufficient money will every have At that from the East to meet which been drawn the dangerous erisis overthe demand banks and now fnce will have been come meeting of the Oakland bankers repreAt a there were present instithis morning of the following Oakland Union sentatives Oakland Bank of Savings. Bank tutions First National California Merchants'. National. Bank. Farmers and and Central State Savings Bank. Security Oakland Bank Bank and Trust Company. West An adjournment was Trust Company noon in order that the the represen- general taken at present might attend tatives of the State Pankers Association, afternoon. meeting convened at 2 o 'clock this on the which news was given out it Though no Oakland bankers meeting results of business of the learned the that the necessity meeting of makis to do with the even had largely accommodation to patrons the days ing small Governor's embargo on shall banking have before business for the next The thirty spirit of the bank been removed seemed to favor the conservative drawn presidents of funds now being supply disbursement the San Francisco Mint's orders gold only from upon the relieve most the urgent total stagnation of This is to must necessarily continue business that Francisco banks are in a busi- pountil the San their vaults and resume however, on sition to open is no disposition. Ivanness There the Oakland banks to take a San the part the of temporary crippling With of this the resertage of banking houses whatFrancisco it was decided that take vation in view the Oakland banks may of the ever steps temporary alleviation, solely toward the market should be financial interests of in the not for the profit situation tightened general and money houses immediate the of any Oakland banking of gold from the dollar San More such as the million Nashipments Mint. Union Francisco that came to the expected consignment vesterday afternoon. are of Broadtional All of the largest banks for the to-day accommodations way have made sums in gold specie. receipt of be considerable afternoon has passed the vaults fully Before in gold will be resting concerns in $3,000,000 at least of the Oaklar were paid of four small notes banks To-day counters many of three of the holders over the accommodation financial for the needs simply as relieve pressing can be and to banking business inhibition done But no until general the present period of is over. understood that this morning credit the It is transferred to the Southern Pacific Bank of Savings $500,000 fund to to of the Oakland special contingency heavy be used the as a institution against upon any it before San the drafts fortify that Francisco may be banks made can regain their Company The one vault and and feet to-day Fireman's opened once Fund burst Insurance into This a the hows blaze papers what be may expected were and books at entirely consumed if the bank vaults are opened too HOOD. of

4. April 26, 1906 The Daily Silver State Winnemucca, NV
Article from The Daily Silver State, April 26, 1906

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# REASON WHY THE BANKS # HAVE CLOSED FOR # A WEEK SOME consternation has been caused by the closing of the banks of the state for the week. It has been reported that it is because of the financial stringency precipitated by the San Francisco disaster. That such is not the case, however, it is hardly nece ar y to say. "If it were not for the fact that the Nevada banks were temporarily closed down," said a prominent banker, "th re would be such a flood of Calnorn checks against them that in spite of the immense specie reserve now in the vauits there would be no tiding the difficulty. Not even the Bank of Englan i could pay all the checks from California that would be presented for collection. "There is no financial panic possible," he continued. "The San Francisco banks cannot for a time get at their specie and resume business. But the money f those institutions amounting to $1,000,000,000, is safe in the several vaults, ready for oirculation when the accounts can be opened up and a pine board founl somewhere in San Francisco over whi.h to transact business. At present this i impossible and Nevada, being the nearest state and Rano its metropolis, it's but natural that here wou'd be wher the demands would come. 'On the other hand, there is n) disposition to further cripple our stricke neighbors, and Nevada banks at the enl of the week will readily encorse San Francisco vouchers and hold them fo collection. The endorsement will be a guarantee that the paper is good ad in the meantime the banks of the m-tropolis will be opening up and getting ready for business. "The fact that the United States government is sending out $15,000,000 to th First National Bank, its deposito y, is evidence of the confidence that may be placed in the future of that city. The largest banking houses throughout the country are doing likewise and so are private capita ists. This matter is mer-ly a temporary difficulty soon to be fo:-gotten, but in the meantime the Nevad banks are bound to protest themselv s and their depositors for whom they have advantageously placed their money in good and interest earning securities. "The financial situation is sensitive o all shocks, and the San Francisco calamity has temporarily affected the banis throughout the world."

5. April 29, 1906 The Sun New York, NY
Article from The Sun, April 29, 1906

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# $30,000,000 IN BANK VAULTS. San Francisco Will Also Soon Be Able to Get $48.000.000 More. OAKLAND, Cal., April 28.-Until the banks open and business begins to get on its feet things will be pretty much at a standstill in San Francisco. This has been the dullest day since the city of Oakland passed the city of San Francisco in population. Things are proceeding steadily toward a readjustment and a beginning. One line of street railway is running-from the ferry up Market street to Fifth. This covers a stretch of little more than three-quarters of a mile but it helps solve the transportation problem. Distances are enormous and there are no other public carriers, of course. The city banks may open next week. The Bank Commissioners want them all to open at once so as to accommodate the smaller banks. Already some of them which have found temporary accommodations on Laguna street are paying off their country correspondents, so that farming, the life of San Francisco commerce, shall not be hindered at this time of the year, when the ranches are getting ready to begin on the early crops. The bankers say that they are as eager as the depositors to open, for the money stringency is very troublesome. As things stand at present, millionaires are no better than paupers. Cash is all that goes now. Resumption of banking is pretty much a matter of getting the vaults cooled and open. Inspection shows that with two or three exceptions the vaults are intact. With two or three exceptions, however, the buildings are down. According to the annual statements, the value of the buildings was $6,992,327. As two-thirds of this valuation represents the land of the banking sites the total loss in property will be about $2,300,000-a sum which will in no way impair their financial standing. Insurance on buildings and fixtures will cut this down. CASH ON HAND IS $30,000,000, The amount of cash in the vaults of commercial, national and savings banks is $30,571,023; this is immediately available. The amount due all the banks from outside banks and bankers was $37,987,090, of which only $18,000,000 can be figured on. The rest comes from the San Francisco banks. The grand total is $48,000,000 asset, swhich will be ready as soon as banking opens or shortly afterward. In addition, they held stocks and securities valued at $91,191,130-one-third in Government bonds. This $30,000,000 in Government bonds, added to the cash on hand and due, makes the sum of $78,000,000 ready to hand. Convertible securities outside of the United States bonds may bring the total to $100,000,000 within two weeks. SHIFT IN REALTY VALUES, There has been a queer shift in real estate values. Oakland is having a boom prices of business property are rising steadily, There are many who believe that Oakland will never lose a great deal of the excess population and capital which mnst stay here while San Francisco is being

6. May 5, 1906 The New Age Portland, OR
Article from The New Age, May 5, 1906

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NEWS OF THE WEEK In a Condensed Form for Our Busy Readers. HAPPENINGS OF TWO CONTINENTS A Resume of the Less Important but Not Less Interesting Events of the Past Week. The new Russian cabinet is composed of reactionaries. San Francisco's water supply is now safe, but short. Idle men in San Francisco are refused food and made to go to work. San Francisco banks have reopened and are doing a good business. A new copyright law has been completed. but its passage by congress is doubtful. Military forces are after another bandit band in the province of Cavite, Philippine Islands. Attorney-General Moody is preparing to prosecute the Standard Oil and railroads for rebating. People of Zion City fight shy of meet ings held by Dowie, at which he at tempts to explain recent events. The United States has been accused of buying the plans of the British battleship Dreadnaught from a naval of ficer who stole them. James D. Phelan says the condition of thousands in California is pitiful, and it may be necessary to issue an other appeal for public aid. Dowie is fatally ill with dropsy. Hermann's trial has been set for the first week in June. China opposes the immediate opening of Manchurian ports. Father Gapon has been executed by rebels for betraying them. The Senate committee has disagreed on procedure in the Smoot case. Democrats elected. their mayor and ten councilmen in the Omaha city elections. The California earthquake formed-an island in Bolinas Bay, 30 miles from San Francisco. San Francisco banks are paying depositors through the mint, and the money stringency has been lessened. The labor situation in France is growing worse. Cavalry has been called to the scene of the rioting, and many workmen have been trampled under foot by troopers' horses. The California earthquake revealed a big graft in the erection of Stanford University buildings. Structures for which $6,000,000 were paid cost the contractor but $3,000,000. Senator Heyburn is seriously ill. Witte's resignation as premier of Russia has been accepted by the czar. Hearst has asked congress to appropriate another $2,500,000 for California. Three men were fatally injured in a riot between striking miners and Pennsylvania constabulary. Each side claims a majority of the senators in the question of court review on the railroad rate bill. Senator Morgan has a plan for the construction of the Panama canal which he has brought before the senate. The French government has arrested many labor leaders, imperialists and anarchists and is preparing for an outbreak. Millions of Chinese are learning English and are translating foreign scientific books. The Chinese Reform Association has worked wonders among the natives. The supply of food at San Francisco is low. Mayor Schmitz has issued the of running way a statement funds, saying clothing anything and provi- in sions, can be used. It is believed the senate will vote on the railroad rate bill this week. b Great Britain may force Turkey to give up Tabah. Every library in San Francisco, except one, was destroyed. Peddlers have been captured in San Francisco selling relief supplies. Suit has been begun to oust the Standard Oil and its allies from Ohio. Dowie has returned to Zion City. He was welcomed by a small crowd. Prince von Radolin will likely be named as the successor of Chancellor von Buelow. Premier Witte will be appointed president of the council of the empire by Czar Nicholas. Secretary Metcalf has reported recommending an immediate rebuilding in San Francisco. Roosevelt has approved the report. Luke E. Wright, United States ambassador to Japan, says the Chinese should receive better treatment at the hands of the Americans than is now accorded them. Senators from Oregon and Washington have received telegrams from the lumber interests in those states opposing free lumber for the purpose of rebuilding San Francisco and other wrecked cities.

7. May 10, 1906 Heppner Gazette Heppner, OR
Article from Heppner Gazette, May 10, 1906

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# RESUME OF THE WEEK'S DOINGS General Review of Important Happenings Presented in a Brief and Comprehensive Manner for Busy Readers-National, Political, Historical and Commercial. Trepoff and the dowager empress now rule the czar. Turkey is rushing troops to Sinai to fight Great Britain. Ohio is preparing to oust the Standard Oil from that state. Advocates of international arbitration oppose a larger navy. Attorney-General Moody is at work on Standard Oil indictments. Anthracite coal miners will avoid a strike by accepting the old wage scale. Smallpox has broken out in Zion City, and the Dowie party calls it Divine punishment. Twenty-one students at an Indiana college have been suspended for hazing one of the professors. Losses by the San Francisco fire have caused the bankruptcy of the Traders' Insurance Company of Chicago. The president has won his fight on the railroad rate bill and an amendment has been inserted carrying out his views. The battleship Rhode Island went aground in Chesapeake bay. No damage has been done, and it is expected she will be floated soon. A bill has been introduced in congress authorizing the reappointment of a number of West Point students who were recently expelled for hazing. Senator Heyburn's illness has become more serious. The Czar is in a panic over what parliament may do. The Southern Pacific has hauled 1,056 cars of supplies to San Francisco. General Greely says there is sure to be more suffering in San Francisco. The house committee has killed the bill abolishing land office receivers. San Francisco has plenty of food on hand for ten days, with more on the way. The management of San Francisco has been restored to the municipal officials. The new Russian cabinet claims to be Liberal, and denounces Witte as an oppressor. Great Britain has sent an ultimatum and a fleet to Turkey. She is supported by the other powers. Two passenger trains of the Pennsylvania road collided near Altoona, Pa. Twenty-five people are dead or injured. Geologists investigating the cause of the San Francisco earthquake have found an immense crevice in the mountain range near Redwood City. The new Russian cabinet is composed of reactionaries. San Francisco's water supply is now safe, but short. Idle men in San Francisco are refused food and made to go to work. San Francisco banks have reopened and are doing a good business. A new copyright law has been completed, but its passage by congress is doubtful. Military forces are after another bandit band in the province of Cavite, Philippine Islands. Attorney-General Moody is preparing to prosecute the Standard Oil and railroads for rebating. People of Zion City fight shy of meetings held by Dowie, at which he attempts to explain recent events. The United States has been accused of buying the plans of the British battleship Dreadnaught from a naval officer who stole them. James D. Phelan says the condition of thousands in California is pitiful, and it may be necessary to issue another appeal for public aid. Dowie is fatally ill with dropsy. Hermann's trial has been set for the first week in June. China opposes the immediate opening of Manchurian ports. Father Gapon has been executed by rebels for betraying them. The Senate committee has disagreed on procedure in the Smoot case. Democrats elected their mayor and ten councilmen in the Omaha city elections. The California earthquake formed an island in Bolinas Bay, 30 miles from San Francisco. San Francisco banks are paying depositors through the mint, and the money stringency has been lessened. The labor situation in France is growing worse. Cavalry has been called to the scene of the rioting, and many workmen have been trampled under foot by troopers' horses. The California earthquake revealed a big graft in the erection of Stanford University buildings. Structures for which $6,000,000 were paid cost the contractor but $3,000,000. Senator Heyburn is seriously ill. Witte's resignation as premier of Russia has been accepted by the czar. Hearst has asked congress to appropriate another $2,500,000 for California. Three men were fatally injured in a riot between striking miners and Pennsylvania constabulary.

8. May 11, 1906 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, May 11, 1906

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# STOCK MARKET FEATURES EARLY WEAKNESS AGAIN FOLLOWED BY STRENGTH. Some Profit Takein and Some Accumulation-The Public Nibbling-Satisfactory Crop Report-Leading Features in Railroad Stocks-The Cotton Market-Strength of Shannon Copper Stock-Gossip. Yesterday's stock market was characterized by weakness early in the session, followed by strength. The closing waststrong. Notwithstanding the importance of the importance of the government crop report and the easier monetary situation, it did not appear very clearly that these matters were actual influences in yesterday's stock market, nor was much attention paid to yesterday's accomplishments in the United States senate in the various amendments to th erailway regulation measure, including the one bearing most directly upon the operation of the coal roads. The volume of bunsiness was maintained upon a large scale, and active dealings were conducted in all quarters of the market, with the local traction issues furnishing a larger proportion of the total than has been the case for several weks past. The new Interborough-Metropolitan shares were notably strong on expectations that dividend paments would soon be instituted upon the preferred. It was apparent that a god deal of profit-taking was in progress. Much the same thing has been seen every afternoon during the present week. While other stocks were receding, a few, like St. Paul, were run up a little to break the force of the setback. Leading features of the railway list were New York Central, Pennsylvania, Atchison and Union Pacific. Characteristic advances were scored by Northern Pacific and Great Northern preferred, and sharp gains were noted in some of the so-called specialties. One banking interest received word yesterday that San Francisco banks would not resume business until June 1. The bond market was much better. Two million dollars were paid back to the sub-treasury yesterday by the banks for advances made on gold imports. Directors of the Broklyn Union Gas company at a meeting held yesterday declared a quarterly dividend of 1 per cent. This is a reduction of 1 per cent. compared with previous dividends this year, declared in February. Though still somewhat backward, outsiders are beginning to take more interest in the game. It is no trouble at all to get rid of the actual cotton. At the present rate that it is being absorbed it will not be long before the difficulty will be in supplying the demand. The Harriman interview was used as a bull argument for putting up the grangers-particularly the Harriman issues. Yet many had their misgivings about the propriety of buying on such utterances, remembering good selling of stocks just after such occasions. Transactions in bonds included $100,-000 Marine 4½s at 78½, $50,000 Delaware and Hudson at 107½, $25,000 Westinghouse 5s at 97¾, and $3,000 American Writing Paper 5s at 84. The putting up of granger stocks an a good government crop showing is an old device, though it is hardly to be supposed that many will listen to this argument so early in the year. Compared with an average year, the winter wheat showing was considered excellent, though it lacked 1½ per cent. of the condition reported a year ago. There has been god improvement during the last month. Much of the recent buying of the Hill stocks has been for foreign account. This, it was alleged, had so reduced the floating supply as to make sharp advances, like those scored yesterday, a matter of great ease. The same foreign buying argument was used about these stocks just before the recent break.

9. May 22, 1906 Evening Star Washington, DC
Article from Evening Star, May 22, 1906

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SAN FRANCISCO NOTES Echoes of the Earthquake and a Big Fire. TOTAL DEATH LIST IS 395 Expected Run on the Banks Did Not Materialize. CHILDREN'S SCHOOL IN TENTS 108 Victims in Collapse of State Insane Asylum-11 Employes and 97 Patients. SAN FRANCISCO, May 22.-The antictpated run on the banks yesterday did not materialize. When the commercial banks opened in their downtown quarters they did so expecting a rush on the part of depositors, and were fully prepared to meet it. Instead of heavy demands for payments there was a much larger stream of depositors. The Wells-Fargo-Nevada National Bank had over $20,000,000 in its vault available for the expected rush. It was stated that there were no heavy withdrawals, and, in view of the confidence being restored, some of the banks decided that the assistance they were to receive from other sources is now unnecessary. Four cases were added to the coroner's list of earthquake and fire victims yesterday. The total number if 393. Two of the new cases come from the Kingsbury House, 172 7th street, and another case from the corner of Washington and Battery streets. The fourth came from the Montgomery avenue and Francisco street corner. In one the identity of the victim was established. William Burnip was the name. His remains were dug from the ruins of the Kingsbury House by his son. Burnip's home was in the east. He was a locomotive engineer and a native of England, fifty-five years old. Summer School Opened in Park. The summer vacation school opened yesterday in Golden Gate Park, with Albert M. Armstrong as principal. The milltia, at the request of the school board. had supplied seventeen tents to accommodate the little refugees. These are scattered over the park, and it was no small task to get the various grades classified and located. On the recreation grounds, the children's playgrounds, in the base ball park and on the main driveway the tents are located, and nowhere in the country can be found nearly 600 children more comfortably housed. It is expected that at least 1,500 children will soon be in attendance. Each tent is built to accommodate twenty pupils and is equipped with desks and blackboards. There are numerous books on hand. Reading and arithmetic will be paid particular attention to while classes are indoors. There will be many excursions through the park, so that the pupils can be taught from nature. History will be illustrated by the monuments, zoology by visits to the animals' pens, botany by the wealth of wild flowers, and so on down the list of studies Cooking will be taught by specialists and the children will prepare their own lunches. The school will be in operation three months. 108 Killed at Insane Asylum. Besides the scores of employes and patients injured in the collapsing of the Agnews State Hospital on the morning of the earthquake there were 108 killed. After considerable research a definite list has for the first time been completed. The list shows that eleven employes and ninetyseven patients were killed amid the falling brick and huge timbers, also those who died later of their juries. The complete list as reported by Medical Superintendent Leonard Stocking is as follows: Officers and employes-Dr. E. A. Kelly, H. A. Braden, Miss A. Leete, John Lynch, Miss E. M. Holmes, Miss L. Burnett, Dr. L. A. Dell. Mrs. A. Thaine, Mrs. R. Walker, E. H. Cruson, Miss M. Fennell. Only Two Library Buildings Escaped. R. B. Hale, chairman of the library committee, yesterday submitted to the general committee on reconstruction a report on the condition of the public library. Out of 166,344 volumes in the public library and its branches there were only 23,000 accounted for after the fire. The library trustees have written to other libraries throughout the United States asking them what duplicates if any they have in the way of books and requesting that a memorandum of such books be forwarded to San Francisco, with the idea of replenishing some of the rare books which San Francisco had in her public library. There are only two library buildings of any consequence left in the city-the McCreery branch, damaged by earthquake to the extent of about $2,000, and the Fillmore branch, $912.

10. May 22, 1906 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, May 22, 1906

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THE STOCK MARKET STAGNATION AT TIMES IS ALMOST COMPLETE. Dealings Fall To The Smallest Aggregate For Any Day This Year. Trading Drifts Aimlessly In Varying Directions. New York. aMy 21.-The stagnation of the trading in stocks today was almost complete at times and dealings fell to the smallest aggregate for any day this year. Professional room themselves to become the traders discouraged allowed over possibilities and the of profitable operations in view of the market by the general and their What to profound small public proportions. neglect operations little spec- fell the ulative interest there was among chronic traders was largely diverted to the favorite sporting event which of more was day's the subject financing speculation as and apparently as much any market security. aimlessly in one dithe other. or rection Trading and drifted then running in with opsluggish price currents posite directions at the same time. There ebullition in the high coalers a price of was anthracite an of the stock kind familiar in that quarter of list. This was in response to a proclamation from a highly successful that of speculator his estimate in of probable group future stocks prices of to be touched by these stocks. Distillers securities rose on the reports of prospects for the enactment of the free alcohol bill. American locomotive was affected by rumors in circulation of a possible merger with the general electric company. These are the principal examples of the market's features. The general tone so far as it was discernible at all was rather heavy as is almost inevitably the case in a market of such limited demand for stocks. Pennsylvania stock was apparently in good supply and the course of the investigation of that company and its heavy borrowing kept it under some degrée of pressure. The money market continued easy and was dull, the being for principal inquiry funds While carrying over the end of the year. five per cent was reported bid for this maturity, money brokers reported that the most of the business was done at 1-4. Transfers to San Francisco through the sub-treasury again amounted to over a million dollars. As the resumption of banking is expected to be made in the wrecked city by the middie of this week, this movement is not expected to run further and an early return movement is looked for when the banks have opened and satisfied the demands of depositors. London discounts yielded somewhat today and the bank of England secured the supplies of gold available in the London market. The movement of sterling exchange in New York did not point to any early of the gold import movewere sharp resumption ment. There reaction and tin in London markets for copper and the copper group felt some sympaowing to the extent to in metals had which thetic the effect rise stocks affected of that the speculation in the group. The wheat market showed some operations based on the dry in the crop region speculative weather the but stock this was of small influênce in market. Railroad traffic officials asthat mercantile activity in their indicated a spirit serted territory of The confi- lifedence in the crop outlook. less character of the market held up to the close. Bonds were heavy. Total sales par value, $1,650,000. United States bonds were unchanged on call. NEW YORK STOCK LIST.

11. May 23, 1906 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, May 23, 1906

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SAN FRANCISCO BANKS OPEN DOORS Never Before in Their History Have They Had SO Much Money on Hand. WAS VERY LITTLE DISORDER. Some Did Not Open Because They Could Not Secure Business Quarters. San Francis:o. May 23.-At 10 o'clock this morning practically every bank in this city that has been able to secure temporary quarters threw open its doors to the public. An unique feature connected with this general resumption of business after the suspension caused by the recent great was the never in of San the calamity. history fact Francisco that was on For week the various there pouring the so into much past bank money money financial has hand. been inof the has Supt. stitutions received Leach, from many all large United parts transfers of States the world. mint. from and eastern and European centers, still the money is coming. What the total is to date is not known, but some time ago it exceeded $30,000,000. The last transfers consisted for the greater part of large ams for the savings banks. When their doors opened this morn. no means the like the ing upon sources. they the Hibernia, by money Great received savings had Humboldt from Institutions to depend outside and the in which valuable Mutual were securities had undisturbed millions their by in the coin vaults, fire. and The first named of these banks had in trust in its care enormous sums. It was reported when business opened to. day that this bank had back of It $15.000,000 in United States bonds and $10.000,000 in other gilt-edged securities, to. gether with millions in coin. In its lists of depositors are included a great number of the working classes. Most of these people lost their all in the recent great fire, and at an early hour they tegan to line un before the bank's doors. By 9 o'clock the lines were over R and the police were sumpremore pared duties, nioned block for however, to long any maintain possible consisted order emergency. of and little be Their than keeping the patient men and women in line. There was no disorder and not an anxious face in the long line. Features were stamped with expectancy rather than worry, for conflfull no un dence early was in lining the questioned bank's simply by ability meant one. to pay that The in at and this tunity workmen juncture to needed obtain them. their took small the Over first savings the oppor- shattered bank building an American flag floated in the sunshine and when the open the shuffle of feet line was It was in the doors the click awung long of gold. accompanied music feared to these the by men and women who once accumulations of a life time had been swept away. The banks paid without limit. The Mutual opened in its own build ing. which was badly wrecked. but a counters and the unmade no task, over or \pairs said damaged few remaining great vaults The the bank necessary officials reits in active met equivalent all they demands hald promptly $2,000,000 securities, and in without coin to and the in the it was fortunate condition limit. peculiarly Cashier of Story Mutual referring in said burned that that it dis- had but $2,400,000 in loans in the trict, and $1,250,000 of this was covered by good insurance Safe Deposit and Trust banks both savings. company's At the Union everything proceeded commercial with and that degree of order and quiet that was remote from even a suggestion of a money panic. The Humboldt bank in its temporary quarters carried on business as in the before the fire. Cashier Palmer about 30 per the were in the days bank's said that loans only intention burned cent to district return of and that it was the Insurance moneys back to the borrowers for rebuilding purposes. all of the banks did not their doors was which had reopen dearth Institutions The fact of that necessary quarters. parts due to of Those their the old sites remaining had the advantage and embraced it. Now that normal conditions have been about restored. the business of the clearing house bank in the mint has been practically closed up.

12. May 24, 1906 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, May 24, 1906

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CLAIM MONEY IS PLENTIFUL San Francisco Banks Open Doors to Larger Dopositors Than Ever Before By Associated Press. SAN FRANCISCO, May 23.-At 10 o'clock this morning practically every bank in this city that has been able to secure temporary quarters threw open its doors to the public. A unique feature connected with this general resumption of business after the suspension caused by the recent great catastrophe was the fact that never in the history of San Francisco was there so much bank money on hand. For the past week money has been pouring into the various financial institutions from all parts of the world. Superintendent Leech of the mint has received large transfers from eastern and European centers and still the money is coming. What the total is to date is not known, but some time ago it exeeded $30,000,000. The last transfers consisted for the greater part of large sums for the savings banks. When their doors opened this morning they by no means had to depend upon the money received from outside sources. Great savings institutions like the Hibernia, the Humboldt and the Mutual had millions in coin and valuable securities in their vaults which were undisturbed by the fire.

13. May 26, 1906 Holbrook Argus Holbrook, AZ
Article from Holbrook Argus, May 26, 1906

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On May 23 the San Francisco bank again opened for business. When the earthquake caused them to suspend there was more money on deposit than ever before in the history of the city and the vaults held the money and securities free from damage. A few banks have not reopened be cause quaters were not obtainable. The savings banks had millions in coin and securities in their vaults which was undisturbed by the fire.

14. May 28, 1906 New-York Tribune New York, NY
Article from New-York Tribune, May 28, 1906

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Those of the corresponding week last year, while the smallest single full day's business thus far for 1906 was transacted on Monday. Wall Street is unusually interested in the money market at this time, particularly the prospect of placing the new issue of Pennsylvania Railroad bonds in Paris, while the report of gold transfers from the Pacific Coast through the Sub-Treasury was thought to indicate a prompt return of the funds sent West until it was realized that this movement was on account of a consignment received from Australia. More settled conditions have appeared in the various money markets, chiefly because some of the unusual influences have disappeared. Shipments of currency to San Francisco probably ended when it was found that the banks could resume without any great excitement, and it is probable that the accumulations of cash will soon become redundant, in which case there will be a transfer of the surplus to this city, where it may be needed in settlement of maturing foreign loans. It was not expected that there would be any violent rush to withdraw deposits from San Francisco banks, nor that the work of rebuilding the city would call for large payments immediately, but rather that the purchases of materials and supplies would extend over a long period and be made at many different points. With the cessation of currency transfers to the West there was an end of engagements of gold in Europe, these two operations very nearly balancing each other. It is now the season when the natural tendency of money is to New York, where it can be used until harvest requirements in the fall. Warm weather has had the usual effect upon general business. In many departments that provide for deliveries well into the future there is the customary period of inactivity, shipping departments being occupied in forwarding summer goods, while it is yet too early for any extensive interest in the fall and winter lines. But settled weather has done much to bring out a wholesome volume of retail trade, especially in drygoods, clothing, millinery, footwear and other wearing apparel. The high level of prices has not caused as much shifting to cheaper grades as might have been expected, in view of the fact that the cost of living has recently attained the highest position in twenty-two years. Reports of bank exchanges, after a fair allowance for speculation, railway earnings and foreign trade, all testify to the fact that there is no reason to believe that this period of advancing commercial activity has attained its zenith. Comparatively few strikes are now in progress, soft coal mining being still irregular, and iron moulders idle; but the ore movement is fully resumed and there is comparatively little interruption to structural work. Reports of real estate transfers and building permits indicate that speculation has been checked, probably by the prospect of firm money markets. Agricultural staples receded somewhat from the high positions recently attained, as is customary at this season of the year, when it begins to be possible to contradict earlier statements of injury which were used to advance prices beyond a reasonable point. Reports from Southern plantations promise a larger acreage than last year, and thus far the cotton crop has made fully as good progress as the average. Whenever any weakness appeared in the option market, as was often the case in the last week, the variations were attributed to liquidation by the recent speculative leader, who was reported to be heavily committed on the long account. No matter what the speculative influences may have been, cash prices were pulled first one way by the strong statistical position and then in the opposite direction by small exports and a bright outlook for the new crop. Conditions have been somewhat similar in the grain markets, official statements of visible supplies showing large losses, but foreign purchases were small and the end of the drouth promises ample crops for the new year. It is still possible for the weather to do much harm, however, especially to corn, which is only just planted in many states, and latest dispatches from the Northwest indicate that it is too cold for best results on spring wheat farms. Manufacturing returns become more irregular as the season advances, which is not surprising, but it is certain that in many cases there will be little idleness this summer except where overhauling is imperative. Textile mills continue to make the least satisfactory reports, future business coming forward very slowly, although machinery is still active on old orders. As long as present prices prevail for cotton and wool there is little reason to hope for cheaper manufactured goods, but purchasers in the primary markets make every effort to postpone the placing of orders, in the hope that the long deferred reaction may appear. Drygoods jobbers indicate a steady movement into consumption, and latest reports of mercantile payments indicate improvement. The promised further advance in prices of footwear has occurred, although it does not average five cents a pair, and manufacturers are now ready to accept orders on the new basis for delivery next spring. An advance has been asked on sole leather by the leading producer, but there is little activity, and the hide market has become very dull. In the iron and steel industries the most striking reports are still received regarding the forward business in steel rails.

15. June 1, 1906 Condon Globe Condon, OR
Article from Condon Globe, June 1, 1906

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# In a Condensed Form for Our Busy Readers. A Resume of the Less Important but Not Less Interesting Events of the Past Week. A general strike threatens Russia. Graft exposures are injuring American trade abroad. The Russian premier will refuse the demands of parliament. A number of aged Chinese made destitute by the San Francisco fire will be sent home by their countrymen. A severe wind and rain storm which has swept Texas resulted in seven deaths and great loss to wheat, oats, corn and other crops. The Standard Oil investigation at Cleveland, Ohio, shows that independent oil companies were driven to the wall with the help of railroads. Cold rain at San Francisco has made camp life disagreeable. It is feared throat and lung trouble may develop among the less robust as a result. Two men have been convicted in Kansas City of giving freight rebates. Georg H. Crosby, traffic manager of the Burlington, tried at the same time, was acquitted. The Interstate Commerce commission investigation at Philadelphia into alleged discriminations by railroads shows that those companies refusing to give stock to the railway officials had been practically ruined. Rival factions in Russia are brewing a revolution. Many Chinese are being smuggled onto the canal zone. Russia is sending hundreds of political prisoners to Siberia. An American woman will climb the highest peak in the Andes. The Denver city election contest may be carried to the federal courts. Opponents of Smoot are seeking to drag Roosevelt into this quarrel. The union of the Cumberland and Presbyterian churches has been completed. Many gala day festivities have been arranged in Spain in connection with the wedding of King Alfonso. Great Britain denies that an agreement exists with Russia affecting Persia, Thibet and Afghanistan. Two young natives of India have entered the Oregon Agricultural college to study American scientific farming. Chairman Tawney of the house appropriation committee, believes a large majority of the house favors a lock canal. There is a rumored alliance of Russia, Austria and Germany. Forest reserve states are to get a share of the timber revenue. The movement to expel Smoot from the senate has been abandoned for this session. The pope is greatly improved. He laughs at the idea of his life being endangered. More bodies are being found by laborers clearing away the debris in San Francisco. Three Turks have been arrested on suspicion of having murdered Consul Stuart in Russia. San Francisco banks have opened for business and are receiving more money than they pay out. The injunction against the union of the Cumberland with the old Presbyterian church has been denied. Louisiana doctors claim to have found a cure for leprosy, having cured three sufferers from the dread disease. George F. Baer, president of the Reading road, says there is no grafting among the officials of his line, as they are above such things. Miss Nance O'Neill, the actress, has become bankrupt through the San Francisco disaster. She lost all her scenery, costumes and stage effects. Torrents of mud from Vesuvius are causing death and panic. Marines are being rushed to Panama to avert a revolution at the time of the general election, June 20. Estimates have been made for continuing work on the Panama canal to June 30, 1907. The total amount is $26,348,231. S. A. D. Puter, wanted in Portland in connection with the Oregon land fraud cases, has been captured in Ala

16. June 1, 1906 The Rice Belt Journal Welsh, LA
Article from The Rice Belt Journal, June 1, 1906

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EVENTS OF EVERYWHERE. H. A. Griffin has been re-appointed postmaster at Galveston. Judge C. H. Jenkins will make the race for Representative from Brown and Coleman Counties. John Elrod, living about two miles from Sunset, was bitten by a copperhead snake while shucking corn to feed. A flow of gas was struck in a well being drilled by parties for artesian water near Sulphur, I. T. Great excitement prevails. O. C. Connor, Jr., of Paris, who has a farm in Red River County, sold 105 bales of cotton at Annona last week for 11 3-4c all around. Some of it was long staple. Rev. W. B. Sargent, who lives eight miles east of Kaufman, dropped dead between his plowshares. He was a Faptist minister, 75 years of age, and left a family. What is claimed to be the largest flywheel ever cast in Texas was cast at Fort Worth a few days since. When erected the wheel will weigh 15,000 pounds. Jim Austin, a negro, had a tree fall on him while working in the woods near Humble, and received injuries from which he died. Deceased was about 40 years of age. Rutherford Grant, a postoffice employe at Austin, while on his wedding trip was attacked with fever at New Orleans, and returning home died of the disease. Practically all of the San Francisco banks have secured temporary quarters and are open for business. There was no run, as was expected, but on the contrary, increased deposits. The State Convention of the Fraternal Order of Eagles met in the hall of the local aerie at Waco, which had been specially decorated for the occasion. This is the first regular State meeting and organization was effected. C. H. Strong, of Dublin, has shipped since Feb. 1 thirteen solid car loads of eggs. The average price per car paid the farmers was $1,200 or a grand total of $16,000. In addition to the above, Mr. Strong has shipped from 10 to 50 cases every few days. Carman, Ok., has been chosen for the location of the Oklahoma Odd Fellows home under the proposition to donate 160 acres of land, pay $2,000 cash, furnish all sand necessary in construction of building and furnish and plant $250 worth of trees. Walter Perry, a young farmer living near Prattville, Delta County, was thrown against a crosstie while jumping from the northbound Texas Midland passenger train Monday night just before reaching Enloe and sustained a fractured skull, from which he may die. No. 3339, the most powerful passenger engine ever built or used on any Texas railroad, has just been turned out of the Texas and Pacific shops at Marshall, where it was built and is being broken in between Marshall and Texarkana for regular work between Marshall and Fort Worth. The court at Beaumont handed out a 250-days' sentence to a pistol toter a few days since. An agreement is under consideration between Mexico and the United States covering riparian rights along the Rio Grande. Peter Schnur, ex-postmaster and founder of the Joplin, Mo., News Herald, dropped dead of heart disease while marching in the parade of the Knights Templars that was a feature of the State conclave. It is currently talked that Congress will adjourn between June 10 and 20. Steps are being taken by Congress to formally accept the Port Arthur canal as a present to the Government, in which event Port Arthur will be made a port of entry. Nearly 200 new pension applications have been filed and the applicants placced on the roll for the next quarter's pension warrants. There will be about 7,800 pensioners and they will

17. June 2, 1906 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, June 2, 1906

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# THE CALIFORNIA SPIRIT. Reports from San Francisco indicate that the work of reconstruction is being pushed forward rapidly and with enthusiasm. Californians have recovered from the shock of the appalling disaster and are determined that the city shall be rebuilt and on the most improved methods. They hope to make the great metropolis of the Pacific coast a larger city than ever before. The best achitects in the world have been called upon for ideas, and so far as is humanly possible the danger from a similar catastrophe will be reduced to a minimum. As was in the case with Chicago after the big fire and Galveston after the tidal wave, their efforts will no doubt be crowned with success. A most hopeful sign was the reopening of the banks of the city a few days ago with more money on hand than before the earthquake and fire. It was expected that there would be a "run" on all the banks, but this did not materialize. In fact, it is claimed that the deposits are exceeding the withdrawals. A recent bulletin issued from San Francisco takes an optimistic view of the situation. It says: "California is prosperous; it is a year of bumper crops; the fruit promise is good and all business is on a sound basis. Perhaps no city in the land was better able to withstand such a catastrophe. "The ability to cope with a disastrous situation was strikingly shown. In no other instance of a calamitous fire was a city so quickly placed under control. There was entire harmony of action between the state and the city authorities, and the response in the cities round about was prompt and helpful. "The story of each day as it passes is full of encouragement. While temporary offices and store rooms are going up, the owners and architects are busy planning permanent structures, building laws are being shaped, the widening of streets discussed, and every feature of the situation as concerns a new and strong city is well in hand. "The work of reconstruction will be done in the best manner. As far as human skill can do it, the city to rise will be safe-guarded for the future. The Citizens' committee is large and able and is supported by the people in the determination to make the most of the city architecturally. "The secretary of commerce and labor, Victor H. Metcalf, said: 'There has been no depression, no pessimism - the undaunted spirit of the Californian is ubiquitous.' And one of the foremost bankers of the city said that San Francisco 'would be rebuilt in the shortest possible time, and be a greater, better and wealthier city than before.' "Real estate values are an index. A year ago prominent citizens paid $800,000 for the Lick House and other properties of the Fair estate. Since the fire this syndicate is creditably reported to have refused a large advance for the naked ground. "Several large sales negotiated prior to April 18 have been consummated, more sales are reported and negotiations are in progress for others. "Hundreds of millions will be available for investment. Street railways, telephone, government buildings, the extension of the sea wall, the available city bonds of 1904, will provide more than $200,000,000 for rehabilitation. Private capital and money derived from insurance will increase this sum two fold. In the whole history of America no such opportunity was ever before offered to men of enterprise and courage. A great building era will affect every section, and California may anticipate years of unprecedented business activity and business profit. "A lesson in methods of construction is being learned, and careful observation shows poor foundations, yielding ground, rotten wooden supports of old houses, poor concrete, stone veneers, gables unsupported and much faulty methods of building. The tall buildings, all of which remain substantially unharmed, though interiors are burned out, are so many object lessons. "All this will be taken into account, and the experience will result in making San Francisco and its neighbors the safest cities in the world in which to reside." # THE "BIGGEST SHIP." Not only is there keen competition among the great ocean transportation

18. June 7, 1906 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, June 7, 1906

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# San Francisco Banks Open. Secretary Shaw said at New York Tuesday that he had word from San Francisco to the effect that the situation there had become so well settled and confidence was so thoroughly restored that the banks did not consider it necessary to avail themselves of his offer to increase government deposits. A run, he thought, was unlikely, but if it should occur the government would lend immediate aid. When the banks resumed business Wednesday they had in their vaults $45,000,000 more than at the time of the earthquake, this being the amount transferred from other financial centers.

19. June 12, 1906 Wausau Pilot Wausau, WI
Article from Wausau Pilot, June 12, 1906

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# San Francisco Banks Open. Secretary Shaw said at New York Tuesday that he had word from San Francisco to the effect that the situation there had become so well settled and confidence was so thoroughly restored that the banks did not consider it necessary to avail themselves of his offer to increase government deposits. A run, he thought, was unlikely, but if it should occur the government would lend immediate aid. When the banks resumed business Wednesday they had in their vaults $45,000,000 more than at the time of the earthquake, this being the amount transferred from other financial centers.

20. June 18, 1906 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, June 18, 1906

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# LOCAL AND GENERAL TRADE. To San Franciscans the chief and most gratifying feature to trade last week was the restoration of San Francisco to her former position in the column of the bank clearings. For years she crept up the column until she stood seventh on the list, just behind Pittsburg and just before Baltimore. The fire, however, displaced her from this position. For a month she did not appear in the column at all, except with the note: "Figures not available." When business here was finally resumed, and the banks reopened, she stood eighth on the list, just below Baltimore. Last week, however, she repassed Baltimore and once more occupies her old position as the seventh city in volume of trade, with the respectable showing of $30,207,754, a decrease of only 10 per cent from last year, as compared with a decrease for the preceding week of 30 per cent. The clearings of Baltimore were $26,164,857, an increase of 16.9 per cent. San Francisco may well be proud of this rapid regaining of her old position, which is a most flattering one, considering the complete wiping out of her great wholesale district. The clearings of the rest of the country last week were $2,654,945,000, a gain of 11.8 per cent over the corresponding week last year, which affirms the statements of the commercial agencies that trade is maintaining the high plane of the past eight years. Other affirmatory figures are the increase in railroad earnings in May of 14 per cent over May, 1905, and the record of failures, those last week being only 183, against 229 for the same week in 1905. In addition, the agencies report that current trade is so active that in many branches the usual summer shut-down will not occur, and that the distribution of merchandise all over the country is not only very large for this time of the year but actually expanding. It is a healthy and natural expansion, too, based exclusively on the law of supply and demand, as speculation is at a comparatively low ebb. Wall street is quiet and devoid of feature. Trading is of a professional character, as the public are not in the market to any extent and the professionals have the field to themselves. The daily sales are running low, ranging only from 500,000 shares up, and not often of late reaching a million. In active periods they run about 1,500,000, and occasionally over 2,000,000 shares. Crop prospects may have something to do with this dullness in Wall street. They are not as bright as they were a month ago. Rain is needed in portions of the cotton belt, notably in Texas, and drought is reported here and there in the wheat and corn belts, Kansas in particular sending in poor reports. Several of the hay and grain States are also sending in unfavorable reports of the hay and oat crops, and are even predicting a total failure of the oat crop. As the condition of the crops is the basis of the country's prosperity, Wall-street values are very sensitive to the crop reports and rise or fall in sympathy. But well-posted authorities, such as the Cincinnati Price Current, for instance, state that considered on the whole the wheat crop is looking very well. The corn crop, however, is reported in a precarious condition in some quarters, though a change to more favorable weather within a week or so will put the plant in good condition-again. These crop scares occur every year about this time. The trade expect them and are not apt to become excited over them until they get general and serious, and they have not yet reached this point. There is plenty of time yet for excellent crops of all kinds, possibly barring oats. The great staples remain about as before stated. Prices for most commodities are close to the record level. Farm products are moving off well at good prices, and the farmers all over the country, thanks to the brilliant yields of the past few years, are in first-class financial condition. Cotton and wool, hides and leather, livestock and dairy products, are all in excellent demand at most remunerative prices. Continued activity in real estate and building all over the country maintains an active demand for hardware, lumber and other building materials. The iron and steel mills have orders booked well ahead into 1907, and are sending in most cheerful reports. A general feeling of optimism is apparent all over the country. The money market rules easy, with supplies of funds more than sufficient for all current and future needs, hence rates of interest rule normal and moderate at all leading financial centers. Call loans in New York are quoted at 3½ to 5 per cent, and time money at 4½ to 5½ per cent. Money continues to flow from San Francisco back to New York in large volume, and this is an important source of easiness to the current situation. No reason to fear any unusual stringency in funds when the regular July interest and dividend disbursements take place is expressed in every quarter. Taking the situation as a whole, therefore, it will be seen that, barring the less favorable condition of the staple crops in some sections, the mercantile, industrial and financial status is as sound as at any time during the past six or eight years, and practically assures the nation of a continuation of its present prosperity.

21. January 11, 1908 The Goldfield News Goldfield, NV
Article from The Goldfield News, January 11, 1908

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Butte Gold of the Diamondfield Gold Mining com- pany and the Black Butte Gold Mining company was effected on August 1, 1905, and the first named company incorporated with a capital stock of 2,000,000 shares, par value $1 each. The stock is listed on the Gold- field exchange, and is selling around 20 cents, but has sold up to as high as 80 cents a share. A cash dividend of 2 cents a share on all stock that had been issued amounted to $14,650, was de- clared in the fall of 1905, and at the same time a stock dividend of the re- maining stock in the treasury which amounted to 267,500 shares was also distributed. The officers of the com- pany as announced after the last annual meeting, are: President, Frank Ish; vice president, L. L. Patrick; secretary, M. C. Howard. Other directors, Thos. D. Murphy, J. L. Harness. The prop- erty consists of about 70 acres in the Diamondfield district, northeast of the town of Goldfield, Nevada. Among the claims is the Quartzite Fraction, from which leasing operations have produced about $700,000 worth of ore. As the pay shoots in this claim indicate the same values along the strike of some of the other claims, a three-compartment shaft for working purposes, and more thor- ough development of the property is be- ing put down between two well defined ledges to reach a depth of 400 feet. At last accounts this shaft was down below the 300-foot level, and considerable crosscutting and drifting was going on. A large amount of ore running from $5 to $50 a ton is said to be already de- veloped on the company's estate. C. J. S., Wichita, Kas. When the strike came on the Florence Extension was in full operation. Two shafts are on the ground, each 300 feet deep. Only one shaft was working when the shut down came; this was shaft No. 2 at the 150-foot level; 300 feet of crosscutting has been done in which a ledge 9 feet wide was encountered running from $15 to $18. This shaft will be continued to the 350-foot point, when work resumes in the district. In crosscuting and drifting from that depth high grade ore is expected. Both shafts are equipped with heavy electric hoists and gallows frames. J. H., Jacksonville, Ill. The Rich Gulch Wonder property is not working at present. Some 45 Wonder properties were compelled to quit work either be- cause the Nye & Ormsby County bank at that place closed down or because out of town banks, like the John S. Cook & Co. bank at Goldfield and the San Fran- cisco banks went on a scrip or clearing house certificate basis. We do not know the status of the litigation. The Ne- vadan L. & M. Co. was working its lease on the Florence when the strike began and will resume when labor troubles are adjusted. Ely, Pittsburg. The Giroux Cons. at Ely is sending out $200,000 worth of ore monthly in addition to carrying on an immense amount of development. The Boston-Nevada has secured the 5-stamp mill at Osceola and will soon be treat- ing the ore from the Cumberland. The Rickard-Ely, near the 1,000-foot point in a drill hole has struck the sulphide zone, and has good copper assays from the drillings. The drill is still going down. E. J. M., Rox, Mass. Know nothing of the Howell and Little Exploration Co. The value of the Boston and Goldfield ground has not been determined as suf- ficient work has not been done. Have no late and exact data on the Quartette Extension Gold Mines Co. We presume you mean the Searchlight property. P. S., Boise. The Seven Troughs, op- erating in the district of that name, is said to have made a rich strike in the 400-foot level of the property. The re- port, which is well founded, comes from Salt Lake. ### Shareholders' Protective Association, Toronto, Canada. The "Mohawk John- nie Mine" is a new one to us. Give us the name of some of the officers or where the property is located, and we may be able to give you what you want. A. H. L., Portland. We have no in- formation on "Schwab's Gold Anchor." Don't know the property. Where is it located. Butte Boys was looking good at last reports. J. T. M., Wellsley, Mass. Neither of the stocks mentioned is listed and we have heard of no curb transactions. They are not working at present. Bull- frog district quiet. J. W. S., Chicago. Humphrey and Meyers are the largest owners of Man- hattan Cowboy. Address C. F. Hum- phrey, 1300 Golden Gate Avenue, San Francisco, Cal. J. W. L., Portland. See item about Schwab's Golden Anchor in our Tonopah news letter of today.

22. March 27, 1928 The San Diego Sun San Diego, CA
Article from The San Diego Sun, March 27, 1928

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MONEY PANIC, OF 1907 OFFERS SECOND TEST FOR BANK WIZARD Shrewd Planning Saves Famous San Francisco Financial Institution From Collapse In Face of Situation Note: This is the teath (Editor's the cent series California tax survey of articles Taxpayers' made of this Assn. county Others will follow from day day.) CHAPTER 10 But just a year later another test was to come. Almost as severe. It was worse for many banks and business concerns. This was the "money panic" of 1907, which spread devastation far and wide, but in a manner different from the fire. This panic brought business to a standstill, particularly big business. It was in many ways the most spectacular panic the United States ever has known. Giannini made trip east early in 1907 He visited New York and the other centers. He sensed "something coming. On' his return to San Francisco he convinced his associates of the serlous financial trouble that was brewing. He issued orders that the bank husband its gold. San Francisco in those days was a town that liked "hard" -gold and silver. Currency was not a common medium of exchange. GOLD STORED But Giannini started giving out currency at every opportunity, quietly and without comment All the gold that came into the bank and all that could be obtained was stored for the coming emergency Loans were cut down as much as possible where injury would not be done business and the bank Itself. Preparation was the watchword. No business calls for greater foresight and for the ability to analyze economic trends. Giannini proved he could do that. He had gold in tremendous amount. So great did the hoard become the bank could not hold it all in its own vaults. The Bank of Italy literally overflowed with gold, and space had to be hired in another The panic came like a whirl- NEW YORK, CENTER New York was the center of the disturbance because interior banks had placed on deposit there more than 300 millions of dollars. They could not get this money back. The big Knickerbocker Trust Co. of New York failed. Others followed. Throughout the country banks intimately connected with the closed institutions were in turn involved There was no money, no gold and no currency to meet day to day needs of customers in many places, San Francisco among them. In many cities no cash or currency whatsoever was available. Clearing house certificates became a medium of exchange. In San Francisco the customers withdrawals to $100 in gold or currency and the balance in these clearing house certificates. But not the Bank of Italy The Giannini bank had all the yellow metal It. needed for its customers. It paid gold throughout the entire period of depression. GOLD TO SPARE Not only that, the Bank of Italy had gold to spare and instead of holding more than was needed Giannini turned his reserve above his own needs to the bank which had stored his wealth. The fire had made timid bankers run to cover. They tightened up on loans. Money was hard to get from everyone except Giannini. He loaned right and left. The panic of 1907 brought about change in our money BYStem. It finally brought about the Federal Reserve Act designed to prevent just such panics. INFLATION Speculation and wide-spread inflation caused it. Railways and great industrial concerns had absorbed vast amounts of capital during the boom days of 1906 and early 1907. It was estimated that $500 000 had been but recently borrowed from Europe in addition to the $300 000 000 from country banks, which were in the habit of sending their surplus funds to the big banks of New York where much was put "on call' for speculative stock market loans It is no secret now that the 1907 panic showed a weakness in the banking system of the United States. The national banks had been weakened by the growth of trust companies which extended their business into commercial banking These trust companies then were comparatively unrestricted by law. Their operations went far beyond conservative practice and in particular they did not protect their deposits with adequate reserves. Giannini had foreseen the panis of 1907 and had hoarded gold. He likewise east about for the reasons of the panic and the results. Studying the situation, he noticed that our neighbors in Canada had avoided the cataclysm. Conditions in trade there were akin to our own, even worse in fact. In this country we had general bank suspension lasting two months. Canada escaped that Here banks added to the panic. Country banks, which must keep their reserves at work in the large centers, and particularly New York, clamored most vehemently and urgently for the return of their funds from the reserve centers. It proved bankers are human, after all, but It likewise

23. July 13, 1928 The Enterprise and the South San Francisco Journal South San Francisco, CA
Article from The Enterprise and the South San Francisco Journal, July 13, 1928

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From Little Beginnings Grew Big Business - been consumed; possibly the stand that then was being made against it at Van Ness-av would be successful. The outcome was hanging tremulously upon the direction the wind might take. There they sat, these men, in a room on the outskirts of the city, away from the burning area. They were tense with the strain and burden of horror. but it was not this horror and not this fire that most concerned them. The great problem was what of the morrow? What would be the future of San Francisco? How could it rebuild? How could it again take its place as queen of the Pacific coast? Many of those present had been rich and now were poor. Could anything be done to lift them and tens of thousands of others from the calamity? Elsewhere firemen, soldiers and volunteers were fighting the flames, but the most important thing was being done finding ways to rebuild. Many questions were brought up and discussed. Then came an allimportant one-a decision must be reached concerning what help could be expected from the city's financial institutions. Bankers there told of their gold and securities being buried under the debris, under burning ruins, and their safety unknown. Moratorium Suggested A moratorium of six months for the banks, and, tn fact, all debta, was suggested. Some of the older bankers had voiced the opinion that only time could supply the answer. "We can scarcely hope to have our banks open before November," said one of the prominent financiers A general nodding of heads showed the extent to which this belief was shared. It seemed to be consensus of opinion. CHAPTER 10 Then, just as the meeting was on the point of adjournment, a young man, who had sat quietly in one corner of the room, rose to his feet. He arose quietly and deliberately until his whole big form came into view above the assemblage. But even his more than six feet in height did not satisfy. and so he dragged the chair in which he had been sitting in front of him and stepped up upon it. "Gentlemen," he said, "you are making vital mistake. If you keep your banks closed until November you might just as well never open them, for there will be no city to serve. The time for doing business is right now. This is the hour of San Francisco's greatest need and we must not be found wanting. propose, when I leave this meeting. to start business immediately, and urge all of you to do the same thing.' It is superfluous to add that the young banker was Giannini. Giannini then was about 36 years old. the youngest banker in San Francisco. He refused the moratorium, and the next day was open for business with desk at the docks. In nine days from the time the fire broke out his bank had quarters and was loaning money right and left. Explains His Reason Today he explains: "It was the sensible thing to do. If our banks would not help we would have no banks. Failure trying to help could not be half so bad as failure brought about through doing nothing. Personal gain and personal wealth had to be risked for the good of all." Business of the Bank of Italy started to boom immediately after the fire. It has never stopped booming. But just a year later another test was to come. Almost as severe It was worse for many banks and business concerns. This was the "money panic' of 1907, which spread devastation far and wide, but in a manner different from the fire. This panic brought business to standstill, particularly big business. It was in many ways the most spectacular panic the United States ever has known. Giannini made a trip east early in 1907. He visited New York and the other centers. He sensed "something coming." On his return to San Francisco he convinced his associates of the serious financial trouble that was brewing. He issued orders that the bank husband its gold. San Francisco in those days was town that liked "hard" money -gold and silver. Currency was not a common medium of exchange. But Giannini started giving out currency at every opportunity, quietly and without comment. All the gold that came into the bank and all that could be obtained was stored for the coming emergency. Loans were cut down as much as possible where injury would not be done business and the bank itself. Preparation was the watchword. No business calls for greater foresight and for the ability to analyze economic trends. Giannini proved he could do that. He had gold in tremendous amount. So great did the hoard become the bank could not hold it all in its own vaults. The Bank of Italy literally overflowed with gold, and space had to be hired in another bank. The panic came like whirlwind. New York was the center of the disturbance because interior banks had placed on deposit there more than 300 millions of dollars. They could not get this money back. The big Knickerbocker Trust Co. of New York failed. Others followed. Throughout the country banks intimately connected with the closed Institutions were in turn involved. There was no money, no gold and no currency to meet day to day needs of customers in many places, San Francisco among them. In many cities no cash or currency whatsoever was available. Clearing house certificates became a medium of exchange. In San Francisco the customers of most banks were limited in withdrawals to $100 in gold or currency and the balance in these clearing house certificates But not the Bank of Italy. The Giannini bank had all the yellow metal it needed for its customers. It paid gold throughout the entire period of depression. Naturally customers flocked to the bank in Not only that, the Bank of Italy had gold to spare and instead of holding more than was needed Giannini turned his reserve above his own needs to the bank which had stored his wealth One peculiarity of the situation was that the new customers for the bank in bringing in their deposits often brought all in gold. Like attracting like, or something The Bank of Italy again was "the talk of the town.' Timid Bankers Run to Cover The fire had made timid bankers run to cover. They tightened up on loans. Money was hard get from everyone except Giannini He loaned right and left. Unlike many bankers he does not believe the only time to loan money is when it is not especially needed. And so again it was in 1907. Some bankers would not lend at any rate of interest. Giannini actually advertised for good borrowers. There was no usury. The rates remained the same as usual at the Bank of Italy This attitude saved many business concerns. It likewise added to the strength and prestige of the Bank of Italy. Giannini was following a practice he believed sound and for the good of both his institution and his community He might not be following the beaten track of banking. but he was backing his own judgment and backing his city and state. CONTINUED NEXT WEEK