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"I. O. U.'s" passed current for the smallest items. Careful investigation into the local banking situation has revealed a very satisfactory condition indeed. Business was excellent and had grown to large proportion, and published statements, just before the temporary suspension, showed splendid reserves. One banking house, for instance, that of John S. Cook & Co., in its published statement of tendays or more ago, showed $1,041,000 cash in hand and due from other banks. Three-fourths of the amount due was from banks in New York and Chicago, "We could cut out San Francisco entirely," said Mr. Cook, "open up nd have plenty of money for every purpose. Enormous amounts of stock have been sold in the east the past few months, and we had instructed all banks everywhere having items for us to make remittances to our account to our correspondents in New York and Chicago. In this way we had by far the greatest part of our reserves in the east. Since the San Francisco trouble, we instructed our New York correspondent to place our credits with McCornick & Co., of Salt Lake, so as to have money closer at hand in case of any possible emergency. We have also received large amounts of cash from the east, and are prepared for anything that might come up, although we apprehend no special need of funds. The people generally understand the situation and no one is going to draw money from the local banks for other than immediate use."