fortunate in the fact that its moneyed
institutions remain strong, with abundant supplies of funds. It is
true that many of them undoubtedly hold large numbers of real estate
mortgages as securities for loans, and that much of the property thus
represented is now in ashes. But with care and an accommodating spirit
practically all of those mortgaged can be so nursed that they will be
made absolutely good. The banks will be found to be only too eager to
afford new loans which will enable realty owners to rebuild. You will
see San Francisco rise a more splendid city than ever, and better
prepared to resist future earthquake shocks. Because it has had this
dreadful visitation is no reason for apprehension that another like it
will come within the life of the present generation, or two or three
after. The destruction of Lisbon in the middle of the eighteenth
century and its subsequent immunity from seismic damage is a reassuring
example."

The municipality was in excellent financial condition to meet and rise
above the extraordinary needs of the situation. It had a bonded debt
of only $4,245,100, while its realty valuation was $402,127,261 and
its personalty $122,258,406. The question of issuing further amounts
of bonds was therefore one of the first measures considered by Mayor
Schmitz and his co-workers, and an appeal was made to the Federal
Government to guarantee the proposed loans, so that the most urgent work
which lay in the city's province could be undertaken at once and without
an excessive burden of interest.

The vast insurance loss was divided among 107 companies, and, though
only a little more than half the damage was covered by policies, the
total swelled toward the colossal sum of $150,000,000. Several of the
largest companies were seriously crippled by the disaster and some were
forced into liquidation. To the great relief of the entire country,
nevertheless, the financial situation was not severely affected, and
there was every reason to believe that the great bulk of the insurance
would be paid.

CHAPTER XIV.

The Earthquake Wave Felt Round the Earth.

The outbreak of earth forces at San Francisco did not stand alone. There
were others elsewhere at nearly the same time, the whole seeming to
indicate a general disturbance in the interior of the earth's crust.
Some scientists, indeed, declared that no possible connection could
exist between the eruption of Mount Vesuvius and the earthquake at San