Volume 2 - ElectricCanadian.com

282 HISTORY OF THE BANKspeculation reached the city of New York, and for three consecutivedays mounted police had to clear Broad Street ofpeople who were obstructing traffic in their frantic efforts tobuy Cobalt shares from curb brokers. Such excitement meantlively times in Cobalt itself, and the craze was not unjustified,for Cobalt proved without parallel as a high-grade silver-producingcentre. The bank's business necessarily flourished,and consisted largely of deposits, an aggregate of from two tothree hundred thousand dollars a day being common. Pros-speculators and merchants, eager to seize the advan-pectors,tage of a new field, constituted the clientele. The crazefor well-located mining prospects was so great that in oneinstance $75,000 in cash was paid for property without thepurchaser taking the trouble to examine it. Loans were not ingreat demand, because the ore was so rich that the first carloadsometimes paid for the whole investment in the mine. Itwas a common occurrence for a car of ore to realize $100,000.The bank was, however, able to render public service byloans to mercantile concerns, or to municipalities for localimprovements, and found a profitable business in lending onthe security of bars of metal.The Cobalt branch was the precursor of branches atGowganda, 1 Elk Lake and elsewhere, which were establishedas these mineral districts were opened up. Later came thePorcupine gold discoveries, which in their turn demandedbanking facilities. At Latchford, a staff of two arrived on aMonday and by Wednesday night had quarters ready forbusiness on a spot where the virgin forest had been standingat the time of their arrival. This temporary building, twelveby twenty feet in size,holds the record for fast constructionamong the banking offices of this continent. On Thursdaymorning it opened for business with a safe, a counter and alarge cotton sign across the front bearing in black letters thefamiliar words, "The Canadian Bank of Commerce."Among the peculiar incidents at this branch was the requestSee pUte 51, facing page 310.