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1925 transfer of seven tons of silver

1925 transfer of seven tons of silver

Feb. 1, 1925: Seven tons of silver are transferred from the Hellman Commercial Trust and Savings Bank at Sixth and Main streets to the new principal office in the Hellman Bank Building at Seventh and Spring streets.

The silver transfer was announced  in a Feb. 1, 1925, Los Angeles Times story:

Transfer of seven tons of silver from the Hellman Commercial Trust and Savings Bank at Sixth and Main streets to the new principal office in the Hellman Bank Building at Seventh and Spring streets today will conclude pre-opening events establishing the new bank as the business center of the Hellman financial houses. Thirty-three branches will co-operate with the main office.

The silver will be transferred at 10 o’clock this morning in the bank’s two armored cars and three extra motor trucks. The metal is contained in 286 boxes in which the bullion and coins have been stored in safety vaults at Sixth and Main streets. Fifteen extra policemen have been detailed to guard the precious freight as it is transferred. Bank officials had decided to move the money by the shortest route down the alley between Main and Spring, but that was vetoed by the officers who declared the greatest safety was in using the principal streets. It was decided the trucks will load in front of the bank in Sixth street, go over to Spring street and down to the front of the new building at Seventh street. The vaults in the new bank open nearly under the main entrance and there will be nothing in the way of swift movements once the silver arrives at its destination.

The money is to be on hand for the business opening of the new bank Monday and it was considered advisable to make the transfer on Sunday as there is less street traffic on that day. …

At today’s price of about $15 per ounce, seven tons would be worth $3.36 million.

Feb. 1, 1925: Two armored cars, one in this image, and three trucks were used in the transfer of seven tons of silver. Credit: Los Angeles Times.

scott.harrison@latimes.com

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