Tonopah daily bonanza. [volume] (Tonopah, Nev.) 1906-1929, 1907-10-24
$4,000 FOR
SOUTHERN BANKS
tcontIuued from Page one.


The banks of which Thomas u. .
Hickey is president and the moving 1
spirit viii probably remain closed
rntil they can realize upon the
stocks of southern Nevada. which
form their principal security for the
money they have loaned and advanc-
cd to their clients. There must be a
rebound OF the market and that can
not cone until the situation of the
East is Strengthened out. The Asso-
ciated Press dispatches this morning
are very encouraging in that respect.
for they tell us that the powers that
be are under the market, and are
putting In their money where it will
do the most good. This will help
everybody
There was considerable restless
ness yesterday under the condition
that has arisen. but there was no run
on the other banks All the banks
remained open all day, and were able
to furnish all the money called for
and had plenty to spare when closing
! time came.
The people of Tonopah showed
! their confidence in their institutions,
and there was no call for any extra
ordinary sums, In fact, it was an
ordinary day in the business of the
| banks George Wingfield came over
! from Goldfield in an automobile last
| night and ii is believed that he
money to tide over anything that
might crop up in the affairs of the
Tonopah Banking Corporation. He
had already made arrangements for
a special train to leave Sacramento
at 1890 o'clock last night with
$500, 900 in twenty-dollar gold pieces
and he made the statement that there
were, besides, four hundred thousand
dollars. last night, in the Wingfield-
Nixon banks of Tonopah,r Goldfield
and Rhyolite
The directors of the Nye and Orms-
by met last night and were in tele-
graphic communication with Frank
Golden, president of the bank and its
subsidiary institutions. The affairs
were carefully gone over and it was
said that with the banks reserves,
every depositor could be paid in full.
The trouble was that the reserves
were not here, and could not be got
here for two or three days run
was not feared for the bank, accord
ing to the directors, but with the ex-
perience of the John S. Cook & Co. S
bank few days ago, they deemed it
to be the best of wisdom to proceed
with an abundance of caution.
1t was therefore decided to close
the bank for such time until they
could gather in their reserves. That
. this will be just as short time as
possible was shown by the fact thai
!. last night wires were sent to the cor
respondents of the bank to forward
the reserves with all possible expedi
ency.
I've deemed this the best course tt
pursue in the circumstances, sale
Cashier Arthur Raycraft, after thu
I meeting. 1--WE have plenty o
money, with our reserves. to pay al
the depositors. But we are like TIL,
majority of banks doing business il
the country; in any country. We can
not, if called upon in minute, turn
our business over so as to meet tn,
demands of all the depositors. TIL,
business of bank, you understand
is loaning money on securities, whicl
cannot always be realized upon i'm
= serves which are within easy reach
if they can be afforded the time L
get them We do not expect a run
but If there were one. we, like any
~ one else, would be unprepared. TIL
directors have decided to sus
: pend business until the arrival G
its reserves, when it will again ope
its doors and pay out money as fas
as it is demanded.
The Nevada First National Ban
kept open it's doors yesterday after
noon until o'clock, and will ope
again this morning at o'clock, tw
hours in advance of banking hours
The capital of the Nevada First M
tional is 100000; it's stockholder
liability is 100000, and its surplu
is $4,000 This. with the cash o
hand, Cashier Harris stated la:
night, is more than enough to pa
every depositor, without the nece
sity of calling in single loan, and
the utter disregard of sight exchang
also.
Mr. Wingfield will remain here Ill