The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1907-11-19
SITUATION
IS EASIER
Cashiers Checks Find
Ready and General
Acceptance In City.
OUTLOOK EXCELLENT
Says W. W. Armstrong...Ann
ment Expected From Banks To.
day As to Deposits From Date.

President w. w. Armstrong of the
Bank of Ely spent Sunday here from
Salt Lake City, returning yesterday
morning While in town Mr.. Arm
strong consulted with business as
sociates and went into local banking
affairs AS result an announce
ment will be given out today which
will have the endorsement of both
banks. The principal feature of this
announcement, it is understood, will
be that deposltors of cash from date
will be allowed to check on such de-
posits to full amount, the $25 clear
ing house limit rule which has pre-
vailed being lifted to this extent.
Outlook Is Excellent.
Concerning the general situation,
Mr.. Armstrong said while here that
it appeared very much brighter to
him. He was emphatic in expression
that the local situation As affecting
the banks was of the best and en-
phatic in declaration that the general
outlook was most encouraging for
speedy return of the country at large
to normal. In Salt Lake, Mr.. Arm
strong said the situation improved
much during last week and that
there was every reason to expect that
during the present week there would
be still greater betterment.
Cashiers Checks Come Out.
AS announced they would in the
Herald last week, the banks of the
city yesterday put in circulation
cashiers checks, after the plan fol-
lowed in Salt Lake City and else
where. These checks met with much
favor yesterday and were accepted
everywhere at full face value. One
excellent purpose they will serve will
be to stop discounting of checks, from
which considerable money was turned
by the thrifty after clearing house,
rules went in effect. The man who
wanted to go outside previous to
coming in of the cashiers checks yes
terday was obliged to cash his check
before leaving home. With cashiers
checks from the banks of Ely in his
pocket he can now travel with assur-
ance that they will pass for face
value.
Railroad and p. o. Take Them.
The Nevada Northern, which has
been accepting checks in payment for
freight bills, course that helped
greatly in keeping business moving
in the city, yesterday announced that
cashiers checks would be accepted by
it at both the freight and passenger
depot windows. Announcement was
also made by Postmaster Graham
that cashiers checks would be ac-
cepted at the postoffice in lieu of cur
rency, which has heretofore been re-
auired for all business there.
Premium Gives Confidence.
The announcement of the Graham
Mercantile company and its action
yesterday in giving a premium of b
cents on every dollar cashiers check
presented in payment for goods, had
a most excellent effect in creating
confidence in the issue and securing
for it ready acceptance on all sides.
1t doubtless would have found ac-
ceptance anyhow without question, in
view of the confidence the people
unanimously entertain as to the solid
ity of the local banks and their cor
respondents, but nevertheless the ac-
ton of the leading mercantile estab-
lishment had an additional influence
that gave occasion for appreciation.
The checks in circulation are of de-
nomination of 81, IS, $40 and $40.
Pretty near everybody in town got
hold of some of these yesterday
The 81 and $5 issues were in most
demand, because of the larger facll-
ity they afford for change purposes