The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1907-10-26

Tonopah. Oct. 25.-This has been a
strenuous week for Tonopah, blu that
the worst has passed. is the conviction
Of everybody. There are no croakers
here, and the people were quick to re-
cover from the daze into which they
were thrown by the announcement OF
the suspension of the State Bank and
Trust company. The closing of the
doors Of the institution came like a
~thunderclap from a clear sky: although
there now are found one or two VINO
'knew 1t was coming"
These people knew more than did
Cashier Cusbman. who was we'll nigh
Frustrated when he received the tele-
gram to close the bank. and discharge
the employees. He could give no further
explanation than that the bank had
tried to do too much when 1t essayed to
carry it's clients. on securities, which
the fall in the market made no secur-
tiles at all. Mr.. Cushman has declared
that the bank will still continue to carry
these clients, and will find another way
of paying its depositors than by forcing
anybody to the wall.
No runs of any consequence followed
the suspension of the State Bank. but
were It not for the action of Governor
Sparks in declaring the legal holidays,
the general impression is that there
would nave been a great many institu-
lions in the state, gone the way OF the
State Bank and Trust company. There
were not a few demands made on the
Nye & Ormsby bank OF Wednesday. but
the bank declared that 1t was not sert-
ously embarrassed. 1t was feared that
the morrow might bring trouble. and IT
was decided by Frank Golden to close
all the branches Of the bank on Thurs
day morning.
George wingfeld was over here on
Wednesday night with several sacks OF
twenty dollar pieces for the greater
safety of the Tonopah Banking Corpora.
ton, and he refused to cooperate with
the other banks to the extent of closing
up the wingfeld and Nixon bank. In
the general distress personalities
cropped out. Golden. of the Nye &
ormsby has a strong dislike for Thomas
Hickey of the State Bank & Trust com
pany, and Nixon loves Golden as the
devil does holy water. A plan was es'
sayed for the aid of everybody, and
wingfeld was asked to close up his
banks, but he refused to do so.
The story is that Frank Golden, who
is close to the governor, went to him
and explained that the banks of the
state were in a very bad condition. with
regard to ready money. and that the
best thing that could be done was tc
declare a number of holidays. as was
lone in the days Of San Franchises dis
aster. The governor lent a willing ear
and the thing was done Wingfeld was
much disappointed. but he declared that
his banks were ready to hand out this
money to their depositors at any time
When the holiday was declared the
brokers and bankers here wired to tht
San Francisco Stock and Exchange
Board, urgently requesting the brokers
to close up as every bank In Nevada had
closed its doors in consequence of the
enforced holidays. The San francisco
board did not refuse to accede to the
wishes of the Tonopah men. but sent a
reply to the effect that the keeping OF
the board open would be the strongest
argument that could be made to the east
of the stability of Nevada's stocks. The
bears in the market had jumped on the
Nevada stocks in the morning, and had
borne them away down. This was more
h the people Of Tonopah could bear
with patience. and o the wires were
singing with buying orders into San
Francisco. The result was that the
market teadied and then ~rebounded
several points above the break of the
morning.
TIT demand here was principally for
Jim Butler. Midway. Belmont and the
other stocks on the hill. There was
money and plenty Of it dug up from
some where. and It all went into the
stock market. and helped to sustain