The Pioche record. [volume] (Pioche, Nev.) 1908-1925, 1910-04-09
EUREKA BANK SMASH.
Failure ls A Bad One And viii Grip
Pile Many Eurekaites.

The failure OF the Bank OF Eureka
now seems to be very serious mat
ter, inasmuch as the assets are but a
small fraction Of the Utilities. The
failure OF the First National Bank of
Rhyolite does not appear to be very
bad one. inasmuch as the deposits are
practically assured by the assets of
the institution, says the Reno Gazette
The Eureka bank failure is in the
neighborhood Of a 100000 collapse, 4
1t containing the lifetime savings of
a numb Of people and the ready
-psan(R ~ the county Of Eureka
Osdr T. Smith of this city, Bert
L. SAy It'll and Mrs. 0. J. Smith are
the dAes most directly responsible
for the failure and they have come to
the assistance of the institution with
practically every cent they possess
and all OF their personal realty hold
ings.
O. J. Smith a Few days ago
gave the first interview that has ap-
peared since the failure. Mr.. Smith
has rerceptably aged during the past
ten days and he has assumed more
serious aspect than his wont, but he
Is pnilosophic through 1t all. He
said
my brother, my wife and I were
In apparently prosperous Circumstance
es, before the crash came, but we
Played out our hands to the last card,
or, as billiard devotee would say,
to the end OF the string
We did not really know that the
crash woald come Until the night be.
FORE the suspension Of the Rhyolite
institution. II would have been bet
ter for our cem tors and for our
selves II we had vound up our bank
ing business months ago. but we hat
Investments that were liable to prove
Of great value st any moment.
That Is all there is to the story
and We have all three placed wha
fortune W. possess back of the in
stitutions. Mrs. Smith will posses
absolutely nothing more than tn
equity in her house and l will hav
ny law library, the tool of my trade
Bert will emerge equally stripped O
his possessions.
Il am confident that the Rhyolit
bank VIII lay every cent of its II
debtedness and am assured that tn
Eureka institution will do equally a
well. Ny brother and I win not onl
surrender all our present assets, BIT
we will labor for the balance Of on
days to the end that no man can sa
We ever took advantage Of them I
the extent of a fraction of a cent
We have lease at Pioneer, O
lands in southern California an
other properties, any one Of whic
should pull, not only the banks b,
ourselves out Of the hole, and tn,
within very few months.
THE affairs Of the banks win |
closed up without any expense 9th,
than that which is absolutely nece
ssry.
The failure was due to our inves
menrs. particularly in southern N
vada, many Of which proved disa
tr0as. We worked in the face of /
Vulnerable obstacles, the first beil
the San Francisco fire, which cause
shrinkage in our securities amour
ing to halt a million dollars. The I,
in the price Of our Goldfield holding
due to labor troubles there caug
us for q couple of hundred thousal
dollars more and the great panic CO
plete.. the disaster. Since that '
have struggled to get our heads abo
water and think we should have 9
ceeded in time. But the crash b
come now and all we will do the re
OF our days. II it requires our RENAL
ing years, will be to make everybo
square ard this will. we hope, reuui
only few months. Then, and on
then. we will endeavor to repair o
individual fortunes"