The silver state. [volume] (Winnemucca, Nev.) 1909-1925, 1922-02-23
BANKER CONF F|DENT
OF BETTER Times
M. Reinhart, Local Banker, Speak
ing at Chamber of Commerce
Lunch, Says Indications
=. Point to Prosperity

Impressing the idea that conf
dence on the part of the people in
future economical conditions of
Humboldt county and the nation
generally is the all important con-
sderation to bring about satisfac-
tory results, M. Reinhart, president
of the Winnemucca State Bank &
Trust Company, spoke before those
assembled at the regular weekly
Chamber of Commerce luncheon
yesterday.
"All of the men present today
who have known me over a period
of years know that l always take
the optimistic view," said Mr.. Rein
hart, "and / have never made mis-
take in holding to that rule. Peo-
pie don't like a pessimist, though
he often tells them the truth.
81 have been. in the harness in
Humboldt county for something
more than forty years and | can
assure you l have seen many ups
and downs. But l have learned
that the optimistic view, together
with self-confidence, is absolutely
necessary to any success. 1t is this
idea that l try to inspire in others.
Confidence means a great deal and
without it no business is a success.
"The year 1921 was a banner
year. l say banner because it was
one never to be forgotten by men
with anything at stake. In 1919 1
received telegram telling me to
buy all the wool available for so
cents a pound, later receiving in
structions to pay 55 cents. 1t was
the same old story-when men were
offered SO cents they held out for
55 cents, and when they were Of
fered 55 cents they wanted 60 cents.
What was the result? l shipped
wool to Boston which before it ar
rived there was not worth 15 cents
pound. Cost of production was,
l should say, about 35 cents a
pound, and this meant that sheep
men took loss then of at least 20
cents on every pound of wool they
held. This of course resulted in
financial embarrassment. Very few
knew of the real seriousness of the
situation.
Conditions were worse in 1889
1890, because then stockmen lost
from 70 to 80 per cent of their
sheep and cattle: Those were real
trying times. Two years ago the
situation was created simply by de-
flated values. The difficulty con-
tinued, however, and 1921 saw wool
sold for as low as 13 cents a pound.
81 feel, though, that we have
gone through the last storm of the
period and that 1922 will bring
prosperity not only for the stock
grower but for all. Faith in your
fellow man and confidence in the
nation are the all important neces-
sites to bring that prosperity about.
81 am not talking as a banker
now. I have heard a great deal
about how much assistance We were
going to get from the war finance
corporation, how millions and mil
lions of dollars were going to be
sent out to relieve conditions among
the stockgrower. l haven't seen
any of it. We had wonderful times
during the war and the American
people danced. Uncle Sam fur
nished the fusic and must now be
paid. The unfortunate part of it
is that some of US must now pay
who did not then dance.
81 feel that with all the storms
and general good prospects for this
community that we will soon see
great prosperity. There have been
times when conditions would make
a pessimist of any man, but keeping
faith and confidence has won the
day.
81 remember in 1892, following
the election of Grover Cleveland, a
certain sheepman's stock of 10000
head diminished to 1000 head. He