Tonopah daily bonanza. [volume], November 05, 1907, Image 1

About Tonopah daily bonanza. [volume] (Tonopah, Nev.) 1906-1929

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Daily Bonanza
WEATHER
TONOPAH
"TV pap la tl.
tTmi Irmm
all Ik
vn aw 4 lr a that
II la taai."
Klr Tuedy
VOL. Ill NO. 11
TONOPAII NEVADA. TUESDAY MORNING. NOVEMBER .". 1907.
FWCE 10 CENTS
immm situa
8
m
IS SETTEi
State Bank
Sees Light
Light seems to be dawning for the
State Bank and Trust Company and
for the Nye and Ornisby. There was
a meeting of the depositors of the
former yesterday afternoon, and It
was the unanimous expression of the
depositors that the terms of Presi
dent Rickey be accepted.
The terms are as follows: The
depositors will be paid ten per cent
of their holdings in ninety days;
twenty per cent additional in six
months; twenty per cent additional
in nine months, and the balance In
a year. Certificates will be issued to
this effect. One of the depositors
who was at the big meeting objected
to the arrangement, but he after
wards told Cashier Cushman that he
had to thinlc it over, and that he
would probably sign with the rest
of the depositors.
The meeting was held in Miners'
Exchange hall, and was called to or
der by Mr. Cushman, who explained
its object, and then called Mr. Wana
cott to the chair. Quite a number
of speakers addressed the meeting,
all speaking on the lines laid down
by the bank, and when the motion
was put it was carried by a vive voce
vote, and the depositors were very
enthusiastic over the Battlement. An
agreement was produced, which con
tained the terms of the settlement,
and everybody requested to sign the
paper. It was stated that the State"
Bank would remain open the rest of
the day and all day tomorrow for the
purpose of obtaining the signatures
of those who might not have been at
the meeting.
Those who were present, showed
their good faith by going to the desk
and signing the agreement, and the
feeling over the matter was very
good.
"Everything looks very encourag-
VOTE WITH RICKEY
IN GOLDFIELD
GOLDFIELD, Nov. 4. There was
a meeting of the depositors of the
State Bank and Trust Company and
a motion to appoint a committee of
five to investigate the affairs of the
bank was voted down. The motion
to accept the proposition of the bank
to pay all depositors in a year at
three, six, nine and twelve months,
ten, twenty, twenty and fifty per
cent, was carried by a iarge major
ity. The opposition cams from the
Nagle'end, which wanted a receiver
appointed. This faction will meet to
morrow afternoon to consider the
proposition of the Farmers' and Mer
chants' bank to take over the affairs
of the bank, but not much stock Is
taken in the proposition.
STRAUSS LETS IN
LITHOGRAPHERS
By Associated Press.
WASHINGTON, Nov. 4. Secre
tary Strauss has decided to admit
eight European lithographers who
were brought to this country under
contract, against the protest of the
American Federation of Labor. He
bases his decision on the opinion of
Secretary Bonaparte in a previous
case that there is a shortage here of
lithographers.
ALL IS QUIET ON
THE RESERVATION
By Associated Press.
PIERRE, S. D., Nov. 4. The
agency authorities deny the report
that there Is any threat of trouble
from the Sioux in sympathy with the
I'tes, who are dissatisfied with the
distribution of rations and other
matters. Both ITtes and Sioux are
now quiet.
Money Pouring' in from Abroad Deals are
Made Which Will Tend to Loosen the
Financial Stringency
By Associated Press.
NEW YORK, Nov. 4. A deal was
concluded today whereby the United
States Steel Corporation secures a
controlling interest in the Tennessee
Coal, Iron and Railway Company.
The sale cannot fail to do much to
relieve the present financial strin
gency as much of the stock now held
as collateral will be transferred and
loans taken up, adding materially to
the cash resources of the financial in
stitutions. WASHINGTON, Nov. 4. Senator
Nelson, with a delegation of bankers
of the Twin Cities, arrived today to
confer with the President on the fin
ancial situation. Much money is ur
gently needed in the Northwest to
move the immense grain crops. After
a conference tonight with the Presi
dent and Secretary Cortelyou, it was
announced by the secretary that he
had agreed to extend help to improve
the grain movement situation.
ing," said Cashier Cushman, after
the meeting. "We are doing the
same thing in Goldfleld, Carson,
Manhattan and Blair, and I have no
doubt that the agreement will be ec
ceptable to all the depositors. U
everything goes on all right, as we
have planned, we ought to be able
to open the banks on next Monday
at the latest."
The directors of the Nye and Orms
by bank met on Sunday, and agreed
to practically the same method of
procedure. All day yesterday they
were busy at the bank sending out
to the depositors copies of the agree
ment for them to sign and return to
the bank.
HONEY
Salsberry Party Returns and is Speeding East
Well Pleased with Copper Showings
The Ubehebe party that left
for the copper -mines on last
Friday, returned on Sunday
night and departed for the East
on their private car, Idlewlld, !
last evening. To say that the
gentlemen were delighted with
their trip is but feebly express-
ing their sentiments. They
were amazed at what they saw
in the way of copper showings;
they were astounded at the
country, and its possibilities.
As one of the party expressed
what was thought of the Ube-
hebe, they all went away to see
new country, and came back as
stockholders in its mines. The
better part of two days was
spent in the camp traversing
the hills on foot, crossing rocky
gorges on mule back, scaling
peaks to find the finest kind of
copper specimens, delving down
into the depths of the valley to
find great . bodies of the pure
quill. The gentlemen from the
East and the South were simply
entranced. They had expected
to see something out of the or-
dlnary, but they had not dream-
ed of the marvelous treat that
nature had in store for them.
Everything was new to them. They
had speeded along fine roadways in
automobiles, but they had not seen
machines before that could .climb
hills, or go plunging down Into the
depths of a mountain side. They
found vegetables and fruit out in the
desert, they were the guests of the
irrepressible Scotty in his white
shirt, patent leathers and full dress
trousers. They slept in tents,' and
learned that their valuables were
just as safe in the desert as they
would have been at home.
John Salsberry they voted as one
of the greatest of hosts, and the peo
they had ever met. They liked the
Events of One Day
Tin United Stated Steel Corporation 1ms bought tlie Tennessee
foul. Iron and Railway Company, 'which means that considerable
stock now lield ns collateral will be redeemed, and considerable
money put into the New York banks.
Tlie New York stock market opened weak and closed strong,
with the financiers behind it.
The leading financiers of the country declare tliut tlie banking
situation is steudily improving.
There will be $8,000,000 In the bunks from abroad during the
holiday today, and there is more on tlie way across the sea.
President Itoosevelt will aid in tlie moving of the grain crops.
They are issuing bank certificates, indorsed by tlie clearing
house in San Francisco, in lieu of coin, and they are being acccpt-
ed in nil branches of business. ' "
California will have a holiday nil this week.
The State Bank and Trust Company und the Xye and Ornisby
bank have made a proposition to puy their depositors within a
year, paying certain percentages at stated intervals.
(By Associated Press).
NEW YORK, Nov. 4. The stock
market had a brief attack of ner
vousness today, but it passed quickly.
The monetary shock caused some
deep inroads on prices, but the re
covered level of prices represented
not only the full repair of losses, but
some substantial gains. Before the
day was over a revised construction
had been placed on some occurrences
which caused the opening break jn
prices, so that they were made to aid
materially in recovery. The report
found credence that protective meas
ures for the stock market itself had
been perfected by an agreement
among financiers in conference. The
fact that the first prices of stocks
were lowest and that sufficient sup
P0R NINES OP UBEHEBE
mines because there was copper in
pie of Nevada the most hospitable
plenty, and they liked the company
because the best of people were at
the head of it. There had not been
a moment of the trip that was not
of Interest, and the objective point,
Ubehebe, the most Interesting of all.
"There is a mountain of copper
at Ubehebe that cannot be exhausted
in a hundred years," said Dr. T. A.
Ashby, "at least that is my opinion,
after having seen as much of it as I
have. It is one of the biggest camps
I have ever seen, outside of, perhaps,
Tonopah. I mean by that, that it
will be. There is the ground, th3
site for the town, and the copper
deposit to back it. They have all
the water that is needed eight miles
away, and will probably get more
than enough by sinking withing a
mile and a half of the camp. We
went over a great trail on burros,
which was a pretty stiff experience
for most of us who had not been on
a horse for twenty years. But the
trip was well worth the time, and
the discomforts that we endured. If
one of us had ever tumbled over the
cliff he would have gone rolling a
thousand feet without stopping, but
we all came through without a
scratch."
"All that is needed to make the
proposition complete," said A. L. Mc
Cormick, "is cheap transportation,
and that is a problem that is already
solved. They have, besides copper,
gold and silver, but the copper s
enough for anybody. Ubehebe Is
ftfty-four miles from Bonnie Claire,
where both the Clark and the Tono
pah and Goldfield roads pass, and
afford competition to the shipper. I
understand that a survey of a road
from Bonnie Claire to the mine has
already been made, and that the con
struction of the road is a most feas
ible proposition. Viewd from any
point, it is certainly a great propo
sition. They have the copper in
abundance, and the method of ship
in World of finance
port was in force to woTTTa prompt
check to decline, and the early re
covery added to the strength of the
belief.
The clearing house banks are ad
mirably fulfilling their function as a
central reserve depository of banks
of the whole country and have suc
cessfully met heavy demands up to
the close of business today. Before
operations are again resumed after
the election holiday of tomorrow, the
first installment of $8,000,000 of the
incoming tide of gold from Europe
wflflie saTely" lodged "in the bank
vaults here to be quickly followed
by other Importations at frequent In
tervals. The view taken by leading
financiers tonight is that the banking
situation is steadily improving.
ping it out is simple."
"Ubehebe is a wonderful proposi
tion," said C. J. Rainear. "The prob
lem of transportation is easy. There
would be no trouble at all in build
ing and operating an electric road,
and the townsite has a splendid lo
cation. I am in the brass and iron
business, and I would like to be out
of it and have it all converted into
the Ubehebe. I have a son, a stocky
boy of nineteen, and I would like to
see him come out to Ubehebe. I'll
wager that he could coma out here
with a thousand dollars, and in ten
years he would be worth more than I
am today. It is the country of op
portunity for young men."
"I have certainly been surprised,"
said'R. H. McBride. "I never had
seen anything like it before. I have
seen lots of copper, but I am free to
confess that I never saw it in such
amounts or in such a state. The best
evidence that I have been properly
impressed is the fact that I went
down to Ubehebe a sightseer and
came back a stockholder. What ap
pealed to me In the first place is the
great mountain of copper that I saw,
and the way that the work of devel
opment is being carried on. And I
have been most greatly Impressed by
the character of the people at the
head of the company. While we are
on the trip we saw Mt. Whitney, the
highest point in the United States,
and also Death Valley, the lowest
point in the United States."
"The experience was delightful,"
said J. A. Hltchens; "it was all new
and novel to the most of us, and we
could not have been more pleasantly
entertained. I think that the prop
erty is magnificent; it is a first-class
proposition in every respect. We
went all over It, and to my mind it
has every Indication of being one of
the greatest copper properties in the
world. I am not basing my conclu
sions entirely on my own judgment,
but I met an old friend of mine there,
(Continued on Page Four.)
By Associated Press.
NKW YORK, Nov. 4. Charles M.
Fowler, chairman of the Banking and
Currency Committee of Congress,
said today It would be very unwise to
call an extra session of congress. He
says that the banks of the country
are stronger and sounder today than
ever and that what the country needs
is a more wise and proper currency
system.
(Associated Press.)
SAN FRANCISCO, Uov. 4. Issu
ance of clearing house paper by the
local banks began this morning an-l
certificates in denominations of $5,
$10 and $20 were readily accepted by
business houses and were used freely
in business transactions. Every $100
of such issued is secured by $125
gold. There were $290,000 in gold
issued by the sub-treasury here to
day. Banks will all close tomorrow.
v'ssajj pajepossv)
PORTLAND, Ore., Nov. 4 Bal
four, Guthrie & Co. have engaged
$500,000 in gold in London for ship
ment to this city to be used in the
movement of grain. Half of the sum
Is already on the way. It Is known
that shipments of larger amounts will
be made in a few days. No arrange
ments could be made for amounts
necessary In New York.
(Associated Press.)
GUTHRIE, Nov. 4. Governor
elect Haskell tonight stated that it
was his opinion that the best way to
put the country on a sound financial
footing is to declare a ninety-day
holiday on the New York stock ex
change and use all the street money
to market crops
ALL EYES ON
COMING ELECTIONS
(Associated Press.)
WASHINGTON, Nov. 4. The ten
general State elections which will
take place tomorrow are attracting
the keenest interest among the poli
ticians, as the result 'may develop
some indication of the possible ten
dencies in the national campaign next
year. Keen interest Is also taken in
the elections in New York, Cleve
land, Salt Lake and San Francisco,
as questions of national importance
are to be decided in each of these.
'T DO
FOR RAILROADS
RENO, Nov. 4. The statement
made by C. D. Virgilio a few days
ago that Hindu labor in this State
was a failure was proved Saturday,
when it became known that thirty
five of the natives of India, engaged
on construction work for the Harri
man system, had been discharged.
The Hindus were there when it
came to eating, but as workmen they
were failures. They could handle a
knife and fork, but they were slow
with a shovel or a pick.
Nearly all o- the Hindus will go
back to California.
NARROW ESCAPE
OF TWO LABORERS
SAN FRANCISCO, Nov. 4. While
working in a conduit at Third and
Howard streets, two laborers were
buried in a cave-In shortly before
noon today. Edward Sheehan.'one
of the injured men, was taken to the
Emergency hospital. The other es
caped Injury. ,
Prank Golden
Is Confident
"We will issue time certificates,"
said Cashier Raycraft, yesterday,
"and will pay interest upon them at
the rate of three and a half per cent
a year. The certificates will be for a
year, payable as follows: Ten per
cent of the amount of deposit in
ninety days; twenty per cent in six
months; twenty per cent more in nine
months, and the balance in a year's
time. We intend to take care of the
borrower as well as the depositor,
and we are not going to crowd any
body to the wall. We will call upon
our borrowers to pay a little to help
us out in the present situation, but
we do not propose to go to extremes."
"We have not sold out anyone,"
said President Golden, "and we do
not expect to. We have not called
upon anyone except where accounts
had to be further protected by addi
tional securities. The Bank Exam
iner will not complete his work of
examination of all our banks for
three or four days yet, and we have
to wait until he makes his report;
but you can say for me that the
banks are perfectly solvent, and in
as good condition today as they .ever
were."
The Nevada First National Bank
kept open Its doors until 5 o'clock
yestedray afternoon to accommodate
the men of the Tonopah Extension.
The management of that mine de
cided to pay off In advance tkls
month. The regular pay day is on
the tenth of the month. The bank
Is the depository of the company and
remained open at the request of the
company.
DENVER, Nov. 4. The Clearing
House Association tonight decided to
Issue bank script in the denomina
tions of $1, $a, $10, and $20. Banks
will be permitted to issue script up
to 75 per cent of the security given.
RUMOR OF POPE'S
ILLNESS DENIED
By Associated Press.
ROME, Nov. 4. The official
organ of the Vatican has de-
clared that the rumors of the
ill health of the Pope are abso-
lutely without foundation. 4
CARRYING WAR
UP INTO THE AIR
(Associated Press.)
ST. LOUIS, Nov. 4. J. C. Mars
arrived here tonight to select a site
and begin construction of the first
war airship ever built for the United
States government. The ship will
cost $10,000. It will have a fifty
horsepower engine and be equipped
with a light gun.
FEARS FOR MANY
LIVES AT SEA
(Associated Press.)
ST. JOHNS, N. P., Nov. 4. It is
feared that many lives were lost in
the recent heavy gales. Three New
Foundland fishing schooners, and
four French vessels are missing.
Wreckage is washing ashore on the
southern coast.
JACK SULLIVAN TO
FIGHT KAUFMAN
(Associated Press.)
SAN FRANCISCO, Nov. 4 Jack
(Twin) Sullivan and Al Kaufman
were matched today to fight fortv-
five rounds at the Col ma arena on
the afternoon of Thanksgiving day.