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ALL 3 BANKS IN SILVER CITY CLOSE DOORS, ONE AT TYRONE Grant County, Richest in State, Now Without Banking Institution. HEAVY WITHDRAWALS GIVEN AS CAUSE Silver City, N. M., Jan. 28.—Three banks closed their doors in Silver City this morning within half an hour of each other, and a fourth bank in the county, the Bank of Tyrone, closed soon thereafter. This leaves Grant county, richest in the state in assessments, without a bank. The three Silver City banks closed today were the Silver City National bank, the American National bank and the Silver City Savings bank—the latter a subsidiary institution of the Silver City National. The Tyrone bank was closely affiliated with the Silver City National. The closing of the Silver City National was caused by heavy demands for funds on deposit. Similar demands were made upon the American National. BANK EXAMINER'S OFFICE HEARS OF ONLY 2 BANKS The state bank examiner's office was apprised of the closing of the Bank of Tyrone, at Tyrone, a small mining camp near Silver City, and the Silver City Savings bank; but up to 2 o'clock this afternoon had no word as to the Silver City National or American National of Silver City, also reported closed in a press dispatch. It was pointed out, however, that owing to the fact that the Silver City National and American National were both national banks, there was no obligation to report the closing of these institutions to the state bank examiner's office. This is the first case on record in New Mexico where all banks in one town have closed at the same time. There were only three banks in Silver City and the closing of all three left that town without a bank. Up to this time, the town had escaped the epidemic of bank crashes. The first news of the blow to Grant county was a wire to the state bank examiner's office this morning asking that office to take charge of the Bank of Tyrone. It was signed by J. C. Efromson, cashier. Shortly afterward there came another wire saying the Silver City Savings bank had been suspended by order of the board of directors. No reason was given in either case. Deposits at the Bank of Tyrone included $83,219 demand and $14,359 time. In the Silver City Savings institution there were only savings accounts. These totalled $423,752. The officers of the state banks were: Bank of Tyrone—W. D. Murray, president; H. A. Martin, vice president; J. C. Efromson, cashier. Silver City Savings—J. W. Carter, president; H. A. Martin, vice president; T. L. Lowe, cashier. W. D. Murray, member of the state senate and one of the most prominent bankers of the southwestern part of the state, was president of the Silver City National, as well as the Bank of Tyrone. He was also interested in the Deming bank which closed a short time ago. CHINO MADE DEMANDS It was reported here that demands had been made on the Silver City National and American National by the Chino Copper Co., for funds deposited in these banks—for $90,000 on the former and $12,000 on the latter. FAILURE IN SOUTH DAKOTA Huron, S. D., Jan. 28.—The First National bank here failed to open its doors today, National bank officials having found that the runs made on the bank in the last few days had depleted its cash reserve. George Wright is president of the bank.
