Exchange Bank White Oaks New Mexico
Press Here to see inside bank
Opened in June, 1892 and Closed in 1907
John Hewitt built the Exchange Bank for $13,000 and was President of the bank from June 2nd 1892 – May 25th 1893. The Exchange Bank of White Oaks is in operation and its influence for the welfare of Lincoln county ought to be appreciated as the demands for such an institution have been long and loud. Now that we have a bank, let us ensure it success by giving it all the patronage possible. Exchange can be obtained available in all parts of the United States or Europe. Let us feel proud of our home institution und send out our payments in bank paper bearing our local heading. The names of Messrs. . Jefferson Reynolds and J. W. Zollars are acceptable references in monetary circles and to our home people of Lincoln county the names are high standing of Messrs.. Hewitt President, Watson Vice President and Ulrick in the Exchange banking firm one in which all of Lincoln county residents will repose trust and the Eagle believes the people will be glad to place their accounts with them. In Oct of 1951 the exchange bank was demolished for building materials.
The first annual meeting of the board of directors of the Exchange bank of this city was held on Tuesday afternoon, all the directors being present. The officers elected for the ensuing year are: President, Jefferson Reynolds; Vice president, Wm, Watson; cashier, F. J. Sager, and assistant cashier, Geo. L. Ulrick. Though Mr. Hewitt retires from the directory, being succeeded by Mr. Sager, he still remains a stock-bolder in the institution. In speaking of the affairs of the bank, Mr. Raynolds said he found it in a flourishing condition, in the hands of excellent and competent gentlemen and that the business transacted timing the past year, taking into consideration the general business depression through out the country during that time, has been far in excess of what was anticipated. This certainly speaks well for White Oaks and reflects credit on the management of the bank. See Article here
The Cast members of the Exchange Bank
- President John Hewitt
- Vice President William Watson
- Cashier Frank Sager
- Assistant Cashier George Ulrick
- President Jefferson Raynolds
- Cashier John Zollars
The Development of the Bank:
Many historians and others have wondered about the picture below, where the exchange bank will be built. it has boggled me the author(s) but rest assured, I have the answer. The building next to the arrow is “Goodman and Ziegler” John Hewitt, added a duplicate structure of size next to the building. He also removed the front of the store adobe bricks and added Stone.
Here’s the news clipping for further proof.
The Article below mentions a companion cellar will be dug and constructed in the abutting corners
The Bank before the Exchange Bank
If the exchange bank opened in June of 1892, then there was another “Bank” in White Oaks before. . According to the document below, they incorporated the “Bank of White Oaks, Lincoln County” in 1881
The advertisement below only displayed 2 months, January through February of 1891 in the Lincoln County Leader
The Analysis
If in the future any developments are found to change the authors best opinion as described here, it will be modified as proof of change is produced.
In mid 1880 Jefferson Raynold was 36 married living as a boarder at 107 Chavez street in Las Vegas new Mexico along with his family. He was president of first national bank .his cashier was his landlord. J W Zollars was a prospector in Santa Fe New Mexico at the Los Carillos mine. Abe spiegelberg was one of two merchants at Los carillos. The Las Vegas morning Gazette on March 25 1881 announced the formation of the Baxter mountain gold mining company, Abe was one of the original owners.
Zollars and Reynolds chartered the bank of White Oaks Lincoln County Nov 2nd, 1881, eight months after the Baxter mountain company is established . They received the deed on the baxter claims on Nov 5th, 1881. J w and Abe certainly knew each other pre 1880. Most likely Raynolds bank rolled Abe’s store like he did for William Weed who was foreclosed on eventually in White Oaks. By the end of 1881, the three had control of the banking and mining in White Oaks. No record can be found as to land ownership in white oaks in their or the banks name. None of the three appear on any White Oaks census. Its likely they never lived there , nor is there any record for their bank building. Either the bank they chartered served as a private asset to assist the Baxter mountain gold mining company or it remained dormant as a blockade to another bank coming in later.
The authors believe it was operated as a private bank with a rented office and no customers solely to protect the Baxter mountain gold mining company interest in a town that the three had no connection with and had no way to ensure they were being stolen blind by strangers in a far away place. Their bank was capitalized at $50,000 , Hewitt exchange bank was for $30,000 a significant difference in economic power. Most towns like white oaks , boom and bust never had a bank. The territory did not want bank failures hindrance in attracting new residents. Nor the stigma of poor financial governance in the banking sector when applying for statehood
Hewitt, Watson, Ulrick etc. All were riding high in the early 1890s . They decided to open the exchange bank. The bank of White Oaks published two ads announcing their services, then went silent. The authors believe Raynold and Zollars forced Hewitt out and took over the exchange bank in return for them never opening the bank of White Oaks. This would satisfy territory officials since Hewitt s bunch had no experience in running a bank. Raynold, Zollars and Spiegulberg appear in no story published about white oaks that the authors are aware of they pre date all the known central figures however, including holding the real power in the very early days in White Oaks.
What ever happened to the Exchange Bank Stones after deconstruction?
Exchange Bank