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WINSLOW EFFECTED By National Financial Troubles The recent financial panic, which started a couple of weeks ago in Wall Street by the failing of the Knickerbocker Trust Company, has effected the entire country, and had it not been for measures taken by the prominent bankers of the country, a panic, such as has never been known in the history of the United States, would have resulted. Arizona, like all other parts of the United States, has been effected by the financial flurry. Nearly all the Arizona banks immediately protected themselves by forming clearing houses in cities or towns where there 1S more than one bank. The same method has been employed by all the banks in the large cities. Here in Winslow there was some little flurry last Saturday, caused by some malicious person who spread the report over the town that the Navajo County Bank had suspended. Of course, this lie caused certain depositors, who did not take the time to make proper inquiries regarding the bank's condition, to immediately withdraw their deposits. However, the tide of withdrawals was soon stopped by the businessmen of the community, who co-operated with the bank in allaying the feeling of unsafety that existed among certain persons. The deposits withdrawn were very small and this week most of those who withdrew their money have re-deposited it. The Navajo County Bank has protected itself by issuing checks on other banks where it has money deposited, in lieu of paying out cash. This is the same method employed by other financial institutions, who will not send country banks their deposits in cash. All the businessmen of Winslow will accept the Navajo-County Bank's checks as they know they are perfectly good and just the same as gold. It has been feared by some that the bank here would be unable to obtain a sufficient amount of cash for the purpose of cashing
