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Nevada Banks Fail. Reno, Oct. 23.-The State Bank & Trust company of Carson City, with branches in Goldfield, Manhattan and Tonopah, temporarily suspended today. Bank officials state there are sufficient undivided profits to pay dollar for dollar.
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MORE BANKS CLOSED. Reno, Oct. 23.-The State Bank and Trust company, of Carson City, and with branches in Goldfield, Manhattan and Tonopah, temporarily suspended today. Bank officials state they have sufficient undivided profits to pay dollar for dollar.
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Nevada Bank Suspends. RENO. Nev., Oct. 23.-The State Bank and Trust company, of Carson City, with branches at Manhattan, Tonopah and Goldfield, temporarily suspended today. The bank officials claim that there are sufficient undivided profits on hand to pay dollar for dollar.
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NEVADA BANK TOPPLES OVER The State Bank and Trust Co. of Carson It is Predicted That It Will Shortly Resume Without Loss. Reno, Nev., Oct. 23.-The State Bank and Trust Co. with headquarters at Carson, and with branches at Goldfield, Tonopah, Manhattan and Blair, closed its doors this morning at 9.15. The state bank examiner is in charge. The difficulty is due to inability to realize on stocks placed as security for $400,000 loan made by the Sullivan Trust Co. last year. T. B. Rickey, president of the bank, is one of the wealthiest men in the state, and the bank's assets are thought to exceed its liabilities. No fear is entertained that the depositors will lose a cent. Rickey is now in San Francisco. Following the announcement that the company had temporarily suspended Nye & Ormsby Co.'s bank and Frank Golden, president of the Carson, Tonopah, Goldfield, Manhattan and Reno banks, put out a sign stating that the bank will be closed for three days in order to have sufficient coin shipped in to prepare for a run. There is no excitement and the feeling prevails that there will be no failures. A statement issued by the bank and trust company this afternoon assigns labor troubles and a drain on its deposits in the south as the reason for suspension. It is claimed that depositors will be paid dollar for dollar. A general feeling of confidence exists here. The deposits in the banks today greatly exceed withdrawals. Prominent local financiers, including. (Senator Nixon, anticipate no serious trouble. A dispatch from Goldfield states that conditions there are normal.
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all his banks Monday morning without fail. The Reno bank opened for business last Monday but did not open Tuesday morning. When this news was received in Goldfield it created some apprehension but it was explained that if it had remained open depositors in the other Golden banks could withdraw their deposits through the institution at Reno. As this would probably have precipitated a run on the bank at Reno, on the advice of his attorneys, Mr. Golden decided to postpone the opening until all the Nye & Ormsby banks were ready to transact business. Thomas B. Rickey of the State Bank and Trust company has returned to Carson City from San Francisco and has announced in an interview that he expects to reopen his banks next Tuesday. He declares that the State Bank is per-
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ern Nevada during the present year. He says that as a result of these recurring labor troubles hundreds of speculators and Investors withdrew their deposits and left the state in disgust. They believed in the mines and they liked the state but they were frightened away. "Six months ago," said Mr. Rickey, "the bank had deposits of over $4,000.000, and in fact had such a large amount in cash that we did not know just what to do with It. From July until the present more than $2,000,000 has been withdrawn from the bank. Several weeks ago we saw the predicament the bank would be in shortly and instructions were issued to all the branch banks to collect all outstanding indebtedness and sell the securities held for loans. But the market began to fall with amazing and unexpected rapidity: the bottom had apparently fallen out. Blocks of stock worth thousands a short time ago now brought hundreds and the bank faced the prospect of simply swamping the market by forced sales and then not saving the depositors. So we decided to close down the banks until we could handle the securities on a reasonable basis and save hundreds of persons from ruin." Mr. Rickey declared that the only company in which he is Interested that is indebted to the bank is the Rickey Land and Cattle company. which is worth more than half a million and which owes the bank between $5,000 and $10,000. Personally, Mr. Rickey says, instead of owing the bank, the bank is indebted to him. All the branches of the State Bank have been instructed to prepare statements and forward them to Carson City at once. These statements have probably been received by the home bank by this time and President Rickey has announced that as soon as these statements have been carefully gone over, he will issue a statement to the stockholders, setting forth the bank's condition and submitting a proposition for their acceptance or rejection. He has already received assurances from many of the heaviest depositors that they will not withdraw their money should the bank reopen its doors the first of the week and he is confident that the bank will be able to resume business within the next few days. Judge Langan has denied the application for a receiver for the State Bank and Trust company. The heavier depositors. and in fact the great majority of the smaller depositors are opposed to a recievership at this time, believing that the depositors would fare better under the Rickey management than in the hands of a receiver. D. Mackenzie, who returned from San Francisco a few days ago, spent several days in consultation with T. B. Rickey while in the coast metropolis. "I do not doubt for a moment but that the State Bank will reopen and pay dollar for dollar," said Mr. Mackenzie. "I have made a personal examination and I can say that the securities in the State Bank are excellent. The Rickey banks have now more than $200,000 in cash on hand but of course that is not sufficient to enable the banks to sustain a run. The depositors must agree to wait a reasonable time for their money and If some arrangement of that kind can be made I am satisfied that the bank will reopen in a few days and everybody will get his money. The only loss that would come to the depositors would be in the appointment of a receiver and I cannot urge too strongly against such a move. I am the largest depositor in the State Bank, Mr. Rickey tells me, but I am perfectly willing to give any assistance in my power to help relieve the situation and stand ready to increase my deposit substantially. Mr. Rickey informed me that he is willing to pledge to
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WILL ISSUE CERTIFICATES To all Signers of the State Bank. Will Bear Intrest At a metin gof the Board of Directors of the State Bank & Trust Company yesterday in this city it was decided to adopt the plan suggested by President Rickey to give out time certificates to the depositors who sign the agreement presented by the bank. The certificates will be payable in three, six. nine and twelve months from the dates of issuance and will bear interest at the rate of three and one-half per cent. This plan is meeting with favor among the depositors who have already signed the agreement and many who have not SO far affixed their signatures to the agreement will now sign. The officials at the meeting yesterday reported that there was only a small percentage of the many depositors who were still holding out and they thought that these would now come to the front and that it would be only a matter of a short while before all the institutions would again be running. The. first payment on these certificates will probably be paid within a very short time after the banks open and will not be held off for the agreed three months. Mr. Rickey stated that sufficient money to meet the first payment was in the vaults of the banks and as soon as they are again running and business begins to.pick up that they will be in a position to call in the first certificates. All they need is sufficient money to conduct the banks. and as fast as money accu mulates the certificates will be called in regardless of when they are due and the depositors will get their money as soon as the bank can possibly meet its demands.
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ASK FOR RECEIVER FOR BANK ternoon, D. Mackenzie, who is the heaviThe management of the State Bank est creditor of the bank, endeavored to & Trust company is under fire from sevformulate a plan for the re-opening of eral quarters, the depositors thinking the bank, and President Rickey stated they have waited long enough, and that that if he was given five days more he would have a million dollars in securiif the bank is not ready to resume, a receiver should be appointed and the afties deposited in the bank to protect every stockholder. As this is just what fairs of the institution closed up. One has been asked for the extra time was suit for the appointment of a receiver granted before taking any other action, has already been filed and there are a and there is good reason to hope that the number of others ready to come up. doors will be thrown open in a short At a meeting of the directors of the time. institution at Carson City yesterday af-
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The management of the State Bank & Trust company is under fire from several quarters, the depositors thinking they have waited long enough, and that if the bank is not ready to resume, a receiver should be appointed and the affairs of the institution closed up. One suit for the appointment of a receiver has already been filed and there are a number of others ready to come up. At a meeting of the directors of the institution at Carson City yesterday af-
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Committe is Appointed to Consider Plaus For Re-organization of the Institution meeting today to get the control himRickey Disposes of all self but as this was found to be an His Intrests This impossibility made good his former proposition to surrender all his inAfternoon terests in the bank. Just what the plan of the stockThe stockholders of the State holders is we were unable to learn owBank & Trust Company held a meeting to the lateness of the hour when ing today to consider the propositions the adjournment of the meeting at offered by President T. B. Rickey of the bank was had but it is stated the bank to the holders of stock in that an announcement will probably the institution. be made after the meeting of tomorThe proposition submitted by Mr. row. Rickey was that in the event of all RESOLUTION ADOPTED the stock in the bank being assigned The following resolution was adoptto the bank, and the depositors of the ed at the meeting this afternoon: bank accepting deferred payments of "Resolved that in the sence of the their claims, he would loan the inmeeting and by virtue of discussion stitution $1,000,000 in securities, and of information at hand and the defithus enable the bank to resume businite action taken that the utmost conness; or, he would turn over his holdfidence is felt in the ultimate outing of nearly one-half of the capital come of the affairs State Bank and stock of the bank to the stockholdTrust Company." ers in order that the depositors might ATTACHMENT IS FILED be paid dollar for dollar. This morning Deputy Sheriff KnobThese two propositions evoked conlock served an attachment on the siderable discussion, and resulted in State Bank and Trust Company the first proposition being passed for through its President T. B. Rickey, the reason that Mr. Rickey was loath for $11,935.20. The attaching party to enumerate just what securities he is the Francis Mohawk Mining and proposed loaning to the bank. Leasing Company. Finally the proposition of Mr. RickThe attachment papers filed here ev turning over his interests in the to-day are duplicates o fthose filed bank to the other stockholders was at Goldfield and Tonpah, a certified accepted. Plans were made at the copy of the original being the papers meeting looking towards the re-organin the suit filed today. ization of the bank and placing it on Immediately after the filing of the a more solid foundation than before. papers John Eflis was appointed A committee consisting of Messrs. keeper of the institution in this city Mapes. Brougher and Shaw was apduring the day and James Logan will pointed looking to a solution of the take the night shift. These men will bank's difficulties and the matter of serve until a receiver is appointed reorganization of the institution. for the institution or a settlement of This committee is to report to the some sort is made. stockholders at a meeting to be held The serving of the papers today on tomorrow. came as a surprise to many as it was RICKEY IS ENTIRELY OUT thought that McKenzie, who really Today President Rickey assigned brings the suit in the name of the his 900 shares in the State Bank and Francis Mohawk company would wait Trust company to the other stockuntil the stockholders and directors holders and is entirely out of the had taken some definite action today institution He endeavored at the
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RICKEY HAS NEW PLAN FOR OPENING STATE BANK CARSON CITY, Feb. 5. There will be another meeting of the directors and officers of the State Bank and Trust.company in this city tomorrow, when they will endeavor to arrive at some definite plan for the opening of the banks of the company. President Rickey has offered to open the bank and capitalize it for $1,000,000 if the stockholders will turn over to the bank their stock. Unless they agree to do this the bank. will pass into the hands of a receiver.
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T. B. Rickey, late president of the State Bank and Trust company, announced this week that he intends to take up his assigned 1,000 shares of bank stock, paying therefor $100 per share. Several of the directors have made a similar offer. If this is done before May 15th and the bank and its branches are reopened by that time the receivership proposition will be quashed. The money that will come in from this source, added to the other assets of the bank, will probably pull the institution out of bankruptey and enable the settlement of its liabilities dollar for dollar. A meeting of all the directors was held at Carson City Wednesday, all the
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OUTLOOK FOR STATE BANK. The outlook for the opening of the State Bank and Trust company is said to be growing better daily, according to the affairs of the bank, says the Carson News. The directors and the stockholders many of whom are not directors, have agreed to raise the necessary money to meet an assessment of $100 a share on the stock, and those who cannot raise the money are arranging for their friends to take over their stock and protect them with notes. It it likely that sometime during the coming week another meeting will be held by the stockholders of the institution and it will be learned just what the present status is. No action can be taken before May 13, but at that time the directors hope to have the necessary assessment raised and then to make a snowing in court. If the money is raised then the banks will be opened and the application for a receiver withdrawn or denied.
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Outlook For Bank The outlook for the opening of the State Bank and Trust company is said to grow better daily according to the affairs of the bank. The directors and many of the stockholders who are not directors have agreed to raise the necessary money to meet an assessment of $100 the share on the stock, and those who cannot raise the money are arranging for friends to take over the stock and then protect them with notes. It is likely that sometime the coming week another meeting will be held by the stockholders of the institution and it will be ascertained just what the present status is. No action can be taken before May 15th but at that time the directors hope to have the necessary assessment raised and then to make a showing in court. If the money is raised then the bank will be reopened and the application for a receiver denied or withdrawn by corsent.Carson News.
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Receiver for Bank Is Appointed. Carson City, Nev., May 19.-Judge Langan of the district court on Monday appointed Frank Wildes, deputy state treasurer, receiver of the State Bank and Trust Co., which suspended last October. The failure involved liabilities of $400,000. It is believed the bank will eventually be able to pay 50 cents on the dollar. All the directors and a number of the officers of the bank are under indictment for embezzlement.
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Receiver for Bank Is Appointed. Carson City, Nev.-Judge Langan of the district court on Monday appointed Frank Wildes, deputy state treasurer, receiver of the State Bank and Trust Co., which suspended last October. The failure involved liabilities of $400,000. It is believed the bank will eventually be able to pay 50 cents on the dollar. All the directors and a number of the officers of the bank are under indictment for embezzlement.
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Will Sue The Stockholders Papers are now being prepared and arrangements completed for filing a suit against the stockholders and directors of the State Bank and Trust company to recover the last two dividends paid to them by the bank and also monies claimed to have been improperly loaned by the directors and officials. The total amount to be asked for in the suit is about $900,000 and it is stated that when the suit is ready for filing attachments will be levied on property held by those affected. The information of the suit was given by persons connected with settling the affairs and it is known the papers are now in the course of preparation and unless the plans are changed will be filed within a short time. The suit will demand that the last two dividends paid by the bank, one of 6 per cent, and the other of 9 per cent. be returned to the funds of the bank, basing the demand upon the charge made by Receiver Wildes that the books of the bank actually showed a loss at that time instead of a net profit. Other monies will be demanded to be returned because improperly loaned or expended. Among other things it is charged that there was a by-law in force at the bank which provided that no loan of over $15,000 could be made unless all the directors acquiesced in the loan. It is charged this was violated in many cases and consequently the amounts SO loaned are demanded to be returned. The Ormsby county grand jury will meet tomorrow and it is likely that perhaps the most sensational bit of evidence yet uncovered will be brought before that body. A letter was sent out from the bank here to the cashiers of all the branch banks on October 6th, stating that the bank was in very bad shape financially at the time and telling all the cashiers to be prepared to close their branch banks upon telegraphic advices. The letter was sent out on the 6th day of the month and on the 23rd of the month the bank closed its doors. There is some dispute as to the authorship of the epistle, President Rickey denying that he either wrote or authorized the letter but it is claimed that he did so, and had it sent out. One of the letters is now in existence and will likely reach the jury at the session tomorrow. After this letter was sent the cashiers of the bank continued to receive de posits and honor checks and do other business until the doors of all the institutiens were closed on the 23rd of the month. The bond question will also be further investigated by the grand jury and District Attorney Roberts at the meeting tomorrow and it is thought that the matter will then be determind.-Carson News. awa
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THOMAS 13. KICKEY accires that ne is in danger of assasination in Ormsby county and that for this, and half a hu "red other reasons he don't want to be tried in this county for wrecking the State Bank and Trust Company. He also says that the United States District Attorney took the stump and denounced him, that influential citizens have done the same, that the newspapers in particular, have been active in showing up the said affiant that depositors, their friends, relatives and their friends and relatives unto the third and fourth generation of them that hate Tom Rickey are industriously abusing the affiant for wrecking the bank, and that for these and sundry and divers other reasons he cannot get a fair trial in Ormsby county, or in half a dozen other counties in the State of Nevada. The affidavit bears down partienlarly hard on the newspapers. It devotes several pages to a description of what Senator Newlands calls the "mellific" influence of the cartoon, as she is cartconed in Nevada. The language of the affidavit is: "That all of said newspapers. immediately after said bank suspended as aforesaid, commenced and thereafter, to the present time, continued most vio lent. virulent and impassioned publications against affiant and the other directors of the bank. That all of said newspapers at all times after the suspension said bank published editorials and statements charging affiant petitioner, with having used the funds of said bank unlawfully and corruptly for the personal profit of affiant petitioner. and published state ments at all times heretofore that affiant has used his office as president of the said bank to make loans to corporations, partnerships and associations in which affliant was Interested. and published statements that afflant had diverted the fuds of said bank to build houses and improve property in reckless disregard of the interest of said depositors, and for the purpose of indirectly enriching affliant. "That said newspapers at all times aforesaid published statements than loans were made of the Name of said bank upon worthless securities and upon mining stocks regardless of the value of the property because affiant had an interest as borrower and would profit by the loan made. And said newspapers a all times as aforesaid, published statements that after the .ank had failed affiant had favored some depositors as against others by permitting said favored depositors. by indirection to receive their deposits in full. while the other depositors were being injured by the
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ON BANK BUSINESS Attorney Green, of the firm of Mack & Green, attorneys for receiver Wildes of the State Bank & Trust Company, is in this city today attending to bank matters in the District Court.
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THE STATE BANK AND TRUST CO. DIVIDEND A dividend of 10 per cent will be payable September 1 to the creditors of the State Bank and Trust company, who are requested to advise the receiver of their address, amount and place of claim. Carson City, Nev., August 30, 1912 a30t7
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THE STATE BANK AND TRUST COMPANY DIVIDEND A dividend of ten per cent. is now payable to the creditors of The State Bank & Trust Co. at the office of the Receiver in Carson City, Nevada. F.. L.. WILDES. Receiver Carson City, Nev., Sept. 1, 19:2
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THE STATE BANK AND TRUST COMPANY DIVIDEND A dividend of ten per cent. is now payable to the creditors of The State Bank & Trust Co. at the office of the Receiver in Carson City, Nevada. F.. L.. WILDES. Receiver Carson City, Nev., Sept. 1, 1912
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THE STATE BANK and TRUST COMPANY DIVIDEND A dividend of ten per cent. is now payable to the creditors of The State Bank & Trust Co at the office of the Receiver in Carson City, Nevada. F.. L.. WILDES. Receiver Carson City, Nev., Sept. 1, 1912
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THE STATE BANK AND TRUST COMPANY DIVIDEND A dividend of ten per cent. is now payable to the creditors of The State Bank & Trust Co. at the office of the Receiver in Carson City, Nevada. F.. L.. WILDES. Receiver Carson City, Nev., Sept. 1, 1912