Carson City daily appeal. [volume] (Carson City, Nev.) 1907-1930, 1907-10-28
"Unless Depreciation i'm Securi-
ties During Past IS Days Have
Made Them OtherWiSe''

President T. B. Hickey OF the State
Bank & Trust Company returned
from San Francisco this morning,
after an extended visit in that city
where he has been in consultation
with the leading bankers there.
To a representative of the Appeal
he had the following to say regard
ing the closing of his banks and the
present outlook:
AT the present time I have very
little to say regarding the future, in
fact | can make no announcement
until the reports Of the different
branches Of the bank have reached
me. | have ordered these reports
sent to me at the earliest possible
moment On the receipt Of these re-
nounce the exact standing Of the in
stitution. | expect to have my re
ports in at an earlier date than the
report of the bank examiner and
when the two are compared and
notes made the exact status of affairs
will be known.
During the financial crisis Of the
East the bankers of California were
anything but pleased with the ont
look in Nevada, but since the monlec
men and the government came &c
the rescue and the stocks are agair
on the inward trend. feeling o.
confidence is beginning to NANTES
itself and things are looking brighte,
The closing of our banks has beer
mostly caused by the labor troubles O
the southern country, and the decline
in the stock market and also on al
other securities. Previous to this We
had deposits to the amount of foul
ard one-half millions. Eur with tft
labor and stock troubles people be
others drew out their deposits to
cover other Indebtedness. In
surprisingly short while we had pai'
out fully two millions of deposit
10 the depositors and continual fall
ing off Of deposits owing TO prevail
ing depression in business tende
also to cripple us.
when I saw the state of affairs
instructed the banks to call in thei
In thlS
ilnpossibility and the securities wer
ordered sold These consisted to
great extent in stocks and these wer
placed in the hands of brokers to b
disposed Of The result was that tn
market began to decline and on
securities were becoming OF les
value daily 1t was then evident thu
if we continued t. dispose of thes
securities that We would furthe
wreck the marker and AT the sam
time ruin ourselves.
'Business continued ON the d
cline and the value Of our holdin3
were depreciating steadily. When
become evident that we must eitiis
break the market by selling OF
securities and at the same time on
selves and hundreds Of others WI
had holdings of this description, W
decided to close the banks until Il
stringency of the market was past.
Il consider the State Bank & Tru
Company one of the strongest ms
tutions in the state From the tin
we took CONTROL Of the Institute
on the first OF August. 1902, we ha
paid six per cent dividends every 5
months. At the last semi annu
meeting in July we had so muC
money that we declared an addition
dividend of 3 per cent or an equi
ilent of eighteen per cent for Il
year. The condition of our ban
continued to be as prosperous as Il!
until the recent great slump in .
curities.
AT the present all we need is
little time TO straighten out O
affairs and dispose OF our securiti
and we viii be in position TO p
dollar for dollar to our depositO
The people will have to be a lit
patient for the time being if tn
are not they will break us all as W
as themselves. We have some
the finest securities of any like
sttution in the state and but sht
time will have to elapse until we c
realize on the same. Then we W
open our banks and when once open
they will remain so. I do not
tend to open the doors until |
positive that business can be resun