Carson City daily appeal. [volume] (Carson City, Nev.) 1907-1930, 1907-11-01

The State Bank and Trust company
gathered at the court house last
evening TO listen to the statements
OF the president and board Of di-
rctors OF the company as to the
future OF the institution and to lis
ten to the proposition to be presented
to them by the bank Officials for a
settlement Of the money held in trust
by them.
President Hickey OF the bank. who
stated the object Of the gathering
and then requested the nomination
for a chairman. Governor r. X
uolcord was unanimously elected aud
Jas. T. Shaw received the appoint
ment as secretary of the meeting.
In few chosen words chairman
COlcOTd referred to the object of the
gathering and said that he along
with his other fellow sufferers hoped
that both sides OF the question could
he presented and that the depositors
in the bank would take ADVANTAGE
of their chance to offer suggestions.
this being the wish of the bank
management who were willing to
sacrifice their own interests if it
could be shown to them that the de-
positors could be fully protected
He then called on President Hickey
for statement OF the financial con-
ditlon OF thhe institution. He stated
that he believed the banks to be
solvent and that there was plenty
OF money and collateral to paw all
depositors in fuf time could be
given them 10 realize on their Sc
curities. He stated that The present
management had had charge of t~e
State Bank & Trust company for "
+ past five years and in that time they
had done an enormous business Di-
vidends Of l. per cent had been paid
annually ad on last July a semi-an-
nual dividend Of 9 per cent had been
paid owing To The earnings of the
past six months having been so great
Not only was a dividend paid to the
stockholders. but a small one W.
also placed 10 the credit Of the de-
positors. Until the recent labor and
financial troubles the bank had been
one of the sOundes; in the country,
but owing to the depositors leaving
the country mad taking their money
with them and the tying up of the
producing properties of the south
through continued strikes and labor
disturbances the reserve fund of the
bank slowly dwindled away in fore
ing the sale of their securities to
raise the required money to meet
their demands they had partially
wrecked the stock market. They
saw what it was coming to and CLOSED
their doors.
He expressed absolute faith in the
value of their securities and in THEN
loans. The largest debt owed the
bank was by the Keene-Wonder min
ing company a uebt OF $2na 900 This
debt was amply covered by securities
but Mr.. Rickey says he will person
ally pay the money to the bank anj
will take the same security for his
protection having the utmost con
tidence in the mine
Alfred Chartz addressed the meet
ing as the attorney for the bank ant
as one of its heaviest depositors He
advised the people to state their op
inions and to take the word of nc
man il they We're not satisfied Will
the proposition that was to be made
After discussing the present stua
ton of the banking house and eiyine
his opinion that time would remedy
all ills he gave his attention to The
appointment of a receiver for the
institution and stated from persona
knowledge that if receiver were
appointed it would mean the ruinatioI
: of the institution and an irreparablt
loss to the depositors
He then presented the agreement