The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1907-11-02

ern Nevada during the present year. He
says that as a result OF these recurring
labor troubles hundreds of spectators
and investors withdrew their deposits
and left the state In disgust. They be-
lieved In the mines and they liked the
state but they were frightened away.
six months ago." said Mr.. Hickey.
'the bank had deposits OF over $4,000
900. and in fact had such n large amount
In rash that we did not now Just what
to do with II. From July until the pres
ent more than 81. 900. 900 has been with
drawn from the bank Several weeks
ago we saw the predicameut the bank
would be in shortly and instructions
were issued to all the branch banks 20
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 swapping 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"
MIR. Hickey declared that the only
company In which he Is Interested that
is indebted to the bank is the hickey
Land and Cattle company. which Is
worth more than half a million and
which owes the bank between $1,000 and
$4,000. Personally. MIR. Hickey says
Instead of owing the bank. the bank Is
Indebted to him.
All the branches of the State Bank
have been instructed to prepare state
ments and forward them to Carson City
at once. These statements have prob
ably been received by III home bank
by this time and President Hickey has
announced that as soon as these state
ments have been carefully rome over. he
win issue a statement to the stock
holders. setting forth the banks condi-
ton and submitting a proposition for
their acceptance or rejection. He mas
already received assurances from many
of the heaviest depositors that they VIII
not withdraw their money SHOULD the
bank reopen its doors the first of tbs
week and he is confident that the bank
will be able to resume business within
the next few days.
Judge Langan has denied the appii'
cation for a receiver for the State Bank
and Trust The heavier de-
positors. 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 hickey management h In
the hands of a receiver.
ID. Mackenzie. who returned from San
Francisco a few days ago. spent several
days in consultation with t. b. Hickey
while in the coast metropolis.
II do not doubt for a m but thai
the State Bank will reopen and pay
dollar for dollar" said Mr.. Mackenzie
81 have made a personal examination and
can say that the securities in the state
Bank are excellent. The Hickey banks
have now more thar 100000 In cash or
hand but of course that is not sufficient
m enable the banks to sustain a run
The depositors must agree to walt Q
reasonable time for their money and II
some arrangement of that kind can bs
made am satisfied that the bank viii
reopen in a few lays and everybody will
get his money. The only loss ina
would come to the depositors would bt
in the appointment of a receiver and
cannot urge too strongly against sucl
a move. I am the largest deposition II
the state Bank. Mr.. Hickey tells me, nu'
I am perfectly willing to give any as
~sistance in my power to help relieve ths
situation and stand ready to increase
my deposit substantially. Mr.. Hickey
Uniformed me that he is willing to pledge
his personal fortune. II necessary &c
pull the bank through and am satisneo
that he will do so IL conditions demand
ttu