Carson City daily appeal. [volume] (Carson City, Nev.) 1907-1930, 1907-10-23
BANKS CLAIM
TO BE SOLVENT
Financial Panic in the East and
The Gradual Slump in Stocks
Cause Of Suspension. Coin
For N. & O. Banks to
Arrive Tomorrow

Closed" was the sign posted in
front Of the State Bank and Trust
Company's bank in this city shortly
after the bank had opened for the
DAYS business The doors of the big
institution were then closed for the
day and il is believed that it will
be some time before the banking
business of this company is resumed.
The news OF the suspension spread
like wild fire and within a few min
utes crowds Of depositors had gather
ed in front OF the bank. Some Of
the scenes enacted beggar description
when it was known that the doors of
me bank would remain closed, and
for some time. it could not be learn
ed whether it was a definite order
Or not.
Reports of all descriptions were
rife on the street today and while
many Of them carried some grain of
truth the majority of them were
without foundation. One report that
gained credence on the street was
that when the bank opened this
morning depositor placed an
amount OF money in the bank.
Later he asked for the return of the
same on his check and the money
was refused Fhis is denied by the
officials of the bank.
When it was known that the crash
would come cashier Davis notified
the four branches of the State Bank
and Trust Company at Manhattan.
Tonopah. Blair and Goldfield Nevada
to close their door to all business I'M
| til further ordered. No word OF any
description has been received from
! these banks and whether they have
! closed is not known. but they un
! delived to them by the telegraph
! company.
! The general conditions throughout
! the country are the cause o; the bank
being forced to close its doors tenn
porarilv and while by sacrificing thel
securities they might possibly con
height OF folly. The officers of the
State Bank and Trust Company ~
making every effort To protect tGe,.
depositOrs to every cent pt their d
posits as has been their policy ii
the past.
Owing 10 no report of the cOndi
. ti0ns of jhe other branches OF thl:
bank having been received at the
head Office in this city il is an i'm
, possibility for the officials to mak'
statement OF the resources and liza
bilities of the institution. bat this vii
be made public as soon as the figure
can be obtained.
\ representative OF the Appea
i called upon Cashier Davis of th
State Bank and Trust Company thi
+ afternoon and he made the foIlowin
Il statement which covers the ground 6
the present time in regard to III
; condition OF the local bank:
Carson City, Nevada, Oct. 23rd. 100
/ The State Bank and Trust Compan
( having suspended payment this mor1
ing. Oct. -3rd. the following stat
> ment is made:
u Labor troubles in southern N
u vada have resulted in a steady dra
Of deposits for the past few month
'9 This would not in itself have bee
d fatal but for conditions prevailil
throughout the country by Whi'
- money is tied up, securities made u
- negotiable, and accounts due us ma
practically uncollectable. It is b.
lieved that with betterment in &c
eral conditions. we will he able
ne pay all obligations.
or Everything considered, and scei
ld no prospect in the immediate futu
81 of an Improvement in general con
it. tons. it was deemed best tG suspe
el until such time as the intere:
tn, both of the company and of its
ents shall make it advisable to
open.