Carson City daily appeal. [volume] (Carson City, Nev.) 1907-1930, 1908-02-12
And Many People are To-day
Signing the Time Agreement
of the State Bank

cially, | am of the opinion that under
conservative management it can be
made to pay dollar for dollar to every
depositor within twelve months, and
possibly sooner with the return OF
nornlal financial conditions tllr rough
out The country.
Regarding the management OF the
bank and the causes Of its suspension,
! am firm in the opinion that I. B.
Hickey is almost exclusively respon-
,,blc for the bank present condition.
and that It was operated entirely in
his own interest and to the deteri-
rrcilt and loss to stockholders and de-
positoYs alike. to all extent OF at least
the capital stock, surplus and undivid-
cd profits Of the bank. amounting at
present to in excess Of $475, 900, and
possibly l>ich greater loss which
must be borne by the depositors and
which is certain to follow should the
bank pass into the hands of re-
ce:ver
Referring t. Mr.. Hickey numerous
promises and statements made during
tho past three months regarding the
rcopening OF the bank, do not be
licve that at any time he was acting
in good faith iii any respect. and thai
he at no time had any intention OF
keeping single one of his promises
made to stockholders and depositors.
Should | assume the responsibility y
ior the rehabilitation Of the bank, it
i, with the strict underst tanding that
! ] Will submit the institution to the
most rigid investigation, and ii I. B
Hickey or anyone else is guilty OF ir-
reguiaritie5 for which there is any
legal redress ul(ler the laws OF Ne
vada. he or they will be punished to
the fullest extent as provided by law
Also. ii this investigation develops
and proves that anyone has protited
Illegally by the management or con
duct Of the State Bank & Trust Co
they will be forced to disgorge every
/ dollar in cash or securities possible. ir
the interest and for the credit of tho
institution. ~ti
During almost the entire time since
the suspension Of the bank. process.
| of trading Of accounts has been il
progress by which the bank accepte;
payment for loans Of one person o.
firm. i'll checks OF others, giving credi
in full for the face of the checks. The
result has been that all of the loan
which could be Immediately collected
have been taken up; thus, should al
effort be made to reopen and rehabili
tate the bank it will not be possible
ITO make any collection of any import
ance for several months Therefore
funds from outside sources will b.
necessary to meet the first payme11
of 10 per cent due 3 months from
date for reopening Of the bank unde
the agreement already submitted +
depositors.
AS believe the appointment OF
loss to the depositors and creditor
; Of the bank, but will also be of grea
injury to the creIlt and business in
terests of the State, | 'bill agree t
take over, reorganize and rehabrlitat
the State Bank & Trust Co. provide
as agreed by your committee, l hav
full support of the present director
stockholders and depositors of tn
bank, and particularly to the all-in
portant extent that the signatures {
/ the depositors to the contract alread
= submitted be secured by your con
t mittee, and that the responsibility {
), securing said signatures to this agree
e ment be yours and not mine. Th
n agreement to provide, nd which
e understand does provide that pa,
: ments are to be made as follows:
l. 10 per cent in 90 days from date