Carson City daily appeal. [volume] (Carson City, Nev.) 1907-1930, 1908-02-12
M'kEkZEES PLAN
MEETS APPROVAL

reopening Of the doors OF the bank; 10
9 months, and the balance in II
month form the date of reopening Of
the bank; the bank to be opened for
the conduct OF general banking bust
ness as soon as the signatures of the
depositors have been received 10 said
depositors agreement
| also agree to advance whatever
amount Of money is necessary N ad-
dition to the collections made by the
bank. to meet the first payment OF 10
per cent due and payable 90 days
from the reopening OF the bank.
believe can make the assets
OF the State Bank & Trust Co. pay
dollar Tor dollar to every deposltor
within the date covered BY that ag
reement, and it is my intention. III
considering this proposition, not only
to rehabilitate the State Bank & Trust
Co and Gf the assets will permiD pay
every depositor and creditor in full.
but to build from the wreck OF the o,d
Sta,c Bank al an early date, a per-
mane:lt banking institution, t. be
founded on solid foundation and op-
Grated under business principles. as
provided by the National Bank Act.
In considering the proposition to
rehabiiitate the bank. | realize that
am assuming thankless and unre-
muncrative undertaking that will re
quire my undivided attention for at
least one year. and in assuming this
spon-ibi'ity il is my purpose and
object to protect not only our own
account. which amounts to III excess
Of S2000G0. Eu, that u every other
dcposito- therein. alike and on an
equal basis
While, according 70 our agreement
| will advance whatever amount Cup
10 Sl0.O)0o i necessary to meet the
first payment due under the depoSi-
tors agreement | vii, not at the re
/ opening OF he bank or at any other
| time. advance one dollar to any de
! positor or creditor to pay his claim
one moment sooner than my own
claims are paid; neither will my claim
nor those | represent be paid one in
stant sooner than that Of any other
depo-itor.
From my examination OF the condi
ton OF the bank. | am confident that
all that will be required to success
fully pay the depositors in full on the
terms provided by the depositors
agreement. is the advance of sufficient
money to meet the first payment. a
! have no doubt thai all other pay
ments can be fully and promptly me
by collections of loans and sale o
securities belonging to the bank.
Should this proposition. as agreed
upon between your committee ant
myself. meet with the approval OF tils
depositors. | wish it clearly under
stood that | must have the rnreserv
ed support Of every director stock
holder and depositor if the Stat
!: Bank & Trust Co is to be rehabilit
ated and every depositor and credito
paid in full, and in this I am conhd
cnt | shall have the entire cooper
tion of every person at interest.
Mr.. Shaw then explained that in h i
opinion and also in the opinion 0
those who were associated with hin
in the reorganization of the bank tha
this offer was the only thing tha
, would save the wreck. That the dc
positors had but one of two things t
l do: Sign the agreement and take
chance with Mr.. Mackenzie or max
:, an immediate application for recei'
ership for the banks. He asked the1
f to thoroughly consider the propOsitiO
y and hoped they would see fit to sig
= the agreement asked for.
i Judge Denny, council tor MacKenzi
: then addressed the gathering and sta
, ed the reasons for Mr.. MacKenz
coming to the front with his offer. H
said that the saving of the banl
+ meant as much to him as to almO!
-. half the other depositOrs combine