Tonopah bonanza. [volume] (Butler City [i.e. Butler], Nev.) 1901-1909, 1908-02-22
SCRAppY SCENES
at THE MEETING
OF DEpOSITORS

tal?"
1--WE agree to pay 10 per cent pos
itively, and after that we have the
same chances for business as has any
other bank"
Questioned about the report of the
Grand Jury on the local branch, Mr..
Shaw said that Mr.. Platt was to have
taken up that matter, but in reading
the report, they found many things
which have yet to be investigated.
some things which were new to them
and other things which were not
strictly based on facts. Loans were
made on the poorest kind of securi-
ties, and there we're overdrafts with
out reason. But it must be remem-
bered, he said the rush in which the
business of this section of the State
had been carried on.
THE Tonopah branch is in the
worst condition of all the agencies, !"
resumed Mr.. Shaw. "The most of
the money loaned here came from
the Carson bank, money belonging
to the farmers. 1t could be loaned
out here at better interest. | do not
say that the blame for the condition
of the local branch is due to the To-
cal management. Regarding the
matter of giving 500 shares of stock
to secure the deposit of one party,
l can say that the matter was purely
of local interest, and that it has been
equitably adjusted.
What is the amount of Macken-
zies deposits?" was asked.
II promised not to go into thu
private business of the depositors,
bnt | will answer that question.
When the banks closed, Mr.. Maeken-
zie had on deposit s30O,O00; but by
trading of accounts, he has reduced
that to less than 100000. The Sc.
curities that he got were those oi
ln6 hCdhS Nbhutl. IL hdS bSSh SoiN
that these securities alone would pul
out the bank, but this is ridiculous
as all that could be got from the
mine was the amount loaned on thC
stock"
Mr.. Shaw was asked If Mr.. Davi
was to continue as cashier, but saiC
that he could not answer that ques
ton for the reason that when the di
rectors handed over their stock the
handed their designations with II
and it was up to Mr.. Mackenzie a
to who their successors should b
and who the officers of the ban
should be. Regarding the responsi
bility of the branches, Mr.. Sha'
said that he presumed that the loca
managements had to take their oil
ders from. the home institution.
, reply to a question, he said that trat
ing in accounts would have to go o
if the banks were to remain open.
: Another depositor wanted to kno
If the securities of the bank woul
not be as carefully nursed by a n
ceiver as by Mr. Mackenzie and h
: associates, for the reason that I'll
S receiver would want to hang on
2 his job as long as Mackenzie woul
: and therefore he would not be lab
to sacrifice the securities.
II have no disposition to argt
, that point" returned Mr.. Shaw.
: am here in the same capacity as Il
e rest of you. | am here as depos
h tor, to determine what is the be
{ course to pursue 1t is up to "
whether or not you will accept tn
: proposition. If you think that Ma
kenzie cannot get board Of dire
tors in whom you can place relianC
a that is another question. The infe
r. ence is that Mackenzie might tn
pirate. But he will not do that.
: will have associated with him sol
5 of the biggest men in the counti
IS He wants to go into the banki
business, and is therefore bound
(" make a success of the reorganii
= tion"
/ "If the John S. Cook bank shou
go flewey," said miner 1.-The wht
le do we get orr"
d THAT sounds like a corker at fl
N blush" replied Shaw but the Il
Is of the matter is that it will make
st difference what may happen to
S. bank. The securities are put
20 escrow, and they will be there VI
III withdrawn"
u "If a deposition, or a number
depositors, should put up securit