The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1909-10-16
.Bullfrog Bank and Trust Co.
May Pay Dep0sitors In Full

Through the intervention of the State BankineB Board it is abncber rnMr a... a.. =,
pSoT of the Bunfug Bank and Trust company recently srpended will wa an G. III
When the Bunfrg Bank and Trmtc company vase closed by the State Bank Examiner in
July, the affairs of tein institution looked hopeless and depstow seemingly. bd bt rhe dw
of getting 10 cents on the dollar of their deposits Owen Young of South Dakota vas the prual
stakeholder and was the largest dpostor; in faethe was practically the owmr of thu bank He had
a short time previously atempedh get QUIT from under the bmkby atandrd hsa took intreas
TOD A Small and L. Waburton cashier and assistant cashier respectively, so uath only an
pardn ueb books as a depostor Btw when the BankngB Board got hold of thu bank it brought
about an agreement with Young Small land Warntonw whereby every asset of the hank Was To he
turned over to uuhe to be named by the BankngB Board md that as deposition their claims
should bes subsequent to thec claims fall other depoSton Youngs deposit wss something like 80
WW put here sp practically no money on hand
Young also sRmd an ageemntt that. after the bank had hqldatd hoddt there still he in
sufficient to "a the creditors of the bank exclusive of his ipith ne would contribute a further
amounts equal 20 pr cent of the chhms of the creditors; in other words Young was tm sacrifice his
enhre depostam N submit to further assessment OF 70 perc cent of the claims of creditors in settle
mnt of his liabilities to creditors of the bank should conditions so require The Banking Board an
pointed NJ NJ Van Fleet State Bank Examiner as trwes tatw without pay receiving only his act
ul travelling and living epess while actually mgagedn thea administration fHe trust MY Van
Fleet appointed Hon Clay Tanman as his attorney.
A notice, embodyrg the foregoing was sent QUIT all hpcstoro of the bank together with
an agreement for the igmure of the dpoatow,w whereby they were to consent to such an arrange
made it wasa stated that 8 IL per cent dividend could be pads once and atw within
a comparatively short hme ever cetd due creditors night be expected
Within the past few days the Banking Board received word from Attorney Tnman that
very dpStW of teb bank save ome had ignd the agreement that. while teo one in question
was the largest dpostor outside of Owen Young and was in Mexico, he had st word signify
mg his acceptance of the TERMS so that here now remains nothing in tn way to a speedy irnda
ton of the banks affairs Trustee Van Flee will proceed to RhwGe this week perhaps and be-
suspension the BuMrg Bank md Trust company will have paid every depoatE except Young, a di
reor every cent wing him.
This is the second bank to come into the hands of the State Banking board in heb brief
period of its existence The first one vast he Bank of Pioneer which was CLOSED by the board but
hose depoatnsw were paid in full within so days of the bank suspension. Thee potos of the Sec
odb bank the Bunfrg Bank and Trust onpap, will farce equally WE'LL and in marked contrast
with hmse of any other bank that ever suspended buines within the confines of Nevada
The State Banking Board met Carson City this ptw week to complete its arrangements
for the Bafog Bank and Trust company and to consider other matters of Importance tatea me to
its attention. The board also appeared in the supreme court as defendant in amandamus suit
by a chen of Rmow who lad, as an individual applied for charter from the board to dc
a banking business Al the banking law specifically states thato MY corporations can do banking
business in Nevada the individual in qushon was denied charter fora private ru nncuWatd
bank He thermponb brought suit to mandanus the BOARD to issue a charter on the ground that
the PROVISION vas unconstitutional being in restraint of the lights of an individual to engage in BUSH
ness Although a demurrer was emedt the Ease will likely be tried upni smrhs While the con-
of hn particular section Of the law is in question: the balance dte law, happily is
The State Bankng Board of Nevada is composed Governor d s Drkgsn,c chairman.
Governor Adams samuel Bdf@d A. B wither md Charles spague; bankeS examiner
secretary the BOARD Nj NJ Van Fleet