Carson City daily appeal. [volume] (Carson City, Nev.) 1907-1930, 1909-10-13
BULLFROG B. &
r.CO. TO PAY

Through the intervention OF the
State Banking Board, ii is altusether
likely that the depositors OF the Bull
frCg Bank and Trust Company. re-
Gently suspended. will receive dollar
ior dollar in the windup OF the bank,
ANA ,Iat the time of the final liquida-
ton will not be- long delayed.
when the Bullfrog BanN ana Trust
company was closed by the state
OF the institution cooked hopeless and
dcposilorS seemingly had but little
show of getting ID cents on the dol
lar oi their deposits. owen Smith ot
South Dakota was the principal stock
holder and was the largest dcpusitor;
IN aact he was the practical owner ol
the bank. lie had short time pre-
vlouSly attempted to get out from
under" the bank by u transfer of his
stock interests to j. A. Small and f.
l.. Warburton, cashier and assistant
cashier. respectively, SO that Ne only
appeared ON the books Us Il depostor.
But wncn the Banking Board got hold
oI The bank. 1t brought about an
agr,cn between Young, Small and
Warburton. whereby every asset of
the bank was to be turned over To Il
trustee to be named by the Banking
Board, and that, as depoSitors, their
ciaimS should be- subsequent to the
claims Of all other depositors. Young
deposit was something like $4,000,
Nut there was practically no money on
hand
Young also signed an agreement
that aitcr the bank had liquldatcd
should there Stil be insufficient funds
10 pay the creditors OF the bank. en-
elusive of his deposit. he would con-
tribute a furtnur amount, equal " -
per cent ct the claims oI the credit
ors; in other words, Young was 10
sacrifice his entire deposit and sub
init to further assessment OF 20 pei
cent Of the claims OF creditors, in set
element ol his liabilities TO creditors
OF the bank should conditions SO re-
quire. The Banking Board appointed
NJ. NJ. Van Fleet, State Bank Exam
iner, as trustee, to act without pay,
receiving only his actual travelling
aud living expenses waile actually en-
gagged in the administration ol the
trust. Mr.. Van Fleet appointed Hon.
clay Tallman as his attorney.
A notice embodying the foregoing.
was sent to every depositor OF the
bank together with an agreement for
the signature OF their deposits, where
by they were to consent 10 such an
agreement aud also agreeing to ac-
cept dividends upon their deposits at
stated intervals. Under the arrange
incnt made 1t was stated that Il 33 l-3
per cent dividend could be paid at
once. and that within II comparatively
short time. every cent due creditors
might be expected.
Within the past few days the bank
ing Board received word from Attor-
ney Tallman, that every depositor OF
the bank, save one, had signed the
agreement: that while the one i'll
question was the largest deposition
outside OF owen Young and was III
Mexico, he had sent word signifyinS
his acceptance OF the terms, so that
there now remains nothing in the way
to speedy liquidation OF the banks
affairs. Trustee Van Fleet will pro
ceed to khyolite this week. perhaps.
and begin his work. and ii is alto.
gelher likely that before the first OF
tae year. or within sin months after
is suspension, the Buliros Bank and
Trust Company will have paid every
depositor except Young. II director,
every cent owing him.
~. s--'-~-----
Father Garland Is in Reno on Il
short visit
Rev. l.. l.. Tower is In Austin on
Methodist church business.
u, H. Mighels has gone TO Calior-
MIA on SHORT trip to inspect mine.