Carson City daily appeal. [volume] (Carson City, Nev.) 1907-1930, 1910-01-22

This morning In the Dlstrlct Cour
In and for the County Of Ormsby
Judge F =. Langan heard the motion
for the reduction In the bond of F
L. Wildes, receiver of the State Banl
& Trust Company, from $250,000 t.
100000. Mr.. Wildes was represent
ed by Attorney Alling.
The case came up in court on las
Monday and was continued for fiv'
days in order that the directors of he
State Bank & Trust Company be noti-
fed. This morning when the case
was called none Of the directors were
present., nor were they represented in
court.
Receiver Wildes was placed on the
stand and testified to the following:
That outside of the Sullivan Trust
Company holdings, real estate held
by the bank and chases in action, the
assets OF the bank did lot exceed the
sum OF $4,000. He further testified
that the bank owed the sum of$1 ,086,.
900 les3 the two five pere cent divi'
dends that had been already paid.
Following the testimony Of Mr..
Wildes, Attorney Alling addressed the
court and brought out the facts as far
as the Sullivan Trust Company hold
ings. the real estate and the cases In
action to recover from various debt
ors Of the institution no action could
be taken by the receiver without an
order Of the court. And under this
condition Of affairs he maintained that
a bond of 100000 was sufficient to
protect the balance Of the assets,
which, according to the testimony of
Receiver Wildes, did not exceed the
sum Of $4,000.
Attorney Chartz also addressed the
court and was OF the opinion that un-
der the present conditions the amount
Of 100000 was sufficient to protect
all interests concerned.
Mr.. Chartz was followed by Attor-
ney Fowler, representing the office of
the Attorney-General Of Nevada. and
stated to the court that so far as ais
office was concerned there was no oh.
lection to the bond Of $4,000 as ask
ed by The receiver.
During he remarks Of Attorney
Alling the fact was brought out that
the Stock Exsianges refused to rec
ognize the signature of +. l.. Wildes
receiver of the State Bank and Trust
Company, as rgards the disposal oi
the stocks of the Sullivan Trust Com
pany, end further stated that in his
opinion 1t would require specific or
der Of the court to straighten taing'
out when the time comes to dispose
Of the millions Of shares Of stock helt
by the bank n order that recognition
will be given the stock by the various
stock exchanges.
Mr.. Wildes addressed the court ant
stated that when the pool Of the Sulli
van. Trust securities was made tn
board of directors of the State Bank 4
Trust Company did not sanction th'
poo;, that the deal was made b!
Hickey and the agreements signet
"State Bank & Trust Company, b,
r. B. Hickey" Further, that ther'
are no minutes Of record showing tha
the directors had ever been consulte'
on the deal. That the agreement di'
not bear the seal OF the banking col
poration The stock Is held in tn
name Of the State Bank & Trust Com
pany and the secretaries OF the var
Gus companies have refused to trans
for the stock to the name Of F. 1
Wildes so that II can be disposed o.
Mr.. Davis, cashier of the bank, wa
callc to tae stand nd corroborate
the statements Of Mr.. Wildes an
stated further that until specific o.
ders were made by the court In tn
matter Of these stocks the value {
tn same would be nil.
Judge Langan desired to look owe
the previous orders made grantin
the receiver Of the bank certain a,
t:lority-and power to act regardin
such matter and ordered recess tah