The Eureka sentinel. [volume] (Eureka, Nev.) 1902-current, 1912-09-14
EUREKA BANK STATEMENT
State Banking Board Approves
Report Of Receiver Of the
Eureka County Bank

Under date Of June 10, 1919. Eugene
Howell. State Bank Examiner of Ne
vada, sent TO Spencer Reynolds, Re-
ceiver Of the Eureka County Bank, o
request for o complete report Of the
Reoeivership. In compliance with this
request, the Receiver made q q de.
tailed account Of the affairs of the Eu-
reka County Bank and sent the same to
the State Bank Examiner. and, at the
same time, filed . copy in the Office of
the Clerk of the District Court for the
inspection of all persons interested in
the affairs of the bank.
The report is far too lengthy to be
printed. Is 1t deals with every trans
action Of the Receiver, including every
item of receipts and expenses.
It will be interesting to note that the
last dividend Of 5 per cent, declared by
the Receiver. left on hand in available
cash the sum Of &177.13 only. 90 that 1t
becomes clear that every available dollar
on hand has been paid out In dividends.
Since the filing Of the report the Re.
ceiver has settled with the Eureka Wind.
fall Company. and thereby removed q
subject Of litigation. BY this settle
ment, the Receiver has obtained from
the mining company the full amount
due at the date of the failure Of the
bank. The Hanover matter Is still in
the hands Of the attorneys, the Florio
case has been submitted To the cou
for nearly one year, and the Rocco
Homessake property is on the market.
The last three matters and some I'M.
settled claims, in small amount, are the
only obstacles in the way of o final
settlement of the Receivership.
The total receipts Of the Receiver at the date
Of the report we're. ............ S2O5, 46l.3S
The total disbursements ......... 1875, 99e.04
Thereby leaving cash on hand. ....s 9.463.34
This cash on hand was subject to
claims outstanding amounting to 9,286.21
Thereby leaving net available cash
IT HHLHF n
amounting to. l7.l3
An astonishing fact connected with
the item .'claims outstanding" as set
out in the report. is that persons holding
vouchers or dividend checks Of the Re-
%ceiver, amounting to $3,317. 80, have not
cashed the same. The money is idle,
and does no one any good.
The report is we'll worth examination
to those interested in the Receiyership.
and it proved an interesting and com
| plete document to the State Banking
Board, when submitted. as is shown by
the letter received by Spencer Reynolds,
the Receiver. from Eugene Howell. the
State Bank Examiner. as follows:
Office of State Bank Examiner
Carson City, Nevada, Aug. 80, 1919.
Mr.. Spencer Reynolds,
Receiver Eureka County Bank.
My Dear Sir: Your report Of the con-
dition Of the Eureka County Bank dur
ing your stewardship has been duly re-
ceived, and the same was presented and
laid before the State Banking Board at
their meeting yesterday.
The said report was gone over by
item. and the Board desires to congrat-
ulate you upon the magnificent showing
both you and Judge Breen have ac-
oomplished in being able to pay So cents
upon the dollar, and in 80 short q period
of time, and at a small minimum ex-
pense.
The depositors are also to be congrat-
ulated upon the success Of your efforts.
Yours truly,
EUGENE HOWELL,
State Bank Examiner.