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SPARKS SESSION FIRST AND WELLS TOMORROW McKee, Wingfield and Thatcher to Explain Consolidation Plans; Legislation Needed By GEORGE CRISSEY The first of series of mass meetings to educate Nevadans as to the advantage of reorganizing the Wingfield banks into one consolidated bank which, with branches, would serve the entire state, will be launched at Sparks tonight. A mass meeting of depositors of the Bank of Sparks will be held. It will be addressed by J. K. McKee, Reconstruction Finance Corporation expert; George Wingfield, head of the Wingfield banks; George B. Thatcher and others. The meeting will open at 7:30 m. in the auditorium of the Sparks high school. H. Gazin will open the conference and will call upon Thatcher to preside. The meeting will be open to the public and depositors are particularly urged to attend. Plan of Reopening Banks Through Creation Of Consolidated Institution Will Be Told The meeting is the forerunner of similar gatherings to be held in all communities where Wingfield banks are located. The meeting in Sparks will be followed by gathering of bank depositors of the Henderson Banking corporation in Elko Tuesday noon and of the Wells State Bank Tuesday night. The Winnemucca meeting is likely to be held Wednesday noon. Three meetings are likely in Reno, one for the depositors of the Reno National and the Bank of Nevada Savings & Trust company, another for the United Nevalda and the third for the Riverside Bank. However, the dates of the Reno meetings have not been set. In each instance depositors will be told of Nevada banking difficulties and of the way out, through the consolidated bank plan. Consolidation of 12 Banks Into One Strong Institution Is Basis of Reorganization Plan The plan, as explained to a committee of depositors which endorsed it, is simplicity itself. The 12 Wingfield banks, now on a holiday to permit reorganization, would be wiped out and their assets utilized in creating one strong bank with branches. A special session of the legislature, in addition to depositor consent, is necessary. If the depositrs agree to the change in banking, a special session will be called to legalize branch banking which, at present, is contrary to Nevada law. Reconstruction Finance Corporation Expert Gives Plan Unqualified Endorsement Local citizens today stressed the fact that the plan has the unqualified endorsement of McKee, who represents the Federal Reconstruction Finance Corporation. He, it was pointed out, is an outsider, and sees Nevada problems in the abstract. His decision, after prolonged investigation, is in favor of the plan. That, it was stréssed, is the view of a financial expert from the outside who has no direct interest in the state. The members of the depositors' committee which, on Saturday night, endorsed the consolidated bank plan, left for their various homes to arrange general meetings of depositors. In each instance, the committeemen will carry word of the plan back home, plan the meeting and advise Thatcher who will arrange for the mass meetings. McKee Leaves Tuesday for Washington, But LeRoy Will Remain Until Plan is Worked Out McKee is leaving Nevada Tuesday after the Wells called back due to for He was meeting Washington. pressure of business from other quarters. A. R. LeRoy, the other R. C. expert, will remain here, however, until the present situation is worked out. Details of the plan call for depositors waiving 40 per cent of their deposits, which would be given to them in stock in the consolidated bank: The remaining 60 per cent would be subject to a withdrawal restriction while assets of the bank, including slow loans, would go into a trust fund to secure the deposits transferred into stock. McKee heartily approved of the plan, saying he saw officials that view also. out. Bank expressed other way
