State Bank & Trust Company (Tonopah, NV)

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SURPRISE FOR DEPOSITORS Their Funds Accepted Up to the Minute of the Suspension TONOPAH, Nev., Oct. 23.-The financial situation in Tonopah is strained. The local branch of the State bank and trust company suspended payment at 11 o'clock today. Cashier E. B. Cushman said tonight that the securities held on loans had so depreciated in value that the bank was able to realize but little on its collateral. Deposits had fallen off during the summer months and collections had been slow. In a nutshell, he said, the bank had closed its doors because it was short of ready.cash. There was no run on the bank, beContinued Page 7, Column

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COMPELLED TO CLOSE DOORS State Bank & Trust Company of Nevada Suspends Payment for a Few Days. SEVERAL TOWNS AFFECTED NYE AND ORMSBY COUNTY BANK ALSO CLOSES. (Special to The Herald.) Goldfield, Nev., Oct. 23.-The State Bank & Trust company, comprising banking institutions in Goldfield, Tonopah, Carson City, Manhattan and Blair, suspended payments at all its banks today. The order to close was sent out from the headquarters of the company at Carson City by Cashier James T. Davis of the bank in that city. It was received at Goldfield at 10:15 o'clock and immediately a notice was posted on the door announcing that the bank had suspended payment. Late this afternoon Assistant Cashier C. H. Wise, who is in charge of the affairs of the bank in the absence of Cashier James L. Lindsay. announced that he had received no further details from the management other than the order to close in the morning. The notice posted on the door was as follows: Notice on Door. "Acting under instructions from the State Bank & Trust company, this bank has suspended, the reason given being that under existing conditions which render it impossible to make collections at our various banks, with the serious drain on the deposits in the southern banks for the past few months, resulting from labor troubles, etc., the State bank will be obliged to suspend, temporarily at least. We are asked to say that our resources are ample to pay every obligation when general conditions become better. "E. H. WISE, "Assistant Cashier."

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'FRISCO KEEPS OPEN

Wants to Show East That Western Stocks Are Sound. San Francisco, Cal., Oct. 25. "A. B. Ruggles, President of the San Francisco Stock and Exchange Board: "Every bank in Nevada is closed by proclamation of the governor. We urgently trust that you will close your exchange and stop the merciless slaughter. "TONOPAH STOCK AND EXCHANGE BOARD. "TONOPAH BANKING CORPORATION. "STATE BANK AND TRUST CO. "NYE & ORMSBY BANK." "To Tonopah Stock and Exchange Board and Others, Tonopah: "The market is improving and no panicky feeling prevails. By keeping this board open no stronger argument should be given the east of the stability of the Nevada stocks, Our banks are solid and confident, "SAN FRANCISCO STOCK AND EXCHANGE BOARD, "A. B. RUGGLES, V.-P." These were the telegrams which passed between the Nevada stock ex changes and the exchange in this city as a result of the action of Gov. Sparks, of Nevada, this morning in declaring legal holiday until Monday in order to give the crippled financial and fiduciary institutions a chance to get on their feet and resume payments.

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RICKEY ENDEAVORING

TO SECURE CAPITAL

WILL REQUIRE TWO MILLIONS TO MEET ALL DEMANDS IN FIVE BANKS.

SAN FRANCISCO, Oct. 28-Strenuous efforts are being made by Thomas B. Rickey, president of the State bank and Trust Company, the institution which closed its doors in five cities of Nevada, Wednesday, to arrange to open for business again this week. Rickey has been in this city for several days in consultation with leading local bankers with a view to securing sufficient cash to meet all the demands of depositors when the bank opens. He estimates that $2,000,000 in cash will be required to pay depositors as soon as the bank's doors are opened. Governor Sparks, of Nevada, has declared a legal holiday until yesterday, in order to give the bank officials an opportunity to realize on the great block of securities which they hold for collateral for loans, but President Rickey thinks that the holidays should be continued a few days longer in view of the conditions of the money market. When seen yesterday at the Fairmont, he said:

"The financial difficulties of the State Bank and Trust Company, in common with all other financial institutions interested in the Nevada gold fields, is primarily due to labor troubles which have so seriously interfered with the development of all mining properties in the state. All calculations have been upset by the continued labor disturbances. Investors have been frightened away. Business men have found it impossible to meet their obligations to the banks, the market for mining securities has become depressed and things are practically at a standstill.

"Our bank has a paid-up capital of $200,000 and a surplus of $204,000. In making loans we have always pursued a most conservative policy. On all clases of mining securities we have never loaned more than one-quarter to one-fifth of their value, so today we have four or five times the value of our outstanding loans in colateral, but the money stringency in New York, the failure of the Knickerbocker Trust Company and the general disposition of people to withdraw their savings and hoard them in safe deposit vaults until the situation clears makes it difficult for us to realize on these securities.

"During the past six weeks we have paid out to depositors $2,000,000, and I estimate that as much more will be required in cash to meet the demands of depositors the minute we open again. I think I can safely say that no depositor of the State Bank and Trust Company will lose one dollar, but until I have made a thorough examination of every branch of the bank in Tonopah, Carson, Goldfield, Manhattan and Blair-I cannot give out a definite statement, and I cannot say when we shall open." When asked whether a receiver

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LOYAL MINERS OF MOHAWK EXTENSION SUSPENDED BANK AND TIED UP FUNDS OF MANAGEMENT DID NOT STOP THEIR WORK. On the day the State Bank and Trust company temporarily closed its doors, Walter D. O'Brien, the manager of the Mohawk Extension Mining company, went out to the mine for the purpose of laying off the men, as the company's money was in state bank, says the Tonopah Review. He met the superintendent underground and explained the situation to him, stating the men would have to be laid off until the bank opened its doors. The superintendent said to Mr. O'Brien: "It is unfortunate to have to stop work at this time for the reason that we will cut a ledge in the next sixty or seventy feet that runs from the Mohawk to the Silver Pick. On the Silver Pick they have the ledge on the 180 foot level. As we are drifting now on the 300 foot level, it makes us 120 feet lower and the ledge should make good ore. For that reason I world like to see the work continued until we cut that shoot." The superintendent further stated that he would interview the men working and suggest that they work for stock at the market price instead of cash until the bank opened. The next day the superintendent came to Mr. O'Brien's office and informed him that the mine was still working and that the men had agreed to accept stock in payment for their wages instead of cash, and the mine is now working. The company shaft on the Mohawk Extension Mining company has never stopped working since the incorporation of the company. The shaft is down 315 feet and 500 feet of drifts have been run. The drift on the 300 foot level is now being run south to cut the ledge mentioned above.

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UTTERANGE IS VERY PECULIAR "I want all the depositors of the State Bank and Trust Company to sign the agreement I have submitted to them. I will open the banks on January 2d if the depositors do the right thing. If they do not, then ! can not.' This was the statement of Thomas B. Rickey, the president, who arrived in an auto yesterday morning and will remain here for a week investigating the affairs of the local branch. "The depositors of the banks other than that in Goldfield have signed up very well,' continued the colonel. "So far as Goldfield is concerned there is a delay that does no good. I am back of the institution with my fortune. Every depositor will get dollar for dollar, with interest, and maybe within less time than is specified in the contract. But I need the signatures. You must not forget that if some hold out the agreement is not binding either upon myself or upon those who have signed, The alternative is receivership proceedings, and this means a fraction of the deposits within two or three years. I want to assure the people that there will be no preferred creditors and that they should all sign at once. It. is but fair, and I will attend to the S rest. But I can do nothing SO\ long as there are laggards. It is my hope to open the bank on January 2d, but I must have more signatures before that time, otherwise there will be inf definite delay. It is up to the deposie tors. All I ask is for them to stay by me and I will stay by them to the last ditch,"-Goldfield Tribune.

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RICKEY'S LATEST PLANS.

The following are the two plans submitted Saturday by President T. B. Rickey of the State Bank and Trust Company to the directors and which will be submitted to the stockholders for final decision on next Wednesday morning at a meeting which was called yesterday afternoon:

Plan No. 1—All the stockholders, excepting himself (Mr. Rickey) assign their stock to the bank, for the benefit of the depositors, to be put in the bank treasury. Then Mr. Rickey agrees to place $1,000,000 in securities in the bank and if the depositors will allow him a short time he will pay every depositor dollar for dollar. All money necessary to put in the bank now will be derived by the sale of the stock which the other stockholders have assigned to the bank and also the one million dollars in securities which Mr. Rickey will place into the treasury of the institution.

Plan No. 2—Mr. Rickey agrees to assign all his stock, over one-half of the total capital stock of the bank, to the bank providing the other directors will agree to take over the institution and guarantee to pay the depositors dollar for dollar as he proposes in his offer.

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held to have had knowledge of the insolvency of such bank, and that it was in failing circumstances." As to the violation of this criminal statute, we beg leave to submit that evidence is before this body, incomplete in itself, but sufficient for this body to declare by its voice that a crime has been committed, and that that crime is embezzlement, in that, that deposits without question were received on the 22d day of October, 1907, and that the officers of the State Bank and Trust Company well knew that that bank was insolvent and in a failing condition on that date. In conclusion, your committee on banking begs leave to submit to this body as a whole, in no uncertain terms, in the first place it has been astounded at the awfulness existing in the condition and affairs of the State Bank and Trust Company. Business ability and business tact and integrity seem to have been entirely forgotten in the management of the Tonopah branch of that institution, in so far as we are able to discern. Less than $400 in coin is now found within its vaults, with liabilities that run in figures over $800,000 and with collateral, if it may be called collateral, that is poor, flimsy and pitiable in the extreme. We recommend to this body that an order be made and submitted to the District Attorney to proceed along lines as he may see fit to the end that he may locate the true perpetrators of the crimes in connection with this institution: that he may present to this body all the evidence available. By reason of the incomplete nature of some of the evidence before us as to the crimes and omissions suggested herein, we beg leave to request this body that we submit to the honorable Court that it is our desire if we adjourn at this time to adjourn subject to the call of our chairman, and that when the authorities have secured the proper and complete evidence which will warrant our final action in this matter, that we be called together by the call of the chairman or the District Attorney, and that that evidence be presented at that time. In this respect we recommend that the officials of Nye county and of this Court lend their untiring aid to the District Attorney in his efforts to bring before this body the proper evidence, in order that the steps of this body may be guided along the lines where our ultimate action will be absolute and certain. In this respect the efforts of the office of the District Attorney has done much to enlighten this body as to the true status of affairs and we beg leave by this means to endorse those actions on the part of that officer and to recommend that the assistance be given him which we suggested above. Your committee requests that if this report be adopted by the Grand Jury that it be embodied and made a part of the report of the Grand Jury to the honorable Court.

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Trust Comano Bank Of State pany at an Early Date---Now Up to Depositors whether it means the opening of the banks or the appointment of a receivCommittee Was Well Reer. If a sufficient majority of the depositors have signed on that date ceived in Southern we will open the banks a very short Country time afterwards and begin the payments of the moneys of the banks Today a meeting of the directors according to the agreement. of the State Bank and Trust Company "Another meeting of the directors was held in this city and the report of will be held on Monday and the enthe work done by the rehabiliating tire matter gone over. We will then committee was presented to them. call another public meeting in this The session was a lengthy one and city and present the entire proposiwhile no definite action was taken tion to the people. We will tell them on account of today being a legal what we have done and intend doing holiday the propositions submitted in the future and then it will be by the committee were duly consid entirely up to them as to what fuered by the board. ture action is taken." This afternoon a representative of Mr. Davis, the cashier of the banks the Appeal called upon Mr. Shaw, remained in Tonopah to transact some Chairman of the re-oragnizing combusiness there and word was received mittee and he made the following in this city this afternoon that he statement regarding the work of the had been subpeonaed to appear becommittee at the points where the fore the Nye County Grand Jury other branches of the banks are 10which will convene in Tonopah tocated. morrow. If the latter should not "We have presented the facts in the prove to be the case Mr. Davis will case to the depositors of the other return to this city on tonight's train.

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MANY HEAR REPORT OF BANK COMMITTEE PresentConditions Are Explained and Everything Left to the Depositors A. number of depositors attended the meeting at the court house last HOME WEDevening and listened to the report of the committee which recently visDING TODAY ited the southern branches of the bank Jas. T. Shaw Claims Miss Mr. Platt, attorney for the reorganizing committee opened the meetLaura Thompson For ing and stated its object. He said His Bride that the movement for rehabiliating the institutions was meeting with Today at noon. at the home of Mr. consderable opposition in banking cir cles but that this was to be expected and Mrs. Wils Brougher in this city as no bank wanted any more opposiJames T. Shaw and Miss Laura tion than could be helped. Thompson were united in marriage, He said that a number of people Kev. Powell of the Episcopal church had asked for information of a varperforming the ceremony. ied nature concern the reopening of Only the immediate friends and the banks and added that the comrelatives of the contracting parties mittee was ready and willing to answere present. The Brougher home wer any and all questions that might was beautifully decorated for the OCbe asked by any one in attendance. casion and the couple were the reHe spoke of the way the committee cipients of many beautiful gifts. had been received in the southern The groom was attended by Samuel part of the state and said that he Platt and Miss Ida Brougher attended believed that the proposition as prethe bride. After the ceremony the sented to the deposiors of the bank guests sat down to a sumptuous wedshould and would go through and ding breakfast and toasts and conthat the oppointment of a receiver gratulations were made the order of would never be necessary the day. Mr. Shaw, the chairman of the com' The contracting parties are well mittee then addressed the meeting known in this city Mr. Shaw being and spoke on the trip to Tonopah and chairman of the rehabiliating commitGoldfield. In regard to the statetee of the State Bank and Manager ments purported to have been made of the Nevada Press company. The by him and published in the press he bride is the neice of Mr. and Mrs. Wils said that he had been misquoted. Brougher and has made this city her He stated that he had made the home for the past few years where remark that he had information in she is a general favorite with all his inside pocket which was sufficient They leave tonight for California to result in a dozen or more prosecu on a short wedding trip after which tions and that he believed he still they will make Carson City their has. Mr. Shaw here stated that the home. committee was taking no hand in the criminal prosecutions and that they did not intend to. That part ot Richest Woman the propositions was out of their line. They were working to reorganis Bride To-day ize the bank and pay the depositors therein dollar for dollar. PHILADELPHIA, Feb. 26.-The Mr. Platt then took the floor again marriage of Mrs. Anna Weightman and stated that the present plan was Walker to Mr. Fred C. Penfield took to open three national banks out of place at St. Patrick's Cathedral in the State Bank and Trust Company, this city today. The couple sailed for one at Goldfield, one at Tonopah and Europe this afternoon on a wedding one in Carson City. trip. The whole proposition was again The bride is probably the richest placed before the depositors and they woman in the world having inherited were asked to decide on what course a fortune of $60,000,000.00 from her they intended to take. The sooner father, the late Wm. Weightman. This the affair reaches a decisive point the is her second marriage. better for all parties concerned. 0-0 When the time came for the askJOHN MEDER BETTER ing for information only one person John Meder. who is suffering from took advantage of it. The only quesa bad attack of pleursy, is much bettion asked was in regard to the old ter and will be able to be up in a signatures to the agreement. After few days. that the meeting adjourned.

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An order to this effect was made yesterday by Judge O'Brien on the motion of District Attorney McCarran that the books be produced. The decision recites the causes which led up to the motion, to wit: That there is pending before the Grand Jury of Nye county an investigation concerning the commission of certain al. leged crimes and felonies by the officers, agents, tellers and clerks of the State Bank and Trust Company: also that evidence has been introduced before the Grand Jury showing that on October 23, 1907, at about 11 o'clock a. m. of that day, the State Bank and Trust Company closed its doors and suspended business and that its business has been suspended ever since; that evidence has also been introduced before the Grand Jury showing that the State

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BUYING UP STATE BANK DEPOSITS Tonopah Attorney Making Offer to Depositors in Suspended Institution J. H. Morris, a Tonopah attorney is one year. dollar for dollar. As it will be necessary to secure in this city today buying up deposits in the State Bank and Trust Company enough to cover the entire indebtedness of my client to the bank I am for one Blumenthal of Tonopah. only making the necessary arrangeMr. Morri sis desirous of purchasments but as soon as the desired aming deposits 10 the amount of $16,500 ount is secured we will immediately and this afternoon made arrangements close the deals." for nearly that amount if not all. In speaking of a receiver. Mr. MorIn speaking of his visit to this city ris said: Mr. Morris said: "I am of the opinion that a receiver "My client owes the State Bank will be appointed in a very short and Trust Company $16,500 and feartime. That also is the opinion of the ing the appointment of a receiver for people of Tonopah and the appointthe bank is desirous of setting his ment is looked for at any time now. account before such action is taken Mr. Morris is also offering some SilI have several propositions to present to depositors who are desirous ver Peak mining stock at securities I for deposits and this afternoon a numof getting rid of their deposits. will pay fifty cents on the dollar ber of depositors arranged to turn cash for them now, or I will give their deposits over to him for this them endorsed notes covering the stock as securities. Over $10,000 was amount of their deposits payable in represented in this one deal.

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FILE DEMURRER IN BANK CASE Demurrers were filed yesterday in the suit for the appointment of a receiver for the State Bank and Trust Company, filed by Attorney General Stoddard on the order of the State Bank Commission. The demurrers were filed by Attorney Sam Platt who is representing the bank in the case. Judge Langan has signified his intention of being here on the 15th of the month for the purpose of hearing the case and preparations are being made by the actorneys to argue it at that time. The directors of the bank are still working hard on the proposition of opening the institution by levying an assessment of $100 a share on each share of stock. So far as known the affairs of the institution now are just about the same as they were several days ago.

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Rottenness of Rickey's Banks The rottenness of the management of the State Bank and Trust company is being shown up little by little. Re ceiver Wildes has filed a report in which he condemns the action of President Rickey and the directors. He reports that he found the Carson bank in very good condition, but that the banks at Tonopah, Goldfield, Manhattan and Blair were in the worst possible condition. These banks were run in an openhouse fashion and loans were made without any attempt to get good security and that in every way the money was spent in a manner never recognized in banking. At Tonopah the company built a building suitable for a bank with $10,000,000 capital and with a business equal to that of a Wall street bank and employed a force more than three times as large as was necessary. He says in one instance the president and directors loaned a man at Tonopah $2500 when he did not have enough security to warrant a loan of 25 cents. He says the books are in a jumble and that he is unable to untangle them, but hopes to pay a dividend of 10 per cent to the depositors within two months. He gives an instance where the bank paid a check of several thousand dollars drawn by the Sullivan Trust company on the State Bank and Trust company after the bank had failed. He declares that the cashier endeavored to show by the books that the assets of the bank were $1,500.000, but that so far he had been unable to find assets amounting to more than $940,000. Wildes lays all the blame for the rottenness of the bank upon Preiident Rickey and the directors.

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Rottenness of Rickey's Banks The rottenness of the management of the State Bank and Trust company is being shown up little by little. Re ceiver Wildes has filed a report in which he condemns the action of President Rickey and the directors. He reports that he found the Carson bank in very good condition, but that the banks at Tonopah, Goldfield, Manhattan and Blair were in the worst possible condition. These banks were run in an openhouse fashion and loans were made without any attempt to get good security and that in every way the money was spent in a manner never recognized in banking. At Tonopah the company built a building suitable for a bank with $10,000,000 capital and with a business equal to that of a Wall street bank and employed a force more than three times as large as was necessary. He says in one instance the president and directors loaned a man at Tonopah $2500 when he did not have enough security to warrant a loan of 25 cents. He says the books are in a jumble and that he is unable to untangle them, but hopes to pay a dividend of 10 per cent to the depositors within two months. He gives an instance where the bank paid a check of several thousand dollars drawn by the Sullivan Trust company on the State Bank and Trust company after the bank had failed. He declares that the cashier endeavored to show by the books that the assets of the bank were $1,500.000, but that so far he had been unable to find assets amounting to more than $940,000. Wildes lays all the blame for the rottenness of the bank upon Preiident Rickey and the directors.

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On reading and filing the intervening petition of Gaston M. Ashe in the above entitled action duly verified, praying this Honorable Court that the petitioner may have leave to file said intervening petition, in said above entitled action, and that he may be permitted to become a party to said above entitled action, in order to protect and enforce a certain judgment lien described in said petition; that this Court may determine the priority of said judgment lien, and decree the same to be prior in time and right and paramount and superior to the rights of all the creditors of the said defendant, in the above entitied action, State Bank and Trust Company, and of said State Bank and Trust Company and of Frank L. Wildes, its receiver, upon the State Bank and Trust Company Building in Tonopah, Nye County, State of Nevada.

That this Honorable Court do order and decree that the said judgment mentioned and described in the said petition, be paid by said receiver as a preferred claim out of the assets of the said State Bank and Trust Company in the hands of said receiver; or that this Honorable Court grant leave to petitioner to issue execution

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and Attorney Thornton of the same place appeared to present the claim of their client for labor and material furnished the State Bank & Trust Company for its bank building in Tonopah. The intervening petition of Gaston M. Ashe was read, after which attorney E. E. Roberts asked for time to prepare an answer in the case and a recess was taken to 1 o'clock this afternoon. This case involves the payment of a judgment against the State Bank & Trust Company obtained in the courts at Tonopah previous to the appointing of Receiver Wildes. The judgment and costs of court now amount to about $7,000. This afternoon Attorneys Roberts and Sanford filed their objections to the payment of the claim by the Re. ceiver of the State Bank & Trust Company and later the same were argued by Attorney Roberts. Attorneys McPike and Thornton, representing the claimant, argued their side of the case, and Attorney Mack, for the Receiver, also had a few remarks to make. The case continued until late this afternoon, when a recess was taken until tomorrow moring at which time the arguments will be resumed.

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COURT HEARS ARGUMENT In Claim Against State Bank and Trust Co. All day the attorneys interested have been arguing the case where.n Gasten M. Ashe petitions the Court to allow the judgement against the State Bank & Trust Company in the amount of $7,000 for supplies and material for the construction of the State Bank & Trust company building at Tonopah. which was allowed the plaint ff previous to the appointment of the Receiver of the bank. Attorney McPike represented the plaintiff and Attorney Mack the Re. ceiver in the action, while Roberts & Sanford appeared for a number 01 depositors contesting the payment of the judgment on the grounds that if the same were allowed by the Court it would be a preferred claim. This argumnt has been heard by Judge Langan for the past two days and late this afternoon the case was submitted to the Court. Judge Lan gan stated from the bench that he would dispose of the case on next Friday morning at 10 "clock, when a de cision will be rendered. The Judge also postponed the hear ing in the case of Ormsby County VS. E. O. Patterson and his bondsmen until next Friday morning when the motion to strike out win be hetrd.

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STATE BANK CASE IS

NOW BEING ARGUED

The case of the State Bank and Trust company versus Bowes was taken up by Judge Langans court Monday and a publication of summons ordered made. The case is one involving the sum of $7,000 which is a judgment against the State Bank and Trust company which was secured in the courts at Tonopah prior to the appointment of a receiver. Arguments were heard on the case Tuesday.

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ELKS WILL

SOON OWN THEIR

OWN HOME

- SECURE OPTION ON SOLLENDER BUILDING FROM STATE BANK AND TRUST CO.

Tonopah lodge No. 1062, Benevolent and Protective Order of Elks, yesterday secured an option on the Sollender building, where the club rooms are located, and will take over the property within the next month or two.

This move has long been contemplated and it was finally decided to purchase the building at the regular meeting, Tuesday night. Captain George W. Thatcher was appointed to make the negotiations and yesterday afternoon secured the option from Fred Seymour, who represents Fred S. Wildes, receiver for the State Bank and Trust company.

During the last year the Elks have occupied the upper floor of the building, many improvements have been made to the premises and now it is planned to transform the building into a regular Elks' home. It will be made one of the most attractive homes in the west.

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takes the affairs of defunct banks cut of the hands of receivers and places them under the control of the state bank examiner and the state banking board. It assures to depositors a fair share of the profits accruing from the assets of said defunct banks against their deposits. With the citizens of Tonopah it should mean riany thousands of dollars, as it is believed that the late State -Bank & Trust company is the owner of considerable property that pays good rentals, which rentals will be ha 1ded to depositors in the shape 01 dividends.

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WILDES DISMISSES DAMAGE SUIT AGAINST BONANZA Frank L. Wildes, receiver for the defunct State Bank and Trust company, has dismissed his suit against the Tonopah Bonanza Publishing company asking for judgment for $30,000 damages alleged to have been sustained through publication in the Bonanza of an article accusing Wildes of malfeasance in office. "The case had been set for hearing on April 6 before a jury," says the Bonanza, "and the dismissal is a confesion that the plaintiff was in error in instituting the suit and that there was no ground for the claim. This suit was field on the 22d day of April, 1913, and since that time the plaintiff has by all sort of subterfuges delayed a hearing on the merits and now, after almost a year of proerastination, comes into court and ad mits there is no foundation for the demand." The Bonanza adds: 'At this stage the Bonanza can only state that it regrets that the suit did not come to trial, as depositors would have liked to have seen Frank L. Wildes in Tonopah and have an opportunity of ask. ing him a few pertinent questions."

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Claims Assessment Work Had Been Done Receiver Frank L. Wildes returned from Tonopah last evening where he has been attending the trial relative to the ownership of the California group of mining claims, the control of which rested with the receiver upon taking over the affairs of the State Bank and Trust company. It appears that the property which adjoins the Jim Butler group has been relocated because of the failure several years ago to 40 the annual work. At the trial Mr. Wildes set up the defense that the work had been do e through the underground workings of the Jim Butler at his request and that the necessary financial consideration for labor had been paid out of the assets of the bank. The California claims are now considered to be of considerable value, because of their favorable location and were the title clear they could be disposed of at a price that would go arf towards paying back some of the funds that were eetrusted to the bank by trusting depositors.