Searchlight Bank & Trust Company (Searchlight, NV)

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PRESIDENT IS BLAMED For Suspension of the Searchlight Bank Loaned Himself Funds SEARCHLIGHT. Nev., Dec. 19.At ameeting of the depositors of the Searchlight Bank & Trust Company held last evening, a committee reported that securities owned by the bank have been hypothecated to McCormick & Company of Salt Lake for the sum of $15,000. and it is alleged that the money was used by President H. Taber in private enterprises. It is also asserted that the institution has been gutted of all its negotiable notes and securities, the same having been hypothecated and the funds used in private enterprises of Taber and his associates. The committee states that criminal proceedings will be instituted against every one involved in the transactions.

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NEEDS A RECEIVER Searchlight, Nev. Dec. 20.-The committee in charge of the Searchlight Bank and Trust company, has wired the bank examiner to come at once, and take charge of affairs and appoint a receiver.

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Ask Receiver for Bank By Associated Press. SEARCHLIGHT, Nev., Dec. 20.-A committee in charge of the Searchlight Bank and Trust company has wired for a bank examiner to come at once to take charge of affairs and appoint a receiver.

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REVEIVER WANTED FOR BANK SEARCHLIGHT, Dec. 26.-A committee in charge of the Searchlight Bank & Trust company has wired for a bank examiner to come at once to take charge of affairs and appoint a receiver.

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Attorney General Stoddard has begun proceedings in the Ormsby district court for the appointment of a receiver for the Searchlight bank. The petition asks that George T. Mills of Carson be appointed temporary receiver. President Taber, Director Hansen and about a dozen other "John Does" are named as defendants. It was necessary to begin the proceedings in Ormsby county in order to prevent the sale of some of the bank's property now under attachments. The total assets of the bank now located amount to about $6,000 and the liabilities to about $28,090.

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PERMANENT RECEIVER

In the District Court yesterday morning an order was made by Judge Langan accepting the resignation of George T. Mills as receiver of the Searchlight Bank and Trust Company and appointing Benjamin McCready as receiver at the request of the depositors. Mr. McCready is from Pioche, Lincoln County.

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BANK FOUND DEPLETED.

While in this city Bank Examiner Miller stated that his examination of the defunct Searchlight band disclosed a most deplorable condition. When he arrived at Searchlight and went to the bank he found the banking room almost bare, destitute of fuel and not enough money about the place to even purchase wood. Mr. Miller bought wood and after making a fire conducted an examination of the books.

He found no funds in the bank vault; it was entirely empty. He did find a bag containing jewelry but later developments showed that the jewels belonged to a depositor. Later some securities were located, but as Examiner Miller had turned the entire affair over to the receiver appointed by the court he did not know how the affair finally resulted.-Carson News.

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CASHIER MUST FACE CHARGES REQUISITION PAPERS FROM NEVADA HONORED SEARCHLIGHT BANK OFFICIAL UNDER INDICTMENT Accused, with President, of Having Received Deposits, Knowing Insti= tution Was Already in Insol= vent Condition Charged with receiving deposits after knowing that the bank of which he was cashier was in an insolvent condition, S. E. Williamson of the defunct Searchlight Bank and Trust company, Searchlight, Nev., will be compelled to appear in a local justice court and defend himself in proceedings wherein he is declared a fugitive from justice. He was arrested today in Pasadena by Special Deputy Sheriff Rouse. Homer G. Tabor, president of the same institution, is also wanted to explain why money was received by the insolvent bank. He is now believed to be in San Digeo, and officers have been sent to place him under arrest. Tabor is well known in Los Angeles, at one time being connected as an officer of the ill-fated West Side bank of this city, the affairs of which have been made the subject of much investigtaion by the present grand jury. The indictment on which the warrant of arrest received here is based is only one of nineteen distinct charges brought against Williamson and Tabor by the grand jury of Lincoln county, Nev. This indictment was returned September 19, and the specific charge is that the two bank officials received $725 from John Howe, nineteen days after they knew the bank was insolvent. Requisition papers for the return to Searchlight of Williamson and Tabor have been honored by Governor Gillett. The West Side bank, of which Tabor was once an officer, is now in the hands of a receiver.

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Unexpected Dividend At the failure of the Searchlight Bank & Trust Company last year it looked like a total loss to the deposit tors and others who had any connection in the failure. The follow ing from the Searchlight Bulletin would indicate that the receiver of the bank is doing some good work. "Judge Brown has authorized Receiver B. Macready of the Searchlight Bank and Trust Company to gladden the hearts of the depositors with a dividend of 10 per cent. The disbursement will take place in about four weeks' time or as soon as the period of legal publication has been completed. Mr. Macready promises additional dividends of 10 or 15 per cent following the next term of court. six months hence. Inability of the receiver to act without the sanction of the court made it impossible to de clare a large dividend at this time.

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DEPOSITORS GET PART OF THEIR MONEY BACK At the failure of the Searchlight Bank and Trust company last year it looked like a total loss to the depositors and other who had any connection with the failure. The following from the Searchlight Bulletin would indicate that the receiver of the bank is doing some good work: "Judge Brown has authorized Receiver B. Macready of the Searchlight Bank and Trust company to gladden the hearts of the depositors with a dividend of 10 per cent. This disbursement will take place in about four weeks' time or as soon as the period of legal publication has been completed. "Mr. Macready promises additional dividends of 10 or 15 per cent following the new term of court, six months hence. Inability of the receiver to act without the sanction of the court made it impossible to declare a large dividend at this time."

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Depositors Get Final Pay The Searchlight Bank, which failed three years ago and has been in the hands of a receiver since that time, is making its final disbursement and payment, as Receiver Macready asks for a discharge from the duties by the court and a final settlement. The bank failed for about $30,000. Under the care and nursing of the receiver it will pay twenty-five and a half cents on the dollar. When it was first taken over it was the general belief that there would not be a cent coming to the depositors as practically everything in sight had been cleaned ont. It is a very good showing considering the assets that were on hand.

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DEPOSITORS GET FINAL PAY

The Searchlight bank, which failed three years ago and has been in the hands of a receiver since that time, is making its final disbursement and payment, as Receiver McCready asks for a discharge from the duties by the court and a final setlement. The bank failed for about $30,000. Under the care and nursing of the receiver it will pay 25 1/2 cents on the dollar. When it was first'taken over it was the general belief that there would not be a cent coming to the depositors, as practically everything in sight had been cleaned out. It is a very good showing considering the assets that were on hand.