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FIVE COAST BANKS CLOSE California Institutions Blame Water With Ranches. BISHOP. Cal., Aug. five Every number, its today. posted on the doors and signed president and cashier the action was the "destructive carried due to Angeles in its water by Los war valley ranchers. The banks are the First National Bishop branches the Inyo County Bank. located respectively Big Lone Pine. The last pendence and four are state banks.
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CHARGES ARE MADE BY WOOD Five Banks in County Not Closed Because of Los Angeles Act; Big Any Uncovered Shortage LOS ANGELES, With the failure of county in Owens valley attributed banks embezzlement than the to of the Los "destructive policy geles water Wood, state superintendent banks, nounced today that every effort would be made to embezzled funds. The accounts the five banks, the First National Bank of Bishop and the Inyo county banks of Big Pine and Lone show shortage of approximately $800,000, Wood announced following preliminary investigation of the which closed their the valley without banking facilities. examination the Inyo county bank and branches date reveals an short on August of over with the probability that the figure will be increased the examination progresses, Wood said "Over the shortage represented by discrepancy tween the total amount claimed the Inyo county be on deposit in San Francisco Los geles banks, and the total amount (Continued on Page Three)
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FURTHER DISASTER IMPENDING Owens Valley Bank Crash May Result in Other Collapses. TO START PROBE Government Names Holeman Receiver for Financial Institutions. BISHOP, Calif., Aug. 15.-The specter of further financial disaster hovered over Owens Valley today with the announcement by the state corporation department that an investigation would be launched into all enterprises operated by W. W. and Mark Watterson, bankers. The Watterson brothers, who controlled the five Inyo county banks, which recently closed their doors, operate the Watterson Brothers, Inc., a holding company; Natural Soda Products Company, The Eaton Land and Cattle Company, the Tungsten Products Company and the Coso Hot Springs Company. Books and records of all except the Coso company have been seized and are in the custody of Arthur E. Johnson, department auditor. The investigation, entirely separate from the bank probe, is to determine whether the Wattersons have violated the corporate securities act by issuing stock contrary to their permits. Johnson is expected to make , report on the $1,000,000 holding company under which the brothers operated a garage, hardware and general store and sold stock in them. C. H. McLean, federal examiner, has completed his investigation of the First National Bank here an will forward his report to Washington. C. H. Lowell, state bank ex. aminer has taken charge of the Inya County Bank here and its branches at Big Pine, Independence and Lone Pine. The brothers have refused to make a statement following the charges of Will C. Wood, state superintendent of banks, that $800,00 had been embezzled, other than to lay their financial condition to the valley's water war with the city of Los Angeles. The Williams Market, largest in the county, closed its doors Satur dav night. and it is fearnd that other business houses will follow the same course. WASHINGTON, Aug. 15.-Appointment of B. W. Holeman, Invo county, California, as receiver for the First National Bank. Bishop, Calif., a state bank with four branches in the county, all of which closed recently was announced at the office of the comptroller of the currency today. The appointment was forwarded through the San Francisco office of the comptroller, and Holeman probably will report there.
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BANKERS MAY FACE 350-YEAR TERMS Two Brothers in Owens Valley, California, Convicted on 35 Counts. By the Associated Press. INDEPENDENCE, Calif., November 11.-W. - W. Watterson and his brother, Mark Q. Watterson, pioneer Owens Valley bankers, today were faced by possible prison terms totaling hundreds of years following their conviction last night on 35 counts of embezzlement of more than 460,000 from the Invo County Bank of Bishop and of falsifying a bank account. The two brothers, who had charged that "the destructive policy of the Neity of Los Angeles in the war for Owens Valley water rights" was the cause for the closing of the Inyo County Bank and also the First National Bank of Bishop, another of their institutions, will appear before Superior Judge Lambert Monday for sentence. While the terms for embezzlement and grand theft are fixed by law at 10 years, Judge Lambert may make the sentences run either consecutively or concurrently. Should the senStences run concurrently they would "serve but 10 years for the embezzle"ment and grand theft charges, with the term for changing their bank records added, instead of a possible 350 year sentence. Defense Attorney Carey immediate1y filed oral notice of appeal. The two brothers were allowed to remain at liberty on bail.
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WATTERSON BROS. GIVEN LONG TERMS Noted Pair. Convicted of Embezzlement. Long Financial Leaders In California. Independence, Calif. Nov. 15 (AP) Sentences of from one to 10 years each were imposed yesterday on W. W. and Mark Q. Watterson, brothers, convicted of embezzlement and falsification of record which wrecked their Inyo county bank of Bishop. At the time of their arrest, the Wattersons blamed the failure of the Inyo county bank and the First Nittional bank of Bishop, which they also owned. on the tactics of the city of Los Angeles in its fight for water rights in Owens Valley. The Wattersons were for many years the financial leaders of Inyo county. Each was found guilty on 35 counts of embezzlements totalling more than $460,000 and sentenced to an indeterminate term of one to 10 years on each count. The court permitted the sentences to run concurrently.
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CALIF. BANKERS START SERVING PRISON TERMS INDEPENDENCE, Cal., Nov. 14, (AP) -W. W. and Mark Q. Watterson, Owens Valley bankers, tonight started for San Quentin prison, where they will serve terms of ten years each for embezzlement and falsification of bank records, which wrecked their Inyo County Bank of Bishop. The two brothers, who for many years were financial leaders of Inyo county, were sentenced this afternoon, following their convictions last week. Although each was found guilty on 35 counts of embezzlement totaling more than $460,000 and one count of falsification of bank records and sentenced to serve an indeterminate sentence of from one to ten years on each count, the court permitted the sentences to run concurrently. No request for probation was made by the convicted bankers, although court attaches had expected this action. The sentences were pronounced immediately after the request by the defense attorney, Phil Grey, for a new trial, had been denied. W. W. Waterson heard his fate first, and a few minutes later, the same sentence was pronounced in the case of his brother. Although the specific charges against the two brothers involved less than a half million dollars, at the time of the closure of their bank, state banking superintendent Will C. Wood declared the shortage for which the brothers were responsible totalled in the neighborhood of $800.000. The Wattersons had blamed the failure of this bank and the First National Bank of Bishop, also owned by them, on the tactics of the city of Los Angeles in its battle for Owens Valley water rights.
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Stipulations Heard In Bank Receiver Cases Stipulation as to facts in four of five cases in which B. W. Holeman. receiver for the First National Bank of Bishop. is suing borrowers on notes, was heard in the federal court district before William P. judge, yesterday. Case of Holeman VS. E. Zucco was continued. Attorneys for the defense offered the contention of borrowers on the notes that deposits in the defunct Inyo County bank and the First National Bank of Bishop could be used offset the debts. The cases were submitted to to the court for decision.