Washoe County Bank (Reno, NV)

Episode Information

Episode Type
Suspension → Closure
Start Date
November 1, 1932
Location
Reno, Nevada (39.530, -119.814)
Bank Type
state
Routing Number
94-0001
Canonical name
United Nevada Bank
Alt. names
Washoe County Bank

Metadata

Episode ID
Bank ID
City ID
320861100
Model
gpt-5-mini
Short Digest

Notes

United Nevada was part of the Wingfield group that was closed under the 1932 moratorium and later placed in receivership.

Events (4)
1. November 1, 1932 Suspension
Cause
Government Action
Cause Details
State proclamation/moratorium (business and banking holiday) declared by Nevada lieutenant governor covering Wingfield banks including United Nevada.
Newspaper Excerpt
I have just declared a business and banking holiday to and including the twelfth day of November, 1932.
Source
newspapers
2. February 9, 1934 Receivership
Newspaper Excerpt
The right of District Judge Clark J. Guild to appoint receivers for seven Nevada state banks...Institutions affected by the ruling are ... the United Nevada bank ... was upheld in a unanimous decision of the Nevada supreme court today.
Source
newspapers
3. March 2, 1934 Other
Newspaper Excerpt
Leo Schmitt, receiver for the closed state banks, announced night that he was preparing to establish administration quarters the United Nevada Bank.
Source
newspapers
4. September 5, 1935 Other
Newspaper Excerpt
George Thatcher Bids $196,000 for Stack Estate Interests...made a cash bid of $196,000 for the United Nevada Bank building at an auction sale conducted by Leo F. Schmitt, bank receiver.
Source
newspapers

Newspaper Articles (21)
1. July 6, 1929 Reno Gazette-Journal Reno, NV
Article from Reno Gazette-Journal, July 6, 1929

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BANK DEPOSITORS CALL MEETING TO CONSIDER SITUATION

Made That All Suggestion Unite to Take Creditors Over Washoe Institution

A meeting of the depositors of the Washoe County Bank for the purpose of effecting an to proand to tect their bank in dealwith the state the affairs of the with be held Monday at the Nevada state building in Powning park. call for such meeting was issued this morning and is published in the advertising section of the Gazette today. The call signed by H. Erickson, Penney Company, Ben Barbash. K. Foster. Lester Hilp. Maynard Stampfli. Donnels Steinmetz and Frank Steinheimer. Several of those signing the call are very large depositors. Following bank suspensions it customary for the depositors to organize and appoint general committee to their interests, and represent this step has been discussed since the bank temporarily suspended its business few days ago. Yesterday number of depositors suggested the advisability of the depositors, themselves, taking the bank over unless better and more advantageous plan is proposed. Those making the suggestion advance the proposal that each depositor $200 the bank agree have more in twelve fifteen per cent his total deposit and have this from amount issued to him in the form of bank stock. By this it represented. the impaired capital of the bank would be restored and could immediately be reopened with fully paid up cash capital as going institution. This. would preserve the "good will" or "going institution' of the bank, which very great, and within few years, said, the stock issued would have market value of much more than par. Several Nevada banks that have been closed heretofore have been reorganized in this manner and declared be plan that is followed throughout the country. At meeting of the state board of finance held Carson City this morning the state board of finance passed resolution expressing full opproval of the steps that have been taken by State Bank Examiner Seaborn and also approved plans which he has outlined for the bank's reorganization. Examiner Seaborn said today that soon he received instruction from the district attorney to that effect he would give all depositors access to their safety deposit boxes.

2. July 6, 1929 Las Vegas Age Las Vegas, NV
Article from Las Vegas Age, July 6, 1929

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Article Text

WASHOE COUNTY BANK DRIVEN TO THE WALL RENO, July 5.- (AP) -The Washoe County Bank, the oldest financial institution in the state, was placed in the hands of the State Bank Examiner following a meeting of the board of directors yesterday. Officers stated that the suspension is temporary, and expressed confidence it can be reorganized. The closing was brought about by withdrawals which started a week ago, and became serious this week. The failure was induced by the existence of approximately $1,000,000 in farm loans which were frozen assets. The difficulty in which the bank found itself has been known within a limited circle for some time. Recently, it is said, made a proposal to take over and reorganize the bank, but his terms were not acceptable. It is believed that the assets of the Washod County Bank will ultimately be taken over by the Wingfield interests on such terms as will save the depositors from loss.

3. July 7, 1929 The Union Grass Valley, CA
Article from The Union, July 7, 1929

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Bank Failure at Reno and all of Nevada State have been hard hit by the failure of the Washoe's County Bank, the oldest and supposedly one of the strongest financial institutions in the Sagebrush State. Rumors of financial difficulties started a rather serious run on the bank and this finally led to the concern being taken over by the state banking department. Extensive salvaging and reorganization hoped for, but the full situation is still to be ascer- tained.

The Washoe County Bank was established in Reno sixty years ago, coincident with the arrival there of the Central Pacific Railroad. Its fiancial strength had long been unquestioned.

4. July 11, 1929 Reno Gazette-Journal Reno, NV
Article from Reno Gazette-Journal, July 11, 1929

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BANKING HOUSES RENO'S bank suspension occurs appreWHEN A occasionally expressed concernhensions are of other financial responsibility ing the community. If such banks in the same here, because of should be heard pressions County Bank, it of the Washoe the closing but it should frankly would be unusual, not be met. the Washoe County Bank In addition to banks in Reno, all sound, there are four Reno National, the ing National (formerly the Riverside, the First and the Scheeline. Farmers & Merchants), National and the Riverside are The Reno of the Wingfield bankmembers important the strongest in the one of very ing system, The First National Intermountain region. the Farmers & Merchants) (until recently is one of the most conservative, solid and liquid banks in the entire Western country. Scheeline is most conservatively The its officials are closely ducted and principal Fleishhacker bankconnected with the great of California, its president being interests ing a vice president of the Anglo & London Paris National Bank of San Francisco of which Herbert Fleishhacker is president. of these banks has been proEvery one nounced entirely safe and entirely sound by the bank examiner. At no time in the past, when he and his predecessor in office were urging the Washoe to repair its capital, was any other Reno bank requested to do the same thing. It was not necessary. These four banks are entitled to the public confidence, and they are holding it, for it is a fact that since the Washoe suspended their deposits have steadily increased. It is a splendid testimonial to those who manage their affairs.

5. July 13, 1929 Reno Gazette-Journal Reno, NV
Article from Reno Gazette-Journal, July 13, 1929

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BANK SITUATION WASHOE

A PLAN for dealing with the affairs of Bank has been placed the Washoe County the state bank exambefore .depositors, of finance. It the state board iner and submitted by Mr. George Wingfield, presiof banks, and dent of the Wingfield group is as follows: its essential features in all in cent of deposits per be made available Washoe Bank is to the immediately to all depositors. All frozen, slow and doubtful loans in the Washoe are to be conveyed to a is to be owned by the tion" which company, As collections are Washoe's depositors. loans, by sale of these doubtful made upon to secure them or the property pledged to be distrisuch collections are otherwise, buted among the depositors. If the collections are sufficient the depositors will ceive all of their money, with four per cent deferred If the interest all payments. upon not sufficient the depositors collections are will lose in the ratio that the deficiency in collections bears to the per cent that to be held in of the deposits are If recoveries are made after the any in full such recoveries will positors are paid be distributed among the bank's stockholders. At this time it looks like the stockholders of the bank will lose their entire stock holdings. The realization company, under the plan submitted, will be managed by Mr. Wingfield and his associates, but the depositors and stockholders of the Washoe will be given minority representation upon the realization company's board of directors. In effect the plan provides for the liquidation of the Washoe County Bank by Mr. Wingfield and his associates, with further provision that the Washoe's stockholders and directors shall have voice in the liquidation proceedings. In connection with the plan Mr. Wingfield proposes to organize another banking property to take the place of the Washoe which will be owned by himself and those associated with him in the banking business. No other concrete plan or offer has been submitted to the examiner or the depositors. For few days after the bank suspended there was talk to the effect that the depositors, themselves, might take the bank over by assessing their deposits sufficiently to replace its impaired capital, but nothing came of it. As the capital of the bank, in the opinion of the examiner, must entirely be replaced before it can be reopened it must either be reorganized or liquidated. So far no one has seriously undertaken its reorganization. If it is to be liquidated, the liquidation can be carried out by the examiner, or all of its assets can be turned over to "realization" for sale. Mr. Wingfield company proposes the latter plan, and his plan has the advantage of being explicit and providing for the release, without delay, of three quarters of the bank's deposits. A committee representing the depositors has endorsed it. As liquidation seems to be inescapable, in view of the fact that no steps, whatever, are being taken toward reorganization, the responsibility is upon the bank examiner and the state board of finance to see that any contract or transaction to that end gives the depositors a fair voice in the eventual disposition of the bank's assets, as after all, the belong to them. And no doubt this be done.

6. November 1, 1932 Reno Gazette-Journal Reno, NV

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GROUP OF BANKS The Wingfield group of banks in Nevada, with combined deposits of about sixteen million dollars and capital of $1,975,000 include: Reno National Bank and Bank of Nevada Savings and Trust Company, with deposits of $7,600,000 and capital of $800,000; Riverside Bank of Reno, capital $50,000, deposits approximately $1,060,000; United Nevada Bank of Reno, capital $400,000, deposits approximately $1,800,000; Tonopah Banking Corporation, capital $50,000, deposits approximately $325,000; Virginia City Bank, capital $25,000, deposits approximately $200,000; Wells State Bank, capital $25,000, deposits approximately $85,000; Henderson Banking Company of Elko, capital $200,000, deposits approximately $1,650,000; Churchill County Bank of Fallon, capital $75,000, deposits approximately $750,000; Carson Valley Bank of Carson City, capital $125,000, deposits approximately $850,000; Bank of Sparks, capital $25,000, deposits approximately $730,000; Winnemucca First National Bank, capital $200,000, deposits approximately $2,000,000.

LEGISLATIVE SESSION Reports were current this morning that the calling of a special session of the Nevada legislature will be discussed with Governor Balzar on his return to the state as a considerable part of the state's funds, as well as the funds of counties, school districts, municipalities and the university are on deposit in the Wingfield banks. The legislative session, however, if one is called would not be held until late this month and during the next twelve days the proposed reorganization of the Wingfield banks may be effected, it was pointed out.

The terms of present members of the legislature, excepting hold-over senators expire on November 8 and if the legislature is called in special session its membership will consist of those elected next Tuesday and the hold-over senators.

GRISWOLD'S STATEMENT Lieutenant Governor Griswold issued a statement in addition to the moratorium proclamation setting forth in detail his reasons for taking the action. The statement follows:

"To the people of the state of Nevada: By proclamation, I have just declared a business and banking holiday to and including the twelfth day of November, 1932. My reason for so doing is the conviction that business, banks, bank depositors and the entire people of the state of Nevada will be best protected by this action.

"While some of our banks are not to be considered as otherwise than sound in all particulars, those of our banking institutions which have particularly supported our agricultural interests are naturally most seriously affected by the collapse in prices of agricultural products, which occurred about three years ago. Only very slight recovery in such prices has been realized and in the meantime and before the price collapse, exceptionally adverse climatic conditions have further destroyed the ability of the livestock raisers and farmers to reduce their obligations to the banks. In fact, these banks, in the hope of carrying over to a period of better conditions, have been obliged to

7. June 27, 1933 Reno Gazette-Journal Reno, NV

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WARNING TO NON-SIGNING DEPOSITORS SIGNING DEPOSITORS

Those opposing the present reorganization plan for the closed Wingfield banks have steadfastly maintained that before that reorganization plan can be put into effect the non-signing depositor must be paid in CASH his pro rata of the fair value of the assets of the bank in which he is a depositor and that he cannot be forced to take stock in either the proposed new bank or mortgage company as part payment for his deposit credit.

A letter recently received from the Comptroller of the Currency at Washington, D. C., supports our contentions. The letter was published in the Gazette June 6th and 7th, and in part said: "As it stands now, in event the reorganization and consolidation becomes operative, it can only be effective as against the depositors of either of the national banks to the extent that they have individually consented". . . "This department has no objection to the reorganization or consolidation if it can be carried out by voluntary agreement, but it has been our policy under all the reorganizations provided for under section 207 of the Bank Conservation Act, to not permit any reorganization which forces the depositors to accept stock in a bank, in lieu of their deposits."

NON-SIGNING DEPOSITORS will receive more CASH than will the signing depositors. Your payments will not be deferred over a period of years and you will not have to take stock in the new bank and mortgage company.

The letter recently received from the Comptroller of Currency, Washington, D. C., proves conclusively that you signing depositors have placed yourselves in a most unfavorable position by signing away your rights to your deposits in the closed Wingfield banks.

Your relief now lies in REFUSING to sign the post card asking for a "reasonable" extension of time. If you refuse to sign the post card, you can demand that you be paid in CASH your pro rata of the fair value of the assets of the bank in which you are a depositor.

If you are a depositor in the Riverside Bank (based on a $1000 deposit) you will not have to take $453.51 in stock in the new bank and mortgage company. You can demand cash in lieu thereof. If you are a depositor in the United Nevada Bank you will not have to take $353.47 in stock of the new bank and mortgage company. You can demand cash in lieu thereof. If you are a depositor in the Reno National Bank you will not have to take $177.49 in stock in the new bank and mortgage company. You can demand cash in lieu thereof. If you are a depositor in the Bank of Nevada Savings & Trust Co. you will not have to take $198.57 in stock in the new bank and mortgage company. You can demand cash in lieu thereof.

REFUSE to sign the post cards. The extension calls for a "reasonable" time, but continues beyond a ninety day period mentioned unless you make a written demand at the end of the ninety day period for the return of your waiver. Read the card you are asked to sign.

8. June 27, 1933 Reno Gazette-Journal Reno, NV

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NON-SIGNING DEPOSITORS

Those opposing the present reorganization plan for the closed Wingfield banks have steadfastfully maintained that before that reorganization plan can be put into effect the non-signing depositor must be paid in CASH his pro rata of the fair value of the assets of the bank in which he is a depositor and that he cannot be forced to take stock in either the proposed new bank or mortgage company as part payment for his deposit credit.

A letter recently received from the Comptroller of the Currency at Washington, D. C., supports our contentions. The letter was published in the Gazette June 6th and 7th, and in part said: "As it stands now, in event the reorganization and consolidation becomes operative, it can only be effective as against the depositors of either of the national banks to the extent that they have individually consented". . . "This department has no objection to the reorganization or consolidation if it can be carried out by voluntary agreement, but it has been our policy under all the reorganizations provided for under section 207 of the Bank Conservation Act, to not permit any reorganization which forces the depositors to accept stock in a bank, in lieu of their deposits."

NON-SIGNING DEPOSITORS will receive more CASH than will the signing depositors. Your payments will not be deferred over a period of years and you will not have to take stock in the new bank and mortgage company.

SIGNING DEPOSITORS

The letter recently received from the Comptroller of the Currency, Washington, D. C., proves conclusively that by signing depositors have placed yourselves in a most unfavorable position by giving away your rights to your deposits in the closed Wingfield banks.

Your relief now lies in REFUSING to sign the post card asking for a "reasonable" extension of time. If you refuse to sign the post card, you can demand that you be paid in CASH your pro rata of the fair value of the assets of the bank in which you are a depositor.

If you are a depositor in the Riverside Bank (based on a $1000 deposit) you will not have to take $453.51 in stock in the new bank and mortgage company. You can demand cash in lieu thereof. If you are a depositor in the United Nevada Bank you will not have to take $311.44 in stock of the new bank and mortgage company. You can demand cash in lieu thereof. If you are a depositor in the Reno National Bank you will not have to take $177.49 in stock in the new bank and mortgage company. You can demand cash in lieu thereof. If you are a depositor in the Bank of Nevada Savings & Trust Co. you will not have to take $198.57 in stock in the new bank and mortgage company. You can demand cash in lieu thereof.

REFUSE to sign the post card. This extension calls for a "reasonable" time, but continues beyond a ninety day period mentioned unless you make a written demand at the end of the ninety day period for the return of your waiver. Read the card you are asked to sign.

Remember that a signed waiver or post card is an endorsement of the Wingfield plan. It just puts off the day when certain banks in the Wingfield chain can be opened as independent banks. The reorganization scheme is doomed. No provision has been made in that scheme for paying off the non-signing depositor in cash. Read the Comptroller's letter above mentioned. If you want any banks opened at an early date REFUSE TO SIGN THE POST CARDS.

INDEPENDENT DEPOSITORS COMMITTEE 244 North Virginia Street, Reno

9. February 10, 1934 The Salt Lake Tribune Salt Lake City, UT

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Bank Receiver Action Upheld

CARSON CITY, Nev., Feb. 9 (JP)The right of District Judge Clark J. Guild to appoint receivers for seven Neveda state banks, all of which were members of the defunct George Wing. field banking group, was upheld in a unanimous decision of the Nevada supreme court today. Institutions affected by the ruling are the Bank of Nevada Savings and Trust company, the United Nevada bank and the Riverside bank, all of Reno; the Bank of Sparks, the Carson Valley bank at Carson City, the Virginia City bank and the Tonopah Banking corporation.

10. March 2, 1934 Nevada State Journal Reno, NV

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Receiver Offices United Nevada

Leo Schmitt, receiver for the closed state banks. announced night that he was preparing to establish administration quarters the United Nevada Bank. The closed banks Reno will be administered through the single fice the United but Nevada, Schmitt night undecided to branch would be established in the other towns where closed banks Bank Seaborn is making an of the assets of the seven banks will turn the Schmitt. Schmitt charge of the banks as his $200,000 bond approved and soon as he has checked the inventory. Sam Platt and John Sinai were appointed attorneys for the receiver.

11. March 19, 1934 Reno Gazette-Journal Reno, NV

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SIERRA NEVADA SOAP CO. RENO, NEVADA

For Sale—Insurance Agencies OF Bank of Nevada Savings & Trust Co. United Nevada Bank Riverside Bank

Receiver will accept individual bids on each agency—bid to be for cash—and sell to the highest bidder, subject to court approval. Net commissions of each agency are open for inspection to all bidders. Sealed bids must be submitted not later than March 22, 1934.

LEO F. SCHMITT, Receiver.

12. March 20, 1934 Reno Gazette-Journal Reno, NV

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For Sale—Insurance Agencies OF Bank of Nevada Savings & Trust Co. United Nevada Bank Riverside Bank

Receiver will accept individual bids on each agency—bid to be for cash—and sell to the highest bidder, subject to court approval. Net commissions of each agency are open for inspection to all bidders. Sealed bids must be submitted not later than March 22, 1934.

LEO F. SCHMITT, Receiver.

13. June 15, 1934 Reno Gazette-Journal Reno, NV

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Holcomb Estate Property To Pass from Hands of The Realization Company

Sheriff Attaches Bonds and Will Sell Them at Public Sale to Satisfy Judgment Secured by United Nevada Bank

A writ of execution, issued June 13, 1934, when the receiver of the United Nevada Bank secured a judgment for $147,000 against the Realization Company, was served by Sheriff E. R. Trathen today who took over $266,000 par value of G. R. Holcomb Estate Company bonds that were held by the Realization Company.

The bonds will be sold at public sale and the proceeds turned over to the United Nevada Bank receiver. The bank receiver will bid on the bonds, it is believed, if there are no other bids or if other bids are for small amounts. Out of $400,000 in bonds, issued by the Holcomb Estate Company on January 1, 1926, the United Nevada Bank owns $134,000 and the Realization Company the remainder. The bonds are secured by the Holcomb property, which includes approximately four thousand acres of farm land in the Truckee Meadows and 25,000 acres of range land in the Mount Rose district and west of Reno.

The Holcomb property which embraces some of the most valuable farm land in Washoe county, was taken over by the Realization Company at the time the United Nevada Bank was organized and comprised one of its principal assets. The Realization Company was formed to take over certain frozen assets of the Washoe County Bank. Stock in the Realization Company equal to twenty-five per cent of the depositors' credit in the Washoe County Bank closed in November, 1932, it owed the bank $125,000 which had been borrowed for operating expenses.

In order to clear up this indebtedness Leo Schmitt, receiver of the United Nevada Bank, brought suit in the Ormsby county court against the Realization Company and secured judgment for $147,000 which included the $125,000 in notes, $15,000 in unpaid interest and $7000 for court costs and attorneys' fees.

In order to collect on the judgment the United Nevada Bank receiver plans to take over the Holcomb Estate property and other property until he has sufficient amount to satisfy the judgment.

Judge Clark J. Guild, who granted the judgment in the uncontested case, said today that the $7000 added for court costs and attorneys' fees did not mean that the attorneys for the receiver, Platt & Sinai, would receive that amount.

"The attorneys for the bank receiver have not filed any claims for fees," said Judge Guild, "but probably will file claims when the receiver renders his quarterly report about July 1. At that time fees for work performed will be considered."

Former depositors of the Washoe County Bank, who are stockholders in the Realization Company, have indicated that they will take steps in the near future to find out whether or not the Realization Company has sufficient assets to pay the United Nevada Bank claim and leave anything for the stockholders.

14. October 2, 1934 Reno Gazette-Journal Reno, NV

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$41,000 IN BANK DIVIDENDS STILL UNCALLED FOR

Nearly $41,000, all ready to pass out to its owners, is in the hands of Leo Schmitt, bank receiver, who is trying to distribute it but the owners refuse to call and get it.

The money, in checks ranging from five cents to $1500, which can be cashed instantly, represents uncalled for depositor dividends declared by the Bank of Sparks, the Riverside Bank and the Bank of Nevada Savings & Trust Company and totals $40,824.90.

The checks for the Bank of Sparks depositors are at the Sparks bank headquarters and amount to $10,390 out of a total of $230,000 in depositor dividends declared by that institution since it was closed in November, 1932.

The other checks are at headquarters in the United Nevada Bank building. Out of a dividend of $157,000 declared by the Bank of Nevada Savings & Trust Company $11,528.25 is still on hand. Riverside Bank depositors have failed to collect $18,906.11 out of $446,000 in dividends.

Schmitt is anxious to pay the money as it is costing each bank a small sum each year to keep it insured.

A meeting of depositors of the United Nevada Bank will be held in the civic auditorium at 8:00 p. m. October 10 to discuss a proposal to borrow about $487,000 from the RFC to pay a thirty per cent dividend to depositors of the institution.

15. October 6, 1934 Nevada State Journal Reno, NV

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NOTICE

To Depositors of The United Nevada Bank

By order of Judge Clark J. Guild there will be a meeting of depositors of the above bank at the Washoe County Library Building Wednesday night, October 10, at 7:30 p. m., for the purpose of discussing the advisability of pledging assets to the Reconstruction Finance Corporation to obtain funds for distribution to depositors.

All depositors are requested to attend the meeting.

16. October 10, 1934 Nevada State Journal Reno, NV

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NOTICE

To Depositors of The United Nevada Bank

By order of Judge Clark J. Guild there will be a meeting of depositors of the above bank at the Washoe County Library Building Wednesday night, October 10, at 7:30 p. m., for the purpose of discussing the advisability of pledging assets to the Reconstruction Finance Corporation to obtain funds for distribution to depositors.

All depositors are requested to attend the meeting.

17. September 5, 1935 Nevada State Journal Reno, NV

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SCHMITT SELLS UNITED NEVADA BANK BUILDING

George Thatcher Bids $196,000 for Stack Estate Interests

George Thatcher, Reno attorney, representing the Stack estate, yesterday made a cash bid of $196,000 for the United Nevada Bank building at an auction sale conducted by Leo F. Schmitt, bank receiver.

There were two other bidders, August Hill and son, William Hill, $194,500, and Manuel Cafferata and M. L. Armanko, $194,000.

18. September 5, 1935 Nevada State Journal Reno, NV

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SCHMITT SELLS UNITED NEVADA BANK BUILDING

George Thatcher Bids $196,000 for Stack Estate Interests

George Thatcher, Reno attorney, representing the Stack estate, yesterday made a cash bid of $196,000 for the United Nevada Bank building at an auction sale conducted by Leo F. Schmitt, bank receiver.

There were two other bidders. August Hill and son, William Hill, $194,500, and Manuel Cafferata and M. L. Armanko, $194,000.

19. September 21, 1935 Nevada State Journal Reno, NV

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The rear 40 feet of the building has been leased to Leo Schmitt, bank receiver, and will be partitioned off from the drug store. There will be three entrances to the building when remodeled.

Ramos obtained a lease on the building from the Stack estate, which recently purchased the property from the United Nevada bank.

Ramos will continue to operate the Riverside store.

20. October 9, 1935 Reno Gazette-Journal Reno, NV

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Sale of eleven and one-half acres of the old Lake ranch to William Brussard for $140 an acre was consummated today by Leo F. Schmitt, bank receiver. The land belonged to the United Nevada Bank and was part of the assets of the Realization Company. It lies west of the Del Monte ranch on the South Virginia road. Brussard will erect a home on the property.

21. October 10, 1935 Nevada State Journal Reno, NV

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Old Lake Ranch Is Sold to Brussard

Eleven and one-half acres of the old Lake ranch were sold to William Brussard yesterday. The land brought $140 an acre, according to Leo F. Schmitt, bank receiver, who consummated the sale. The land, which lies west of the Rancho Del Monte on the South Virginia road, belonged to the United Nevada bank and was a part of the assets of the Realization company.

Brussard intends to erect a home on the property, it was stated.

In September 200 acres of the ranch were purchased by Norman Blitz at the rate of $80 per acre. It is said he is to erect a $75,000 home on the property.

Nearly 200 acres of the property, broken up in small tracts, is still on the market, Schmitt stated.