gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7c283fa59a78a9b8
Response Measures
None
Description
Governor declared a legal holiday for Nevada banks, but this institution suspended by company order and later placed in receivership.
Events (3)
1.October 23, 1907Suspension
Cause
Bank Specific Adverse Info
Cause Details
Short of ready cash due to depreciated securities, slow collections and deposit drain; headquarters ordered suspension of all company banks.
Newspaper Excerpt
The local branch of the State bank and trust company suspended payment at 11 o'clock today.
Source
newspapers
2.October 25, 1907Other
Newspaper Excerpt
Every bank in Nevada is closed by proclamation of the governor. ... 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.
Source
newspapers
3.July 21, 1908Receivership
Newspaper Excerpt
Rottenness of Rickey's Banks The rottenness ... Receiver Wildes has filed a report in which he condemns the action of President Rickey and the directors.
Source
newspapers
Newspaper Articles (23)
1.October 24, 1907The San Francisco CallSan Francisco, CA
Click image to open full size in new tab
Article Text
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
2.October 24, 1907The Salt Lake HeraldSalt Lake City, UT
Click image to open full size in new tab
Article Text
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."
3.October 25, 1907The Paducah Evening SunPaducah, KY
Click image to open full size in new tab
Article Text
'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.
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.
# 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.
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.
7.February 22, 1908Carson City Daily AppealCarson City, NV
Click image to open full size in new tab
Article Text
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.
8.February 29, 1908Carson City Daily AppealCarson City, NV
Click image to open full size in new tab
Article Text
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.
9.March 5, 1908Tonopah Daily BonanzaTonopah, NV
Click image to open full size in new tab
Article Text
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
10.March 27, 1908Carson City Daily AppealCarson City, NV
Click image to open full size in new tab
Article Text
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.
11.May 7, 1908Tonopah Daily BonanzaTonopah, NV
Click image to open full size in new tab
Article Text
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.
12.July 21, 1908Daily IndependentElko, NV
Click image to open full size in new tab
Article Text
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.
13.July 24, 1908Weekly IndependentElko, NV
Click image to open full size in new tab
Article Text
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.
NOTICE TO DEPOSITORS The receiver of the State Bank and Trust company has placed with the Tonopah Banking côrporation all checks covering the first dividend, being 5 per cent, on open accounts at Tonopah. Holders of certificates of deposit, savings books, certified checks and unpaid bank drafts will please send such paper to the receiver at Carson City, Nevada, for endorsement of dividend paid, and which will be returned with the dividend check. F. L. WILDES; Receiver. Carson City, Nev., Sept. 25, 1908. 9-27-12t.
NOTICE TO DEPOSITORS The receiver of the State Bank a Trust company has placed with the Tonopah Banking corporation all checks covering the first dividend, being 5 per cent, on open accounts at Tonopah. Holders of certificates of deposit, savings books, certified checks and unpaid bank drafts will please send such paper to the receiver at Carson City, Nevada, for endorsement of dividend paid, and which will be returned with the dividend check. F. L. WILDES, Receiver. Carson City, Nev., Sept. 25, 1908. 9-27-12t.
NOTICE TO DEPOSITORS The receiver of the State Bank and Trust company has placed with the Tonopah Banking corporation all checks covering the first dividend, being 5 per cent, on open accounts at Tonopah. Holders of certificates of deposit, savings books, certified checks and unpaid bank drafts will please send such paper to the receiver at Carson City, Nevada, for endorsement of dividend paid, and which will be returned with the dividend check. F. L. WILDES, Receiver. Carson City, Nev., Sept. 25, 1908. 9-27-12t.
17.March 4, 1909Tonopah Daily BonanzaTonopah, NV
Click image to open full size in new tab
Article Text
SOLLENDER IS SUED. Suit was entered Tuesday by the receiver of the State Bank and Trust company against W. B. Sollender of Tonopah on a promissory note drawn for $30,000 upon which less than $5200 has been paid. The complaint sues for $24,883.01 and attorneys' fees of $3000. The action was commenced in the district court in Carson City.
# 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.
19.June 7, 1910Daily IndependentElko, NV
Click image to open full size in new tab
Article Text
BANK RECEIVER IS SUING DIRECTORS The trial of one of the most interesting and important law suits in the history of the state was begun this in the district court at Carson City before Judge Langan. The action was brought by Frank Wildes, receiver of the State Bank and Trust company, against the directors of the defunct institution, Messrs. T. B. Rickey, C. T. Bender, George Mapes, J. P. Woodbury, George Meyers, Dr. S. L. Lee, P. H. Peterson and Wilson Brougher. Receiver Wildes asked for an ac. counting for about $1,200,000 of the assets of the bank, the loss of which is alleged to have caused the suspension of the institution. The complaint filed by Receiver Wildes charges the directors with both misfeasance and malfeasance in office, charging specifically violations of the by-laws of the corporation and of the banking laws of the state, also trading in accounts an a irregular transfers of securities, making loans in careless and un business like fashion and the erection of a $200,000 banking building in Tonopah, when one costing $10,000 would have sufficed. Receiver Wildes alleges that at least four dividends were lost to depositors through these actions by the directors-Gazette.
20.June 10, 1910Weekly IndependentElko, NV
Click image to open full size in new tab
Article Text
BANK RECEIVER IS SUING DIRECTORS The trial of one of the most interesting and important law suits in the history of the state was begun this in the district court at Carson City before Judge Langan. The action was brought by Frank Wildes, receiver of the State Bank and Trust company. against the directors of the defunct institution, Messrs. T. B. Rickey, C. T. Bender, George Mapes, J. P. Woodbury, George Meyers, Dr. S. L. Lee, P. H. Peterson and Wilson Brougher. Receiver Wildes asked for an ac. counting for about $1,200,000 of the assets of the bank, the loss of which is alleged to have caused the suspension of the institution. The complaint filed by Receiver Wildes charges the directors with both misfeasance and malfeasance in office, charging specifically violations of the by-laws of the corporation and of the banking laws of the state, also trading in accounts 1 irregular transfers of securities, making loans in careless and un business like fashion and the erection of a $200,000 banking building in Tonopah, when one costing $10,000 would have sufficed. Receiver Wildes alleges that at least four dividends were lost to depositors through these actions by the directors-Gazette.
The State Bank Scandal F. L. Wildes, receiver of the bankrupt State Bank and Trust Company, has at last condescended to dole out another 10-cent dividend to the depositors of that institution, most of whom are residents of Tonopah and Southern Nevada. The dividends previously paid were in September, 1908, and April, 1909, when on each occasion the sum of 5 cents was distributed, so thatthree years and six months have elapsed since the
22.February 26, 1914Carson City Daily AppealCarson City, NV
Click image to open full size in new tab
Article Text
Cannot Appear Attorney William Forman was notified this morning that Receiver Wildes. of the State Bank and Trust company. could not appear at the date set in Tonopah for hearing his suit against the Tonopah Bonanza for damages alleged to have been sustained through a publication in this paper. The excuse is that the illness of Mrs. Wildes compels the receiver to remain in California.Bonanza.
# LIBEL SUIT DISMISSED.
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
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
