gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
167deb336a5ca6b4
Response Measures
None
Description
There was a temporary 1907 suspension with reopening in Jan 1908; a later 1909 suspension led to a permanent receivership and effective closure.
Events (6)
1.October 23, 1907Run
Cause
Local Banks
Cause Details
Panic triggered by suspension/closure of the State Bank and Trust Company and related local bank failures; depositors rushed Nye & Ormsby
Measures
Closed doors temporarily; posted notice; later arranged to obtain coin shipments to meet withdrawals
Newspaper Excerpt
the announcement by the State Bank and Trust Company that it had suspended, caused a panic among the depositors, and a rush was made on the Nye & Ormsby county bank
Source
newspapers
2.October 23, 1907Suspension
Cause
Local Banks
Cause Details
Suspension/temporary closure following panic caused by failure/suspension of State Bank & Trust Company and regional banking distress
Newspaper Excerpt
the rush was made on the Nye & Ormsby county bank, with the result that the latter has closed its doors also.
Source
newspapers
3.January 2, 1908Reopening
Newspaper Excerpt
This morning at 9 o'clock the Nye & Ormsby County bank ... resumed business once a.m. ... business had been good at all places and the bank open for business with a tray full of real money (President Frank Golden)
Source
newspapers
4.March 22, 1909Receivership
Newspaper Excerpt
Geo. S. Hall of Reno, was appointed receiver for all branches of the Nye and Ormsby County bank by Judge Langan: The appointment is temporary, subject to the pleasure of the depositors.
Source
newspapers
5.March 22, 1909Suspension
Cause
Bank Specific Adverse Info
Cause Details
Branches suspended and receiver appointed amid insolvency/poor assets and claims by creditors; difficulties realizing on securities and heavy indebtedness to correspondents
Newspaper Excerpt
George S. Hall, of Reno, was today appointed receiver for all the branches of the Nye and Ormsby County bank by Judge Langan.
Source
newspapers
6.May 24, 1909Other
Newspaper Excerpt
supreme court ... commanded them to cease from exercising any functions in the matter of the receivership ... Geo. Hall, appointed receiver by Judge Langan of Ormsby county, will now take undisputed possession of the bank and all of its affairs.
Source
newspapers
Newspaper Articles (23)
1.October 24, 1907Arizona RepublicanPhoenix, AZ
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ANOTHER FALL. Carson City, Oct. 23.-The announcement by the State Bank and Trust Company that it had suspended, caused a panic among the depositors, and a rush was made on the Nye & Ormsby county bank, with the result that the latter has closed its doors also. The following notice was posted on the window of the state bank: "The State Bank and Trust Company announces its suspension. It is able to pay all depositors as soon as conditions become more settled and collections are made." All mining and other stock is intact and subject to delivery. A general convention of the bankers of the state is being held in Reno in the hope of adjusting affairs throughout the state. Some months ago the State Bank and Trust company WS a heavy loser when the Sullivan Trust company of Goldfield went to the wall. The bank took over its properties, and the market has forced the bank to call ,in all
2.October 24, 1907The Topeka State JournalTopeka, KS
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WESTERN FAILURES. A Number of Nevada Institutions Close Their Doors. Reno, Nev., Oct. 24.-The State Bank and Trust company with headquarters at Carson and branches at Goldfield, Tonopah, Manhattan and Blair has closed its doors. The state bank examiner is in charge. Difficulty is due to inability to realize on stocks placed as security for a loan made the Sullivan Trust company last year. T. B. Rickey, president of the bank. is one of the wealthiest men in the state and the bank assets are thought to exceed. liabilities. No fear is entertained that depositors will lose a cent. Hickey is now in San Francisco. Following the announcement that the State Bank and Trust company had temporarily suspended, the Nye & Orsmby Co., bank, Frank Golden, president of Carson, Tonopah, Goldfield, Manhattan and Reno, put out a sign stating that the bank would be closed for three days in order to have sufficient coin shipped in to prepare for any run. There is no excitement and the feeling prevails that there will be no failure. Goldfield, Nev., Oct. 24.-The State Bank and Trust company has closed its doors. A notice posted on the door says that the suspension is on instructions from the home bank of Carson City and is due to the heavy drain on deposits during the last few months following the labor troubles and the inability to make collections. The notice further says that the resources are ample to pay all depositors in full. It is generally believed that the suspension of the Goldfield institution was due wholly to the difficulty that beset its sister banks controlled by T: B. Rickey who is the head of the reorganized Sullivan Trust company.
3.November 22, 1907Carson City Daily AppealCarson City, NV
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number of depositors of the pres- Nye A Ormsby County Bank were tnd the meeting of the depositors eat called at at the Court House last ening by Chartz Alfred who Chartz. had called the Mr. at the request of bank a number was meeting the depositors in the of unanimously of appointed chairman Jr. the meeting and James D. Finch. acted as Secretary. Chartz then adressed the of gath- the Mr. and explained the object it had ing and for what purpose the Dirmeeting called. He stated that pledgectorsand been stockholders had not of the fortunes to the support would institution their and stated that they they were dollar for dollar if of their pay compelled to use every cent done by wealth as had been Directors and private President. Board of Bank and Stockholders the of the State for these He said it was the duty Trust Company would to take an oath that they had enmen the depositors who to the protect their savings to them further trusted of every dollar. He stiteextent they had published liabilities no said that as to their assets or way of ment the people had no in and that the bank stood knowing how He said that it was financial way of the depositors to the apthe duty comittee to investigate ascertain point a of the bank and condistanding possible the exact financial he underif Mr. Chartz said that drawn tion. that $5000 had been doors stood the institution after the of last from been closed on the 23d of the had by D. M. Ryan. one given to directors month of the bank and This County was Treasurer deposited Patterson. by Ryan the county is on money bank and as Mr. Mr. in the of the county treasurer money the bond said he understood the to proChartz given to Mr. Ryan so the as county was as bondsman of that tect him Mr. Chartz declared and h treasure. action was strictly unfair belong0 this and that the money the direcdishonest people and not to bank ed to. and the stockholders of any the man. 0 the tors the bondsman of after S nor to James Sweeney arose after statt Mr. had finished and not been t chairman that the meeting had official h ing called by permission of any were un bank and that they they of the meeting until S S aware notice of the in the paper. He the said bank 1 the was the only airector of it his o he in this city he thought living to make a statement. n personal Ormsby duty "the Nye knowledge, said To my and for 11 Mr. Sweeney Bank is able to pay It dollar should g dollar County to its depositors. same category e not be banks placed that in have the failed or at sus- the with are short of coin finanpended. time We due to the entire general country. at cial present are condition in no way of the responsible merely for fell the a c present We condition but panic of the e the financial institun victim to with hundreds of counit tions East along in different parts of the er other in try. "I feel safe in saying better that securities no d the state has has the at bank in monies loaned than Our m for the and Ormsby County with Bank. the mark esecurities Nye today, even will more ut in the present condition, moneys loaned. r ets on the that al than realize people must not forget at "The must be protected depositor ke the borrower as much as the and p this time of nine are borrowers suffer any ot Seven they must out not the be depositor. made to Would more than to forclose on our mortgages simbe right homes and personal property want their 10 on because the depositors notice? Would er ply a minutes to the money on to drive people depositors w itbe simply right because a will few of the maj c ey object wall and to bow sign to the the agreement for which dollar ority for them dollar interest on the ip ey Id of will same their get at think deposits the "ate so and of and 3 1/2 for per that to cent? give reason We us the don't asked our depositors on out have desired time to realize
4.January 2, 1908Carson City Daily AppealCarson City, NV
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This morning at 9 o'clock the Nye & Ormsby County bank in Carson City, Reno, Tonopah, Goldfield and Manhattan resumed business once a.m. The business in this city was about as usual before the suspension and it certainly loks good to see the bank open for business with a tray full of real m ey the kind with the eagle and "In God We Trust" on it. President Frank Golden of the banks spent today in this city and stated to a representative of the Appeal that he had received word from his other banks and that in all the places business had been good. "We
5.September 29, 1908Carson City Daily AppealCarson City, NV
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This morning the First National Bank of Carson City opened its doors to the public and Carson City now has a bank with the government support and guarantee. This bank will succeed the old Nye and Ormsby County Bank which was among the other banks of the state that was forced to close its doors at the time of the financial panic a year ago next month. The suspension was only temporary, however, and on the first of the present year the institution resumed a banking business with the support of a majority of the depositors who had signed an agreement to stand by the directors and president in their effort to resume business. This they did with the result that at the present time the institution has liquidated 95 per cent of their indebtedness and will be able to wipe the other 5 per cent off their books in a comparativly short time. Shortly after the panic the president of the Nye and Ormsby county Banks announced that the banks would be changed into National institutions with local boards of directors and president as soon as it was possible to do so and every bank in the chain would be made local institutions, individual from the others. The first to be changed was the Goldfield branch and the bank here which opened for business today is the second. The bank at Reno will protably be the next to fall in line. The Nye and Ormsby County Bank in this city will continue in existence until all creditors are reimbursed and when the business is finally wound up the old institution will go out ot existence. Both banks will do business in the one building the National
SERIOUS RUN MADE ON BANK REPORTS OF UNSOUND CONDITION OF CARSON CITY INSTITUTION UNTRUE. Carson City, Nev., Feb. 23.-A serious run on the First Natnonal bank of this city was precipitated today by the circulation of a rumor that the institution was unsound. The money on hand, however, was sufficient to meet all demands up to closing time and the bank officials declare that all depositors wishing to withdraw their money will be accommodated without delay. The excitement was increased around closing time by the arrival of a message stating that the Tonopah, Goldfield and Reno branches of the Nye & Ormsby County bank had suspended. Taken in connection with the fact that the local branch of that bank was not open for business at any time today, the news caused a veritable panic among the depositors. The Carson Valley bank of this city received more money than it paid out today and its officers state that its deposits are intact. The cashier of the national bank issued a statement tonight to the effect that 65 per, cent of deposits were now on hand and more money would be received from Reno in the morning.
RUMOR STARTS SERIOUS RUN ON NEVADA BANK Carson City, Nev., Feb. 23.-A serious run on the First National bank of this city was precipitated today by the circulation of a rumor that the institution was unsound. The money on hand, howeverfi was sufficient to meet all demands up to closing time and the bank officials 'declare that all depositors wishing to withdraw their money will be accommodated without delay. The excitement was increased around closing time by the arrival of messages stating that the Tonopah, Goldfield and Reno branches of the Nye and Ormsby county bank had suspended. Taken in connection with the fact that the local branch of that bank was not open for business at any time today the news caused a veritable panie among the depositors. The cashier of the National bank issued a statement tonight to the effect that 65 per cent of deposits were now on hand and more money would be received from Reno in the morning.
8.March 23, 1909Arizona RepublicanPhoenix, AZ
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NEVADA BANKS. Temporary Receiver for Nye and Ormsby County Concern's Branches. Carson City, March 222.-George S. Hall, of Reno, was today appointed receiver for all the branches of the Nye and Ormsby County bank by Judge Langan. Judge Langan said: "The appointment is temporary, subject to the pleasure of the depositors. If a majority of the depositors are dissastified, they may name their own receiver."
9.March 24, 1909Daily Arizona Silver BeltGlobe, Miami, AZ
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RECEIVER NAMED FOR SUSPENDED NEVADA BANK CARSON CITY, March 23.-Geo. S. Hall of Reno, was appointed receiver for all branches of the Nye and Ormsby County bank by Judge Langan: Judge Langan said: "The appointment is temporary, subject to the pleasure of the depositors. If a majority of the depositors are dissatisfied they may name their own receiver."
10.May 29, 1909The Goldfield NewsGoldfield, NV
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RECEIVER HALL WILL TAKE THE NYE & ORMSBY BANK Carson City, May 24.-The supreme court Saturday issued a permanent writ of prohibition to Judge Mark Averill of Tonopah, J. J. Mullen and Gilbert C. Ross, commanding them to cease from exercising any functions in the matter of the receivership of the Nye & Ormsby county bank. Geo. Hall, appointed receiver by Judge Langan of Ormsby county, will now take undisputed possession of the bank and all of its affairs.
11.September 27, 1909Carson City Daily AppealCarson City, NV
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amount of his individual property to cover any sums that the N. & O. B. might draw upon the San Francisco Bank and also to cover any money that he might individually draw. This condition stili exists, and the San Francisco bank has the right to foreclose against Mr. Golden at any time for the debt of the Nye & Ormsby Bank to it. The debt of Mr. Golden there is now very small. When the Nye and Ormsby closed its doors, it was deeply indebted to the San Francisco concern. and they demanded further security and the Nye and Ormsby assigned and delivered to the San Francisco concern OVer $200,000 worth of securities in addition to the Golden individual securities, which are in the shape of mortgages upon realty. The San Francisco concern has reduced its claim ery materially by collections of 30curities of the Nye " Ormsby, until at present the indebtedness is about $130. 00. If the Golden individual securities were not now responsible to pay the San Francisco concern. said bank would proceed to dispose of the Nye & Ormsby securities and satisfy its claim, and they would not care about actual values, but would only try to get as much as they could. It will be plainly seen that the Golden individual securities actually protect the securities of the Nye & Ormsby from being dumped upon the market at any old price, the bank knowing that it is amply secured by the Golden individual securities. Receiver Hall admitted in a most reluctant manner that since his appointment himself and employees have told people on the streets that the securities of the Nye & Ormsby were practically worthless, or that a large portion of them were, and Mr. Golden stated that it is an open and notorious fact in Carson and Reno that his said employees have generally advertised the fact that said securities are worthless, and that the bank would not pay over 5 or 10 cents on the dollar. Your reporter states that ) testimony was not admitted by the Court. The reverse is true. The tesI timony is of the greatest importance. Suppose you took a lot of stock to a
# GOLDFIELD BANK
# HAS BROUGHT SUIT
# AGAINST NYE CO.
SEEKS TO RECOVER ON PRO-
TESTED NYE AND ORMSBY
BANK NOTE
Yesterday afternoon, E. F. Patrick, the Goldfield attorney, filed at the county clerk's office a suit to recover $7485.05, with interest, from Nye county. The suit is entitled the First National Bank of Goldfield versus County of Nye of the State of Nevada, and is brought on a certain promissory note executed on the 7th day of December, 1908, to the Nye and Ormsby County bank, with interest at the rate of 12 per cent' per annum, which amounts to $923.15. Patrick also asks for $1000 as attorney's fees.
This is the beginning of another interesting chapter in the episodes surrounding the closing of the Nye and Ormsby County bank. Several months before the now defunct institution closed its doors, a number of attempts, were made to take up the note and more than once checks were presented. Each time came the information that the note was in Carson and would be immediately sent to this city. But after the bank had suspended, it was learned that the note had never been in Carson, but had been hypothecated to the First National bank of Goldfield by President Frank Golden of the Nye and Ormsby. The note was transferred by the Goldfield bank to the American National bank of San Francisco.
The San Francisco bank presented the note to the county commissioners for collection at their meeting during the fore part of this month, but the board refused to make the payment on the grounds that there is over $60,000 now on deposit in the Nye and Ormsby bank.
The trial will be an interesting one and some sensational facts regarding the Nye and Ormsby and First National of Goldfield will be brought to light.
# GOLDFIELD BANK
# SUES NYE COUNTY
Monday afternoon E. F. Patrick, the Goldfield attorney, filed at the county clerk's office a suit to recover $7485.05, with interest, from Nye county. The suit is entitled the First National Bank of Goldfield versus County of Nye of the State of Nevada, and is brought on a certain promissory note executed on the 7th day of December, 1908, to the Nye and Ormsby County bank, with interest at the rate of 12 per cent per annum, which amounts to $923.15. Patrick also asks for $1000 as attorney's fees.
This is the beginning of another interesting chapter in the episodes surrounding the closing of the Nye and Ormsby County bank. Several months before the now defunct institution closed its doors, a number of attempts were made to take up the note and more than once checks were presented. Each time came the information that the note was in Carson and would be immediately sent to this city. But after the bank had suspended, it was learned that the note had never been in Carson, but had been hypothecated to the First National bank of Goldfield by President Frank Golden of the Nye and Ormsby. The note was transferred by the Goldfield bank to the American National bank of San Francisco.
The San Francisco bank presented the note to the county commissioners for collection at their meeting during the fore part of this month, but the board refused to make the payment on the grounds that there is over $60,000 now on deposit in the Nye and Ormsby bank.
The trial will be an interesting one and some sensational facts regarding the Nye and Ormsby and First National of Goldfield will be brought to light.
14.March 31, 1910Tonopah Daily BonanzaTonopah, NV
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# SLOW WORK TO GET IN SHAPE SAYS THOS. LOCKHART
NYE & ORMSBY BANK OUTLOOK
IS GROWING BRIGHTER
DAILY.
T. G. Lockhart and E. S. Van Dyck returned yesterday from Carson City and Reno, where they have been on business connected with the settlement of the affairs of the defunct Nye & Ormsby county bank, of which Mr. Lockhart is receiver. Mr. Van Dyck says that they are gradually getting the tangled affairs straightened out, but it is slow work, considering the assets that were left after three of the principal creditors of the bank took their pick of the securities on hand at the time of the failure. There is still some chance, however, of realizing something on the present assets in the hands of the receiver, as several of the debtors of the bank who were practically bankrupt when the crash came are getting into good shape financially and will be able to pay off most of their indebtedness. The final settlement is nevertheless a slow process, but results are being attained.--Goldfield Tribune.
15.March 21, 1911Carson City Daily AppealCarson City, NV
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have the destiny of the pending suits in his hands. It will also result in the shaving down of an enormous salary fund, which should be some compensation to the depositors. In the case of the people against the Nye & Ormsby County Bank this suit is hanging fire. The suit was brought against the bondsmen of E. O. Patterson. Mr. Patterson as the County Treasurer, deposited some nineteen thousand dollars in the Nye & Ormsby Bank. The funds were supposed to be protected by a bond signed by a number of bondsmen. There has never been a dollar collected and the money to date seems as good as lost, while the county is being run without cash in sight. In order to force some settlement on this score a suit was entered asking that the money deposited be made a preferred account. This matter has been heard before Judge Langan and a decision is expected by the 27th of the present month. Should he decide in favor of the County Treasurer there is a chance of taking over what money there is in sight. Should the decision be against the Treasurer then suit must be started immediately against the bondsmen. The fact that this suit has hung fire since the failure of the bank has naturally caused a great deal of criticism. During all the time since this bank failed the county has been short the amount of money deposited and not a cent has been paid over. As the new 'law effects the Nye & Ormsby Bank it is possible that Examiner Howell will be called upon to institute the suit or defend it as the case may be. There are many people in this city who are convinced that time enough has elapsed between actions and that some course must be mapped out. The late switching of affairs by the newly framed law is apt to result in a great deal of benefit or throw the entire affair back to its first stages. It will certaily keep Mr. Howell on the move to untie the tangle.
REC. LOCKHART ABOUT TO RETIAE CARSON CITY, Nev., Aug. 12. Yesterday afternoon H. D. Danforth, of the firm of Van Dyck, Smith & Danforth, of Reno, filed in the First judicial district court the final account and report of T. G. Lockhart, receiver of the Nye and Ormsby County bank. He also petitioned Judge Langan to set time for hearing in the case of the State of Nevada ex rel, R. C. Stoddard et al., plaintiffs, versus the Nye and Ormsby County bank et al., defendants. These acts are preliminary to Mr. Lockhart's retirement as receiver.
CARSON CITY, Sept. 12.-The application for release as receiver of the Nye and Ormsby County bank by Receiver Lockhart is being heard in the district today. The report shows that as much money has been collected as has been paid out.
NYE & ORMSBY BANK CASE IN JUDGE LANGAN'S COURT The Carson Appeal of Monday writing and other expenses bring says: the amount to approximately $23,000 ,while the collections are pracThe hearing of the petition for tically in the same figures, thus discharge from the receivership of eating up the amounts received, the Nye & Ormsby bank by T. J. which were expected to go to the Lockhart, came up before Judge depositors. Langan and will occupy the best At the time of the failure in Ocpart of today. Mr. Lockhart asks tober, 1907, the bank owed deto be relieved from the further poitors and other creditors the sum management of the bank on the of $1,800,000. Upon re-opening, as grounds of ill health and personal the bank did for several months, business interests which are occuthe sum of $1,400,000 was paid Dying his attention. out or distributed through transIt is stated that in order to fers and other means, leaving at make further collections that lawthe present -time approximately suits will be necessary, and this $400,000 due depositors and banks would occupy too much of Mr. with other creditors. Lockhart's time in the different It is believed that this sum can courts where the suits are instiyet be trimmed by selling some tuted. securities that are held in the Mr. Lockhart took the receiverbank by the receiver. ship with the understanding that Ed Patterson, county clerk of he was to serve without compensaOrmsby county, has made application. It develops that while he retion for the receivership, this beceived no money for his work, that ing the only written application the lawyers and other expenses received by the judge. exceed, or at least will equal the The matter of appointing the amounts received in cash. new receiver will be taken up upon A supplemental report will be filed the final settlement with Mr. Locksince the application was made, givhart and this will probably be coning the figures as they are at the cluded tomorrow. present time. It is shown by the It is understood that verbal aporiginal report that lawyers' fees plications for the receivership are amounting to $7150 have been filed. to be made by others representing It is possible that the judge may the heavy interests outside this trim them to some extent. Týpecountry.
19.October 7, 1911Carson City Daily AppealCarson City, NV
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REDUCED THE BONDS At a short session of the District Court held yesterday afternoon Jud ge Langan took up the matter of the Nye & Ormsby County Bank and the appointment of Ed. Patterson as the receiver. The Judge ;reduced the original bond from $125,000 to $50,000.
20.October 31, 1911Carson City Daily AppealCarson City, NV
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GOES TO CALIFORNIA This evening William Selbie, who has been connected with the receivership of the Nye & Ormsby County Bank in this city for the past couple of years, will depart for California where he will reside. Mr. Selbie has been a good citizen and made many friends during his stay here who will be sorry to have him leave this city.
21.September 25, 1912Carson City Daily AppealCarson City, NV
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REPORTS IN ORDER Now that The State Bank & Trust Company Receiver has published a report covering a period of two years, it maght be of interest to hear from The Nye & Ormsby County Bank along the same lines If there is being anything done along the line of settlement of this latter named concern it is not in evidence. There is a decision of some kind pending, in fact has been pending for a long time. and interested parties are wondering why, and in the meantime $19,000 belonging to Ormsby County as a special deposit is still in hiding and the taxpayers of this county are paying interest on borrowed money. Why this matter that concern all of the people should be held up for so long a time is past understanding. The Appeal has endeavored to solve the mystery but it is still a mystery. There must be a reason
22.March 4, 1913Carson City Daily AppealCarson City, NV
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It is now over four months since District Judge Langan decided that the county money on deposit in the Nye & Ormsby County Bank was a special deposit and that the Receiver return the money to the vaults of Ormsby County. The county waited a long time for a decision on that score and although one was given in its favor, it appears that the county treasury is no better off on account of that decision.
23.October 19, 1914Carson City Daily AppealCarson City, NV
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An Explanation It seems to be currently believed that the receiver of the Nye and Ormsby County bank is at this time receiving a salary of $300 per month as such receiver. The truth of the matter is that on April 17, 1914, the District court of Ormsby county cut the receiver's salary to $100 per month. E. O. PATTERSON, Receiver. adv. O19 2t
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
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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.
