Reno Savings Bank (Reno, NV)

Episode Information

Episode UID
6312812790966
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
631281279 hash
Start Date
June 24, 1880
Location
Reno, Nevada (39.530, -119.814)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6376597ec13a21e3

Response Measures

None

Description

Immediate trigger was a protested draft from the Anglo-California Bank; trustees later assigned assets to a receiver.

Events (2)
1. June 24, 1880 Suspension
Cause
Correspondent
Cause Details
Immediate cause: a draft/protest sent up by the Anglo-California (San Francisco) Bank; underlying strain from too much accommodation to customers and hard times.
Newspaper Excerpt
The Reno Savings Bank suspended this morning... It suspended on account of the Anglo-California Bank protesting drafts.
Source
newspapers
2. July 11, 1880 Receivership
Newspaper Excerpt
The Trustees of the Reno Savings Bank have assigned the preperty, assets and effects of the bank to Jerry Schooling, who will endeaver to straighten matters out as best he can.
Source
newspapers

Newspaper Articles (15)
1. June 25, 1880 Evening Star Washington, DC
Article from Evening Star, June 25, 1880

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The Reno (Nev.) Savings Bank suspended yesterday. Cause, too much accommodation to customers and hard times. There are said to be abundant assets to meet all liabilities. J. A. Kinkead, the president, is down with nervous prostration. 17 Never make fun of anybody whol S sick or nervous in a thunder-storm. Itis not cowardice, but a temporary result of the influence sustained by the nerves from the electricity in the air. A woman who is spoken of as "one of the most dauntless ever known" was sick in bed for hours after the great storm at Springfield, Mass., last year. She had received a shock of lightning years before, and never since fails to be Ill in a thunder-storm.

2. June 25, 1880 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, June 25, 1880

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A Frisco Bank Suspended. San Francisco. June 24.-The Reno sevings bank suspended this morning. The cause is attributed to the accomodation of too many, and the hard times making money tight. There is said to be abundant assets to meet all liabilities. J. A. Kindedd, president of the bank, is down with nervous prostration.

3. June 25, 1880 Sacramento Daily Record-Union Sacramento, CA
Article from Sacramento Daily Record-Union, June 25, 1880

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Suspension of a Bank. RENO, June 24th. - The Reno Savings Bank suspended this morning. They had accommodated too many persons, and the hard times made money tight. There is said to be abundant assets to meet all liabilities. J. H. Kinkead, the manager, isdown with nervous prostration. Nothing further can be told of the condition of affairs of the savings bank at present. Cannot give liabilities or assets. It suspended on account of the Anglo-California Bank protesting drafts. J. H. Kinkead, manager, is unfit for business on account of sickness brought on by overwork.

4. June 25, 1880 Gold Hill Daily News Gold Hill, NV
Article from Gold Hill Daily News, June 25, 1880

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Reno Bank Failure. RENO, June 24.-This afternoon the Reno Savings Bank suspended for lack of funds to meet a draft sent up by the Anglo-California Bank of San Francisco. When the announcement was made Jas. H. Kinkead was completely prostrated by the shock and is now confined to his bed. Although the immediate cause of the suspension was the draft sent up from San Francisco, the cause of a deficit arose from the fact that the institution has for some months past been rather too accommodating to customers and is now unable to make collections. M. C. Lake, the President, appears to have occupied a figure-head position and to have been entirely ignorant of all matters concerning the business of the bank, everything having been run by its manager. Lake is said to have known nothing of the failure until after the bank's doors were closed. Its capital stock was nominally $100,000. M. C. Lake, President; L. L. Crockett (the present State Treasurer), Vice President, and James H. Kinkead, Manager. It is thought that its assets will be amply sufficient to meet its obligations, and in a few weeks business will be resumed.

5. June 25, 1880 The Silver State Unionville, Winnemucca, NV
Article from The Silver State, June 25, 1880

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Reno Savings Bank Suspended. Those of our citizens who hold certificates of deposit in the Reno Savings Bank are out of luck. The bank suspended yesterday afternoon A great many attachments were issued against the Bank, amounting in the aggregate to over $60,000. The Journal of this morning says: Considerable comment is indulged in over the fact that Mr. Crocket was on hand early in the morning and removed three sacks of money, taking it back to Carson with him. Attorney Haydon intends to ask for a citation to have Mr. Crockett appear and show who it belonged to.

6. June 27, 1880 Eureka Daily Sentinel Eureka, NV
Article from Eureka Daily Sentinel, June 27, 1880

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The Reno Savings Bank Suspends. Says the Reno Gazette of Thursday A card bearing the word "suspended," was found pasted on the inside of the glass door of the Reno Savings Bank this morning. The doors failed to open at the usual hour, which confirmed the story of the card. A reporter interviewed M. C. Lake, the President, who said he knew nothing at all about the matter, as it was entirely unexpected. It is said that he put $400 in yesterday, which shows that he had no idea of what was coming. J. H. Kinkead, the manager, is suffering from nervous prostration, brought on by a week's hard work to save the blow, by loss of sleep and worry. He went to Virginia City yesterday, expecting to get some money there, but was disappointed. Their drafts went to protest this morning in San Francisco at the Anglo-Californian Bank. Mr. Kinkead says there have been no losses in stocks, but that the bank has done too much business on its capital. Its money has been loaned on good security, but when notes were due the money was not to be had. So the only thing to do was to renew them. Mr. Kinkead believes there are abundant assets to meet all the liabilities, and that no one will lose a dollar. It is impossible to give the exact figures on either side at present. Mr. Crockett drove over from Carson, reaching Reno at 5 o'clock this morning, took out what coin belonged to the State, and went back with it on the train.

7. July 2, 1880 The Emporia News Emporia, KS
Article from The Emporia News, July 2, 1880

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missed now he would have no chance of being further heard. Hanged. ST. LOUIS, June 25.-Hade Brown, who killed his wife's mother over a year ago, and who attempted suicide in the Kansas City jail a few nights ago, after his wife had shot herself, was hanged at Huntsville this afternoon, in the presence of a great crowd. Maine Republicans. AUGUSTA, Me., June 25.-The Republican state convention renominated Gov. Davis and heartily approved the nomination of Garfield and Arthur. Bourbon Kickers MONTGOMERY, Ala, June 24.-Congressman Lowe, General Withers and about thirty others from Mobile, Jefferson, Cay, Lawrence and Morgan counties, met here to-day to select a ticket against the Democratic nominees. The attendance was very small. Installed. YANKTON, D.T., June 24-Governor Ordway was to-day installed, chief justice Shannon administering the oath of office. Heavy Rain. LEAVENWORTH, Kan., June 24.-A heavy rain fell here this afternoon. Suspended. SAN FRANCISCO, June 24.-The Reno Savings Bank suspended this morning. General News Notes. The letter-carriers are to assist in tak. ing the second census ef St. Louis. A competent engineer has examined the proposed line from Burlingame to Ottawa and reported favorably. A company representing a capital of $5,000,000 has been organized at Dallas, Texas, to build a railroad from that place to the Rio Grande. Judge Bill Campbell, of the 13th judicial district, publishes his letter of with. drawal in the Wichita Republican. Capt. J M. Steele, of Wichita, has nc. cepted the presidency of the Oklahoma town company, and the appointment has increased the demand for town lots and doubled the price of real estate.

8. July 2, 1880 The Albany Register Albany, OR
Article from The Albany Register, July 2, 1880

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GENERAL NEWS. Bismarck is displeased with the attitude of Herr Von Puttnammer, during the recent debate, and thinks he has made toc many concessions to the Clericals. The inhabitants of Upper Logan and Madan have resisted an invasion of their territory by the Ghtizs who are consequently thwarted in their intention of collecting a large gathering hostile to the British. The Porte's reply to the second point of the identical note states that it is most anxious and fully resolved to carry out the Berlin treaty in regard to Montenegro and all its obligations ; but a reasonable time must be allow. ed. The Reno Savings Bank suspended on the 24th ult. : cause, accommodat. ed too many and hard times made money scarce. There are said to be abundant assets to meet all habilities. J. H. Kinhead, manager, is down with nervous prostration. The Prussian diet has adopted article nine of the Church bill with an amendment that clergymen legally appointed shall not be liable to prosecution for exercising functionsin neighbor. ing parishes where the holder of the cure is prevented from officiating. The steamer City of New York, of the Alexander Havana line, caught fire while lying at Brooklyn dock and was towed into the stream where she burned to the water's edge. The most valuable portion of the cargo had been unloaded. Her loss is estimated at $300,000. When Bradlaugh was taken into custody by the officers of the House of Commons he walked into a room assigned him in the clock tower between the sergeant-at-arms and a deputy sergeant-at-arms, followed by three policemen and a procession of members of the House. Parnell and others visited Bradlangh and tendered their sym pathy.

9. July 7, 1880 The Silver State Unionville, Winnemucca, NV
Article from The Silver State, July 7, 1880

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Mintaken. The Secretary of the Bullion of Paradise Mining Company has been impelled by what he is pleased to call "the erro neous statements that have appeared in the SILVER STATE, regarding the relations of the Bullion Mining Company to the suspended bank," to publish a card in the Paradise Reporter. This alleged erroneous information, hestates, is in reference to certificates of deposit drawn in favor of the Bullion Company by the bank, of which to his knowledge there are none in existence. If the Secretary will read what has appeared in these columns relative to the certificates of deposit of the collapsed bank, he will find that the SILVER STATE never said those certificates were drawn in favor of the Bullion company. What the SILVER STATE didt say was "that certificates of deposit of the Reno Savings Bank were in circulation here and in Paradise at the time of the failure," and that assertion was not erroneous.

10. July 9, 1880 Morning Appeal Carson City, NV
Article from Morning Appeal, July 9, 1880

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T he Pistel in Colorado. DENVER, (Col.), July 8. Last nigh a shooting affray occurred between Elmer Hayman and Tom Stevens in which the latter was fatally and the former slightly wounded. The sheeting was the result of a family feud which has existed for some time. THE RENO SAVINGS BANK. The investigation instigated by the citizens into the affairs of the Reno Bank threatens to develope a worse state of affairs than first reported. The Gazette prints the report of a citizen's meeting at which the following reselutions were passed: 1st, That it is the sense of this meeting that the entire management, including the President and the Directors, in view of the apparent loose manner in which the affairs of the bank were conducted, is guilty of gross negligence. 2nd, That the acts of the manager, cashier, and vice-president in removing from the bank its money and valuable securities, as above indicated, can only be regarded as fraud and robbery, and should be denounced by all lawabiding citizens. 3rd, That a committee of three be appointed by the creditors present, whose duty it shall be to take such action as will result in the appointment of a receiver of the District Court, whose duties, as prescribed by law, shall be to take charge of the assets of the bank for the benefit of all its creditors. 4th, that we as citizens, as well as creditors, do earnestly hope and pray that those who have been guilty of an infraction of the law will be duly dealt with, to the end that the honor of an outraged community may be vindicated. Instances were cited at the meeting which goes to show that the managers expected the crash some time before it came and tried to dissuade depositors from withdrawing their funds. A widow who had $490 in the bank attempted to draw it and was unable to get her coiu until she took a business man with her. As an excuse for his first refusal the manager explained that he did not like to give it to her, fearing that "she might loan it to some one who would never repay it." The Ganette has been fearless and outspeken in its exposure of the rotteness of the institution, and deserves the thanks of the Reno people for its independence.

11. July 11, 1880 Morning Appeal Carson City, NV
Article from Morning Appeal, July 11, 1880

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The Trustees of the Reno Savings Bank have assigned the preperty, assets and effects of the bank to Jerry Schooling, who will endeaver to straighten matters out as best he can. He is a man who will certainly do the fair thing by all parties.

12. July 17, 1880 The Pioche Weekly Record Pioche, NV
Article from The Pioche Weekly Record, July 17, 1880

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STATE ITEMS. Counterfeit half dollars are in circulation in Aurora. The placer mines of Tuscarora will yield at least $25,000 this season. Rag-Town is becoming populous; quite a crowd of Chinamen are working the bed of the stream in that vicinity. Lloyd Hill, Sheriff of Ormsby county, is missing. His accounts are $2,300 short. He is supposed to have left the country. The population of Washoe county is 5,878. Of these about 500 are Indians 375 Chinese, leaving a white population of about 5,000. A residence of six months in the State and of thirty days in the district or county, is necessary to entitle any American citizen to vote in Nevada. The date of the commencement of the State Fair at Reno has been changed from the 6th to the 27th of September. It will close on Saturday, October 2d. The Silver State says that there is a prospect of a railroad being built from Winnemucca to Walla Walla, in Oregon. The route has been surveyed and found feasible. At Candelaria, July 4th, Ben Ferris, a miner, was shot and killed by Perley Plane. The two men met and commenced firing. Eleven shots were discharged. Eureka Sentinel: Mr. Dan Morris came in from Osceola yesterday. He reports that the Osceola Company are taking out some very rich gold rock. There is but iittle placer mining being done, for want of water. Eureka Leader: Ruby Valley is undoubtedly the most fertile spot in Eastern Nevada to-day. The ranchers from that section report an abundance of water in the lake, and crops and stock doing splendidly. Sam Clay, Chief Justice of Oreana informs the Silver State that the twostamp mill built by J. J. Wait, at that place, is running splendidly. It crushes four tons of ore daily, and as it is run by water power, the expense is trifling. James H. Kinkead has sued the Reno Evening Gazette for $15,000 damages for publishing the speeches made at the meeting of the creditors of the defunct Reno Savings Bank Tuesday evening, and statements in connection with the failure. Kinkend was the manager of the bank. e The Reno Journal says: The Board of Pardons, which convenes next Monday, will have its hands full of business. There S are already twelve applicants, with more to hear from. The case which excites the most interest is that of Alf. Chartz, whose former application was unsuccessful, but whose present effort will doubtless have a different issue. g The Nevada Monthly says: From what has been said above in regard to S the situation of the Comstock, it will be e seen that nothing is likely to occur during the present month to cause "boom" in the market, but that something must happen next month that will either make things much better or a great deal worse. to We refer to the opening out of the 2,400 it and 2,500 levels of the north end mines. A letter written to the Belmont Courier et d gives the following news of the mines at Grantsville: The bullion product of the y Alexander mill, for the week ending July 6th, was $8,177.53. The total product of the Brooklyn mine for the month of June was $28,299.90, the result of eight m days run of the mill (20 stamps). This is the first history of this remarkable mine. a Work was commenced on the 20th day of May last, and no ore crushed until June. lt The incline is now fifty feet in depth and of gives every indication of richer developments as work advances. The Superinve tendent, M. San Pedro, assured your W correspondent that the expenses of the m mine had been unusually small, and when on we consider that the mine is but little ig more than thirty days old, the result is certainly wonderful. The total shipment for the last month was $41,809.06. ed Ward Reflex: Charley Wisel iner forms us that a new channel has been he struck in Osceola, near Jack Irvine's se water tunnel, which is thought to be the ne source of all the gold in Osceola, and on ut which himself and others have located he 160 acres of placer ground and incora porated it under the name of the Old all Channel Mining Company." Work has been commenced, and if the locators are backed by correct conclusions they will

13. September 17, 1882 Eureka Daily Sentinel Eureka, NV
Article from Eureka Daily Sentinel, September 17, 1882

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TUFLY'S RESIGNATION. George Tufly, candidate for State Treasurer on the Republican ticket, is, or was until a few days since, Cashier and manager of the Carson City Savings Bank. He has recently withdrawn from his situation in the bank, and is making the canvass for State Treasurer. It is apparent to all but the "marines" and the hide-bound of the Republican party that Mr. Tufly's resignation of his place in the savings bank is but an electioneering dodge. Is there anybody that doubts but he will resume his Cashiership of the bank if elected State Treasurer? Hardly. It has been one of the political tricks of schemers (in both parties) throughout the United States to 80 manipulate as to have the custodians of the people's money, also, at the head of private banking institutions. No intelligent reader of the newspapers need be reminded of the thousand and one financial disasters that have resulted therefrom. A word by way of intimation in these premises is enough. It will be remembered that during the present administration in Nevada the State's money had to be snatched out of the vaults of the Reno Savings Bank between two days. The details of this transaction need not be reproduced. A bare reference to the naked fact is sufficient. Not that the SENTINELhasit in mind to say anything derogatory of our present State Treasurer. The State has lost no money through him. He has been a good officer. Had the creditors of the Reno Savings Bank beat him in the race for the recovery of the State's coin deposited therein, we are satisfied that he would have made the deficit good out of his own private funds at once, for his means were ample for the purpose. He is an honest man, and had he not been a Director in the Reno Savings Bank the mishap referred to probably never would have taken place, and Mr Crockett's administration as State Treasurer would have been above criticism. Nor has the SENTINEL any disposition to speak ill of Mr. Tufly: "Uncle George" bears an enviable reputation for honesty, as does Mr. Crockett, but the character of the Republican candidate for State Treasurer 18 not now in question. Mr. Tufly will find, and properly too, that his association with the Carson City Savings Bank (temporarily suspended) will be a heavy load for him to pack in the present campaign. There is nothing of the sort to handicap Hon. Geo. H. Shepherd, the Democratic candidate. He will have but one care, if elected, and that will be the custody of the State's money.

14. September 24, 1882 The Weekly Elko Independent Elko, NV
Article from The Weekly Elko Independent, September 24, 1882

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Tully's Resignation, I The Eureka Sentinel, taking up a I subject recently commented upon by this paper, says: George Tufly, candidate for State Treasurer on the Re) publican ticket, is, or was until a few : days since, Cashier and manager of the Carson City Savings Bauk. He has recently withdrawn from his situation in the bank, and ismaking the canvass for State Treasurer. It is apparent to all but the "marines" and the hidebound of the Republican party that Mr. Tufly's resignation of bis place in the savings bank is but an electioneering dodge. Is there anybody that doubts but he will resuine his Cashiership of the bank if elected State Treas. urer? Hardly. It has been one of the political tricks of schemers [in both parties] throughout the United States to 80 manipulate as to have the custodians of the people's money, also, at the head of private banking institutions. No intelligent reader of the newspapers need be reminded of the thousand and one financial disasters that have resulted therefrom. A word by way of intimation in these premises is enough. It will be remembered that during the present administration in Nevada the State's money had to be snatched out of the vaults of the Reno Savings Bank between two days. The details of this transaction need not be reproduced. A bare reference to the naked fact is sufficient. Not that the Sentinel has it in mind to say anything derogatory of our present State Treasurer. The State has lost no money through him. He has been a good officer. Had the creditors of the Reno Savings Bank beat him in the race for the recovery of the State's coin deposited therein, we are satisfied that he would have made the deficit good out of his own private funds at once, for his means were ample for the purpose. He is an honest man, and had he not been a Director in the Reno Savings Bank the mishap referred to probably never would have taken place, and Mr. Crockett's administration as State Treasurer would have been above criticism. Nor has the Sentinel any disposition to speak ill of Mr. Tufly. "Uncle George" bears an enviable reputation for honesty, as does Mr. Crockett, but the character of the Republican candidate for State Treasurer is not now in question. Mr. Tufly will find, and properly too, that his association with the Carson City Savings Bank [temporarily suspended will be a heavy load for him to pack in the present campaign. There is nothing of the aort to haudicap Hon. George H. Shepherd, the Democratic candidate. He will have but one care, if elected. and that will be the custody of the State's money.

15. May 18, 1883 Morning Appeal Carson City, NV
Article from Morning Appeal, May 18, 1883

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The Reno Savings Bank Case. The trial of Jas. H. Kinkead and L. L. Crockett was concluded at Reno on Wednesday last, and resulted in the acquittal of the gentlemen above named. According to the Journal Judge Rising gave the State the widest latitude in the prosecution, it being clear that the evidence did not warrant the conviction of Kinkead, all of whose acts in the bank matter were considered lawful. The Court held that the indictment against Crookett was not good. After stating the law of embezzlement and other propositions, Judge Rising said: It appears from the evidence in this case, that on the 23d day of June, 1880, at the time of the closing of the doors of the Reno Savings Bank, there was in said bank about $24,000 in coin and securities. It also appears that on the 23d of June. 1880, James H. Kinkead, R. M. Clarke and L. L. Crockett were creditors of the bank, R. M. Clarke in a large amount, James H. Kinkead in the sum of $11,505 in coin, and bonds to the amount of $5,000; making in all $16,505; that L. L. Crockett was a creditor in the sum $8,278. It further appears that there was drawn from said bank by Jas. H. Kinkead on the 23d of June, 1880, upon his check, $12,787. Also that L. L. Crockett on the same day drew $1,111 65. Further, to secure the said Crockett, Jas. H. Kinkead as Manager of the bank, endorsed or assigned to Crockett securities of the bank amounting to $10,507, upon which had been endorsed previous to the assignment $929, leaving a balance due upon the securities of $9,578. So far as the acts of Jas. H. Kinkead are concerned (Crockett being out of the