Article Text
Goldfield' Bank Suspends Goldfield, Nev., Oct. 23-The State Bank & Trust Company of this city closed its dors this morning.
State Bank & Trust Company (Goldfield, NV)
Episode Information
- Episode UID
7454884891294- Episode Type
- Run → Suspension → Closure
- Bank Type
- state
- Bank ID
-
745488489hash - Start Date
- October 23, 1907
- Location
- Goldfield, Nevada (37.709, -117.236)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
6a490c5c3a97048b
Response Measures
None
Description
Bank reopened briefly under a depositor agreement in Nov. 1907 but was later placed in receivership and wound up.
Events (5)
1.
October 23, 1907
Suspension
- Cause
- Local Banks
- Cause Details
- Closed because branch banks could not remit collections and the main bank could not withstand the ongoing run.
- Newspaper Excerpt
- The State Bank & Trust Company of this city closed its dors this morning.
- Source
- newspapers
2.
October 24, 1907
Other
- Newspaper Excerpt
- A bank holiday throughout Nevada was declared today, lasting five days. All the banks of Goldfield today were closed in consequence.
- Source
- newspapers
3.
October 24, 1907
Run
- Cause
- Local Banks
- Cause Details
- Branches (Carson, Manhattan, Tonopah, Blair) unable to make collections leading to a run on the main Goldfield bank.
- Measures
- Depositors later asked to sign agreement for gradual withdrawals (payments in installments over a year).
- Newspaper Excerpt
- At noon yesterday, a big run was in progress at the Nye & Ormeby bank ... the run probably would have continued this morning had the bank opened.
- Source
- newspapers
4.
November 3, 1907
Reopening
- Newspaper Excerpt
- The doors of the local branch of the State Bank and Trust company will be open tomorrow to receive deposits and allow depositors to sign an agreement providing for gradual withdrawals. On Tuesday the bank will probably open for regular business. No friction is anticipated. Otherwise the receivership proceeding will ensue. In order to allow depositors to sign the agreement providing for gradual withdrawals, the doors ... will be thrown open tomorrow morning and the bank will receive depositors all day. On Tuesday morning the bank will probably reopen for business. The agreement with depositors is being signed in all the branches by practically a unanimous vote and no friction is anticipated here, as otherwise receivership proceedings would ensue here. The motion to accept the proposition of the bank to pay all depositors in a year at three, six, nine and twelve months ... was carried by a large majority. The State Bank and Trust company closed its doors yesterday afternoon, because the branch banks ... were unable to make collections sufficient to withstand the run on the main bank. The doors of the local branch ... will be open tomorrow to receive deposits and allow depositors to sign an agreement providing for gradual withdrawals. There was a meeting of the depositors ... a committee of five were named to investigate the affairs of the local institution and determine how much is in the strong box. The Nye and Ormsby County bank and the State Bank and Trust company are still at work upon depositors, urging them to sign the agreement, whereby they receive a certain per cent of their deposits at stated times covering a year. The reorganization committee ... endorsed it by resolution and pledged the support ... By this plan D. Mackenzie will finance the institution, the depositors agreeing to accept payments in installments covering a year. The reorganization committee explained the proposed plan of resumption, and after a lengthy discussion the plan was approved by a unanimous vote. Depositors of the Goldfield Branch Appear Tractable. Goldfield, Nev., Feb. 20.-The prospects for an early resumption of business by the State Bank & Trust company are better today than at any time since its suspension. The doors of the local branch ... will be open tomorrow to receive deposits and allow depositors to sign an agreement providing for gradual withdrawals. On Tuesday the bank will probably open for regular business. No friction is anticipated. Otherwise the receivership proceeding will ensue. The agreement with depositors is being signed in all the branches by practically a unanimous vote and no friction is anticipated here, as otherwise receivership proceedings would ensue. There was a meeting of the depositors ... a committee of five were named to investigate the affairs of the local institution and determine how much is in the strong box. The Nye and Ormsby County bank and the State Bank and Trust company are still at work upon depositors, urging them to sign the agreement, whereby they receive a certain per cent of their deposits at stated times covering a year. By this plan D. Mackenzie will finance the institution, the depositors agreeing to accept payments in installments covering a year. The doors of the local branch of the State Bank and Trust company will be open tomorrow to receive deposits and allow depositors to sign an agreement providing for gradual withdrawals. On Tuesday the bank will probably open for regular business. No friction is anticipated. Otherwise the receivership proceeding will ensue. (Combined excerpts showing reopening to take deposits and sign gradual-withdrawal agreement.)
- Source
- newspapers
5.
July 21, 1908
Receivership
- Newspaper Excerpt
- Receiver Wildes has filed a report in which he condemns the action of President Rickey and the directors. He reports ... the banks at Tonopah, Goldfield, Manhattan and Blair were in the worst possible condition ... Wildes lays all the blame for the rottenness of the bank upon President Rickey and the directors. Receiver Wildes ... has declared a second dividend ... for the defunct State Bank and Trust company ... This makes ten per cent which the depositors have so far received from the wrecked concern. Petition Granted Judge Langan ... granted the petition of Receiver Wildes of the defunct State Bank & Trust company for permission to sell the ... buildings in Goldfield. (Excerpts indicating the bank was placed in receivership and wound up.)
- Source
- newspapers
Newspaper Articles (21)
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Article Text
Nevada Banks Closed. GOLDFIELD, Nev., Oct. 24.-A bauk holiday throughout Nevada was declared today, lasting five days. All the banks of Goldfield today were closed in consequence. The proclamation came as a great relief to local banks. The State Bank & Trust company had already closed its doors. At noon yesterday, a big run was in progress at the Nye & Ormeby bank when banking hours closed and the run probably would have continued this morning had the bank opened.
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Oct. Goldfields, 25-Michael Kennedy attacked Andrew Larsen a resident of this piace last night with a knife, and was shot by Mrs. Larsen. Kennedy is dying. Goldfield, Oct. 25-The Sta e Bank and Trust Company closed its doors yesterday afternoon, because the branch banks at Carson, Manhattan, Tonopah and Blair, were unable to make collections sufficient to withstand the run on the main bank. Vancouver, Oct. 25-The Empress of China sunk at the dock here last night. leaving only her masts above water. She listed while taking on a load of coal and went under. Her cargo is flour, which will be a total less aggregating $1,000,000. Fort Leavenworth, Oct. 25During the dedication of the Young Men's Christian Association building, which was a gift from Helen Gould, the troops saluted the young lady as they passed in review before the stand. This is the first salute offered to a woman by the troops of the United States. Miss Gould was much affected. Milwaukee, Oct. 28-A committee has been appointed by the telegraphers union to confer with the companies regarding a peaceable settlement of the strike.
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Goldfields, Oct. 25-Michael Kennedy attacked Andrew Larsen a resident of this place last night with a knife, and was shot by Mrs. Larsen. Kennedy is dying. Goldfield, Oct. 25-The Sta e Bank and Trust Company closed its doors yesterday afternoon. Decause the branch banks at Carson. Manhattan, Tonopah and Blair. were unable to make collections sufficient to withstand the run on the main bank. Vancouver, Oct. 25-The Empress of China sunk at the dock here last night. leaving only her masts above water. She listed while taking on a load of coal and went under. Her cargo is flour, which will be a total loss aggregating $1,000,000. Fort Leavenworth, Oct. 25During the dedication of the Young Men's Christian Association building, which was a gift from Helen Gould. the troops saluted the young lady as they passed in review before the stand. This is the first salute offered to a woman by the troops of the United States. Miss Gould was much affected. Milwaukee, Oct. 28-A committee has been appointed by the telegraphers union to confer with the companies regarding a peaceable settlement of the strike.
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SULLIVAN PROPERTIES The tribulations of the State Bank & Trust company can have but little effect upon continued development of the mine holdings here of the L. M. Sullivan Trust company of which T. B. Rickey of the suspended institution is presi-
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THE GOLDFIELD BANK. It Will be Open to Receive Deposits Today. Goldfield, Nov. 3.-The doors of the local branch of the State Bank and Trust company will be open tomorrow to receive deposits and allow depositors to sign an agreement providing for grauual withdrawals. On Tuesday the bank will probably open for regular business. No friction is anticipated. Otherwise the receivership proceeding will ensue.
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DEPOSITORS IN NEVADA BANKS EXPRESS THEIR CONFIDENCE By Associated Press. GOLDFIELD, Nev., Nov. 3.-In order to allow depositors to sign the agreement providing for gradual withdrawals, the doors of the local branch of the State Bank and Trust company will be thrown open tomorrow morning and the bank will receive depositors all day. No other business will be transacted. On. Tuesday morning the bank will probably reopen for business. The agreement with depositors is being signed in all the branches by practically a unanimous vote and no friction is anticipated here, as otherwise receivership proceedings would ensue.
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VOTE WITH RICKEY IN GOLDFIELD GOLDFIELD, Nov. 4.-There was a meeting of the depositors of the State Bank and Trust Company and a motion to appoint a committee of five to investigate the affairs of the bank was voted down. The motion to accept the proposition of the bank to pay all depositors in a year at three, six, nine and twelve months, ten, twenty, twenty and fifty per cent, was carried by a large majority. The opposition came from the Nagle'end, which wanted a receiver appointed. This faction will meet tomorrow afternoon to consider the proposition of the Farmers' and Merchants' bank to take over the affairs of the bank, but not much stock is taken in the proposition.
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WILL INVESTIGATE THE STATE BANK COMMITTEE OF FIVE TO EXAMINE AFFAIRS OF THE GOLDFIELD BRANCH. GOLDFIELD, Nov. 5.-There was another meeting of the depositors of the State Bank and Trust Company this afternoon, and a committee of five were named to investigate the affairs of the local institution and determine how much is in the strong box. The committee comprises H. W. Boyer, R. J. Shoemaker, R. L. Colburn, C. W. Hayes and C. H. Beesley. E. T. Patrick was chairman of the meeting and W. Jennings secretary. General Donovan, on behalf of his clients, stated that he had been opposed to the appointment of a receiver, but what was wanted now was the exact information regarding the standing of the bank. His clients, he said, wanted to know whether the bank was in condition to pay according to the agreement outlined by Mr. Rickey. The question for the depositors to decide, he said, was whether they would agree to have their money pooled to pay the demands of the other branches. His clients would not. His argument was that the money in the bank at Goldfield should be used as an asset for the people of Goldfield. Upon the statement being made that President Rickey would not be here until Thursday, adjournment was taken until 2 p. m. of that day. Frank Golden, president of the Nye and Ormsby bank was here today, looking into the matter of the attachment on his bank by the MacMillan Company. It it is said that an indemnity bond will be furnished by Mr. Golden, and the institution released from the care of Sheriff Ingalls.
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There is little or no change In the bank situation in Goldfield except that the John S. Cook bank, following the example of all outside banks, practically, has gone to a paper basis, and is giving out but little gold. The bank is well supplied with specie and currency but in view of the fact that all other banks are paying in certificates, and no actual money is being deposited. the supply would run short in time; so that this bank has adopted the same expedient as others. Some days ago the Cook bank notified the mine operators that it would not meet their pay rolls in cash, but would issue cashier's checks in denominations of $5, $10, and $20. This notice was given to the miners by the operators. The miners balked and the union took up the question. A committee of three was appointed to confer with the mine operators and bankers. This committee suggested to the operators that the miners would take the cashier's checks if they were endorsed by the mine owners, They also suggested that the shippers of ore demand payment from the smelters in the bullion extracted from the ore they shipped, this bullion to be sent to the mint and coin received therefor, the coin being paid to the miners for wages. The mine owners refused to consider this plan as impracticable and sent word to the miners that they would have to accept the proposition made by them. or quit work. The miners have evidently decided to accept the plan, as at the meetings held during the week, no adverse action was taken. The Nye and Ormsby County bank and the State Bank and Trust company are still at work upon depositors, urging them to sign the agreement. whereby they receive a certain per cent of their deposits at stated times covering a year. The banks are meeting with success but there are many depositors absent who will have to be signed up before the banks will open, as they intend to treat all depositors alike, The local banks have a great deal of money tied up in outside depositories which they cannot get hold of. The State Bank and Trust company says it has money in depositories at Los Angeles, San Francisco, Salt Lake City, Denver, Chicago and New York, which it cannot get, but with millions pouring into the New York banks and the banks of other financial centers, it hopes that these reserves will soon be released. President Rickey of the State Bank
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PROSPECTS ARE GOOD FOR OPENING BANK Reorganization Committee and Directors of Chamber of Commerce cf Goldfield Take Steps for Resumption By Associated Press. GOLDFIELD. Nev., Feb. 20.-The prospect for an early resumption of business by the State Bank and Trust company is better today than at any time since its suspension. The reorganization committee which has been in Goldfield met today with the directors of the chamber of commerce and the latter, after a careful investigation of the plan proposed, indorsed it by resolution and pledged the support of that body toward getting the unsigned depositors on the resumpNon agreement. Last night a public meeting was held here by the depositors and was largely attended. The reorganization committee explained the proposed plan of resumption and after lengthy discussion the plan was approved by a unanimous vote. By this plan D. Mackenzie will finance the institution, the depositors agreeing to accept payments in installments covering a year.
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TALK OF RESUMPTION. Depositors of the Goldfield Branch Appear Tractable. Goldfield, Nev., Feb. 20.-The prospects for an early resumption of business by the State Bank & Trust company are better today than at any time since its suspension. The reorganization committee which has been in Goldfield met today with the directors of the chamber of commerce, and the latter, after a careful investigation of the plan proposed, endorsed it by resolution and pledged the support of that body toward getting the unsigned depositors on the resumption agreement. Last night a public meeting was held here by depositors and was largely attended. The reorganization committee explained the proposed plan of resumption, and after a lengthy discussion the plan was approved by an unanimous vote. By this plan D. Mackenzie will finance the institution, the depositors agreeing to accept payments in installments covering a year.
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AFTER COUNTY FUNDS The Goldfield Tribune states that the district attorney of that county has been instructed to begin procfeedings against the State Bank and Trust Company to recover the $15.000 deposited in the bank by the county Proceedings will be brought against directors, President Rickey and a also the casheir of the bank. The district attorney will also demand of the court that a receiver be appointed immediately or the bank resume operations on a strictly solvent basis. How soon the district attorney will take action in the matter is not known but the commissioners of Esmeralda declare they will get the funds belonging to the county out of the bank before their term expires at any cost.
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COUNTY SUES FOR MONEY The board of county commissioners of Esmeralda county passed a resolution this week instructing the district attorney to enter suit against the State Bank and Trust company for the recovery of a special deposit of $4,870.03 and for the balance of the county money deposited in the suspended institution, amounting to about $15,000. The charge of embezzlement will be brought against the officials of the bank.
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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.
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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.
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WANTS THE WHISKEY One of the attorneys for Receiver Wildes departed for Goldfield to attach a quantity of whisky given to the State Bank and Trust Company as security for a loan.
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STATE BANK SUIT Another suit in the State Bank and Trust company case was filed this week by Receiver F. L. Wilde in the district court of this county against the Centennial Goldfield Mining company = corporation to recover an overdraft amounting to $2,056.57 and interest at the rate of one per cent per month from October 1, 1907. The money was advanced without security of any kind by the bank and the receiver has given notice that he will attach the holdings of the company immediately to secure the money owed the bank.
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STATE BANK AND TRUST PAYS ANOTHER DIVIDEND Receiver Wildes, for the defunct State Bank and Trust company, has declared a second dividend of five per cent in favor of the depositors in and creditors of the defunct corporation, which dividend has been placed in the John S. Cook Bank in this city, and where claims may be presented and paid. This makes ten per cent which the depositors have so far received from the wrecked concern.
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STATE NEWS Petition Granted Judge Langan, sitting in the district court at Carson City, recently granted the petition of Receiver Wildes of the defunct State Bank & Trust company for permision to sell the old Sullivan Trust company and Conners buildings in Goldfield. No objection was made.
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Petition Granted Judge Langan, sitting in the district court at Carson City, recently granted the petition of Receiver) Wildes of the defunct State Bank & Trust company for permission to sell the old'Sullivan Trust company and Connors buildings in Goldfield. No objections were mada