Tonopah Banking Corporation (Tonopah, NV)

Episode Information

Episode UID
94002071595
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
9400207 routing
Routing Number
94-0020
Start Date
November 1, 1932
Location
Tonopah, Nevada (38.067, -117.230)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
af1b3f56a2ed70f1

Response Measures

None

Description

Bank was part of the Wingfield group; state banking holiday in Nov 1932 and later placed in receivership in 1934.

Events (3)
1. November 1, 1932 Suspension
Cause
Government Action
Cause Details
State business and banking holiday/moratorium proclaimed by Nevada authorities (Nov 1, 1932).
Newspaper Excerpt
By proclamation, I have just declared a business and banking holiday to and including the twelfth day of November, 1932.
Source
newspapers
2. February 10, 1934 Other
Newspaper Excerpt
right of District Judge Clark J. Guild to appoint receivers for seven Nevada state banks ... the Tonopah Banking corporation (Nevada Supreme Court upheld).
Source
newspapers
3. March 11, 1934 Receivership
Newspaper Excerpt
Leo F. Schmitt, state bank receiver, yesterday left for Tonopah, where he will take charge of the assets of the Tonopah Banking Corporation.
Source
newspapers

Newspaper Articles (11)
1. November 1, 1932 Reno Gazette-Journal Reno, NV

Article Text

GROUP OF BANKS The Wingfield group of banks in Nevada, with combined deposits of about sixteen million dollars and capital of $1,975,000 include: Reno National Bank and Bank of Nevada Savings and Trust Company, with deposits of $7,600,000 and capital of $800,000; Riverside Bank of Reno, capital $50,000, deposits approximately $1,060,000; United Nevada Bank of Reno, capital $400,000, deposits approximately $1,800,000; Tonopah Banking Corporation, capital $50,000, deposits approximately $325,000; Virginia City Bank, capital $25,000, deposits approximately $200,000; Wells State Bank, capital $25,000, deposits approximately $85,000; Henderson Banking Company of Elko, capital $200,000, deposits approximately $1,650,000; Churchill County Bank of Fallon, capital $75,000, deposits approximately $750,000; Carson Valley Bank of Carson City, capital $125,000, deposits approximately $850,000; Bank of Sparks, capital $25,000, deposits approximately $730,000; Winnemucca First National Bank, capital $200,000, deposits approximately $2,000,000. LEGISLATIVE SESSION Reports were current this morning that the calling of a special session of the Nevada legislature will be discussed with Governor Balzar on his return to the state as a considerable part of the state's funds, as well as the funds of counties, school districts, municipalities and the university are on deposit in the Wingfield banks. The legislative session, however, if one is called would not be held until late this month and during the next twelve days the proposed reorganization of the Wingfield banks may be effected, it was pointed out. The terms of present members of the legislature, excepting hold-over senators expire on November 8 and if the legislature is called in special session its membership will consist of those elected next Tuesday and the hold-over senators. GRISWOLD'S STATEMENT Lieutenant Governor Griswold issued a statement in addition to the moratorium proclamation setting forth in detail his reasons for taking the action. The statement follows: "To the people of the state of Nevada: By proclamation, I have just declared a business and banking holiday to and including the twelfth day of November, 1932. My reason for so doing is the conviction that business, banks, bank depositors and the entire people of the state of Nevada will be best protected by this action. "While some of our banks are not to be considered as otherwise than sound in all particulars, those of our banking institutions which have particularly supported our agricultural interests are naturally most seriously affected by the collapse in prices of agricultural products, which occurred about three years ago. Only very slight recovery in such prices has been realized and in the meantime and before the price collapse, exceptionally adverse climatic conditions have further destroyed the ability of the livestock raisers and farmers to reduce their obligations to the banks. In fact, these banks, in the hope of carrying over to a period of better conditions, have been obliged to

2. February 10, 1934 The Los Angeles Times Los Angeles, CA

Article Text

Bank Receivers' Naming Upheld CARSON CITY The right District Judge Guild for Nevada State banks, which the defunct George Wingbanking group, upheld unanimous decision the Nevada Supreme Court today Institutions affected the Bank Nevada Savings and Trust pany, the United Bank and Riverside Bank, all Reno: Bank Sparks, the Carson Valley Carson City, the Virginia City Bank and the TonoBanking Corporation.

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

Article Text

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

4. March 11, 1934 Nevada State Journal Reno, NV

Article Text

Leo F. Schmitt Goes To Tonopah Leo F. Schmitt, state bank receiver, yesterday left for Tonopah, where he will take charge of the assets of the Tonopah Banking Corporation. The books of the Tonopah bank will be moved to Carson City for administration. The Tonopah bank building will be rented for other purposes. Schmitt will maintain offices in Reno, Sparks and Carson City. His assistants will be Peter L. Nelson, Roy J. Frisch, E. R. Simms, Hybert Neal, William Powers, William Casinella and G. B. Spradling. Miss June Sullivan of Carson City has been appointed stenographer for the Carson office.

5. May 8, 1934 Nevada State Journal Reno, NV

Article Text

Tonopah Profits By Sale of Bonds Tonopah Banking Corporation depositors profited $12,000 by hclding their bonds and not selling them during the past year, Bank Receiver Leo F. Schmitt announced last night. Schmitt is preparing to sell for the Tonopah corporation, $70,636 in bonds, which are held by Nye county public offices as security stocks." for public fund deposits in the bank. A year ago the tonds would have brought abobut $12.000 less, Schmitt said. The county's deposits totalled $80,500, which were secured by $85,500 worth of bonds. Schmitt has arranged to sell the bonds and to offset $1370 of the county's account, which WILL leave $8630 as a balance in the bank for the county. "We have about reached the peak of the bond market now." Schmidt declared, "and I consider now a good time to sell, because public interest will soon turn to

6. July 14, 1934 Reno Gazette-Journal Reno, NV

Article Text

PREFERENCE SUIT TONOPAH HEARD It will probably be month more before preference suits filed on behalf of Esmeralda officials county against the receiver of the Tonopah Banking Corporation are decided by theh lower court, it was indicated today. Hearing of the suits filed by Amy Roberson, treasurer. sheriff, and Adams Brown, district attorney, asking preference for public funds on deposit in the Tonopah bank, held this week before Judge Edwards of Ely. The be submitted on briefs thee request of attorneys for plaintiffs, giving the attorneys forty in which prepare the papers John represented Leo bank receiver, the ficials represented Adams Brown, H. Cooke and Gray Mashburn, attorney general. About 000 involved. Willys for door sedan, 25 miles per gallon. adv

7. July 15, 1934 Nevada State Journal Reno, NV

Article Text

Tonopah Bank Case to Be Offered in Briefs The case concerning preference suits of the Esmeralda county officials against the receiver of the Tonopah Banking Corporation will be presented on briefs and will probably not be decided for six weeks. Attorneys for the plaintiffs, Adams F. Brown, H. R. Cooke and Gray Mashburn, attorney general, made the request when the case was held before Judge Edwards of Ely, and the court granted the request, giving them 40 days in which to prepare the briefs. Leo F. Schmitt, bank receiver, is represented by John S. Sinai.

8. July 15, 1934 Nevada State Journal Reno, NV

Article Text

Tonopah Bank Case to Be Offered in Briefs The case concerning preference suits of the Esmeralda county officials against the receiver of the Tonopah Banking orporation will be presented on briefs and will probably not be decided for six weeks. Attorneys for the plaintiffs, Adams F. Brown, H. R. Cooke and Gray Mashburn, attorney general, made the request when the case was held before Judge Edwards of Ely, and the court granted the request, giving them 40 days in which to prepare the briefs. Leo F. Schmitt, bank receiver, is represented by John S. Sinai.

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

Article Text

SALARY COSTS CUT; DEBTORS FACING SUITS Lax Borrowers Who Do Not Cooperate Hit by Administrator The small percentage of persons who are indebted to the seven closed state banks and who, in the opinion of Leo F. Schmitt, receiver for the institutions, are not making the proper effort to liquidate such indebtedness may, in the near future, find such indebtedness reduced to judgment with a levy to issue on any of their assets. This suggestion was contained in a letter written by Schmitt to Judge Clark J. Guild, and which accompanied his quarterly report of the seven banks, Riverside bank of Reno, United Nevada bank of Reno, Bank of Nevada Savings and Trust company, Reno; Bank of Sparks, Carson Valley bank, Virginia City bank and the Tonopah Banking corporation.

10. November 23, 1934 Nevada State Journal Reno, NV

Article Text

Tonopah Bank's Preference Suit In Judge's Hands Final decision in the preference claim suits filed against the Tonopah Banking corporation will be made by Judge H. W. Edwards, who has the case under advisement. The suits involve $38,875, which, Esmeralda county officials maintain, should be preferred claims. H. R. Cooke of Reno and Adams F. Brown, Esmeralda county district attorney, represent Sheriff W. B. Mercer and County Treasurer Amy Roberson, who deposited county funds with the old John S. Cook bank before it merged with the larger corporation. District Attorney Brown also seeks a preference claim for delinquent taxes which he deposited in the Tonopah bank. Leo F. Schmitt, bank receiver, who says the deposits should not be given preference, is represented in the matter by Platt & Sinai.

11. November 23, 1934 Nevada State Journal Reno, NV

Article Text

Tonopah Bank's Preference Suit In Judge's Hands Final decision in the preference claim suits filed against the Tonopah Banking corporation will be made by Judge H. W. Edwards, who has the case under advisement. The suits involve $38,875. which, Esmeralda county officials maintain, should be preferred claims. H. R. Cooke of Reno and Adams F. Brown, Esmeralda county district attorney, represent Sheriff W. B. Mercer and County Treasurer Amy Roberson, who deposited county funds with the old John S. Cook bank before it. merged with the larger corporation, District Attorney Brown also seeks & preference claim for delinquent taxes which he deposited in the Tonopah bank. Leo F. Schmitt, bank receiver, who says the deposits should not be given preference, is represented in the matter by Platt & Sinai.