Articles (June–August 1908) report the Wonder Bank & Trust Company of Wonder, Nev., was found insolvent after examination, was forced to close and the state bank commission/judge moved to appoint a receiver. No article describes a depositor run on this specific bank; the reported run in June refers to Rawhide/another local bank. Receiver appointment and court declaration of insolvency occurred in early August 1908.
Events (2)
1.June 19, 1908Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank examiner found poor loans and bad judgment; directors forced the bank to close when condition became known.
Newspaper Excerpt
both the First Bank of Rawhide and the Wonder Bank and Trust Company of Wonder were insolvent and in a very bad condition. ... were forced to close their doors by the action of directors
Source
newspapers
2.August 7, 1908Receivership
Newspaper Excerpt
Judge Orr this morning declared the Wonder bank and trust company of Wonder to be insolvent... A receiver will be appointed tomorrow.
Source
newspapers
Newspaper Articles (13)
1.June 19, 1908Carson City Daily AppealCarson City, NV
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TWO MORE BANKS ARE INSOLVENT Rawhide and of Bank First Wonder Trust Company are Beyond Redemption Bank Examiner T. R. Hofer returnstitution. Mr. Hofer made a partial examination of this bank and stated ed from Rawhide by auto this afterthis afternoon that it is in a fairly noon after an all night ride In speak good condition and will undoubtedly ing of the conditions in a banking be able to meet all its obligations. way existing at that camp he stated "The other two banks however," this afternoon to a representative of said Mr. Hofer, "are beyond redemptthe Appeal that both the First Bank ion and a receiver will be recomof Rawhide and the Wonder Bank mended in my report to the bank and Trust Company of Wonder were commission which I will have ready insolvent and in a very bad condition. as soon as possible to do SO. "Both these banks have gone to the These banks are both presided OVer by President Prentice and were wall through bad loans made and poor judgment by the officials in the forced to close their doors by the action of directors Rickard and Pyne handling of the institutions." Mr. Hofer intends to have his rewhen these gentlemen learned of the condition the bank of Rawhide was port ready for the meeting of the bank commission which is to be held in. Mr. Hofer stated that he found conon Monday next. The attorney general is preparing the necessary papsiderable excitement in the camp and ers in the case and when instructed a general feeling of unrest. It was by the bank commission will be ready owing to this condition that the run to make an immediate application for was started on the Merchants and Miners bank of Rawhide yesterday the appointment of receivers for the which caused the closing of the in- two banks.
2.June 19, 1908Carson City Daily AppealCarson City, NV
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Bank Examiner T. R. Hofer returned from Rawhide by auto this afternoon after an all night ride In speak ing of the conditions in a banking way existing at that camp he stated this afternoon to a representative of the Appeal that both the First Bank of Rawhide and the Wonder Bank and Trust Company of Wonder were insolvent and in a very bad condition. These banks are both presided OVer by President Prentice and were forced to close their doors by the action of directors Rickard and Pyne when these gentlemen learned of the condition the bank of Rawhide was in. Mr. Hofer stated that he found considerable excitement in the camp and a general feeling of unrest. It was owing to this condition that the run was started on the Merchants and Miners bank of Rawhide yesterday which caused the closing of the in-
3.June 22, 1908Carson City Daily AppealCarson City, NV
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BANKING NY COMMISSION Hold Session Today and Report of Examiner Hofer Considered A session of the State Bank Commission was held today in this city and the reports of Bank Examiner Hofer on the failure and condition of the First Bank of Rawhide and the Wonder Bank and Trust Company were taken up and considered. Treasurer Ryan and Governor Dickerson were the two members present, Secretary of State Douglass be unavoidably detained elsewhere. No action was taken by the board at a late hour this afternoon and it is understood that none will be until a meeting of the full board is held. It is believed that a receiver will be asked for for both of the closed banks and from what can be learned of the report of Examiner Hofer they need one.
4.June 24, 1908The Seattle StarSeattle, WA
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Two Banks Insolvent. CARSON CITY, Nev., June 24.The state bank commission today instructed Attorney General Stoddard to apply to the courts to have receivers appointed for the Wonder Bank & Trust company, of Wonder, Nev., and also the First National bank. of Rawhide. Both of these institutions have been under In vestigation by the committee since their suspension several days ago, and It is now declared by Bank Examiner Hofer that they are hopelessly Insolvent.
5.August 8, 1908The San Francisco CallSan Francisco, CA
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WONDER BANK IS INSOLVENT RENO, Nev., Aug. 7.-Judge Orr this morning declared the Wonder bank and trust company of Wonder to be insolvent, after listening to testimony given by Bank Examiner Wildes. The liabiiities amount to more than $20,000. The face value of the assets was more than $59,000. However, the actual assets, according to the examiners, is only $6,587.62. A receiver will be appointed tomorrow.
6.August 11, 1908The Silver State NewsWinnemucca, NV
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WONDER BANK AND TRUST CO. DECLARED INSOLVENT Judge Orr of Reno declared the Wonder Bank & Trust company to be insolvent after listening to arguments of counsel and the evidence of Bank Examiner Hofer, who recently made an investigation of the affairs of the institution. According to the report of the bank examiner the liabilities of the bank amount to $20,077.85. The face value of the assets of the bank was $59,039.42, but the actual value of the assets of the bank estimated by the bank examiner was given in his report as $6,587.62. The appointment of a receiver was postponed until August 15 in order to give the depositors and creditors of the defunct institution an opportunity to agree on a suitable man. The Wonder Bank & Trust company was the first banking institution in the once prosperous camp of Wonder. It was founded in the haleyon days of the camp about eighteen months ago, when the camp of Wonder was being heralded as the bonanza camp of the west. For a time the bank did a wonderful business and preparations were made to erect a handsome structure to take the place of the little frame building in which the business was transacted. The bottom fell out of the camp before the plans were perfected and since then the bank has been on the down grade The order of the court is the last chapter of the institution. Mine owners and business men of Wonder and vicinity will be the only ones to suffer.
7.August 13, 1908The Spanish Fork PressSpanish Fork, UT
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First Bank of Wonder in Hands of Receiver. Reno, Nev.-Judge Orr on Friday morning declared the Wonder Bank & Trust company of Wonder to be insolvent after listening to testimony given by Bank Examiner Wildes. The liabilities amount to more than $20,000; the face value of the assets was over $59,000. However, the actual assets, according to the examiner, are but $6,587.62. The Wonder bank was the first bank in that camp during its halycon days. Mine owners and business men of Wonder are the only losers.
8.August 14, 1908Lovelock TribuneLovelock, NV
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WONDER BANK AND TRUST CO. DECLARED INSOLVENT Judge Orr of Reno declared the Wonder Bank & Trust company to be insolvent after listening to arguments of counsel and the evidence of Bank Examiner Hofer, who recently made an investigation of the affairs of the institution. According to the report of the bank examiner the liabilities of the bank amount to $20,077.85. The face value of the assets of the bank was $59, 039.42, but the actual value of the assets of the bank estimated by the bank examiner was given in his report as $6,587.62. The appointment of a receiver was postponed until August 15 in order to give the depositors and creditors of the defunct institution an opportunity to agree on a suitable man. The Wonder Bank & Trust company was the first banking institution in the once prosperous camp of Wonder. It was founded in the haleyon /days of the camp about eighteen month: ago, when the camp of Wonder was being heralded as the bonanza camp of the west. For a time the bank did a wonderful business and preparations were made to erect a handsome strueture to take the place of the little frame building in which the business was transacted. The bottom fell out of the camp before the plans were perfected and since then the bank has been on the down grade The order of the court is the last chaptér of the institution. Mine owners and business men of Wonder and vicinity will be the only ones to suffer.
9.August 20, 1908The Idaho RecorderSalmon, ID
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First Bank of Wonder in Hands of Receiver. Reno, Nev.-Judge Orr on Friday morning declared the Wonder Bank & Trust company of Wonder to be insolvent after listening to testimony given by Bank Examiner Wildes. The liabilities amount to more than $20,000; the face value of the assets was over $59,000. However, the actual assets, according to the examiner, are but $6,587.62. The Wonder bank was the first bank in that camp during its halycon days. Mine owners and business men of Wonder are the only losers.
10.November 14, 1908Daily IndependentElko, NV
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# Outlook Is Gloomy
Affairs at the Wonder Bank and trust company are looking rather gloomy for depositors in this defunct money changing institution. From figures obtained by the News from receiver F. W. Westmeyer, the total assets of the concern amount to less than $7000, and the liabilities at the time the bank ceased business amount to $20,586.83. At the time of the closing of the bank there was said to be about $1600 in cash in the safes of the bank. Added to this cash, according to Mr. Westmeyer's figures, there are bills receivable amounting to $470, due from other banks $2300; real estate, assumed to be worth $2900.
From these assests are to be taken all the expenses of closing up the business. These expenses include such items as the occasional trip to Fallon by Attorney Cann to file papers, appearing in court and etc., and compensation for service; the expense of looking after the property of the concern for several months from the time of closing the doors until the appointment of the receiver. To the foregoing must be added the receiver's compensation and the cost of moving the building to the institution and some ground rent for some lots where the building formerly stood, and some incidentals, and there you have it. These figures would seem to indicate that as time rolls on, if something is not done to stop these expenses soon, the depositors, instead of receiving dividends, may have to pay assessments.—Wonder Mining News.
11.November 20, 1908Weekly IndependentElko, NV
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# Outlook Is Gloomy
Affairs at the Wonder Bank and Trust company are looking rather gloomy for depositors in this defunct money changing institution. From figures obtained by the News from receiver F. W. Westmeyer, the total assets of the concern amount to less than $7000, and the liabilities at the time the bank ceased, business amounted to $20,586.83. At the time of the closing of the bank there was said to be about $1600 in cash in the safes of concern. Added to this cash, according to Mr. Westmeyer's figures, there are bills receivable amounting to $470.75; due from other banks $2300; real estate, assumed to be worth $2900.
From these assests are to be taken all the expenses of closing up the business. These expenses include such items as the occasional trip to Fallon by Attorney Cann to file papers, appearing in court and etc., and compensation for his service; the expense of looking after the property of the concern for several months from the time of closing the doors until the appointment of the receiver. To the foregoing item add the receiver's compensation and the cost of moving the building of the institution and some ground rent for some lots where the building formerly stood, and some incidentals, and there you have it. These figures would seem to indicate that as time rolls on, if something is not done to stop these expenses soon, the depositors, instead of receiving dividends, may have to pay assessments.-Wonder Mining News.
12.August 28, 1909Yerington TimesYerington, NV
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John Hays Hammord and Sir Moreton Frewen, ar English authority on bimetallism, will be in attendance at the Goldfield mining congress next month
Ex Governor Jewett Adams and Wm. McGill will erect one of the largest cold storage plants in the State at McGill, White Pine county. The plant will be capable of housing too beeves, 200 sheep and 100 hogs.
A dividend of fifteen cents per share will soon be paid to depositors of the defunct Wonder Bank and Trust company, which has been under the management of Receiver Westinyer.
William Weiger, a miner employed in the Belmon shaft at Goldfield, was instantly killed last week by being electrocuted on the 600 level. He was carrying some drills, and it is presumed that the steel came in contact with a live wire.
About 150 men and so horses are at work at the foot of Lake Tahoe where the government is putting in the dam. A coffer dam has been put in which divides the stream in two; then one side was dried out and fully cemented and when this is completed the water will be turned into the channel and the same work will be done on the other portion and then the coffer dam will be taken out.
13.August 28, 1909Yerington TimesYerington, NV
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# SHORT STATE ITEMS
The L. Frey ranch at Genoa has been sold for $30 000.
The postoffice at Mina was destroyed by first last week.
Mrs. Horace W. Hand, a pioneer of Nevada, died in Reno last Sunday.
The State Banking Board met in Carson this week and transacted routine business.
Washouts on the Las Vegas railroad have caused a delay in trains of from twelve to twenty hours.
White Pine county is taking steps to enforce the State law prohibiting women from entering saloons.
Clarence Benner, a miner, was electrocuted at Virginia City last week while working in the Chol-iar mine.
A forest fire has destroyed considerable timber during the past week at Swift's Station, Washoe county.
The Southern Pacific company has arranged to install motor car service between the towns of Reno and Truckee.
The Pacific Steelite company is seeking a site in Nevada on which to erect a plant for the manufacture of explosive.
The mail clerks throughout the State are greatly wrought up because a negro has been assigned to a position among them.
Joe Dumas has been released from the Hospital for the Insane at Reno after being an inmate of that institution for thirty-five years.
Nevada is to have named in her honor the latest type of dreadnaught and the most modern and strongest battleship in the United States navy.
It looks as though Washoe would be the only county in the State unrepresented at the mining congress to be held in Goldfield next month.
Warning has been given by the government to bank officers that $1,000,000 in spurious paper currency is being circulated throughout the country.
The United States Civil Service commission announces an examination on September 22 at all postoffices in Nevada to secure eligibles from which to make certification to fill vacancies as they occur in the position of railway mail clerks. The age limit is from 18 to 35 years on the date set for the examination.
John Hays Hammord and Sir Moreton Frewen, ar English authority on bimetallism, will be in attendance at the Goldfield mining congress next month
Ex Governor Jewett Adams and Wm. McGill will erect one of the largest cold storage plants in the State at McGill, White Pine county. The plant will be capable of housing 100 beeves, 200 sheep and 100 hogs.
A dividend of fifteen cents per share will soon be paid to depositors of the defunct Wonder Bank and Trust company, which has been under the management of Receiver Westinyer.
William Weiger, a miner employed in the Belmon shaft at Goldfield, was instantly killed last week by being electrocuted on the 600 level. He was carrying some drills, and it is presumed that the steel came in contact with a live wire.
About 150 men and 50 horses are at work at the foot of Lake Tahoe where the government is putting in the dam. A coffer dam has been put in which divides the stream in two; then one side was dried out and fully cemented and when this is completed the water will be turned into the channel and the same work will be done on the other portion and then the coffer dam will be taken out.
