14522. State Bank and Trust Company (Carson, NV)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
October 23, 1907
Location
Carson, Nevada

Metadata

Model
gpt-5-mini
Short Digest
115118e9

Response Measures

Capital injected, Full suspension, Books examined

Description

Articles report heavy withdrawals/drain of deposits and labor troubles leading to suspension on Oct 23, 1907. Efforts at reorganization in early 1908 failed and the state board petitioned for a receiver (appointed April/May 1908). I classify the initial withdrawals as a run that precipitated a suspension and eventual permanent closure under a receiver. Bank type chosen as 'trust' because name includes 'Trust Company'.

Events (3)

1. October 23, 1907 Run
Cause
Bank Specific Adverse Info
Cause Details
Steady drain of deposits and heavy withdrawals tied to slump in mining securities and inability to realize on stocks used as collateral; labor troubles aggravated withdrawals.
Measures
None specified beyond suspension of payments (see suspension event).
Newspaper Excerpt
A statement was issued by the State Bank and Trust company at Carson, in which the recent labor troubles in the southern camps and the steady drain of deposits were given as reasons for the suspension.
Source
newspapers
2. October 23, 1907 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inability to realize on stocks (collateral for a $400,000 loan) and slump in mining stocks prompted suspension; contemporaneous heavy withdrawals noted as immediate trigger.
Newspaper Excerpt
The State Bank and Trust Company ... suspended payment to-day. ... Labor troubles and withdrawals of deposits are given as reasons for the suspension.
Source
newspapers
3. April 23, 1908 Receivership
Newspaper Excerpt
The state bank commission ... petitioned the district court to appoint a receiver for the State Bank and Trust company, which closed its doors on October 23. The amount of deficiency is $451,000.
Source
newspapers

Newspaper Articles (21)

Article from The Silver State News, October 24, 1907

Click image to open full size in new tab

Article Text

Pacific coast strength developed, Consolidated showing only a few cents decline from yesterday's prices. The others also held up well under the strain. On the boards of the Andy Hampel Brokerage company is a picture of two roosters crowing lustily, and under it the caption, Be Glad That's it; let's crow; let's be glad. Now is the time to be plucky. At 2:30 this afternoon a statement was issued by the State Bank and Trust company at Carson, in which the recent labor troubles in the southern camps and the steady drain of deposits were given as reasons for the suspension. It states that the bank will remain closed for a time but expresses the belief that there will be no loss to depositors. A statement of resources and liabilities is not given because statements from the branches in the south have not yet arrived. Discussing the situation in banking circles in the western part of the state and its probable effect on the banks of the eastern part of the state, J. Sheehan, cashier of the First National bank of Winnemucca, stated to as follows: "In my opinion the interior banks of Nevada will not be affected at all by the stringency in the financial con* dition in the western part of the state. The trouble, I think, has been caused by the slump in mining securities and I have no doubt but what conditions will soon right themselves. Such banks as the Henderson Bank ing company of Elko, the First National bank of Winnemucca, will feel no ill effects from the trouble in the western part of the state." Mr. Sheehan stated that he though it might be necessary for some of the banks unaffected by the stringency to come to the relief of those that were affected, but that there were several banks ofReno that would be unaffected by the shock. "It might be necessary," he stated, for the governor to declare a legal holiday of three days in order that the financial condition of some of the bank might be straightened out. and I think this course will be followed In that event no legal business can be done, further than the deposits and withdrawal of funds. "


Article from The Washington Herald, October 24, 1907

Click image to open full size in new tab

Article Text

TWO BANKS SUSPEND. Institutions in Nevada Mining District Closes Their Doors. Reno, Nev., Oct. 23.-The State Bank and Trust Company, of which T. B. Richey is president, and which has headquarters at Carson, and branches at Goldfield, Tonopah, Manhattan, and Blair, suspended payment to-day. This was due to the inability to realize on stocks which the Sullivan Trust Company gave last year as collateral for a loan of $400,000. The Nye and Ormsby County Bank, of which Frank Golden is president, also suspended. Richey is a large owner in Nevada mining. and has plenty of money to pay all claims. The trouble is simply due to the slump in mining stocks and refusal of banks to loan money on them.


Article from Daily Press, October 24, 1907

Click image to open full size in new tab

Article Text

MORE CONFIDENCE IN THE SITUATION IN NEW YORK (Continued from Page 1.) which made an assignment yesterday with liabilities of $6,000,000. E. C. Benedict was appointed receiver with It bond of $100,000. More than 1,500 persons, mostly Italians, stormed the doors of the Dolla: Savings Bank when the institution opened today. Police were called to control the frenzied crowd. The Dollar Savings Bank is near the Bronx branch of the Knickerbockor Trust Company and the run was started by the Fun yesterday on the trust company's branch. Norfolk Banks all Sound . NORFOLK, VA., Oct. 23.-The slump in securities and high money market while It has made the local money market tight, has had no other effect. The local financial institutions are not affected by any or the failures. The local bankers believe that the worst of the present flurry has passed. Failure in Reno. RENO, NEV., Oct. 23.-The State Bank and Trust Company with headquarters at Carson and branches at Goldfield, Tonapain, Manhattan and Blair, closed its doors this morning. The state bank examiner is in charge. The difficulty was due to inability to realize on stocks placed as security for a $400,000 loan made the Sullivan Trust Company last year. T.B. Hickey. president of the bank is one o fthe wealthiest men in the state and the bank assets are thougght to exceed Habilities. No fear is entertained that depositors will lose a cent. Hickey is now in San Francisco. A statement issued by the company this afternoon assigns labor troubles and drain on deposits as the reasons for the suspension, and declares that depositors will be paid dollar for dollar. Not Felt in Richmond. RICHMOND. VA., Oct. 23.-The panic in Wall Street has not affected the banks in Richmond, nor is the situation In financial circles alarming. While the losses have been quite seveze, there have been no failures and no embarrassment among the brokers is anticipated. A long distance telephone message received by one of the largest banking concers this afternoon. from Mr. J. P. Morgan in New York, gave assurance of better conditions there tomorrow.


Article from New-York Tribune, October 24, 1907

Click image to open full size in new tab

Article Text

NEVADA BANKS CLOSED. Labor Troubles and Withdrawal of Deposits Causes Assigned. Reno, Nev., Oct. 23.-The State Bank and Trust Company, with headquarters at Carson and branches at Goldfield, Tonopah, Manhattan and Blair, closed its doors this morning. The state bank examiner is in charge. The difficulty was due to inability to realize on stocks placed as security for a $400,000 loan made the Sullivan Trust Company last year. T. B. Hickey, president of the bank, is one of the wealthiest men in the state, and the bank's assets are thought to exceed liabilities. No fear is entertained that depositors will lose a cent. Labor troubles and withdrawals of deposits are given as reasons for the suspension. Following the announcement that the State Bank and Trust Company had temporarily suspended the Neye & Orms 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 rush. The notice says the resources are sample to pay all depositors in full. Houston, Tex., Oct. 23.-The Texas Farmers' Union Cotton Company announces that no further advances will be made on cotton, and the effort to hold the crop of the state for 15 cents is believed to be a failure. More than $75,000,000 is tied up in loans on the crop. Kansas City, Oct. 23.-Work was stopped yesterday on the New Orleans extension of the Kansas City Southern Railroad Work also is to be checked on improvements which have been under way for two years and are nearly finished. The reason assigned for the order is the condition of the money market. Montreal, Oct. 23.- "The Star" announces that by the end of the month at least two thousand men will be out of work through the partly elosing down of the Angus shops, the manufacturing department of the Canadian Pacific Railway in this city, It is the first move in carrying out an order of Sir Thomas Shaughnessy to cut down expenses. Of the five thousand men employed, it is said, half will be let go, and others will be kept for a while on half time. No new work will be undertaken,


Article from Los Angeles Herald, October 29, 1907

Click image to open full size in new tab

Article Text

ngs in bener. about the adreceiver at the fact that it seems the majority of the ould wait upon the exbank by the state bank will not deny the petition the court, but will allow it to en, and between this date and ursday at 10 o'clock I will take it will enter into communication with rney General Stoddard and learn of d determination in the matter. At the time named. if the information I received does not satisfy, I will appoint a receiver." CARSON, Nev., Oct. 28.-Bank Commissioner Miller has examined the books of both banks here and reports no cause for alarm. Richard Kirman, mayor of Reno, and his associates have offered to take hold of the banks and pay all depositors. F. B. Rickey, president of the State Bank and Trust company, arrived from San Francisco this morning, where he went to secure ready money. He conferred with the directors this afternoon. It is generally relieved here that the bank will resume and pay dollar for dollar.


Article from Weekly Independent, November 1, 1907

Click image to open full size in new tab

Article Text

FROM SATURDAY'S DAILY. District Attorney McCarren of Tonopib is in Elko today looking after the interests of Patsy Dayer, the Austin munderer. The big traction engine that has stood in the street the last week or two was starmed up the afternoon and taken to the mitroid camp west of town, where it will be used III graning Thirty-two years ago today was a day in Virgina City. The larger part of the city burned and many people were destitute and homeless that night The experiences of that day cannot be blotted from the memories of those who saw the city burn. Washington's monument is 555 feet high. The eggs shipped from 50 coun ties in this state, leaving 64 yet to hear from, if placed end on end would build a monument 221,882 times higher than the Washington shaft.-Kansas City Journal. We stated yesterday that all the binks in eno closed in compliance with the governor's proclamation. This was an error as the Scheeline bank transacted business ns usual. Mr. Scheeline did not believe there was any occassion to se. There was no run on bis bank and the deposits exceeded the withdrawals. Major Miller arrived in Carson yesterday and qualified as bank examiner. H. held a consulation with the officers and director 8 of the State Bank and Trust Company ID the afternoon and has goue to other points to examine all its branch banks. It is said that President Rickey says it will take two million dollars to settle affairs of the State Bank and Trust Company. A federal court at Los Angeles has just convicted the Santa Fe of giving rebates. Paul Morton confessed it several years ago, just before being appointed secretary of the navy by President Roosevelt-Commoner. A western man has succeeded in breeding what be calls 8 fenceless pig. This pig has only one eye, which causes hin to travel in a circular direction, and thus assures hie owner that he will always come home and does away entirely with the necessity of fences. change. The earth nas a shadow, but very few ever see it, except in eclipees of the moon, or else few recogniz it when they see it. Nevertheless, many of us have noticed on flue, cloudless evenings in summer shortly before sunset A rosy pink are on the horiz in opposite the sun, with a bluish gray segment under it. As the sun sinks the are rises until it attains the zenith and even passes it. This is the shadow of the earth. Scores of young men are leaving Reno to settle upon timber land in the Susanville timber reserve, in Lassen county, Cal., which was recently thrown open and which will be closed to the public the latter part of this month Many of these young men intend to purchase timber land and others intend to settle on it and make their homes there. The Nevada railroad commission yea. terday received word from Vice-President and General Manager Calvin of the Southern Pacific raitroad that the road was making every effort to relieve the car shortage as a result of the heavy stock shipments now being made from the state and that alreads


Article from Los Angeles Herald, February 11, 1908

Click image to open full size in new tab

Article Text

RICKEY BANK REORGANIZED AND WILL PAY BIGGEST DEPOSITOR BECOMES DIRECTOR All Who Have Money in Institution Will Receive What Is Due Within a Year, According to the Present Plan By Associated Press. CARSON, Nev., Feb. 10. - A new phase in the Nevada banking situation was evident this afternoon when D. MacKenzie, the heaviest individual depositor in the suspended State Bank and Trust company, agreed to refinance the institution and became one of its members. MacKenzie, who recently had an attachment issued against the bank, has awaited the action of the committee investigating the bank's securities. They reported to him this afternoon and upon personal examination he agreed to withdraw the attachment and help reorganize the bank. MacKenzie agrees to furnish $140,000. This, with the $90,000 on hand, will give a working capital sufficient for immediate needs. MacKenzie has $800,000 in deposits, but cannot secure more than any other depositor. He will become a director under the reorganization that is to be effected immediately. It is proposed to pay depositors 10 per cent in ninety days, 20 per cent in six months and the entire amount in one year. Nearly every depositor has signed this agreement. T. B. Rickey, former president, has assigned his stock and is out. Branches at Goldfield, Tonopah, Blair and Manhattan are not in the deal.


Article from The White Pine News, February 13, 1908

Click image to open full size in new tab

Article Text

RICKEY IS OUT -ASSIGNS STOCK Mackenzie Will Take up Bank Burden Under a New Arrangement CARSON, Feb. 12.-There will be a meeting of the depositors of the State Bank and Trust company in the district court chambers In this city tomorrow and plans will be discussed for the opening of the banks. At the meeting D. Mackenzie, who recently filed an attachment against the bank, will appear and make an offer to the depositors to place the bank upon a substantial basis. Mr. Mackenzie stated this afternoon that he would offer to place $150,000 cash in the vaults of the bank, if the stockholders will turn their stock over to the company and the depositors will sign the agreement circulated some time ago by the directors of the institution. If he does this the amount will be sufficient to pay the first 10 per cent due the depositors at the end of 90 days, according to the terms of the agreement, which most of the depositors have already signed. Mr. Mackenzie has declared that he will sign the agreement for all the companies he represents but that all other depositors must do the same. He also states that he believes that if this plan is followed the bank will soon be upon a substantial basis, and will be able to pay all depositors in full. Rickey stated to Mackenzie yesterday that he would have nothing more to do with the bank. Mackenzie agrees to furnish $150,000. This with the $50,000 on hand will give a working capital sufficient for immediate need. He will become a director under the eerganization that is to be effected immediately. It is proposed to pay depositors 10 per cent in 90 days, 20 per cent in six months and the entire amount in one year. Nearly every depositor has signed this agreement Rickey has assigned his stock. The branches at Goldfield, Tonopah, Blair and Manhattan are not in the deal.


Article from The White Pine News, February 15, 1908

Click image to open full size in new tab

Article Text

Declares Commissioner He has Evidence that Will Make Convicts All of the Chain of Rickey Banks to Reopen Under the New Deal RENO, Feb. 14.-J. T. Shaw, chairman of the rehabilitation committee having in charge the affairs of the State Bank and Trust company, came in from Carson last night. He plans to leave for San Francisco this morning on business connected with the company. "It is ridiculous to think that the plan of reopening the bank includes only the institution at Carson," said Shaw. "In the first place that would be a direct violation of the law and would not be allowed under any circumstances. What we intend to do is to open every one of the banks and to give every depositor in the institution an equal chance to share in every benefit derived. We have the hearty co-operation of the people of Carson and we do not look for any difficulty in having every depositor sign the agreement. We have nothing to conceal from the public; on the contrary we invite investigation and stand ready at all times to explain anything desired. What we want to do is to pull the company and its depositors through and it was through our efforts that we secured this proposition from Mackenzie and thus saved the bank from going into the hands of a receiver. "We are going to Tonopah, Goldfield, Manhattan, Gardnerville and wherever depositors of the State Bank and Trust company are located and show them where it is to the advantage of all of us to sign up and begin business at once. "As to the manner in which things have been conducted, that is another matter. It will come up later. But I can say this now; I have enough evidence in my pocket at this very moment to send at least a dozen men to the penitentiary and before the business is ended there will be criminal prosecutions. This is a matter that does not concern us now; it is something which our attorneys will attend to and the people of Nevada may depend upon it that the guilty ones will be hunted down and prosecuted as their crimes deserve."


Article from Daily Independent, February 21, 1908

Click image to open full size in new tab

Article Text

The Rickey Banks The affairs of the State Bank and Trust Company are becoming more complicated. Creditors are filing suits against the bank, one of the latest of these was brought by Mrs. Sadier, widow of the late governor, for $10,326.72. An attachment was issued and levied on the bank building and its contents. Judge Langan arrived in Carson yesterday and drew a grand jury to investigate the affairs or the company's banks, The jury will meet Monday to begin the investigation, instead of meeting yesterday as stated in last evening's issue. The State bank commission met at Carson yesterday afternoon, Commis. sioners Ryan and Douglass and Bank Examiner Miller being present. Mr. Miller is making a ne N report on the condition of the bank. When this is finished the commission will be prepared to act on the attorney-general's request that a receiver be appointed. While this work is going on, the rehabilitation committee 18 progressing rapidly with its plans for reopening the cham of banks. It looks to an outsider as if the depositors and creditors should stand solidly behind the committee instead of fighting for the spoils,


Article from The Evening Statesman, March 21, 1908

Click image to open full size in new tab

Article Text

Bank Wreckers Arraigned. CARSON, March 21.-Four directors of the suspended State Bank and Trust company were arraigned in court today, accused of embezzlement. A motion is being made today to quash the indictment against them. The grand jury has found another indictment against T. B. Rickey of He was released on the bank. $10.000,000 bail.


Article from Arizona Republican, April 24, 1908

Click image to open full size in new tab

Article Text

THE NEVADA BANK. The Last Hope of its Rehabilitation Abandoned. Carson, Nev., April 23.-The state bank commission meeting this afternoon petitioned the district court to appoint a receiver for the State Bank and Trust company, which closed its doors on October 23. The petition sets forth that the cause of delay in asking for a receiver was to give the directors and others a chance to rehabilitate the bank, but that all efforts had failed. The amount of deficiency is $451,000.


Article from Tonopah Bonanza, April 25, 1908

Click image to open full size in new tab

Article Text

Deficit Said to Be $451 000 Officials Claim Depositors Will Be Paid Dollar for Dollar--Receiver To Be Named Latter Part of Week. CARSON, Nev., April 23.-The State Board of Bank Commissioners, at a meeting this afternoon, petitioned the District Court to appoint a receiver for the State Bank and Trust Company, which closed its doors on October 23d. The petition sets forth that the cause of the delay in asking for a receiver was to give the directors and others a chance to rehabilitate the institution, but that all efforts had failed. The amount of the deficiency is stated to be $451,000. Several directors and officials connected with the inner affairs, claim that the bank under the direction of a receiver will pay dollar for dollar. Since the closing of the bank the liabilities have decreased over $1,000,000. The receiver will probably be appointed at the end of the week.


Article from Weekly Independent, May 1, 1908

Click image to open full size in new tab

Article Text

tell you something of the show. Read it. Eleven feet of ore assaying it high as $8,000 to the ton and averaging, clear across its face, $800 to the ton, was uncovered in a sixteen foot hole on the Dutchman property, 10 miles southeast of Mill City in Humboldt county last Thursday, and since that time a small sized stampede of fortune seekers has been made to the new-El Dorado. Governor Sparks' condition as told in the article elsewhere from Wednesday's Reno Gazette, comes as a shock to the people of Nevada. While they knew he was suffering from illness, contracted during the Goldfield trouble, they did not know that his condition had taken such a serious turn. This news brings sorrow to his host of friends throughout the state who honor and respect him for his manly stand in favor of law and order and for his worth as a citizen. The good people of the state hope and pray for the governer's speedy recovery. At a meeting of the bank commissioners and the directors of the State Bank and Trust Company at Carson Wednesday, Rickey renewed his offer to take over 1000 shares of the bank's stock at $100 a share. Directors Brougher and Peterson agreed to do likewise with the stock standing in their names and the other directors agreed to protect their stock in like manner. Bank Commissioners Ryan and Douglas promised their assistance in every way, but that some steps toward opening the bank must be taken before May 15th, the time set for hearing the application for the appointment of a receiver. Rickey stated after the meeting that in his opinion the bank would be re-opened before May 15th and that there was no danger of its passing into the hands of a receiver.


Article from Daily Independent, May 19, 1908

Click image to open full size in new tab

Article Text

number as compared with April, 1907, and with liabilites more than twice as large. These figures throw some light on the wonderful effects of nearly 12 years of unrestricted republican prosperity. Monday's Gazette says that Governor Sparks is improving very slowly and although there is now hope of his ultimate recovery, it will be many months before he is able to leave his bed without assistance. Every day he is placed in a chair and allowed to sit up for a few hours, but he is still unable to use his arms or legs to any extent. He had a restful night and today is feeling better than he has for many weeks. Judge Langan yesterday appointed Frank Wildes, deputy state treasurer, receiver of the State Bank and Trust Company. Wildes is said to be heavily indebted to the bank and his appointment caused considerable surprise in Carson. In making the appointment Judge Langan said hs did not believe the company was insolvent. Wildes' bond was fixed at one million dollars. The depositors will probably lose 70 or 80 per cent of their accounts. Everyone who has been there has a kind word for Gold Circle, says Goodwin's Weekly. It will take some time for the district to realize the full measure of its possibilties, but there is a steady, uneventful growth which will bring results as quickly as the boom spasms alternating with fits of depression which have marked the development of so many gold regions. The leasing system seems to be thoroughly established at Gold Circle and there is no better method of opening a new gold camp. The democrats of Tonopah held primaries Saturday and elected delegates to the state convention to be held at Carson on June 1st. At Rhyolite, the democratic club elected delegates and pledged them to vote for a delegation to the Denver convention pledged to Bryan. At Tonopah an unpledged delegation was elected. How is it that Nye county elects its delegates to the state convention before the time set for the primaries by the state central committee? Are such delegates legally elected?


Article from Weekly Independent, May 22, 1908

Click image to open full size in new tab

Article Text

Nothing Doing There was a meeting of the stockholders of the State Bank and Trust company yesterday afternoon but from the announcement made by those attending the meeting, nothing was accomplished. The plan of assessing each share of stock at the rate of $100 was discussed but nothing was done to benefit the depositors and creditors of the institution: According to the information given out former president T. B. Rickey agreed to pay an assesment of $100 each on 1,000 shares. The other eight directors agreed to pay the assessment on 395 shares, this being the total because several of the directors would only pay on a portion of their stock. This made a total of 1,395 shares of stock fully protected at the rate of $100 the share. It was reported that persons holding 375 shares of stock were willing to assign the stock to any person or persons that would meet the assessment; this left 230 shares of stock on which no action had been secured, the holders of this amount refusing to meet the assessment or to assign their stock. That was the situation up to those present and it resulted in no action toward opening the bank, according to the report. The meeting began shortly after lunch and continued until almost 5 o'clock.-Carson News. The application for the appointment of a receiver came up before Judge Langan at Carson yesterday, and after considerable argument by the attorneys was continued until 10 o'clock Monday, when Judge Langan will pass upon the points raised by the attorneys.


Article from Weekly Independent, May 22, 1908

Click image to open full size in new tab

Article Text

on the wonderful effects of nearly 12 years of unrestricted republican prosperity. Monday's Gazette says that Governor Sparks is improving very slowly and although there is now hope of his ultimate recovery, it will be many months before he is able to leave his bed without assistance. Every day he is placed in a chair and allowed to sit up for a few hours, but he is still unable to use his arms or legs to any extent. He had a restful night and today is feeling better than he has for many weeks. Judge Langan yesterday appointed Frank Wildes. deputy state treasurer, receiver of the State Bank and Trust Company. Wildes is said to be heavily indebted to the bank and his appointment caused considerable surprise in Carson. In making the appointment Judge Langan said hs did not believe the company was insolvent. Wildes' bond was fixed at one million dollars. The depositors will probably lose 70 or 80 per cent of their accounts. Everyone who has been there has a kind word for Gold Circle, says Goodwin's Weekly. It will take some time for the district to realize the full measure of its possibilties, but there is a steady, unieventful growth which will bring results as quickly as the boom spasms alternating with fit's of depression which have marked the development of SO many gold regions. The leasing system seems to be thoroughly established at Gold Circle and there is no better method of opening a new gold camp. The democrats of Tonopah held primaries Saturday and elected delegates to the state convention to be held at Carson on June 1st. At Rhyolite, the democratic club elected delegates and pledged them D vote for a delegation to the Denver-convention pledged to Bryan. At Tonopah an unpledged delegation was elected. How is it that Nye county elects its delegates to the state convention before the time set for the primaries by the state central committee? Are such delegates legally elected?


Article from Weekly Independent, January 8, 1909

Click image to open full size in new tab

Article Text

Trying to Oust Receiver Wildes A notice of appeal from Judge Langan's decision appointing a receiver for the State Bank and Trust company was filed yesterday in Carson for certain of the directors. An undertaking was furnished and the transcript on appeal was immediately filed with the clerk of the Supreme Court. Under the law a year's time is permitted for an appeal from final judgment and the supreme court will be asked to determine whether Judge Langan had jurisdiction to appoint a receiver at the instance and request of the attorney general under the act providing for the state bank commissioners to take the initiative in proceedings of this character. A director who has failed to j in in this appeal is Wils Brougher. His attorney, Samuel Platt of this city, declined to join the other attorneys in the appeal. It is believed that the suit was inspired by t' suit which the receiver has broup LI against the directors of the bank. If the supreme court should hold that the trial judge had no jur sdictional right to appoint a receiver it mit which he has brought will fall of its own weight. In fact, every suit already commenced by the receiver would meet the same fate and his every act become invalid in case it should be finally determined that the receiver was without legal anthority to act.-News.


Article from Tonopah Daily Bonanza, July 27, 1911

Click image to open full size in new tab

Article Text

Somewhere in Carson 4000 copies of the report of Receiver Frank Wildes of the defunct State Bank and Trust company, are being. safely guarded, and although the judge of the district court over a year ago ordered that the report be printed and distributed to the depositors of the bank, this action has never been taken. The report was printed in pamphlet form some months ago, but the depositors have not received the copies ordered by the court. The order was entered in the court minutes, but it now appears that the failure to distribute the pamphlets is due to the fact that the receiver desired to have each copy certified to by the county clerk. The order of court contained no reference to the certification of the documents, and the delay is causing comment by the depositors. The report shows in detail the expenditures of the receiver, together with the aomunts paid out


Article from Tonopah Daily Bonanza, July 27, 1911

Click image to open full size in new tab

Article Text

# RECEIVER'S REPORT. The malicious document containing scathing denunciations of debtors, lawyers and admissions of the receiver of official dereliction and wanton extravagant expense for doing nothing, is filed in the district court at Carson in the matter of the insolvency of the State Bank and Bust company. In the vault of that bank at Carson can be found 4000 printed copies of this promiscuous diffusion of oxene which the court ordered printed and to be distributed among depositors and creditors of the defunct institution is awaiting a search warrant for discovery and mandamus proceedings to compel obedience to court order requiring distribution. The magnanimous amount of $32,466.22 is charged for miscellaneous expenses, including salary of receiver for seven quarters at the rate of $2500 a quarter, or $27 a day amounting to $17,500, while assistants employed were paid $17,965.14; for court costs, travelling expenses and fees $4,024.50 were exuended, while two 5 per cent dividends amounting in each case to $53,306.62 have been paid. The report of the receiver, like all precious packages, is safe and securely kept from optical observance of depositors and creditors. Verily the hope of the depositors, whose accumulations of a lifetime were intrusted to this unsavory institution for safe keeping, have vanished.


Article from Daily Independent, August 11, 1911

Click image to open full size in new tab

Article Text

SALMAGUNDI For Sale-A New Home sewing machine. Inquire at this office. Watch the Commercial Tailors dow for Saturday specials. Courthouse, Highschool, and grammar School, souvenirs at Wintermantel.s Jewlery Store. A spring wagon with two seats, pole and shafts for sale cheap. Inquire at the Pullman house. For Rent-One or two rooms suitable for offices in Farrington building. Apply to H. S. Taber. LOST-A gold watch and fob. The finder will be liberally rewarded by returning same to this office. The per!iminary examination of Dan Berry, charged with passing a bogus check on Mr. Goldsmith has been continued until 10 o'clock tomorrow. I have added a first class shoe Repair shop and will appreciate a liberal share of your patr nage. Good Work, Best Material, Right Price. C. A. Harrington. Reai Mining pays better than anything else. Chance to get in on the ground floor. Rich ore. Mine all paid for. Money needed for machinerv. Write to Box 428, Elko, Nevada. Mrs. Ray has opened Hairdressinz, Snampooing, Massage and Manicaring Parlors at Mrs. Compaell's Millinary Store. City prices. According to the latest reports Congressman Underwood and Senator La Follette have been unable to agree on the wool bill. An agreement is said to have been reached on the free list bill and the full conference committee has been called togather to consider it. It is verv probable that no argrument will be reached on the wool bill. Seymour Jacobs Co. have been appointed local agents for Singer Sewing machine and will carry a stock on hand. The wife of Frank Wildes, receiver of the State Bank and Trust Compan :, has begun suit for a divorce in Carson. Cruelty is the charge made in the complaint. Mrs. Wildes was the daughter of ex-Governor Kinkead. Dean Harrison, jeweler and optician, has moved one door east of the drugstore, where he will be glad to see all wanting work in his line. This forenoon Sheriff Harris arrested Ray Craig, who is wanted at Ogden on a forgery charge. An officer is expected from Ogden tonight to take Craig back to answer the charge. Chris Yeager returned to this city yesterday. from Lake Tahoe where iie has been camped for the past few months. For a number of years ast Mr. Yeager has officiated as the official hangman at the prison and it is believed that he will place the rope around the neck of Casey. Mr. Yeager has heretofore received the sum of $50 as compensation for the work but it is understood that he now demands the sun of $100 for doing the work and this is the only obstacle in the way of his employment.-Carson News. Saturday was payday at the mines and at McGill, and there were disbursed throughout the district in the neighobrhood of $250,00 in coin. Both at the steam shovel pit and at the smelter work has increased and the payrolls are increasing likewise. On Tuesday the Navada Northern Ruilway