14560. Bank of Gold Hill (Gold Hill, NV)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
December 7, 1886
Location
Gold Hill, Nevada (39.290, -119.657)

Metadata

Model
gpt-5-mini
Short Digest
c474371e

Response Measures

Full suspension, Books examined

Other: Bank later became defunct; creditors sued incorporators to pay subscriptions; indictments for perjury followed.

Description

Multiple contemporary dispatches (Dec 7, 1886) report a heavy run on the Bank of Gold Hill caused by heavy speculation and the bank's suspension pending an examination. Later records (1887) describe the bank as 'defunct' and creditors suing subscribers, indicating it did not resume normal operations and effectively closed.

Events (2)

1. December 7, 1886 Run
Cause
Local Shock
Cause Details
Heavy speculation triggered depositors and certificate holders to make large withdrawals.
Measures
None specified other than subsequent suspension pending examination.
Newspaper Excerpt
There has been a heavy run on the bank by the holders of certificates of deposit and by those having stock transactions with it.
Source
newspapers
2. December 7, 1886 Suspension
Cause
Local Shock
Cause Details
Suspension followed a heavy run caused by speculation; bank closed pending an examination of its affairs and did not resume business (later described as defunct).
Newspaper Excerpt
The Bank of Gold Hill, Nev., has suspended until an examination of its affairs can be made.
Source
newspapers

Newspaper Articles (10)

Article from The Salt Lake Herald, December 8, 1886

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Lightning Flashes. The Union Pacific will soon adopt the 21-hour system of time. The jury in the case against Gullkaa and Moessenger has disagreed and been discharged. Prince Luitpold, Regent of Bavaria has arrived at Berlin. He was tendered a hearty reception. At Osage City, Ks., yesterdav, an old negro and his wife were burned to death by their cottage catching fire. A storm of unusual severity prevailed along the entire Altantic Coast yesterday. Railway travel has been much impeded by snow. Representatives of the cattle interests are aiready in Washington, in theinterests of a bill to prevent the spread of pleuro-pneumonia. Kulman & Co., stockbrokers, San Francisco, who suspended last week, resumed business yesterday. Sutro Tunnel stock sold there yesterday at$1. It was learned to-night that R. O. Tobin, stock broker, 314 Montgomery Street, San Francisco had made an assignment 10 T.J. L. Smiley. The liabilities are stated to be $25,000. Henry George, the defeated Labo candidate, has written an open letter to Archbishop Corrigan, in reference 10 the latter's recent pastoral letter, in which he warned his people against land theories. The Commercial Gazette is authority for the sta ement that a national tariff association is being formed among the workingmen of the country, and it looks for great things from it at the next election. Dispatches from Adelaide state that large findings of gold have been made in South Australian diggings, in the region of Teelulpa. Five hundred men have already congregated at that tocality. The largest nugget yet found is said to weigh thirty ounces. The Bank of Gold Hill, Nev., has suspended until an examination of its affairs can be made. There has been a heavy run on the bank by the holders of certificates of deposit and by those having stock transactions with it. The liabilities are not ascertained.


Article from The Indianapolis Journal, December 8, 1886

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Article Text

A Nevada Bank Suspends. VIRGINIA, Nev., Dec. 7.-The bank of Gold Hill has suspended. There has been a heavy run on the bank by holders, caused by heavy speculation.


Article from Richmond Dispatch, December 8, 1886

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Article Text

Bank Suspension. [By telegraph to the Dispatch.] VIRGINIA, NEV., December 7.-The Bank of Gold Hill has suspended until an examination of its affairs can be made. There has been a heavy run on the bank by bold. ers of certificates of deposit and by those having stock transactions with it. The bank's liabilities have not been ascertained.


Article from Press and Daily Dakotaian, December 9, 1886

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in E Daily Tress and Dakotaiau or THE NEWS EPITOMIZED et Missouri and South Carolina had o is earthquakerhocks yesterday. French statesmen are still endeavort ing to construct & new cabinet. Nails were advanced to $240 yestero o day by the western nail association. The president has transmitted to t congress the correspondence relative to the fisheries troubles. e. The bank of Goldhill, Virginia, Nevato da, has suspended until an examination of its affairs can be made. There was a fight in Dublin yesterday between Catholics and Orangemen, whice assumed the proportions of a riot. The porte has advised the Bulgaraian regency to accept Prince Nicholas, of Mingrelia, as a successor to Prince Alexander. C. M. Foster & Co., importers of upholstery goods, said to be the largest house in this line in New York city, announsed their failure yesterday. The comptroller of the currency yeaterday authorized the Madison National bank, of Madison, D. T., to begin business with a capital of $50,000. The friends of Judge Church in Mitchell, Dakota, yesterday authorized a denial of the Washington dispatch that he had withdrawn in favor of Day for the governorship. Delegate Toole, of Montana, appeared before the house committee on territories yesterday and made an argument in favor of the admission to the union of that territory as a state. At yesterday's session of the Iowa dairymen's convention a resolution was adopted binding the members to refuse to do business with dealers who handle any kind of imitation butter. A seam of authracite coal, seven feet six inches in diameter, has been struck at Banff, Northwest territory. This seam is one of the six in that locality, the smallest being three feet in thickness. The president has accepted a section of forty miles of the Cascade branch of the Northern Pacific railroad in Washington territory, from the 125th to the 165th mile west from the Columbia river. A terrific gale, accompanied by lightning and thunder, prevailed Tuesday night and Wednesday morning in the southern consties of England and on the channel, where a number of vessels were wrecked. The work of securing a jury to try ex. Alderman McQuade was concluded yesterday afternoon and the jury was sworn in at 2: 40. Three hundred and ninety-two talesmen have been examined and the work lasted eight days. Lient-Gen. Sheridan has issuedinotice that the society of the army of the Camberland will hold its eighteenth annual reunion in the city of Washington May 11 and 12, on which occasion the statue in memory of its lamented comrade, Gen. James A. Garfield, will be unveiled, There was another panio on the Pittsburg oil exchange yesterday morning. The market opened at 72%o and fell to 061/20. A slight reaction then followed, and at noon 69e was bid. No one seems to be able to give satisfactory explanation of the break, and there is fear of a still further decline. It is generally believed in Mexico that diplomatic questions of grave importance will soon arise between the United States and Mexico growing out of the position taken by President Oleveland against the right of Mexico to try Americans for committing offenses against Mexican law while on American soil. The minister of marine has issued a decree dated December 4 declaring all ports of the Argentine republic and on the Rio de La Plata, with the exception of Montevideo to be infected with cholera. No ship that has entered any of the proscribed ports since the 15th of October last will be allowed to enter any Ohilian port. The commissioner of the general land office has recommended that proceedings be commenced to compel the removal of fences unlawfully inclosing public land in Colfax county, New Mexico, amounting to about 165,000 acres. The commissioner also recommended that the fences inclosing about 82,000 acres in the public land south of Kaneas, said to have been built by the western cattle company, be removed by the


Article from The Kenosha Telegraph, December 10, 1886

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LATER. THE Attorney-General in his annual report on the 7th say that 14,479 criminal prosecutions and 1,379 civil suits were terminated during the year, one-half of which were for violation of the internal revenue laws. The number of United States prisoners in custody was 59,259. THE snow-fall throughout Virginia was on the 7th the heaviest for thirty years. The street-car tracks at Petersburg were blockaded. THE municipal elections in New England on the 7th generally resulted in victories for the "No License" people. REV. J. HYATT SMITH, ex-Congressman from the Fourth New York district, and formerly pastor of the Eighth Congregationalist Church of Brooklyn, died on the 7th. SEVERAL large business places at Buffalo were destroyed by fire on the 7th, causing a loss of $500,000. AN unusually severe wind and snowstorm prevailed on the 7th on the Atlantic coast, causing numerous wrecks. Railway travel in New Jersey, New York and some New England States was seriously impeded by snow. MRS. ANN PECK, aged ninety years, was burned upin one of two houses which were destroyed by fire at Baltimore on the 7th. THE man who swindled the people of the City of Mexico out of $30,000 by the sale of bogus Patti tickets was on the 7th believed to be Charles Bourton, formerly a journalist in Paris. He had been captured by Mexican detectives. JOHN E. OWENS, the veteran comedian, died on the 7th at his home in Baltimore, Md., aged about sixty years. MANY disasters to vessels of the coasting fleet and scenes of great suffering were reported on the 7th as the result of a recent storm all along the coast of Massachusetts. REUBEN HILL and his three sons, residing at North Liberty, Ind., were instantly killed on the 7th while attempting to drive across the Grand Trunk track. His daughter had a leg broken. THE Bank of Gold Hill, Nev., suspended on the 7th. IN the United States Senate on the 7th bills were introduced: To exempt from duty imported sugar and molasses and also imported boards, lumber and timber; to provide for the retirement of United States legal-tender and National-bank notes of small denominations and for the issue of coin certificates; to increase pensions and for a revision of the tariff. In the House bills were introduced: To provide for the deposit of coin or bullion as security for bank circulation; for the issue of greenbacks in place of retired bank notes; to reduce the amount of bonds required as security for circulation; to compel cattle companies to pay the Government for the use of public lands, and to increase the tax on oleomargarine to six cents per pound. A petition was presented, signed by 453 clergymen and 97,755 members of the Methodist Episcopal Church of Ohio, asking that laws be passed to protect the Chinese in this country.


Article from The Abilene Reflector, December 16, 1886

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MISCELLANEOUS D.V. A. NERO, a colored adventurer. formerly of Kansas City, Mo., was sentenced at Salford, Eng., recently to six months' imprisonment for swindling. He pretended to be principal of a Missouri college sent out to raise funds to convert the heathen in Africa. PROSECUTIONS have been commenced in Harrisburg, Pa., against the railroad and coal pools of Pennsylvania. THERE was a riotwith the striking operatives of Kline & Hubbs' mill at Amsterdam, N. Y., recently. The police injured several persons with their clubs. A DISPATCH from Odessa, Russia, says that the postillion and guard on the mail train from Ekatarinedar to Kaokaskai were murdered and 7,000 roubles of crown money in their charge stolen. THE bank of Gold Hill, Nev., has suspended. ON the San Francisco Stock Exchange on the 6th R. Dinsmore & Co., stock brokers, assigned. Their liabilities aggregate $300,000. Three other failures of stock brokers were announced during the day, C. F. Anderson suspending with $150,000 liabilities and nominal assets, Fred F. Franks with liabilities estimated at $250,000 and F. P. Gray with unknown liabilities and assets.


Article from Dodge City Times, December 16, 1886

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MISCELLANEOUS. D. V. A. NERO, a colored adventurer. formerly of Kansas City, Mo., was sentenced at Salford, Eng., recently to six months' imprisonment for swindling. He pretended to be principal of a Missouri college sent out to raise funds to convert the beathen in Africa. PROSECUTIONS have been commenced in Harrisburg. Pa., against the railroad and coal pools of Pennsylvania. THERE was a riot with the striking operatives of Kline & Hubbs' mill at Amsterdam, N. Y., recently. The police injured several persons with their clubs. A DISPATCH from Odessa, Russia, says that the postillion and guard on the mail train from Ekatarinedar to Kaokaskai were murdered and 7,000 roubles of crown money in their charge stolen. THE bank of Gold Hill, Nev., has suspended. ON the San Francisco Stock Exchange on the 6th R. Dinsmore & Co., stock brokers, assigned. Their liabilities aggregate $300,000. Three other failures of stock brokers were announced during the day, C. F. Anderson suspending with $150,000 liabilities and nominal assets, Fred F. Franks with liabilities estimated at $250,000 and F. P. Gray with unknown liabilities and assets.


Article from Sacramento Daily Record-Union, March 29, 1887

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NEVADA. Blauvelt, the Gold Hili Banker, Gets off Easily. VIRGINIA CITY, March 28th.-In the District Court this morning, W. H. Blauvelt, proprietor of the Bank of Gold Hill, which suspended in December last during the stock panic, was called on a charge of embezzling $300 from James Hurley. Judge Rising said that to convict, it must be shown that Blauvelt took this money for his own use and benefit, as the Bank of Gold Hill was a corporation and Blauvelt its agent, and the corporation cannot be convicted of embezzlement. The District Attorney, being unable to prove this, was compelled to enter a nolle prosequi, and the defendant was discharged. A Nine-year-old Boy Stabbed by Another. VIRGINIA, March 28th.-Yesterday afternoon a squad of youngsters, ranging from 7 to 10 years of age, were playing baseball. when John Hawkins, aged 18, in passing by picked up the ball and proceeded to cut the covering into strips. One of the younger boys, named Jimmy Craze, aged 9 years, demanded the return of the ball, which Hawkins refused. Craze then spat at him, whereupon Hawkins stabbed Craze in the vicinity of the kidneys. The blade penetrated nearly an inch and a half, and it is thought the wound may prove fatal.


Article from Eureka Daily Sentinel, September 18, 1887

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# The Defunct Gold Hill Bank. The Enterprise says the suit of G. F. Ross et al. vs. the Bank of Gold Hill was on trial in the District Court in Virginia Tuesday before Judge Rising. Action is brought by creditors to compel C. C. Stevenson, Richard Mercer, W. H. Blauvelt, D. O. Mills, I. L. Requa and Robert Morrow, incorporators and subscribers to the capital stock of the suspended Bank of Gold Hill, to pay up the full amount which each subscribed, the sum realized to be used in payment of the creditors' claims against the suspended bank. There is a great array of legal talent on either side, and there are some fine points to be brought out, particularly as to whether the defendants have paid up the amount subscribed. [Had it been organized under the National Banking Act: No money, no charter, no bank. Private concerns of the wildcat species are not allowed to begin or survive under the Government system. ED. SENTINEL.]


Article from Sacramento Daily Record-Union, October 7, 1887

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A SAGEBRUSH SENSATION. Prominent Citizens Indicted for Perjury -One Skips to Canada. [Copyright, 1887, by the California Associated Press. VIRGINIA, October 6th.-In the District Court this morning the Grand Jury reported indictments for perjury against W. H. Blauvelt and F. Mercer, both prominent residents of this county. The accused were among the incorporators and subscribers to the capital stock of the defunct Bank of Gold Hill. Suit was recently brought against the subscribers of that bank to compel them to pay up the full amount of their subscriptions to satisfy the claims of creditors against the suspended bank. The suit was decided in favor of the plaintiffs. In their testimony in that suit Blauvelt and Mercer denied under oath certain allegations in connection with the suspended bank. Subsequent discovery of certain alleged conclusive evidence of the accused having been guilty of perjury led to their indictment. Bench warrants were issued for the arrest of the accused, and Blauvelt was taken into custody. Mercer has not yet been found, and it is believed that he fied to Canada on gaining information that a charge of perjury had been preferred against him. The news of the eindictment and the subsequent report that Mercer had fled has created profound sensation. Mercer's flight is taken as indubitable evidence of guilt. Blauvelt was the Agent of the suspended bank for many years, is now local Secretary of the Yellow Jacket Mining Company, the "right bower" of R. F. Morrow, and a prominent member of the church.