14577. State Bank & Trust company (Goldfield, NV)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 25, 1907
Location
Goldfield, Nevada (37.709, -117.236)

Metadata

Model
gpt-5-mini
Short Digest
c5b66058

Response Measures

None

Description

The State Bank & Trust Company in Goldfield closed its doors during the Nevada bank holiday in late October 1907 (governor's proclamation) and did not successfully resume operations; an application for a receiver was filed by Feb 1908 and later indictments/receiver actions indicate permanent failure. There is reporting of a run at the Nye & Ormsby bank, but no clear article describing a depositor run specifically at State Bank & Trust; the closure appears tied to the statewide bank holiday (government action) and subsequent insolvency/receivership.

Events (2)

1. October 25, 1907 Suspension
Cause
Government Action
Cause Details
Governor Sparks declared a statewide bank holiday (closing all banks in Goldfield/Nevada), and the State Bank & Trust company closed its doors during that holiday.
Newspaper Excerpt
The State Bank & Trust company will not go into the hands of a receiver... The State Bank & Trust company had already closed its doors.
Source
newspapers
2. February 13, 1908 Receivership
Newspaper Excerpt
Application for a receiver for the Goldfield branch of the State Bank & Trust company has been made in a suit filed against that institution by G. Urbenaga, a depositor ... eight days before the bank closed its doors.
Source
newspapers

Newspaper Articles (12)

Article from Deseret Evening News, October 26, 1907

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Article Text

GOLDFIELD BANK RESUMES. Shipment of Million Dollars Arrives From San Francisco. (Special to the "News.") Goldfield, Oct. 25.-The bank outlook her is much brighter today, and the indications are that the first of next week will witness a return to normal conditions. Cook's bank will doubtless resume business on Monday, having received the first consignment of $1,000,000 from San Francisco today. The money was heavily guarded and was unloaded at the bank early this morning. The State Bank & Trust company will not go into the hands of a receiver, as prayed for by certain creditors, Judge Langan having refused the petition. The condition of the bank will be looked into by his honor, but It is believed that the conditions are such that the institution will be able to open its doors and continue operations.


Article from The Salt Lake Herald, October 29, 1907

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SITUATION IN NEVADA. Some of the Banks of Goldfield Open for Business. Goldfield, Nev., Oct. 28.-John S. Cook & Co.'s bank reopened for business at 9 o'clock this morning with a million dollars in gold coin stacked in three piles on its counters. The great heaps of gold attracted a throng of people, but there was no semblance of a run on the bank. The depositors were there in force, however, four tellers being kept busy receiving deposits, while one teller attended to the demands of those who came to withdraw deposits or check against their funds, and he was not very busy. The State ank & Trust company remains closed, as also does the Nye & Ormsby County bank, the latter institution taking advantage of the governor's proclamation extending the bank holiday until and including Nov. 4. State Bank Examiner Miller arrived today and began an examination of the affairs of the local branch of the State Bank & Trust company. While not making an official statement, he expressed the belief that the bank will resume business in a short time. Judge Langan today postponed until Thursday a decision on the petition for the appointment of a receiver for the bank.


Article from The Mercur Miner, October 30, 1907

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Article Text

Governor Sparks Comes to the Rescue of Financial Institutions. Goldfield, Nev.-A bank holiday throughout Nevada was declared by Governor Sparks on Thursday, to last five days. All the banks of Goldfield were closed on Thursday in consequence. The proclamation came as a great relief to local banks. The State Bank & Trust company had already closed its doors. At noon Wednesday, a big run was in progress at the Nye & Ormsby bank, when banking hours closed, and the run probably would have continued had the bank opened


Article from The Spanish Fork Press, October 31, 1907

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Article Text

Governor Sparks Comes to the Rescue of Financial Institutions. Goldfield, Nev.-A bank holiday throughout Nevada was declared by Governor Sparks on Thursday, to last five days. All the banks of Goldfield were closed on Thursday in conse quence. The proclamation came as a great relief to local banks. The State Bank & Trust company had already closed its doors. At noon Wednesday, a big run was in progress at the Nye & Ormeby bank, when banking hours closed, and the run probably would have continued had the bank opened


Article from The Coalville Times, November 1, 1907

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Article Text

Governor Sparks Comes to the Resue of Financial Institutions. Goldfield, Nev.-A bank holiday throughout Nevada was declared by Governor Sparks on Thursday, to last five days. All the banks of Goldfield were closed on Thursday in consoquence. The proclamation came as a great relief to local banks. The State Bank & Trust company had already closed its doors. At noon Wednesday, a big run was in progress at the Nye & Ormsby bank, when banking hours closed, and the run probably would have continued had the bank opened


Article from The Garland Globe, November 2, 1907

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Article Text

Governor Sparks Comes to the Rescue of Financial Institutions. Goldfield, Nev.-A bank holiday throughout Nevada was declared by Governor Sparks on Thursday, to last five days. All the banks of Goldfield were closed on Thursday in consequence. The proclamation came as a great relief to local banks. The State Bank & Trust company had already closed its doors. At noon Wednesday, a big run was in progress at the Nye & Ormsby bank, when banking hours closed, and the run probably would have continued had the bank opened


Article from The Idaho Recorder, November 7, 1907

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Article Text

Governor Sparks Comes to the Rescue of Financial Institutions. Goldfield, Nev.-A bank holiday throughout Nevada was declared by Governor Sparks on Thursday, to last five days. All the banks of Goldfield were closed on Thursday in consequence. The proclamation came as a great relief to local banks. The State Bank & Trust company had already closed its doors. At noon Wednesday, a big run was in progress at the Nye & Ormsby bank, when banking hours closed, and the run probably would have continued had the bank opened.


Article from Long Valley Advocate, November 14, 1907

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Article Text

Governor Sparks Comes to the Rescue of Financial Institutions. Goldfield, Nev.-A bank holiday throughout Nevada was declared by Governor Sparks on Thursday, to last five days. All the banks of Goldfield were closed on Thursday in consequence. The proclamation came as a great relief to local banks. The State Bank & Trust company had already closed its doors. At noon Wednesday, a big run was in progress at the Nye & Ormsby bank, when banking hours closed, and the run probably would have continued had the bank opened.


Article from The Goldfield News, November 23, 1907

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# COMBINATION EXTENSION The force of men on this property, which was reduced immediately follow- ing the suspension of the State Bank & Trust company, where the funds of the company were on deposit, is again being gradually increased, and was more than doubled during the past week. Although progress at the present time is fully up to that of the average mine or lease in the camp, it will still be a matter of some time yet before work will be going forward as of yore and in the regular "Mackenzie style," which won them the title of "Holders of the world's record for rapid mine making and dividend pay-ing." The results of development on the Combination Extension are decidedly promising and entirely satisfactory to the management, who are daily expect- ing that the Rogers and Little Florence bonanza ore will be developed, and with good reason as their works are on the same ledge and the character of ore identical, although so far the Combination Extension have not succeeded in locating the bonanza ore shoot.


Article from The Idaho Recorder, February 13, 1908

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# NORTHWEST NOTES John O. Toole was killed near Shafter, Nevada, last week by falling rock, while prospecting. Copper ore of good value has been struck at a depth of six feet while men were doing location work on the Jay Gould group at Ely, Nevada. The bill of Senator Clark of Wyoming increasing the fees of witnesses and jurors attending the Federal courts in certain western states, has passed the senate. The body of Harry Norwood, aged 40 years, one of the best known men of that section of Nevada, was brought into Ely on the 28th from near Mizpah Junction, where it was found. He had evidently frozen to death. Death Valley Scotty has been heard from again, his latest feat being to hold back the citizens with a rifle while he forced a Chinaman to eat his mid-day meal in the middle of Main street at Rhyolite, Nevada. Andrew McMillan, a prominent Dawson county, Montana, rancher, pleaded guilty in the Federal court at Helena to the unlawful fencing of the public domain, and was fined $400 and sentenced to jail for twenty-four hours. Many applicants are personally presenting themselves to the governor of Nevada for positions on the state police. It is proposed to use only the men of best character and tried service, in the hope of making the force the most efficient possible. Senator Clark of Wyoming has introduced a bill to authorize the secretary of the interior to grant mining leases of allotted lands on Indian reservations for any period at his discretion. Under the present law, leases are restricted to a period of one year. While engaged in drilling an artesian well near the Billings, Mont., sugar factory, the drill encountered a strong flow of gas at the depth of about 200 feet. The presence of the gas was not known until one of the workmen struck a match to light his pipe, when the gas ignited. R. Rice, a farmer of Eureka Flat, has the honor of owning the second largest turkey ever exhibited in America, says the Walla Walla Statesman. The big bird is occupying a pen at the annual poultry show in Union hall this week. The bird weighs exactly forty-eight pounds. The remarkable progress made by the Chicago, Milwaukee & St. Paul in the work of construction in Montana during the winter was shown last week when the first train between Forsyth, in Rosebud county, and Harlowtown, in Meagher county, was run through to the latter town. After an existence of a little more than seventeen years, during which time $1,650,000 was paid in death claims, application was made at Helena last week in the district court for the appointment of a receiver to wind up the affairs of the Montana grand lodge of the Ancient Order of United Workmen. A number of Seattle persons have been caught in a "get rich quick" scheme promulgated by Oregon promoters. Under promise that they could acquire valuable timber lands from the California & Oregon railway upon payment of small sums, well-known persons have subscribed sums ranging from $25 to $100. During the recent special session of the Nevada legislature the state prison was given $53,000 for improvements, the state orphans' home, $6,000; the Mackay building at Reno, $5,000; the lieutenant governor's salary was raised from $1,800 to $3,000 in order that he may comply with the duties necessitated by the new police law. For violating the sixteen-hour law, the Northern Pacific Railway company was fined $100 by Judge Clements at Helena. The case attracted considerable interest because it is considered a test of the law created at the last session of the legislature to prevent railroad employees from being obliged to work when they are really incapacitated from efficient service. Dr. J. G. Johnson, aged 59, pioneer physician of Butte and one of the best known medical men in the northwest, is dead. Death was due to diabetes. For twenty-six years Dr. Johnson was at the head of the staff of St. James' hospital, in Butte, in which institution he breathed his last. Application for a receiver for the Goldfield branch of the State Bank & Trust company has been made in a suit filed against that institution by G. Urbenaga, a depositor who seeks to recover $1,713, which sum he deposited on October 15, eight days before the bank closed its doors. Governor Sparks of Nevada has announced that he will appoint W. Cox as superintendent of police created at the special session of the legislature. Mr. Cox was the governor's representative at Goldfield when troops were sent there. Other officers provided for will be announced later. Senator Nixon of Nevada informed President Roosevelt on January 30 that the new constabulary of Nevada could be organized and ready to take the duty of policing Goldfield in three weeks. This will make it possible to withdraw the United States troops now stationed there. A. J. Schaffer and Jacob Youngblood, bankers, of Hamilton, Wash., were arraigned in the superior court at Mount Vernon last week, charged with larceny by embezzlement and receipt of deposits after the bank became insolvent.


Article from The Salt Lake Herald, March 26, 1908

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BANKER RICKEY AGAIN INDICTED This Time the True Bills Are Presented by Grand Jury at Goldfield. Goldfield, Nev., March 25.-The Esmeralda county grand jury made a report to the court tonight. The most important matter presented was the grand jury's finding as a result of its investigation into the affairs of the State Bank & Trust company. Two indictments have been found against President Rickey, charging embezzlement. The report scores the state bank examiners and implies that their failure to act was due to the fact that Rickey made the state a preferred credftor and finally secured the state's account with marketable bonds and stocks which were converted into cash, the state thus coming out whole. The report says: Collusion Charged. "We find that the board of bank commissioners of the state have knowingly and wilfully neglected to perform their duty as outlined by the statutes; that they had personal knowledge that some depositors had been preferred and that the trading of accounts, as it was commonly termed, was being practiced and that the law does not provide some penalty for the failure of the board of bank commissioners to perform their duty. We find that the rehabilitation committee, so called, is composed of attorneys and relatives of the board of directors of the defunct institution, and that their expenses and salaries are being paid out of the remnant of the depositors' money." The report closes with a compliment to Bank Examiner Miller, and with a recommendation that the attorney general proceed to have a receiver appointed to protect depositors.


Article from The Pioche Record, August 3, 1912

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The two convicts who escaped from the state prison farm near Carson are still at large. They are said to be making toward the eastern part of the state. The state police are on the tracks of the convicts. Peter Perlot, formerly manager of the Quartette mine at Searchlight committed suicide recently in Los Angeles. Ill health and business reverses are said to be the cause. T. B. Rickey, the man who it is said was responsible for the collapse of the State Bank & Trust company at Goldfield several years ago, has paid the receiver $20,000 as his share of the compromise. Rickey has twice stared the penitentiary in the face and has managed to get out both times on technicalities. Some people are born lucky. The San Francisco Examiner contains a report of an attempt at suicide on the part of T. R. Hofer Jr., in that town. Mr. Hofer was once postmaster at Reno an enjoyed the acquaintance of a host of friends. Senator Williams of Reno suffered the loss of a big stack of alfalfa hay recently. The loss was sustained by fire and is estimated at $1,000.