14584. State Bank and Trust company (Goldfield, NV)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 23, 1907
Location: Goldfield, Nevada (37.709, -117.236)

Metadata

Model: gpt-5-mini
Short Digest: 2531d982

Response Measures

None

Description

The State Bank and Trust Company suspended operations on Oct 23, 1907 (posted notice). There is reporting of heavy deposit drains and panicky conditions tied to troubles at a sister bank and general external conditions, but no clear discrete 'run' event described as a single-day mob withdrawal. The bank remained closed thereafter, was investigated, indictments followed (Feb 1908) and receivership proceedings were discussed — consistent with permanent closure and receivership.

Events (5)

1. October 23, 1907 Suspension

Cause: Local Banks
Cause Details: Suspension blamed on heavy drain of deposits following labor troubles and inability to make collections and troubles at a sister bank controlled by T. B. Bricker; notice says suspension on instructions from home bank at Carson City.
Newspaper Excerpt: Goldfield, Nev., October 23.-The State Bank and Trust company closed its doors at 11 a. m. today. Notice posted on the doors say that the suspension is on instructions from the home bank at Carson City, and is due to the heavy drain on deposits the last few months
Source: newspapers

2. October 26, 1907 Other

Newspaper Excerpt: The State Bank and Trust company remains closed. as also does the Nye and Ormsby County bank, the latter institution taking advantage of the governor's proclamation extending the bank holiday until and including November 4.
Source: newspapers

3. November 2, 1907 Other

Newspaper Excerpt: The Nye & Ormsby bank and the State Bank and Trust company remained closed but representatives of both institutions assert that they expect to open the first of the week.
Source: newspapers

4. February 22, 1908 Receivership

Newspaper Excerpt: The state bank commission adjourned its meeting last evening after instructing State Bank Examiner Miller to go to Goldfield and Tonopah and thoroughly investigate the affairs of the State Bank and Trust company ... In reply to Attorney General Stoddard's request that a receiver be appointed for the State Bank and Trust company, the commission reported that it would defer matters until after Bank Examiner Miller submits his report, when if necessary they will appoint a receiver.
Source: newspapers

5. February 28, 1908 Other

Newspaper Excerpt: Carson City, Nev., Feb. 28-T. Rickey ... was todav arrested upon an indictment found by the grand jury charging fraud. There are six indictments ... It was the first bank to close in the state during the recent financial stringency.
Source: newspapers

Newspaper Articles (15)

1. October 24, 1907 The Birmingham Age-Herald Birmingham, AL

Article from The Birmingham Age-Herald, October 24, 1907

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Goldfield Bank Fails. Goldfield, Nev., October 23.-The State Bank and Trust company closed its doors at 11 a. m. today. Notice posted on the doors say that the suspension is on instructions from the home bank at Carson City, and is due to the heavy drain on deposits the last few months, following the labor troubles, and the inability to make collections. The notice further says that the resources are ample to pay the depositors in full. It is generally believed that suspension of the Goldfield institution was due wholly to the difficulty that beset its sister bank in another city, controlled by T. B. Bricker, who is the head of the organized Sullivan Trust comDany.

2. October 26, 1907 The Goldfield News Goldfield, NV

Article from The Goldfield News, October 26, 1907

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HOUSES BANKING STORM WEATHER GOLDFIELD wired by Mr. Rickey from San Francirculated that the employes in the bank sibly than any on the western slope-no a receiver for the State Bank and Trust have charge of all the State Bank and in Trust company's banks. upon them the action of the governor banking institution, no matter how company's local branch. A hearing on were sacking coin to be shipped out of cisco. The order was received in GoldBecause of the panicky situation approval among the sound, can stand a big run." A special train, carrying about two the petition was held yesterday afterthe city and an attachment was at once field a few minutes after 11 o'clock the unsettled tons of gold coin, and guarded by five John S. Cook & Co.'s bank is also noon by Judge Langan at the conclusecured by one of the depositors and financial affairs Wednesday morning and Assistant both banks men armed with sawed off shot guns, fully prepared to meet all demands for served on the bank. The fears of the sion of which the application was deCashier C. H. Wise, in charge of the the which cause business will met benefit with men hearty generally and and State depositors. undoubtedly Bank New condition country York of and consequent threatened throughout to of the and San cash on the part of its depositors. depositors were in a measure relieved a Goldfield bank during the temporary trouble to some of the strongest banks came a a for to "The bank is as solvent as any instiSan nied. Francisco, T. B. Rickey urging telegraphed the Judge not from little later when the following notice absence from the city of Cashier James in Nevada, and in fact did cause the Cook's clear T. B. Rickey, late arrived Thursday bank in Goldfield and night. with from another The gold like Francisco was shipappoint a receiver at this time as he tution in the country," said Cashier was issued by Assistant Cashier Wise, L. Lindsay, immediately closed the in suspension of the State Bank and Trust afternoon. "We ment that arrived last night will swell and Trust The controlling sky. company suspension spirit like the the bolt institution president from expected that the bank would be able who is in charge in the absence from doors and posted the following notice company, operating five banks, Governor is to be the richest man the bank's reserves to $1,000,000. Anto resume. our and pay the city of Cashier J. L. Lindsay: on the door: Sparks on Wednesday night issued a reputed and considered in Nevada the bank was as could John S. open Cook, if Thursday allowed doors today If every dollar, to do other trainload is expected to arrive The attorney general, acting under declaring a bank holiday "The Goldfield bank of the State Bank "Acting under instructions from the tonight and still another tomorrow any about our sound as a dollar. For that matter, its instructions from the state bank comof and Trust company can pay two for one State Bank and Trust company, this depositor has any let him doubt so, friends still claim that it is only temability to do this, come to the night. Negotiations are also pending missioners, has filed an application at morning. This was on all its deposits. The company is bank has suspended. for a shipment of coin from Salt Lake. bank and we will soon convince him." porarily embarrassed and that it will Carson City asking for the appointment secured on all the loans which it day) proclamation 3 days, beginning action the opportunity next (Thurs- taken to to give the banks an The $1,000,000 will pay all individual resume business in a few days. The "The reason given being that, under of a receiver for the banking corpora"Cook's bank is as sound as the rock has made and there no amply is absolutely check up their books and bring in their deposits. order for closing the bank was sent out tion and if one be appointed he will existing conditions, which render it im of Gibraltar," said George Wingfield. doubt of its solvency. The present coin reserves and although the majority from Carson by Cashier James T. Davis to make collections at our varie continue memoral fortung

3. October 26, 1907 The Goldfield News Goldfield, NV

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field than otherwise. It shows that our present troubles arise from external and not internal conditions and that under normal conditions throughout the country there would certainly be no financial distress in this camp. A word should be said about the extraordinary equanimity maintained by the people of Goldfield in the crisis through which they are passing. It is extraordinary that a people should manifest such fortitude and almost sang froid under such conditions. The sudden closing of the banks caught the people with only what money they happened to have in pocket. The people of a mining camp keep little money in pocket or in their places of business. For obvious reasons they use the banks more largely than other communities for the safe-keeping of their cash and securities. So that on the morning the banks closed, the town was practically broke. And no one knew when the banks would reopen. Yet withall, the people kept their poise and temper-their "nerve," to a splendid degree and showed the stuff and stamina of which only the conquerors of the desert are made. Many an operator, with employes to pay, many a miner with every dollar of his savings in bank; many a business man with every penny to meet indebtedness and stave off attachment, tied up, turned from the posted notice with heavy heart only to speak words of encouragement to the surrounding crowds and cheer with story and laughter the saddened and depressed. There was no gathering of angry mobs with threat and maledictions, as might be expected in even more stable communities; the hardy men of the desert who had many times faced graver perils than this, were not to be crushed by a mere money loss. But their first concern was for Goldfield and how the credit of the camp and its reputation would be assailed abroad. Goldfield has as a more nervy and loyal citizenship than any community in the country and never was it so manifest, as in this crisis. One of the depositors of the State Bank and Trust company, with a better part of a half million dollars tied up in the bank came forward with an offer of assistance to the amount of one hundred or more thousands to tide over the emergency. This is the kind of men that are making Goldfield, and this is the kind that will keep this camp to the front in spite of adversities from without or within. Let panics come and go. Goldfield can afford to smile. With $30,000,000 in sight in her mines, with a weekly production of nearly a half million dollars, and with dividends of $661,000 in a single month, as in this October, Goldfield will never be swept off the map. Let the dance go on. This panic will be only an incident almost forgotten, in the course of a month.

4. October 30, 1907 The White Pine News Ely, NV

Article from The White Pine News, October 30, 1907

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MORE DEPOSITED THAN WITHDRAWN AT GOLDFIELD GOLDFIELD, Oct. 29.--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 heap 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 Bank and Trust company remains closed. as also does the Nye and Ormsby County bank, the latter institution taking advantage of the governor's proclamation extending the bank holiday until and including November 4.

5. November 2, 1907 The Goldfield News Goldfield, NV

Article from The Goldfield News, November 2, 1907

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John S. Cook & Co.'s bank reopened for business last Monday morning with something like $1,000,000 in gold stacked on its counters. There was no semblance of a run and while about $50,000 was withdrawn by depositors during the day, the deposits reached the enormous sum of $500,000. A supplementary proclamation was issued by the governor on Monday morning, extending the legal holiday until next Monday in order to enable all the banks to protect themselves against a prospective run. The Nye & Ormsby bank and the State Bank and Trust company remained closed but representatives of both institutions assert that they expect to open the first of the week. President Frank Golden of the Nye & Ormsby bank declares he has secured sufficient funds and will reopen

6. November 2, 1907 The Goldfield News Goldfield, NV

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INACTIVE MARKET The Goldfield Consolidated Stock Exchange resumed its sessions last Monday but there was little business transacted. The announcement of the second regular monthly dividend of ten cents a share, by the Consolidated directors caused a revival of interest in that stock and the price, which had sagged to $3.45 jumped quickly to $3.95. Florence also came back to life, after dropping to below the $2 mark. The fact that this stock should reach such an absurdly low figure is explained by the simple statement that there was no market, and no money to buy with. Florence is still inactive around $2.10. Reports from the east are encouraging and the crisis seems to have passed. The banks in San Francisco are apparently in good condition, with the possible exception of one financial institution which was obliged to suspend, and none of them have taken advantage of the holiday proclaimed by the governor. They remain open for business but are issuing clearing house certificates instead of checks. There seems to be a general feeling that the local banks are all right and that both the Nye and Ormsby bank and the State Bank and Trust company will reopen for business in a few days. John S. Cook & Co.'s bank reopened last Monday with nearly a million dollars in gold coin stacked on its counters, the management having decided not to take advantage of the additional holidays. The opening of the bank undoubtedly had a very good effect in strengthening confidence of the local public.

7. November 23, 1907 The Goldfield News Goldfield, NV

Article from The Goldfield News, November 23, 1907

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There is little or no change In the bank situation in Goldfield except that the John S. Cook bank, following the example of all outside banks, practically, has gone to a paper basis, and is giving out but little gold. The bank is well supplied with specie and currency but in view of the fact that all other banks are paying in certificates, and no actual money is being deposited. the supply would run short in time; so that this bank has adopted the same expedient as others. Some days ago the Cook bank notified the mine operators that it would not meet their pay rolls in cash, but would issue cashier's checks in denominations of $5, $10, and $20. This notice was given to the miners by the operators. The miners balked and the union took up the question. A committee of three was appointed to confer with the mine operators and bankers. This committee suggested to the operators that the miners would take the cashier's checks if they were endorsed by the mine owners, They also suggested that the shippers of ore demand payment from the smelters in the bullion extracted from the ore they shipped, this bullion to be sent to the mint and coin received therefor, the coin being paid to the miners for wages. The mine owners refused to consider this plan as impracticable and sent word to the miners that they would have to accept the proposition made by them. or quit work. The miners have evidently decided to accept the plan, as at the meetings held during the week, no adverse action was taken. The Nye and Ormsby County bank and the State Bank and Trust company are still at work upon depositors, urging them to sign the agreement. whereby they receive a certain per cent of their deposits at stated times covering a year. The banks are meeting with success but there are many depositors absent who will have to be signed up before the banks will open, as they intend to treat all depositors alike, The local banks have a great deal of money tied up in outside depositories which they cannot get hold of. The State Bank and Trust company says it has money in depositories at Los Angeles, San Francisco, Salt Lake City, Denver, Chicago and New York, which it cannot get, but with millions pouring into the New York banks and the banks of other financial centers, it hopes that these reserves will soon be released. President Rickey of the State Bank

8. February 1, 1908 Yerington Times Yerington, NV

Article from Yerington Times, February 1, 1908

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# Stateisms Paragraphed News From Different Localities of the Battleborn State From Sources Known and Unknown The last rails have been laid on the ore railway at Ely. The heating plant at the State university is now in running order. Mining men from Montana are flocking to Gold Circle, Elko county. The barbers of Reno have agreed to keep their shops closed Sundays. Charles Anderson committed suicide at Reno last Monday while temporarily in-sane. Salt Lake parties are considering a plan to establish a reduction plant at Fairview. Tonopah's production of ore last week was 4616 tons, and was valued at over $100,000. John Harnon has purchased a tract of land east of Reno and will erect a $100,-000 smelter. The Indian arrested for killing two prospectors at Silver Peak, has confessed to the crime. Goldfield capitalists are building a telephone line from Schurz to Rawhide. The distance is 34 miles. Ben Etchegoin, who was assaulted and robbed by unknown thugs in Reno eight weeks ago, is dying from his injuries. Considerable free gold is visible in rock that is being brought in from a new strike near Kinkead, thirty miles from Mina. The citizens of Round Mountain, Nye county, have notified the Chinese and Japanese residents there to leave the place at once. Extensive work will shortly be begun Barber canyon, Humboldt county. This ground is the oldest placer workings in the State. Quite a number of men have gone from Round Mountain to a new strike fifteen miles north of that place at Moore's creek. A four-foot ledge, carrying $75 in gold, was opened while doing assessment work. A smelter for Pioche is now being talked of. The school trustees of Reno have decided to ask the special session of the legislature to allow them to issue bonds in the sum of $50,000 for the purpose of constructing a school house. It is reported that the Guggenheims are negotiating for the Vulcan mine at Hunter, Elko county, a property, which, it is stated, has several millions in ore blocked out. Excitement was created in Manhattan Monday by the announcement that three feet of $1000 ore had been encountered in the Rose-Nash lease. The remainder of the large ledge runs over $100 to the ton. After beating his wife, Jack Button, an Indian living near Winnemucca, laid down on the floor, placed the muzzle of a shotgun against his stomach and pulled the trigger with his toes, dying almost instantly. All construction work on the Western Pacific between Palisade and California has been suspended temporarily. Contractors announce that work will be resumed February 10. About 2000 men are out of work. Constable Davis, who was shot by a Greek at Ely last Monday, is still alive, and may recover. The Greeks have all been run out of McGill, the smelter town, and the owners of the smelters have refused to employ them in the future. G. Urbenaga of Goldfield is plaintiff in an action against the State Bank and Trust company, involving a matter of $1700, which he deposited in that institution a week before it closed its doors. He alleges that the bank is insolvent and asks that a receiver be appointed. Mrs. Francis L. Burton, the invalid wife of Francis L. Burton, the attorney of Mina, who was shot and killed some time ago by J. Holman Buck, editor of the Mina Miner, died in Chicago this week of inflammatory rheumatism, of

9. February 24, 1908 The White Pine News Ely, NV

Article from The White Pine News, February 24, 1908

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# RICKEY BANK RECEIVER # APPOINTMENT IS HELD UP CARSON, Feb. 22. -T. B. Rickey, president of the State Bank and Trust company, who was recently bound over to the Ormsby county grand jury on a charge of embezzlement, left last evening for Sacramento, where he will spend several days on business connected with his cattle company. He will then go to San Francisco. The state bank commission adjourned its meeting last evening after instructing State Bank Examiner Miller to go to Goldfield and Tonopah and thoroughly investigate the affairs of the State Bank and Trust company in those cities before making another, report. Bank Examiner Miller left last night for the southern country and stated that he would make his final report on the condition of the bank some time next week. In reply to Attorney General Stoddard's request that a receiver be appointed for the State Bank and Trust company, the commission reported that it would defer matters until after Bank Examiner Miller submits his report, when if necessary they will appoint a receiver.

10. February 28, 1908 The Daily Alaskan Skagway, AK

Article from The Daily Alaskan, February 28, 1908

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ARRESTED BANK PRESIDENT state during the recent financial strin(By United Press.) gency. Its closing in Goldfield took the Carson City, Nev., Feb. 28-T. Rickey people completely by surprise as it was president of the State bank and Trust not under suspicion at the time, while company was todav arrested upon an both the others of the three banks had indictment found by the grand jury suffered & run. When a committee was charging fraud. There are six indictappointed to investigate the affairs of ments, all similar. The State B I nk and Trust company the bank it was found to be in bad shape was organized first in this city, but it and the indictments are not so much of now consists of a string of banks, a surprise now as was the closing of the branches being in all the principal bank. Rickey has always heretofore born a high reputation as a conseryatowns and mining camps of the state. tive business man. It was the first bank to close in the

11. March 28, 1908 Tonopah Daily Bonanza Tonopah, NV

Article from Tonopah Daily Bonanza, March 28, 1908

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GRAND JURY'S TORRID REPORT ESMERALDA BODY GRILLS PLATT AND SHAW OF REHABILITATION COMMITTEE GOLDFIELD, Nev., March 26.-The Esmeralda county grand jury made a report to the court tonight. The most important matter presented in the report was the grand jury's findings as a result of its investigation of the State Bank and Trust company. Two indictments have been found against President T. B. Rickey, charging embezzlement. The report scores the state bank comv missioners and implies that their failure to act was due to the fact n that Rickey made the state a preferred creditor and finally secured the state's account with marketable d bonds and stocks, which were cond verted into cash, the state thus coming out whole. e "We find," says the report, "that the board of bank commissioners of this state has knowingly and willfully e neglected to perform its duty as oute lined by the statutes; that the memn bers of the board had personal d knowledge that some depositors had been preferred and that the 'trading S of accounts,' as it was commonly e termed, was being practiced and that these things were done with their e sanction. We regret that the law does not provide some penalty for the failure of the members of the board of bank commissioners to perS form their duty. We find the rehabilitation committee, so-called, is d composed of attorneys and relatives of the board of directors of the dey Sfunct institution, and that their exo penses and salaries are being paid out of the remnant of the deposite ors' money." 1. The report closes with a complaint ito Bank Examiner Miller, and with a recommendation that the attorney it general proceed to have a receiver appointed to protect depositors.

12. May 2, 1908 The Goldfield News Goldfield, NV

Article from The Goldfield News, May 2, 1908

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WONDER IS NOT A HAS BEEN UNDER ANY CONSIDERATION considerable depth before opening up Fred MeMillan, the new consulting the ore. While the time of resumption engineer of the Jack Pot company, arhas not been announced, the people rived in Wonder late this week to make here have approved of the method of the final arrangements to bring order working these properties, which are beout of the chaos into which the affairs lieved to have merit. of the company were plunged when the RAILROAD PROJECTED Ishs were in control. Mr. McMillan. It is announced at the division headaided by General Manager Harris and quarters of the Southern Pacific at backed by heavy stockholders in San Sparks that the Nevada Central railFrancisco, has made strenuous efforts road from Battle Mountain to Austin to rehabilitate the company, and his which line is under option to the West work in this direction is now nearing ern Pacific, has under consideration the completion. The reorganization of the construction of a branch line to Woncompany, the discharing of all obligader, Fairview and Rawhide. tions, and the resumption of development and mining are now regarded as Kramer Hill Bonanza matters of the very near future. L. K. Kramer, the discoverer of the PROMOTERS SHOW GOOD FAITH famous gold ledge on what is how known as Kramer hill, near Golconda The Daisy and Monnette Wonder has returned from a trip to the eastern properties both have good prospects in states, where he has been visiting with the Wonder district, and have done conhis family. Mr. Kramer was only at siderable development work, with the Golconda two days when he made the aid of hoists. The treasury money has wonderful discovery last summer that been tied up by the suspension of the is now proving to be one of the richest State Bank and Trust company, the af mines in that section of the state. The fairs of which are still in process of ore is found in a quartzite formation adjustment. The companies are conand is extremely rich in the yellow trolled by Davis & Wheeler of Goldmetal. A shipment made a short time field. who have shown good faith in ago by leasers working on the property their work on the properties, and will it is estimated, will go $2,000 per ton undoubtedly resume. They have sunk in gold. That is not surprising, for over 300 feet on the Daisy, and about there was hardly a piece of the rock 200 feet on the Monnette. This work shipped that did not show colors of has been done without erosseutting to gold to the naked eye. the ledges, the aim being to reach a

13. June 13, 1908 The Goldfield News Goldfield, NV

Article from The Goldfield News, June 13, 1908

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When the financial panie came on last fall the Goldfield Rochester Mining company, as did a majority of the other companies in the camp, closed down. It is now preparing to resume, as have practically all the other Goldfield companies, but it will be under the leasing system, the funds of the company being tied up by the suspension of the State Bank and Trust company. An amply financed company, headed by E. W. Gillette, traffic manager for the Las Vegas & Tonopah railway company, has secured through R. P. Shoemaker, secretary of the company, a three years' lease on a block 600 feet square of the company's estate, including the company's workings. Work will begin as soon as Mr. Shoemaker's action is ratified by the directors at a meeting in Rochester, New York. The leasers will also ask that the territory be extended to include the entire claim, which will probably be granted. Mr. Gillette and associates believe that the Rochester is one of the most

14. September 4, 1908 Weekly Independent Elko, NV

Article from Weekly Independent, September 4, 1908

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Rekey At The Bat. Thomas B. Rickey, bank wrecker, is out with a statement that he desires toaid the depositors, and therefore h 'D€ that the receiver may be removed. On October 23 the State Bank and Trust company closed its doors, and ever since that day Rickey has been helping to keep the depositors seperated from their money. He promised, then threat ened, and in the end the depositors have been hoodwinked. There is only one way that Rickey can help the persons who lost their money in the State Bank and Trust company-PAY BACK DOLLAR FOR DOLLAR, as he promised. Only in that way can he save himself from the penitentiary. The suggestion that the affairs of the bank be thrown into the federal courts savors of a Rickey idea. The subtle thought that any receiver could "loot the loot undoubtedly was conceived in Rickey's brain, and none other. But it will fail, and the bank wrecker will get his deserts-if there is any law in Nev ada.-Goldfield Chronicle.

15. September 29, 1908 Carson City Daily Appeal Carson City, NV

Article from Carson City Daily Appeal, September 29, 1908

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Bank Suit Being Heard The suit of Mrs. H. O. Karns of Goldfield to recover moneys deposited in the State Bank and Trust company was argued in the Supreme Court yesterday. The suit comes on appeal from Esmeralda county where the action was dismissed some time ago by Judge Langan. Mrs. Karns was a depositor in the defunct and last February filed suit to resocer her deposit to the amount of several thousand dollars. The suit was awarded in her favor by default and then the attorneys for the bank appeared in court and asked for its dismissal on the grounds that the papers in the suit were served on Cashier Wise and not on the proper bank official. The motion for dismissal carried. The suit was appealed to the Supreme Court and now Attorneys for the Receiver of the bank asks that it be dismissed as papers in the case have never been filed on Receiver Wildes who should have been made a party to the suit under the statute of the state.