Article Text
TROUBLE SETTLED All demands of Pelton, the man who instituted action for the appointment of a receiver for the bank of Rawhide have been met and the affairs of the bank adjusted. The petition asking for a receiver will be dismissed.
14596. Bank of Rawhide (Rawhide, NV)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- state
- Start Date
- June 19, 1908
- Location
- Rawhide, Nevada (39.017, -118.391)
Metadata
- Model
- gpt-5-mini
- Short Digest
73050345
Response Measures
Accommodated withdrawals, Full suspension, Books examined
Other: Ultimately receivers appointed; merger/asset combination with Miners & Merchants mentioned as cause of final failure.
Description
Newspapers report a run on the Bank of Rawhide after the failure/closing of the First Bank of Rawhide (mid-June 1908), the Bank of Rawhide closed to allow the examiner to inspect (temporary suspension) but later was placed in receivership (March 1909). Although some articles state the examiner found it solvent and it 'will soon open again', subsequent reports show receivers were appointed and both banks were in receivership (per Mar 1909). Cause of run/suspension tied to failures of other local banks.
Events (4)
1.
June 19, 1908
Run
- Cause
- Local Banks
- Cause Details
- Failure/closing of the First Bank of Rawhide triggered depositors to withdraw from the Bank of Rawhide
- Measures
- Bank paid off depositors all day and then decided to close pending examiner's inspection
- Newspaper Excerpt
- This is not unexpected as it was known that the failure of the First Bank of Rawhide would result in a run on the other bank. This happened, and all day yesterday the bank was busy paying off depositors
- Source
- newspapers
2.
June 19, 1908
Suspension
- Cause
- Local Banks
- Cause Details
- Strain from withdrawals caused by failure of nearby First Bank; closed to allow bank examiner to inspect
- Newspaper Excerpt
- The Bank of Rawhide closed its doors yesterday afternoon at 2 o'clock ... it was decided today to close until the bank examiner had completed his inspection of the bank's affairs.
- Source
- newspapers
3.
July 22, 1908
Other
- Newspaper Excerpt
- arrangements were made to defer receivership proceedings until the affairs of the bank could be more fully inquired into. ... the bank officials agreed to allow the committee to employ an expert to examine into the affairs before and after the consolidation, full access being offered to all records. The receivership proceedings will be deferred until after the expert's report.
- Source
- newspapers
4.
March 17, 1909
Receivership
- Newspaper Excerpt
- Judge Farrington granted the motion ... asking for a receiver in bankruptcy for the Miners and Merchants Bank of Rawhide. ... This bank has been in the hands of the state bank examiner since June. ... The cause of the failure was an illegal attempt to combine assets with those of the Bank of Rawhide, which is also in the hands of a receiver.
- Source
- newspapers
Newspaper Articles (12)
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Another Bank Closes Doors The Bank of Rawhide closed its doors yesterday afternoon at 2 o'clock ending the completion of the examiner's report. This is not unexpected as it was known that the failure of the First Bank of Rawhide would result in a run on the other bank. This happened, and all day yesterday the bank was busy paying off depositors, but the strain could not last very long, and it was decided today to close until the bank examiner had completed his inspection of the bank's affairs. The bank of Rawhide was merged some time ago with the Miners and Merchants bank and would probably have weathered all difficulties had it not been for the sudden closing of the First Bank. Rawhide is now without a bank of any sort, with the exception of the branch of the Nye and Ormsby County bank which is closing up its business as rapidly as possible preparatory to its disbanding.
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FIRST RAWHIDE BANK AND WONDER TRUST INSOLVENT RENO, Nev., June 19.-Bank Examiner Hofer returned from Rawhide this morning and reports that the First Bank of Rawhide and the Wonder Trust company are both insolvent. The attorney general will ask for a receiver for the First Bank of Rawhide and the Wonder Trust company. The bank examiner states the Bank of Rawhide is solvent and will soon open again.
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TWO INSOLVENT THIRD SOLVENT CAPON CITY, Nev., June 20.Bank Ex iner Hofer returned to Carson from Rawhide this morning and reports th the Firse Bank of Rawhide and the ond * Trust ComRussell pany are 2 both in year Prentice is president both these banks. The Attorney-C ral will leave for Goldfield tomorro to ask ICY a receiver for the First will B. he 6 hide, and from there Fallon, where he will petition for receiver for the Wonder Trust Company. The Bank Examiner states that the Bank of Rawhide is solvent and will soon be able to open again.
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PRENTICE BANKS ARE DECLARED INSOLVENT CARSON CITY, June 20. Bank Examiner Hofer returned to Carson from Rawhide this morning and reports that the First Bank of Rawhide and the Wonder Trust Co. are both insolvent. Russell Prentice is president of both these banks. The attorney general will leave for Goldfield tomorrow to ask for a receiver for the First Bank of Rawhide and from there will go to Fallon, where he will petition for a receiver for the Wonder Trust Co. The bank examiner states that the Bank of Rawhide is solvent and will soon be able to open again.
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RAWHIDE IS WITHOUT BANKING HOUSES The Bank of Rawhide closed its doors last Thursday afternoon at two o'clock following the ending of the examiner's report. This was not unex pected as it was known that the failure of the First bank of Rawhide would result in a run on the other bank This happened Wednesday and all day the next day the bank was pay ing off depositors, but the strain could not last long, and it was decided to close until the bank examiner had completed the inspection of the bank. The Bank of Rawhide was merged some time ago with the Miners' and Merchants' bank and would probably have weathered all difficulties had is not been for the sudden closing of the First bank. Rawhide is now without a bank of any sort. Bank Examiner Hofer returned to Carson City from Rawhide Tuesday and reports that the First bank of Rawhide and the Wonder Trust company are insolvent. Russel Prentiss is the president of both of these institutions. The attorney general will leave in a few days for Goldfield to ask for a receiver for the First bank of Rawhide, and from there he will go to Fallon, where he will petition for a receiver for the Wonder Trust company. The bank examiner states that the Bank of Rawhide is solvent and will soon be able to open again.
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PRESTON OFFICIALLY NOTIFIED; DECLINES NOMINATION Rawhide Bank HIS OFFICIAL NOPrivate Concern TICE GOES TO PARTY RAWHIDE, July 8.-At a meeting of the depositors of the Merchants' and Miners' Bank last night at the Comrads Send Congratulations Ross Hotel, startling disclosures were made, among them that the Merchants and Assure Him of His and Miners' Bank which consolidated with the Bank of Rawhide, is not and Early Liberation never was a corporation. The meeting was called in response Answer at once to Morrie R. Preston, the Labor Socito a letter from Attorney General alist candidate for President of the DAIL PEOPLE, 28 City Hall Stoddard to the effect that receiver United States has received his ofPlace, New York. had been asked for by the State Bank REFUSES NOMINATION ficial notification from his party and Examiner Hofer, and would be apPreston stated this afternoon that. is daily in receipt of numbers of letters pointed if the bank or its depositors he had notified the executive comand telegrams congratulating him on were not heard from. Vice-President mittee of the Socialist party that he the appointment and calling on him Gehrmann of the defunct bank stated to stand by his party "in their hour would have to refuse to accept the that Volney P. Leonard, its cashier of need.' nomination. had personal notes in the bank for "I have sent in my refusal and is His official notification which is is$19,000. but whether he had taken that request that my name be taken from sued from the office of the official amount of money out, or how he owed the ticket," said Preston to a reprepublication of the Socalist-Labor it. he could not say. sentative of the Appeal," and have party is signed by the Chairman and He said also that all so-called Jigiven among other reasons the fact Secretary of the Convention and is rectors had personal notes in for vathat I am too young to take the as follows: rious amounts. position by over ten years. My inNew York, July 7. 1908. The Bank of Rawhide, he said, was adequate experience in national matMr. R. Preston, Carson City, Nev. solvent, but the taking on of the af. ters would also stand against me and The National Convention of the fairs of the Merchants' and Miners' also in my present position it would Socialist-Labor Party reco ;nizing that had put it into the hole. be impossible for me to carry on a you suffer imprisonment as a victim He said that the so-called corporacampaign. Further than this the of capitalists class rule because of tion of the Merchants' and Miners' statutory provisions would bar me your loyalty and devotion to the Bank was really a partnership of Volfrom running on any ticket for the cause of the emancipation of our class, ney P. Leonard, S. W. Collins, Frank office of Presidnt of the United States the working class, nominated you toKnox of Salt Lake, and Blatz of the and while I feel that I have been day as candidate for President of Blatz Brewing Company and that they greatly honored in justice to my party the United States on th e platform would all be liable for the debts of the I believe that they should act in this demanding the unconditional surrendbank, and that in this respect the dematter as I have suggested to them." er 0° the capitalistic class and depositors were better off than if the This letter Preston has sent to his bank was a corporation. claring for a revolutionery ballot and counsel Judge O. N. Hilton of Denver, industrial unionism the slogan is "Let It was stated that George Wingfield and it will be sent to the Executive would be here in a few days to look the Prolitariat vote for you as a proCommittee of the Labor Socialists by over the situation, and then it was test against the wage system and its him. moved that a committee of five be apiniquities and elect you and you will The nomination of this man has be liberated and seated regardless of pointed to examine into the bank's afcaused quite a stir at the prison and your age." The stalwart Donald fairs and report to depositors Thursthe other convicts are revealing in day night. Monroe, machinist of Newport News, the enjoyment that it has afforded
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RECEIVER NOT NE EDED For Rawhide Banks is of Men the Opinion In Cha ge At a conference held Monday between the officers of the Merchants & Miners Bank of Rawhide and the Bank of Rawhide and a representative of the committee appointed by the Rawhide depositors in the office of Cheney, Massey & Price at Reno, arrangements were made to defer receivership proceedings until the affairs of the bank could be more fully iquured into. Volney B. Leonard and Dr. Gehrmann of the banks were present and a partial statement of the banks condition was presented, although it is conceded a thorough investigation is needed to clear up the accounts. Eugene Grutt, one of the committee stated last night that in his opinion both banks could be out in operation again provided the loans outstanding prove as well secured as claimed by the bankers. The bank officials agreed to allow the committee to employ an expert to examine into the affairs before and after the consolidation, full access being offered to all records. The receivership proceedings will be deferred until after the expert's report.
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RAWHIDE, July 24.-At a conference held Monday between the officers of the Merchants' & Miners' Bank of Rawhide and the Bank of Rawhide and a representative of the committee appointed by the Rawhide depositors in the office of Cheney, Massey & Price at Reno, arrangements were made to defer receivership proceedings until the affairs of the bank could be more fully inquired into. Volney B. Leonard and Dr. Gehrmann of the banks were present and a partial statement of the banks' con-
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NO JURISDICTION TO APPOINT RECEIVER (By Associated Press) CARSON, Aug. 1.-The appointment of a receiver for the Merchants and Miners, and the Bank of Rawhide, which proceedings give promise of developing a determined fight on the part of the latter bank's officials. It is understood that the attorneys for the Merchants and Miners' bank will claim that they are not under the jurisdiction of the court to appoint a receiver, that the law relating to corporations has no bearing in this case because there is no corporation, but a co-partnership concerned, and that the Merchants bank has all of the assets and intends to keep charge of them.
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RAWHIDE BANK GETS A RECEIVER AFTER SEVERAL MONTHS IN WHICH STATE BANK EXAMINER HAS BEEN IN CHARGE Judge Farrington granted the motion of Mark Walser of Rawhide this morning, asking for a receiver in bankruptcy for the Miners and Merchants Bank of Rawhide. The court stated the receiver will be appointed as a receiver only and will not be given authority to disburse funds. At the same time the depositors of the bank and patrons who have valuables in safe deposits will be given an opportunity to recover these from the safe deposit. This bank has been in the hands of the state bank examiner since June. The building burned down and the safes have never been unlocked. Cause of failure, an illegal attempt to combine assets with those of the Bank of Rawhide. Both banks are now in the nands of receivers. Total loss about $80,000.
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NEVADA'S BROKEN BANKS Receiver Appointed for Miners & Merchants of Rawhide. Carson, Nev., March 17.-Judge Farrington granted today the motion of Mark Walzer of Rawhide for a receiver in bankruptcy for the Miners & Merchants' bank of Rawhide. The court stated that the receiver would not be given authority to disburse funds, but patrons of the bank who have valuables in safe deposit will be permitted to recover them. This bank has been in the hands of the state bank examiner since June. Its building was burned and the safes have never been unlocked. The cause of the failure was an attempt to combine its assets with those of the Bank of Rawhide, which is also in the hands of a receiver. Attorney General Stoddard will make application tomorrow for a receiver for the Nye & Ormsby County bank and its branches. At the same time a writ of prohibition will be asked for in the supreme court forbidding Judge Averill of Nye county from taking further action in the matter of the receivers appointed in that county. The bank commission has ordered the state bank examiner to take charge of all business of the Nye & Ormsby County banks in this state. It is said that the actual deposits now remaining in the bank will not exceed $300,000, and that this amount is fully covered by collateral owned by the bank. If the attorney general's application be granted it will oust Receivers Gilbert Ross and J. J. Mullin, appointed by the district court of Nye county, whose appointments are held to have been irregular.