14609. State Bank and Trust Company (Reno, NV)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 23, 1907
Location: Reno, Nevada (39.530, -119.814)

Metadata

Model: gpt-5-mini
Short Digest: aa15bd85

Response Measures

None

Description

The State Bank and Trust Co. of Reno suspended operations Oct 23–24, 1907 citing labor troubles and heavy deposit drains. Efforts to reopen in spring 1908 were discussed but the state moved toward receivership; a receiver (Frank L. Wildes) filed a report by July 20, 1908. There is no clear contemporaneous description of a depositor run (people crowding or wagon-load payouts) specifically at this Reno bank in the provided texts; the suspension is attributed to deposit drains and inability to collect, i.e., a local shock, then mismanagement leading to receivership.

Events (3)

1. October 23, 1907 Suspension

Cause: Local Shock
Cause Details: Closed after heavy drain on deposits following labor troubles in the mining/southern district and inability to make collections; notice says resources ample to pay depositors.
Newspaper Excerpt: The State Bank and Trust Company here closed its doors at 11 o'clock yesterday. A notice posted on the door says that the suspension is on instructions from the home bank of Carson City, and is due to the heavy drain on deposits during the last few months following the labor troubles and the inability to make collections.
Source: newspapers

2. April 30, 1908 Other

Newspaper Excerpt: indications are that the different branches of the closed institution will be reopened before May 15...Rickey renewed his offer to take over 1000 shares of the bank's stock... If this is done, the application for a receiver will be withdrawn.
Source: newspapers

3. July 20, 1908 Receivership

Newspaper Excerpt: RECEIVER OF STATE BANK AND TRUST CO. FILES REPORT RENO, July 20.-Gross mismanagement...is charged to the president and directors of the State Bank and Trust company by Receiver Frank L. Wildes. The receiver filed his report today.
Source: newspapers

Newspaper Articles (17)

1. October 24, 1907 Santa Fe New Mexican Santa Fe., Santa Fe, NM

Article from Santa Fe New Mexican, October 24, 1907

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GOVERNOR SAVES NEVADA BANKS Executive Declares 3 Legal Holidays in Order to Let Them Prepare for Emergencies. Reno, Nev., Oct. 24.-Owing to the general feeling of unrest prevailing in financial circles in this state Governor Sparks has declared today, Friday and Saturday legal holidays. All the banks throughout the state are taking advantage of the respite to get their affairs in such shape as to make a failure impossible. One million dollars is expected to arrive on a train today. The State Bank and Trust Company here closed its doors at 11 o'clock yesterday. A notice posted on the door says that the suspension is on instructions from the home bank of Carson City, and is due to the heavy drain on deposits during 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 all depositors in full. It is generally believed that the suspension of the Goldfield institution was due wholly to the difficulty that beset its sister banks in other cities controlled by T. R. Rickey, who is the head of the reorganized Sullivan Trust Company.

2. October 24, 1907 Albuquerque Morning Journal Albuquerque, NM

Article from Albuquerque Morning Journal, October 24, 1907

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NEVADA BANK GOES TO THE WALL Labor Troubles in Mining District Assigned as Cause for Failure of Reno State Bank and Trust Company. (By Morning Journal Special Leased Wire.] Reno, Nev., Oct. 23.-A statement issued by the State Bank and Trust company this afternoon assigns labor troubles and drain on deposits in the south as the reason for suspension. They claim that depositors will be paid dollar for dollar. A general feeling of confidence exists here. Deposits in banks today greatly exceed withdrawals Prominent local financiers, including Senator Nixon, anticipat in serious trouble. A dispatch from Goldfield states that conditions are normal The State Bank and Trust company closed its doors at 11 o'clock today. A notice posted on the door says that the suspension is on instructions from the home bank of Carson City, and is due to the heavy drain on deposits during 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 all depositors In full. It is génerally believed that the suspension of the Goldfield institution was due wholly to the difficulty that beset its sister banks in other cities controlled by T. R. Rickey, who is the head of the re-organized Sullivan Trust company.

3. October 24, 1907 Hattiesburg Daily News Hattiesburg, MS

Article from Hattiesburg Daily News, October 24, 1907

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New York Financial Troubles Are Believed to Have Vanished morrow's sun will dawn on a calmer scene. NEW YORK PANIC WALL STREET HAS IS NOW AT AN END. Several factors were instrumental in this turning of the tide, chief of Associated Press. which was the promptness with which ANOTHER BANK RUN; eminent financiers came to the resNew Orleans, October 24.2:30 a. m.-Advices from New cue of the tottering banks. Among STOCK MARKET WEAK York received since midnight inthese are J. P. Morgan, Edward Harriman, John D. Rockefeller, Thos. F. dicate that the financial stringency is at an end. All of the New Ryan and numerous others almost as Associated Presu. influential. York bank and trust companies New York, October 23.-The KnickThe influence of the treasury departare now supplied with ample funds and business will resume erbocker Trust Company did not open ment and the energy with which Secits normal conditions. its doors today and no statement was retary Cortelyou provided prompt assistance to the national banks had made as to when it expects to resume much to do with the revival of confibusiness, though its officers still mainAssociated Press. dence. tain that it is perfectly solvent. New York, October 23.-Confidence Secretary of the Treasury George B. The hopeful feeling thus engendered has been restored in high financial cirCortelyou deposited $10,000,000 in was intensified by the ability of the cles and bankers and financiers who New York national banks this mornTrust Company of America to stand have been working night and day for ing. an all night run. The officers of this the past several days to prevent a ANOTHER BANK RUN. institution refused to divulge the serious crisis in this city tonight went The only other feature of the day amount which they had paid out dur to their homes convinced that the was a run on the Trust Company of ing the day, but continued to pay deworst had been passed, and that to America. Several hundred depositors positors long after banking hours when the institution would have otherwere waiting for the bank to open PRESIDENT ROOSEVELT wise been closed. this morning and the run continued RESPONDING TO GREETINGS. until after noon. All demands were Call money rose as high as 90 per The photograph shows the Presimet promptly and it is believed that cent. during the day, but leading New dent acknowledging the cheers of the this institution will weather the storm York banks continued to make loans, thousands of people gathered on the without serious difficulty. some of them putting out millions as banks of the Mississippi River to greet STOCK MARKET WEAK. low as 6 per cent him during his recent passage down The stock market opened weak and ROCKEFELLER OPTIMISTIC. that stream. He is waving his hat to lower, but rallied during the day. In John D. Rockefeller, who has taken them from the deck of the steamer the afternoon there was another slump an active interest in the present finanMississippi. and the markets closed slightly lower. cial troubles, has arranged to loan large sums to a number of financial inNEVADA BANK HAS stitutions. Late tonight Mr. RockeCLOSED ITS DOORS feller said: "I do not believe that existing conAssociated Press. ditions warrant the present stringenReno, Nev., October 23.-The State cy. Instead of withdrawing my money, Bank and Trust Company, one of the I am co-operating with and helping largest banks in this city, closed its others to meet what I believe to be doors this morning and the state bank only a temporary crisis." examiner is in charge. The cause of MORGAN TO MAKE LOANS. the failure was the inability of the During the run on the Trust Combank to realize on securities accepted pany of America today wagon loads of as a basis for a $400,000 loan. The the securities of that company were bank is said to be solvent and depos carried to the office of J. Pierpont itors will not lose a dollar. Morgan, who delved into them with his own hands, approving or disapKILLED WITH SCANTLING proving as he thought best. It is said Daily News Special. that he will make heavy loans to McHenry, Miss., October 23.-News the institution tomorrow. reached here from Bond of the killing Before the doors of the Trust Comof a young man named Hitt. An the pany of America were closed tonight employ of the J. E. North Lumber the president of the company stepped Company. Frank Sweeney is accu into the lobby and announced to deThe killing was done with a piec. o positors that the bank would open scantling. promptly at 10 o'clock tomorrow morning and that all demands would be met promptly. BUZZARD FEAST

4. October 24, 1907 The Montgomery Advertiser Montgomery, AL

Article from The Montgomery Advertiser, October 24, 1907

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Statement by Officials. Reno, Nevada, Oct., 28-A statement issued by the State Bank and Trust Company this afternoon assigns labor troubles and drain on deposits as reasons for the suspension, and declare that depositors will be paid dollar for dollar.

5. October 24, 1907 The Lake County Times Hammond, IN

Article from The Lake County Times, October 24, 1907

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FINANCIAL FLURRY REACHES PITTSBURG Stringency Having About Played Out at New York Goes West. WESTINGHOUSE FIRMS ARE HIT Receivers Are Appointed But the Concerns All Declared Solvent -Morgan at the Head Now. New York, Oct. 23.-One depressing event followed another in such rapid succession today and the financial crisis reached such an acute stage that J. Pierpont Morgan assumed full charge of the situation and will endeavor to restore confidence. At his elbows are James Stillman, president of the National City bank; E. H. Harriman, the railroad magnate; Thomas F. Ryan, the financier, and Oakleigh Thorne, president of the Trust company of America. These five constitute the committee that represents Secretary of the Treasury Cortelyou in distributing government relief to needy institutions. Events Follow Rapidly. From early morning until late night distressing news was heard from various sections. During the entire day the committee of five labored to stem the tide of ruin that threatened. Three of the concerns represented in the mighty Westinghouse interests, representing a combined outstanding capital of more than $33,000,000, went into the hands of receivers. One other concern also connected with Westinghouse companies is slated for receivership tomorrow. The concerns already in the hands of receivers are the Westinghouse Electric and Manufacturing company, the Westinghouse Machine company, and the Security Investment company of Pittsburg, the holding company. The petition is being prepared to include the Nernst Lamp company, another connection, tomorrow. Run on $70,000,000 Bank. A run on the Trust Company of America, which carries deposits of more than $70,000,000, developed early this morning, and all day long the tellers paid out money as fast as they could, while the police struggled to keep order in the ranks of panic stricken depositors. The amount paid out was not announced. Wagon loads of securities were taken from the vaults and submitted to the examining committee of financiers to show whether the institution was worth further aid. It was announced that the banks will furnish the necessary currency to carry the trust company through the crisis. The Knickerbocker Trust company, which closed its doors Tuesday, failed to reopen today according to promises, and the state superintendent of banks assumed charge. Pittsburg Bank Fails. From Pittsburg late tonight came the word that the Iron City Trust company had been placed in the hands of receivers with liabilities of $1,700,000 owing to depositors and assets of $4,000,000. It was announced that the receivership of the Westinghouse companies made such proceeding necessary in the case of the Iron City Trust. Another bank failure was reported from Reno, Nev., where the State Bank and Trust company was forced to close its doors. Inability to realize on collateral security for a $400,000 loan was given as the cause. Attorney General Jackson, Acting Superintendent of Banks Skinner, and members of the State Bankers' association were in conference during the day. After the meeting it was said that the arrest of three men prominent in the financial world was not entirely unlikely. Another disquieting development was the closing of the Pittsburg stock exchange until Monday at the request of the Clearing House association. This was followed by the unloading of a large number of shares, estimated at 200,000, on Wall street, which nearly deluged the market. To Investigate Trust Banks. After prolonged conference at J. P. Morgan's office an organization of the presidents of the New York trust companies was effected, not different in principle from the Clearing House association. It was in the nature of a protective combination. All of the leading and admittedly conservative trust companies participated. John A. Stewart, chairman of the board of the United States trust companies, presided and was elected chairman of a committee whose duties are to be analogous to those of the clearing house committee. A resolution was unanimously adopted providing for an examination of the various trust companies and a report of their funds and recommendations to the association. Mr. Morgan and James Stillman, president of the National City bank, called on Secretary Cortelyou at the Manhattan hotel at 12:15 o'clock tonight. Mr. Morgan was asked if he could say anything about the situation. "I can say nothing now." was his

6. April 24, 1908 Carson City Daily Appeal Carson City, NV

Article from Carson City Daily Appeal, April 24, 1908

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tion committee, has pressed the point with every force at his command. As a last resource, it was made plain to the Bank Commission that by and through the influence of the individual members of that Commission. or to speak more accurately. through the influence of Douglas and Ryan. members of the Commission that Mr. Rickey could be brought to realize fully his moral obligation, and that be would finally consent to put up the proportionate amount requested of him. In a word. he consented to do this. At four thirty o'clock yesterday afternoon $247,500 was actually pledged by Mr. Rickey and certain of the directors and stockholders of the bank as an additional cash asset for the resumption of the bank's business. Mapes and Bender, stockholders and directors residing at Reno, wired that they would protect their holdings to whatever extent Rickey would protect his. Other stockholders -and direct ors offered similar pledges. and why, in the name of reason, common sense, fair dealing and justice, after knowing these things. the Bank Commission insisted upon the Attorney General's filing his application for 2 Receiver, is something more than I can understand. "Was the Commission sincere when its individual members assured the rehabilitation committee that they the would co-operate with it toward reopening of the State Bank and Trust Company, or what reason can they give at this time in explanation of the fact that when the funds necessary for the opening of, the bank were forthcoming. the Commission insuddenly throws up its hands and am structs for a Receivership. I speaking plainly, but there is something else I want to tell you. "On March 21. 1908, the entire resources of the State Bank and Trust Company were $1,612,902.32. The entire libalities upon this date, includ- to ing of course deposits amounting $1,057,892.72 amounted to $1'149'549.38 date The excess resources on this were $463,352.94 In other words, rethe above amount of excess sources may be wiped out and lost forever, and yet the bank could pay depositors dollar for dollar. The State Bank Commission knows this conditions of affairs, and yet they have the peitioned for a Receiver upon a grounds of insolvency. Nearly month has passed since that state- in ment was made, and an safe stating that the amount of excess ref sources at the present date, exceeds the figures above set forth. Now one word further. I "I have continuously fought a Receivership for the reason that my examination of the bank's condition me to the inevitable conclusion it led that it was unnecessary, and that would untimately lead to a loss man to the depositor. No sane with any conception of the banking the business, after an examination of and condition of the State Bank Trust Company, would make the bank unequivocal statement that the could not be rescued for the safety of the depositors without recourse to a receivership. "I have worked untiringly with the reorganization committee in an effort to convince Mr. Rickey, and the present Board of Directors of thier moral yesand legal duty to depositrs. On the terday afternoon, at half past four o'clock, Mr. Rickey, certain of stockholders and directors stood ready to make good. It was believed that the long struggle had at least been

7. May 1, 1908 Tonopah Daily Bonanza Tonopah, NV

Article from Tonopah Daily Bonanza, May 1, 1908

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STATE BANK TO REOPEN MAY 15 RICKEY AND DIRECTORS SAY THEY WILL COME TO THE FRONT. RENO, April 30.-T. B. Rickey, of the State Bank and Trust Company, made good at the meeting of the bank directors and members of the Nevada Bank Commission at Carson City today, and indications are that the different branches of the closed institution will be reopened before May 15, at which time the application for a receiver will be heard. Rickey renewed his offer to take over 1000 shares of the bank's stock, paying for the same $100 per share. Director Brougher agreed to do likee wise with his 100 shares, and a sim:lar promise was made by Director 3 Peterson, who holds 130 shares. The e other directors of the bank agreed e to protect their stock in a like man1 ner. State Treasurer Ryan and Secrer tary of State Douglass, who are members of the banking commission, 0 stated that they would aid the directors of the bank in every way, but that some steps toward the reopenX ing of the bank must be taken before May 15. If this is done, the application for a receiver will be withe drawn. e At the meeting today there were present President Rickey, Directors r Mapes, Lee, Peterson, Meyer and e Livingston. Directors Brougher, Bend der and Woodbury were absent, but in sent telegrams stating that they would protect their stock. or Cashier J. T. Davis, State Treasurb er Ryan, Secretary of State Douglass, is J. T. Shaw, chairman of the remabiliI tation committee, and Sam Platt, ate torney for the bank, were also preza ent. Committees were appointed from x among the directors of the bank to rs take up outstanding shares of stock te held by individuals in the State, and also that which is before the courts to in estate matters, in case the bank is S. reopened. This work will be started a at once. of President Rickey stated after the nt meeting that, in his opinion, the bank 1 would be reopened before May 15th

8. May 26, 1908 The Silver State News Winnemucca, NV

Article from The Silver State News, May 26, 1908

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ALL HOPE FOR STATE BANn RAPIDLY FADING AWAY RENO, May 14.-Just what will be lone tomorrow when the petition for the state asking for a receiver for the State Bank and Trust company will be heard, is puzzling a lot of folks vitally interested. Lawyers hold that the filing of the demurrer by the bank, through its attorney, is a virtual admission by the bank that the charges of the state i. e., that the bank is insolvent, are true. The demürrer, it is stated, is on statutory grounds only C. T. Bender and George Mapes of Reno are filing an answer to the petition in which they set up the plea that they should be exempt from any connection with the petition on the ground that hey are not now and have not been directors in the institution since January 15. The same may be said of T. B. Rickey and it is possi bleithat the state may move to dismiss in regard to Mapes, Bender and Rickey. With these three men out of it there seems small show for the bank, as they are admittedly the only men in the directorate that have means, and while they are stockholders there is a vast difference between a stockholder and a director for the purposes named. When the case comes up tomorrow, the time named by the court to hear the reasons why the temporary injunetion now holding against the peace officers of the state and other persons who would go into the court with proceedings against the bank, it is pro bable that the case will either be continued or the demurrers will be sus tained. Attorney Samuel Platt is busily engaged with the Blair mine case in this city. which case promises to extend ver the week. Alf Chartz, at torney, has been called to San Diego California and cannot possibly be in court tomorrow, it is stated, and Gen eral Woodburn of counsel against the petition, has been called to Goldfield.

9. July 23, 1908 The Silver State News Winnemucca, NV

Article from The Silver State News, July 23, 1908

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RECEIVER OF STATE BANK AND TRUST CO. FILES REPORT RENO, July 20.-Gross mismanagement, the extravagant use of depositors' money in the five Rickey banks, the construction of costly office buildings and manitenance of clerkships large enough for a Wall street institution, the loaning of funds to depositors who did not give "25 cents' worth of security," the practical embezzlement of deposits, is charged to the president and directors of the State Bank and Trust company by Receiver Frank L. Wildes. The receiver filed his report today. Ffteen pages of this report are given to a recital of the defects in the conduct of the Rickey institutions. Wildes says that the best management was shown in Carson. The construction of the office building in Tonopah, the indetermined value and "other wholesale extravagances," is condemned. The receiver believes that a 10 per cent dividend will be paid depositors in a few weeks. The institution owes about $1,098.000 and its assets, according to Wildes' appraisement, amount to $940,000. Suits and indictments against the officials of the institution will probably be pressed at once as a result of the receiver's report. The Tonopah branch is criticized as having been run on a "free-house" principle, and that loans were made indiscriminately. The conditions at Manhattan and Goldfield branches run about the same as the Tonopah branch. 0 Robinson's barber shop is the best

10. August 13, 1908 Carson City Daily Appeal Carson City, NV

Article from Carson City Daily Appeal, August 13, 1908

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(Special to the Appeal) RENO, Aug. 13.-Today in an interview Frank L. Wildes receiver of the State Bank and Trust Company stated that he had nothing whatever to do with he handling of he bond except the paying of the premiums. He stated that an investigation was in progress and that the companies on the bond would be asked to refund the overcharge that was made. if they refuse to do this it it probable that he will demand another bond at the regular rate. Mr. Wildes stated this afternoon that he had no intention of bringing suit against the Gazette and that he had made a full statemen of the conditions which exist and that the same will be published by the Reno evening paper. Mack and Green, attorneys for Mr. Wildes are handling the investigation and state this afternoon that they are of the opinion that everything will be settled satisfactory.

11. August 18, 1908 Albuquerque Morning Journal Albuquerque, NM

Article from Albuquerque Morning Journal, August 18, 1908

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RECEIVER FOR NEVADA BANK HUNTS BONDSMEN Reno. Nev., Aug. 17.-As a result of the recent trouble over the $2.600 premium that was paid out by Receiver Wildes of the State Bank and Trust company to the surety companies going on his bond for $1.000.000 the United States Fidelity and Guaranty company and the United Surety company of San Francisco who went on the bond to the amount of $535,000. have petitioned the bank commissioners and the district judge of Armsby county to be allowed to withdraw from the bond. These applications of the two surety companies were filed on last Saturday and it is said that all the surety companies on the bond of Receiver Wildes will withdraw from the bond. Wildes has ten days more in which to secure other bondsmen. He asks for a reduction in the amount of his bond. This further complicates the already complicated affairs of the trust company.

12. August 18, 1908 Tonopah Daily Bonanza Tonopah, NV

Article from Tonopah Daily Bonanza, August 18, 1908

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PERSONAL MENTION T. J. Lynch came in from Alpine yesterday. Paul Tarpey has gone to Salt Lake on a business trip. Judge L. O. /Ray of Rhyolite was in the city yesterday. Mrs. H. S. Sherman left yesterday for a visit to San Diego. James J. Hafferon returned yesterday morning from San Francisco. James E. Force will leave this morning for Denver on a month's vacation. T. B. Rickey passed through Tonopah yesterday accompanied by his attorey, J. F. Peck. Edwin Wheece left yesterday for Mt. Tamalpais military academy to resume his studies. Congressman George Bartlett left Sunday morning for Carson. He will be away for several days. Miss Winifred Tarpey left for Palo Alto yesterday, where she will attend Miss Harper's young ladies' seminary. Gilbert C. Ross has returned from Carson, where he went to attend a meeting of the state board of education. Mrs. Ulysses Brule arrived in this city Sunday morning from Carson, where she had been on a visit to relatives. Captain W. K. Wise is back from the coast, where he had gone for the purpose of placing his daughter in school. W. S. Johnson, who has been in Salt Lake and Los Angeles for the past several weeks, returned to this city Sunday. C. R. Evans of Manhattan arrived in this city yesterday from the north and will proceed to the northern gold camp in a few days. Mr. and Mrs. E. M. Clark of Los Angeles arrived in this city Sunday. While here they will be the guests of Mr. and Mrs. C. C. Dorr. Miss Ester Wickam and Miss Florence Moore came in from Round Mountain Sunday evening and returned to that camp yesterday. Cleve Baker is back from Round Mountain. He was greatly impressed with what people he saw in the camp and the people whom he met. Dr. E. K. Smith of Round Mountain returned from a short business trip to San Francisco Sunday and left yesterday for the great hydraulic camp. Harry Epstine returned yesterday from a business trip to the coast. He reports the stock market as booming and thinks that there is a much brighter outlook for mining stocks. Attorney George Green, who is the legal advisor of Receiver Wildes of the State Bank ànd Trust company, and who is now located at Reno, came in from the north this morning. The Misses Fisler and Christie of Philadelphia, who have been spending the past week with Miss Fisler's brother, P. C. Fisler, left yesterday for their home in Philadelphia. Tom Risch, Tom Kendall, Billy Douglass, Jim McQuiilan, James Friedburn and Joe Miller left Sunday in Mr. Miller's auto for Grass valley, near Austin, where they will enjoy several days' hunting and fishing. Charles Peterson, who has been assisting Henry Bartlett in the construction of the Round Mountain Nugget, the paper that has made Henry famous and which comes out every Saturday morning, arrived in this city Sunday-not Saturday. Mrs. Ed Wilson, who has been undergoing treatment for her eyes in

13. August 18, 1908 Tonopah Daily Bonanza Tonopah, NV

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ANOTHER TANGLE IN BANK'S AFFAIRS SURETY COMPANIES WITHDRAW FROM BOND OF RECEIVER OF STATE BANK. (By Associated Press.) RENO, Aug. 17.-As a result of recent trouble over the $2600 that was paid out by Receiver Wildes of the State Bank and Trust company to surety compañies going on his bonds for $1,000,000, the United States Fidelity and Guaranty company and the United Surety company of San Francisco, which were on the bond to the amount of $535,000, and petitioned the bank commissioners and district judge of Ormsby county to be allowed to withdraw from the bond.

14. August 18, 1908 Los Angeles Herald Los Angeles, CA

Article from Los Angeles Herald, August 18, 1908

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BIG SURETY FIRMS TO WITHDRAW FROM BOND RENO, Nev, Aug. 17.-As a result of the recent trouble over the $2600 premium that was paid out by Receiver Wildes of the State Bank and Trust company to the surety company going on his bond for $1,000,000, the United States Fidelity and Guaranty company and the United Surety company of San Francisco, which went on the bond to the amount of $535,000, have petitioned the bank commissioners and the district judge of Ormsby county to be allowed to withdraw from the bond. These applications of the two surety companies were filed on last Saturday, and it is stated that all the surety companies on the bond of Receiver Wildes will withdraw. Wildes has ten more days in which to secure other bondsmen.

15. August 27, 1908 Carson City Daily Appeal Carson City, NV

Article from Carson City Daily Appeal, August 27, 1908

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Plots and counter plots, charges of graf and everything on the calender are being made these days by people interested in the State Bank and Trust company in the way of deposits and by others who are keeping in touch with the institution. For some time past a rumor has been current of another sensation that would shortly be sprung and one that would settle the affairs of the institution once and for all. It has also been stated that Rickey might take the bank over, pay dollar for dollar and take a chance on the securities of the institution to get his money back. The first report mentioned has found its way into print and the following concerning it is given in the Reno Journal of today. "Stockholders and depositors of the State Bank and Trust Company are beinning to wonder what is about to come off. The first note of alarm was when the scandal over the permium for the bonds of $1,000,000 was made up by several surety companies and it is claimed that one man was about to take unto himself nearly all the premium, which was in excess of the amount quoted about $1500 when he was discovered. The bond was thrown up and a new bond, a personal bond was made out. On this bond which in the meantime had been reduced to $250,000, are men who are closely identified with the management of the Farmers and Merchants National Bank of this city, the Kirman-Mack interests. Mack is the attorney for the receiver and it is stated his appointment was synonomous with that of the appointment of the receiver and dictated by the same interests as that dictated the appointment of the receiver. It is stated that the Farmers & Merchants Bank secured some $18,000 in securities from the State Bank and Trust Company after the doors were closed and this with the Mackenzie deal, in which the latter got his deposit and with the other deals in which others got their mon ey by "trading" their accounts, are held to be strictly illegal. Stockholders and depositors are

16. September 10, 1908 Carson City Daily Appeal Carson City, NV

Article from Carson City Daily Appeal, September 10, 1908

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Receiver Wildes Brings Suit RENO, Sept. 10.-A suit was filed in the District Court yesterday by the State Bank and Trust Company through Receiver Wildes, to recover $1840.40 from J. H. Berghauser an. John Doe Hopkins, the firm of Berghauser & Company of Goldfield, on a note with interest from January 12, 1907. This is one of many similar suits to be brought by the receiver to settle pending accounts and judgments against debtors to the institutution.

17. December 26, 1908 Carson City Daily Appeal Carson City, NV

Article from Carson City Daily Appeal, December 26, 1908

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PUT $300,000 WORTH OF STOCK ON MARKET Court Orders all Sullivan Stocks Held by State Bank to the Farmers & Merchants with the bank. Another deal was consummated These stocks will be transferred today in court, by the Receiver of the State Bank and Trust Compau.v to the Farmers' and Merchants' Bank and others concerned whereJy the at Reno.. Stock in 18 companies is involved bank may receive about 40 per cent of about $300,000 for the benefit of and it is believed that they can be handled in such a manner as to reits creditors. This deal involves the stocks held turn the greater portion of the cash advanced upon them. There is no by the bank as trustee of the seillimitation as to the price to be paid irg committee appointed after the upon them. They are all Sullivan failure of the Sullivan company ti securities and some are good. Othhoid or dispose of the stocks hypoers are notoriously bad. thecated by the Sullivan company