14639. State Bank and Trust Company (Tonopah, NV)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 23, 1907
Location
Tonopah, Nevada (38.067, -117.230)

Metadata

Model
gpt-5-mini
Short Digest
775bf16b

Response Measures

None

Description

The State Bank and Trust Company closed/suspended on Oct 23, 1907 and never reopened; a receiver was later appointed and extensive criminal investigations followed. Articles explicitly state there were no runs of any consequence after the suspension. Causes include adverse bank-specific problems (overextended loans on mining securities, later allegations of embezzlement/missing securities) and market decline.

Events (4)
1. October 23, 1907 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed after trying to carry its clients on securities which fell in market value; paid out large sums in prior weeks and later grand-jury reports allege missing securities/embezzlement.
Newspaper Excerpt
evidence has been introduced before the Grand Jury showing that on October 23, 1907, at about 11 o'clock a. m. of that day, the State Bank and Trust Company closed its doors and suspended business
Source
newspapers
2. November 1, 1907* Other
Newspaper Excerpt
There are no croakers here, and the people were quick to recover from the daze into which they were thrown by the announcement of the suspension of the State Bank and Trust company... Cashier Cushman... received the telegram to close the bank, and discharge the employes. He could give no further explanation than that the bank had tried to do too much when it essayed to carry its clients, on securities, which the fall in the market made no securities at all.
Source
newspapers
3. February 1, 1908* Other
Newspaper Excerpt
Through the State Bank Examiner we demanded the report... after the suspending of the State Bank and Trust Company... Grand Jury investigation concerning the commission of certain alleged crimes and felonies by the officers, agents, tellers and clerks of the State Bank and Trust Company.
Source
newspapers
4. January 14, 1910 Receivership
Newspaper Excerpt
the State Bank and Trust Company Building... Frank P. Wildes, Receiver of the State Bank and Trust Company, one of the defendants in the above entitled action, personally ... Filed January 14, 1910.
Source
newspapers

Newspaper Articles (20)
1. October 26, 1907 The Goldfield News Goldfield, NV
Article from The Goldfield News, October 26, 1907

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Tonopah. Oct. 25.-This has been a strenuous week for Tonopah, but that the worst has passed, is the conviction of everybody. There are no croakers here, and the people were quick to recover from the daze into which they were thrown by the announcement of the suspension of the State Bank and Trust company. The closing of the doors of the institution came like a thunderclap from a clear sky; although there now are found one or two who "knew it was coming." These people knew more than did Cashier Cushman, who was well nigh prostrated when he received the telegram to close the bank, and discharge the employes. He could give no further explanation than that the bank had tried to do too much when it essayed to carry its clients, on securities, which the fall in the market made no securities at all. Mr. Cushman has declared that the bank will still continue to carry these clients, and will find another way of paying its depositors than by forcing anybody to the wall. No runs of any consequence followed the suspension of the State Bank, but were it not for the action of Governor Sparks in declaring the legal holidays, the general impression is that there would have been a great many institutions in the state, gone the way of the State Bank and Trust company. There were not a few demands made on the Nye & Ormsby bank on Wednesday, but the bank declared that it was not seriously embarrassed. It was feared that the morrow might bring trouble, and it was decided by Frank Golden to close all the branches of the bank on Thursday morning. George Wingfield was over here on Wednesday night with several sacks of twenty dollar pieces for the greater safety of the Tonopah Banking Corporation, and he refused to co-operate with the other banks to the extent of closing up the Wingfield and Nixon bank. In the general distress personalities cropped out. Golden, of the Nye & Ormsby has a strong dislike for Thomas Rickey of the State Bank & Trust company, and Nixon loves Golden as the devil does holy water. A plan was essayed for the aid of everybody, and Wingfield was asked to close up his banks, but he refused to do so. The story is that Frank Golden, who is close to the governor, went to him, and explained that the banks of the state were in a very bad condition, with regard to ready money, and that the best thing that could be done was to declare a number of holidays, as was done in the days of San Francisco's disaster. The governor lent a willing ear. and the thing was done. Wingfield was much disappointed, but he declared that his banks were ready to hand out the money to their depositors at any time. When the holiday was declared the brokers and bankers here wired to the San Francisco Stock and Exchange Board, urgently requesting the brokers to close up as every bank in Nevada had closed its doors in consequence of the enforced holidays. The San Francisco board did not refuse to accede to the wishes of the Tonopah men, but sent a reply to the effect that the keeping of the board open would be the strongest argument that could be made to the east of the stability of Nevada's stocks. The bears in the market had jumped on the Nevada stocks in the morning, and had borne them away down. This was more than the people of Tonopah could bear with patience, and soon the wires were singing with buying orders into San Francisco. The result was that the market steadied and then rebounded several points above the break of the morning. The demand here was principally for Jim Butler, Midway, Belmont and the other stocks on the hill. There was money and plenty of it dug up from some where, and it all went into the stock market, and helped to sustain

2. October 29, 1907 The White Pine News Ely, NV
Article from The White Pine News, October 29, 1907

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# RICKEY ENDEAVORING # TO SECURE CAPITAL WILL REQUIRE TWO MILLIONS TO MEET ALL DEMANDS IN FIVE BANKS. SAN FRANCISCO, Oct. 28-Strenuous efforts are being made by Thomas B. Rickey, president of the State bank and Trust Company, the institution which closed its doors in five cities of Nevada, Wednesday, to arrange to open for business again this week. Rickey has been in this city for several days in consultation with leading local bankers with a view to securing sufficient cash to meet all the demands of depositors when the bank opens. He estimates that $2,000,000 in cash will be required to pay depositors as soon as the bank's doors are opened. Governor Sparks, of Nevada, has declared a legal holiday until yesterday, in order to give the bank officials an opportunity to realize on the great block of securities which they hold for collateral for loans, but President Rickey thinks that the holidays should be continued a few days longer in view of the conditions of the money market. When seen yesterday at the Fairmont, he said: "The financial difficulties of the State Bank and Trust Company, in common with all other financial institutions interested in the Nevada gold fields, is primarily due to labor troubles which have so seriously interfered with the development of all mining properties in the state. All calculations have been upset by the continued labor disturbances. Investors have been frightened away. Business men have found it impossible to meet their obligations to the banks, the market for mining securities has become depressed and things are practically at a standstill. "Our bank has a paid-up capital of $200,000 and a surplus of $204,000. In making loans we have always pursued a most conservative policy. On all clases of mining securities we have never loaned more than one-quarter to one-fifth of their value, so today we have four or five times the value of our outstanding loans in colateral, but the money stringency in New York, the failure of the Knickerbocker Trust Company and the general disposition of people to withdraw their savings and hoard them in safe deposit vaults until the situation clears makes it difficult for us to realize on these securities. "During the past six weeks we have paid out to depositors $2,000,000, and I estimate that as much more will be required in cash to meet the demands of depositors the minute we open again. I think I can safely say that no depositor of the State Bank and Trust Company will lose one dollar, but until I have made a thorough examination of every branch of the bank in Tonopah, Carson, Goldfield, Manhattan and Blair-I cannot give out a definite statement, and I cannot say when we shall open." When asked whether a receiver

3. November 9, 1907 Tonopah Bonanza Tonopah, Butler, NV
Article from Tonopah Bonanza, November 9, 1907

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Tonopah's Business Outlook Is Very Good Tonopah is known by name and found fresh fruits and vegetables from the markets of California. reputation all over the world, wherTonopah has two banks at least, ever the English language is spoken. which do not have to take a back The name is synonymous with wealth seat from any of those in the State, and stability. It is the bulwark of or any other State, for the amount of business that is done. These are this great southern country, and from the Tonopah Banking Corporation the view point of construction and and the Nevada First National Bank. business worth, is most satisfying to The former is one of Wingfield and Nixon's banks, with the John S. Cook the visitor who comes here for the bank in Goldfield as its corresponfirst time. This was the judgment dent. During the holidays following of the Los Angeles merchants, busithesuspension of the State Bank and ness men and bankers, who were Trust Company, the Tonopah Bankhere some months ago, after passing ing Corporation closed for the first through the southern camps, and three days, out of courtesy to the seeing, as they supposed, all that Governor, but there never was a there was to be seen. It is the judgtime, during banking hours, when ment of all observers who come to the doors were locked. The bank this country. They are attracted by was doing business all the time for the big buildings, the solid structhe accommodation of its clients. tures, the improvements, and the This bank, like the John S. Cook business that is being done, whether of Goldfield, was opposed to closing times are dull or not. at all, and there never was a time Tonopah long since outgrew the when a run could have caught either provincialism of the mining camp, one of them. Each had enough to and can boast of many of the imgo on for two days, anyhow, and beprovements of the metropolitan cities. fore the end of the second day, there It is supplied with a sewer system, was half a million dollars sent in a gas plant for heating and lighthere and to Goldfield for the two ng, and an electric plant for the banks. On the day of the opening, ame purposes; a water plant from the local bank took in over a hundred which water is piped through the thousand dollars, and the deposits of ity, and most of the conveniences the John S. Cook were $250,000. and comforts of the modern burg. The Nevada First National Bank The support of the public utilities was not troubled by the local condishow better than anything else the tions, but for banking manners, closprogress and prosperity of a town. ed for the first three holidays, with The Nevada Light and Power Comone door opened. It did this on the pany has put in more lights through advice of the Comptroller of the Curhe residence and business sections rency, but of its own initiative reof the city during the past month fused to recognize the second batch han ever before. The current is of holidays, and opened on last Monised for all practical purposes, lightday, with the result that there were ng, heating, cooking and the like. received $50,000, and there were The Tonopah United Water Comwithdrawn less than $3000. any has been branching out in all

4. November 9, 1907 The White Pine News Ely, NV
Article from The White Pine News, November 9, 1907

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LOYAL MINERS OF MOHAWK EXTENSION SUSPENDED BANK AND TIED UP FUNDS OF MANAGEMENT DID NOT STOP THEIR WORK. On the day the State Bank and Trust company temporarily closed its doors, Walter D. O'Brien, the manager of the Mohawk Extension Mining company, went out to the mine for the purpose of laying off the men, as the company's money was in state bank, says the Tonopah Review. He met the superintendent underground and explained the situation to him, stating the men would have to be laid off until the bank opened its doors. The superintendent said to Mr. O'Brien: "It is unfortunate to have to stop work at this time for the reason that we will cut a ledge in the next sixty or seventy feet that runs from the Mohawk to the Silver Pick. On the Silver Pick they have the ledge on the 180 foot level. As we are drifting now on the 300 foot level, it makes us 120 feet lower and the ledge should make good ore. For that reason I world like to see the work continued until we cut that shoot." The superintendent further stated that he would interview the men working and suggest that they work for stock at the market price instead of cash until the bank opened. The next day the superintendent came to Mr. O'Brien's office and informed him that the mine was still working and that the men had agreed to accept stock in payment for their wages instead of cash, and the mine is now working. The company shaft on the Mohawk Extension Mining company has never stopped working since the incorporation of the company. The shaft is down 315 feet and 500 feet of drifts have been run. The drift on the 300 foot level is now being run south to cut the ledge mentioned above.

5. December 21, 1907 Tonopah Bonanza Tonopah, Butler, NV
Article from Tonopah Bonanza, December 21, 1907

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# EDITORIAL COMMENT # WHY NOT OPEN THE SOLVENT BANKS? We have up to this time refrained from going into the case of the closed banks in this State; but we feel that the time has come when to remain silent any longer would not be subserving the best interests of the State and of this community in particular. The Bonanza this morning feels impelled to ask the question that has been uppermost in the minds of everybody for the past two months: "When are the State Bank and Trust Company and the Nye and Ormsby County Bank going to open, and how are they going to pay their depositors?" The Bank Commission, through the State Bank Examiner, has examined the banks and has pronounced both of them solvent. Now, if the banks are solvent, why do they not open, and why do they not pay their depositors? In the same sentence that the Bank Commissioners declared both banks solvent, they urge upon the depositors that they sign the agreements to accept ten per cent of their money in three months after the banks open. The Commission says the banks are solvent; T. B. Rickey and his directors say that the State Bank and Trust Company is solvent; Frank Golden and his directors say that the Nye and Ormsby is solvent; then why do not the banks open? Rickey has pledged his private fortune to the depositors of his bank; and Frank Golden, not to be out-done by Rickey, has pledged his private fortune to his depositors. Then why do the banks not open? It is quite evident that the bankers have been indulging in a game of bluff. When a receiver for each bank was mentioned there was a virtuous howl of indignation went up from the president and their directors. There was talk of bringing in reserves, but those reserve funds have as yet failed to materialize, and the banks have failed to open. They have been closed two months, and we would like to be informed where there is any warrant in law for such a proceeding? We would like to know where there is any other State that would have stood for such trifling. In Other States the actions have been prompt and expedient. In this State the bankers tell the depositors that they must wait until they get good and ready to open and give them back their money. In other States there are bankers in jail because they cannot pay their depositors. We are not advocating any such strenuous measures in this community, but the Bonanza is the organ of the people and is going to insist on the people receiving fair play. Time and again we have been assured that the banks are going to open. Now, we are told that they may open on January 2d. When the Nye and Ormsby closed its doors, we were told that the bank wanted time in which to get in its reserve funds, which would not occupy more than a few days. Then the Governor of the State went to the rescue of the banks by declaring legal holidays for indefinite periods, and the Nye and Ormsby posted a notice on its doors that the bank was closed in consequence of the holidays. Then the statement was made that the bank had to close on account of holding the paper of the State Bank and Trust Company. This was specifically denied by the State Bank and Trust Company. Now both banks seem to be operating on a mutual salvation basis, their policy being what is best for the banks, unmindful of what is best for the depositors, or of the rights of the depositors. True, they had holidays in California, and that they have them yet. But during the holidays there was a run on the California Safe Deposit and Trust Company, and holiday or no holiday, the bank was forced to close its doors. The directors and the president declared that the institution was solvent, and they were given shrift to prove their assertions. The Bank Commission stepped in right away, and demanded to be shown. The president of the bank was given time in which to reach San Francisco from the East, and shortly thereafter the Attorney General was asked for permission to commence proceedings against the bank. There were securities missing, and three of the officials were swooped down upon and landed in jail. These gentlemen were not permitted to tell their depositors that they must sign an agreement and wait for their money a year. Cashier Cushman, in an interview last night, tells what will befall the depositors who may not sign the agreement. "There may be several suits started,' he says, "but the bank will find protection in the report of the State Bank Commissioners. Suits of that kind would take several years to settle and it is a question in my mind whether any would be started." How's this? Are the banks governing the Bank Commission and the courts as well? Several years to get the money which was so confidently placed in the keeping of the banks by the depositors? This is then how it is proposed to pay the depositors. If they cannot pay the ten per cent in three months, why then those who have signed the agreement will have to wait until the banks can pay it. They may have to wait several years. And Mr. Rickey and Mr. Golden each says that his bank is solvent. And Mr. Rickey and Mr. Golden each says that his private fortune is behind his bank. Several years behind them, doubtless. It is pretty near time that both banks issued a statement which would be intelligible reading to the public, and showed the depositors just where they stand. The statement issued by the Bank Commission is a farce. The report of the Commission s an abortion; it is a disgrace to the State, and the saddest part of it is the signature of Governor Sparks at the head of the Commission. If a report like that were to be made to the Comptroller of Currency, somebody's head would go into the basket and somebody would be ridiculed out of office. The Bonanza is not going to let this matter rest where it is. This paper will follow up the proposition until it is ascertained what are the rights of the depositors, and how far the law can reach into the affairs of the banks. We demand to know, if the banks are solvent, why do they not open; if they are solvent, why are they not paying their depositors?

6. February 19, 1908 Tonopah Daily Bonanza Tonopah, NV
Article from Tonopah Daily Bonanza, February 19, 1908

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BANKING COMMITTEE ON THE REPORTS TO THE GRAND JURY OF NYE COUNTY: esPerhaps one of the that most has sential investigations the session of taken this place body during has has been been the made examination which condition and into the affairs, State Bank and standing of the in this reCompany, and proposes Trust this committee in to be of its spect no respector of persons duty. prosecution the Disthe the advice of Grand trict Under Attorney's office, the them the called before other Jury Bank Examiner, and of State for the purpose would testimony which us as to the on moneys placed tion with the institution State Bank that some months ago and refused to action depositors. blocked eliciting enlighten posit legitimate witnesses as Company, doors ing the of institution and Our closed disposi- pay known Trust hav- de- its its the first has been the ofretarded from and diverted by and of the State Bank the apticials Company, and by dealings Trust negligence, lax State ofparent transactions of the law, and who, under the proficials have months ago and should in this matter brought ceeded justice to its proper end. Our request made by Bank your of the State its committee Trust Company, through to and Mr. E. B. Cushman, various cashier, inspect personally the the bank and liabilities of the assets to inspect or ascertain money and through which bank, avenues diverted from the and dewas with disapproval offif met at the hands of that we 1 nial and his attorney, and for the cial compelled to resort 1 were being to such information an intime could be obtained from us by e as complete report made to but State Bank Examiner, other V the which report and given e evidences from which has been beg e and placed before us, honorable we. us to say to this when it r leave that words fail us condeme body to expressing our mancomes of the manner of affairs agement nation of the business Hundreds institution. of S of that hundreds of thousands the ine dollars and were given out of most h stitution, secured by collateral. the e and frivolous and deflimsy The earnings. savings large of the people at posits to have been ruthlessly stead shuffled seem away and in its remains in most instances in there paper collateral, which. and alonly estimation, is now trivour has been a poor and of ways ial security for the thousands dollars which it represents. Through the State Bank Exwe demanded the report of aminer made to the State Board 16th Bank as Commissioners on the of November. 1907. shortly of the day the suspending after Bank and Trust Company. and State which report under the law. 11 of especially under Section office law which created the the the State Bank Examiner. Sexof on page 282 of the it found Laws of 1907. provides ofsion should be kept on file in the Es. fice of the said State Bank aminer. demand was blocked by Our advice of the Attorney Gen- by eral the in a telegram received

7. February 21, 1908 Tonopah Daily Bonanza Tonopah, NV
Article from Tonopah Daily Bonanza, February 21, 1908

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SCRAPPY SCENES AT THE MEETING OF DEPOSITORS Not Allowed to Agreement Submitted by ReTrade Accounts habilitation Committee on There will be no more tradBehalf of Mackenzie Is Reing of accounts in the State Bank and Trust Company. Word was received yesterday ceived in Half-Hearted Way by Cashier Cushman to cease all business, and the bank is prac--Dunlap and Platt Cross tically closed. It has been the trading of Swords. the accounts which has given rise to so much unfavorable comment on the bank, but it could not be avoided while the banks were open for business, The proposition of the Rehabilitation Committee of the State when they were supposed to be Bank and Trust Company is that D. Mackenzie of Goldfield, closed. The orders to suspend broker, promoter and mine operator, be entrusted with the manbusiness came from Vice-Presiagement of the bank, in consideration of putting up $150,009 in dent Myers at Carson, and the securities. The securities are to be placed in escrow in the John presumption is that he was orS. Cook bank of Goldfield, as a guarantee that the 10 per cent of dered to take this course by the deposits will be paid at the expiration of ninety days. After Bank Examiner Miller. this the bank must take care of itself. When the latter left here it was said that he was going to This is the way that the matter was put up to the depositors issue such an order to Cashier of the local branch, at the meeting of the depositors at Miners' hall last night. J. T. Shaw, chairman of the Rehabilitation ComDavis, and report to the Bank Commissioners that he had done mittee, addressed the meeting, or the first part of it, for the reason that the others were not present. In answer to a question so, and that furthermore he of Attorney Key Pittman to the effect that if the local deposiwas going to recommend that a tors were to put up securities to the amount of $150,000, would receiver be appointed. they be accorded the privilege given to Mackenzie, Mr. Shaw said

8. February 24, 1908 The Eureka Sentinel Eureka, Tonopah, NV
Article from The Eureka Sentinel, February 24, 1908

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No Whitewash In This Report trivial security for the thousands of he following is taken from the reof the Banking Committee of the dollars which it represents. County Grand Jury filed with Attorney General Retards Investigation O'Brien st Tonopah last Mon"Through the State Bank Examiner we demanded the report as made to the Perhaps one of the most essential State Board of Bank Commissioners on estigations that has taken place durthe 16th day of November 1907, shortly the session of this body has been after the suspending of the State Bank examination which has been made & Trust Company, which report, under the affairs, condition and standing the law. and especially under section 11 he State Bank and Trust Company, of the law which created the office of in this respect this committee prothe State Bank Examiner, found on to be no respecter of persons in page 232 of the session laws of 1907, prosecution of its duty. Under the provides it should be kept on file in the of the District Attorney's office, office of said State Bank Examiner. Grand Jury called before them the "Our demand was blocked by the adState Bank Examiner and other vice of the Attorney General in a telenesses for the purpose of eliciting gram received by State Examiner Miller imony which would enlighten us as from him, excluding from our observahe disposition of moneys placed on tion and inspection that report which with the institution known as he made to the State Bank CommissionState Bank and Trust Company, ers on the 16th day of November, 1907, institution having some months and after much insistence on our part a closed its doors and refused to pay duplicate statement of the report was egitimate debtors. forwarded by the Bank Examiner to the State Bank Commission Censured State Board of Bank Examiners. Our action from the first has been "By reason of the incomplete nature of some of the evidence before us as to retarded and diverted by the of the State Bank and Trust the crimes and omissions suggested npany and by the apparent negliherein we beg leave torequest this body that we submit to the honorable court lax dealings and transactions of State officials who, under the law, that it is our desire, if we adjourn at have, months ago, proceeded in this time, to adjourn subject to the call of our chairman and that when the aumatter and brought justice to its end. thorities have secured the proper and We find the liabilites of the institucomplete evidence which will warrant on that date $378,938.42 in excess our final action in this matter, that we resources. In other words, it was be called together by the call of the $400,000 short of being able to chairman or the District Attorney, and its liabilities. that the evidence be presented at that As to the violation of this criminal time. In this respect we recommend that we beg leave to submit that evithe officials of Nye County and of this is before this body, incomplete in court lend their untiring aid to the Disbut sufficient for this body to detrict Attorney in his efforts to bring beby its voice that a crime has been fore this body the proper evidence, in mitted and that that crime is emorder that the steps of this body may be zlement, and that deposits without guided along the lines where our ultimate action will be absolute and certain" were received on the 22nd day October. 1907. and that the officers of

9. March 5, 1908 Tonopah Daily Bonanza Tonopah, NV
Article from Tonopah Daily Bonanza, March 5, 1908

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An order to this effect was made yesterday by Judge O'Brien on the motion of District Attorney McCarran that the books be produced. The decision recites the causes which led up to the motion, to wit: That there is pending before the Grand Jury of Nye county an investigation concerning the commission of certain al. leged crimes and felonies by the officers, agents, tellers and clerks of the State Bank and Trust Company: also that evidence has been introduced before the Grand Jury showing that on October 23, 1907, at about 11 o'clock a. m. of that day, the State Bank and Trust Company closed its doors and suspended business and that its business has been suspended ever since; that evidence has also been introduced before the Grand Jury showing that the State

10. March 27, 1908 Carson City Daily Appeal Carson City, NV
Article from Carson City Daily Appeal, March 27, 1908

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BUYING UP STATE BANK DEPOSITS Tonopah Attorney Making Offer to Depositors in Suspended Institution J. H. Morris, a Tonopah attorney is one year. dollar for dollar. As it will be necessary to secure in this city today buying up deposits in the State Bank and Trust Company enough to cover the entire indebtedness of my client to the bank I am for one Blumenthal of Tonopah. only making the necessary arrangeMr. Morri sis desirous of purchasments but as soon as the desired aming deposits 10 the amount of $16,500 ount is secured we will immediately and this afternoon made arrangements close the deals." for nearly that amount if not all. In speaking of a receiver. Mr. MorIn speaking of his visit to this city ris said: Mr. Morris said: "I am of the opinion that a receiver "My client owes the State Bank will be appointed in a very short and Trust Company $16,500 and feartime. That also is the opinion of the ing the appointment of a receiver for people of Tonopah and the appointthe bank is desirous of setting his ment is looked for at any time now. account before such action is taken Mr. Morris is also offering some SilI have several propositions to present to depositors who are desirous ver Peak mining stock at securities I for deposits and this afternoon a numof getting rid of their deposits. will pay fifty cents on the dollar ber of depositors arranged to turn cash for them now, or I will give their deposits over to him for this them endorsed notes covering the stock as securities. Over $10,000 was amount of their deposits payable in represented in this one deal.

11. May 7, 1908 Tonopah Daily Bonanza Tonopah, NV
Article from Tonopah Daily Bonanza, May 7, 1908

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FILE DEMURRER IN BANK CASE Demurrers were filed yesterday in the suit for the appointment of a receiver for the State Bank and Trust Company, filed by Attorney General Stoddard on the order of the State Bank Commission. The demurrers were filed by Attorney Sam Platt who is representing the bank in the case. Judge Langan has signified his intention of being here on the 15th of the month for the purpose of hearing the case and preparations are being made by the actorneys to argue it at that time. The directors of the bank are still working hard on the proposition of opening the institution by levying an assessment of $100 a share on each share of stock. So far as known the affairs of the institution now are just about the same as they were several days ago.

12. March 4, 1909 Tonopah Daily Bonanza Tonopah, NV
Article from Tonopah Daily Bonanza, March 4, 1909

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SOLLENDER IS SUED. Suit was entered Tuesday by the receiver of the State Bank and Trust company against W. B. Sollender of Tonopah on a promissory note drawn for $30,000 upon which less than $5200 has been paid. The complaint sues for $24,883.01 and attorneys' fees of $3000. The action was commenced in the district court in Carson City.

13. January 14, 1910 Carson City Daily Appeal Carson City, NV
Article from Carson City Daily Appeal, January 14, 1910

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on the said judgment mentioned and described in said petition, to the Sheriff of the County of Nye; and that this Honorable Court grant leave and permission to said Sheriff to levy the same on the said lot of land in the Town of Tonopah, County of Nye, State of Nevada, described in said petition, and known as and called State Bank and Trust Company Building, in said Tonopah, County of Nye, and State of Nevada, and that said Sherin may sell the said lot and building after giving the notices and tak. ing the steps required by law, in satisfaction of the said judgment and judgment lien mentioned and described in said intervening petition. and that petitioner may have the right to bid at such sale by said Sheriff, and for all other, further and proper relief that may be meet and equitable in the premises: IT IS ORDERED that all persons interested in the above entitled action and estate appear before the said District Court of the First Judicial District of the State of Nevada, in and for the County of Ormsby on Saturday, the 29th day of January A. D. 1910, at the hour of 10 o'clock A. M. of said day or as soon thereafter as counsel can be heard, at the Courtroom of said Court in the City of Carson, County of Ormsby, State of Nevada, to show cause, if any they have, why the prayer of said intervening petition should not be granted. IT IS FURTHER ORDERED that a copy of this order to show cause, and 1 of the said intervening petition be S served upon Frank L. Wildes, Ref ceiver of the State Bank and Trust Company, one of the defendants in r the above entitled action, personally and further that a copy of this order be published for at least ten days consecutively, next preceding said day, in The Carson City Daily Appeal, a newspaper printed and published in the said County of Ormsby, State of Nevada. FRANK P. LANGAN, Endorsed: District Judge Filed January 14, 1910. E. O. PATTERSON, Clerk.

14. January 14, 1910 Carson City Daily Appeal Carson City, NV
Article from Carson City Daily Appeal, January 14, 1910

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On reading and filing the intervening petition of Gaston M. Ashe in the above entitled action duly verified, praying this Honorable Court that the petitioner may have leave to file said intervening petition, in said above entitled action, and that he may be permitted to become a party to said above entitled action, in order to protect and enforce a certain judgment lien described in said petition; that this Court may determine the priority of said judgment lien, and decree the same to be prior in time and right and paramount and superior to the rights of all the creditors of the said defendant, in the above entitied action, State Bank and Trust Company, and of said State Bank and Trust Company and of Frank L. Wildes, its receiver, upon the State Bank and Trust Company Building in Tonopah, Nye County, State of Nevada. That this Honorable Court do order and decree that the said judgment mentioned and described in the said petition, be paid by said receiver as a preferred claim out of the assets of the said State Bank and Trust Company in the hands of said receiver; or that this Honorable Court grant leave to petitioner to issue execution

15. January 17, 1910 Carson City Daily Appeal Carson City, NV
Article from Carson City Daily Appeal, January 17, 1910

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ORDER TO SHOW CAUSE IN THE DISTRICT COURT OF THE FIRST JUDICIAL DISTRICT OF THE STATE OF NEVADA, IN AND FOR THE COUNTY OF ORMSBY. THE STATE OF NEVADA, on the Re. lation of John Sparks, W. G. Douglas and D. M. Ryan, Constituting the Board of Bank Commissioners of the State of Nevada. Plaintiff. vs. THE STATE BANK AND TRUST COMPANY, a corporation, et al., defendants. On reading and filing the intervening petition of Gaston M. Ashe in the above entitled action duly verified. praying this Honorable Court that the petitioner may have leave to file said intervening petition, in said above entitled action. and that he may be permitted to become a party to said above entitled action, in order to protect and enforce a certain judgment lien described in said petition: that this Court may determine the priority of said judgment lien, and decree the same to be prior in time and right and paramount and superior to the rights of all the creditors of the said defendant. in the above entitied action. State Bank and Trust Company. and of said State Bank and Trust Company and of Frank L. Wildes, its receiver. upon the State Bank and Trust Company Building in Tonopah, Nye County, State of Nevada. That this Honorable Court do order and decree that the said judgment mentioned and described in the said petition, be paid by said receiver as a preferred claim out of the assets of the said State Bank and Trust Company in the hands of said receiver; or that this Honorable Court grant leave to petitioner to issue execution on the said judgment mentioned and described in said petition. to the Sheriff of the County of Nye; and that this Honorable Court grant leave and permission to said Sheriff to levy the same on the said lot of land in the Town of Tonopah, County of Nye, State of Nevada, described in said petition, and known as and called State Bank and Trust Company Building, in said Tonopah. County of Nye, and State of Nevada, and that said Sheriff may sell the said lot and building after giving the notices and tak. ing the steps required by law, in satisfaction of the said judgment and judgment lien mentioned and described in said intervening petition. and that petitioner may have the right to bid at such sale by said Sheriff, and for all other, further and proper relief that may be meet and equitable in the premises: IT IS ORDERED that all persons interested in the above entitled action and estate appear before the said District Court of the First Judicial District of the State of Nevada, in and for the County of Ormsby on Saturday, the 29th day of January A. D. 1910, at the hour of 10 o'clock A. M. of said day or as soon thereafter as counsel can be heard, at the Courtroom of said Court in the City of Carson, County of Ormsby, State of Nevada, to show cause, if any they have, why the prayer of said intervening petition should not be granted. IT IS FURTHER ORDERED that a copy of this order to show cause, and of the said intervening petition be

16. January 18, 1910 Carson City Daily Appeal Carson City, NV
Article from Carson City Daily Appeal, January 18, 1910

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ORDER TO SHOW CAUSE IN THE DISTRICT COURT OF THE FIRST JUDICIAL DISTRICT OF THE STATE OF NEVADA, IN AND FOR THE COUNTY OF ORMSBY. THE STATE OF NEVADA, on the Re lation of John Sparks, W. G. Douglas and D. M. Ryan, Constituting the Board of Bank Commissioners of the State of Nevada, Plaintiff. vs. THE STATE BANK AND TRUST COMPANY, a corporation, et al., defendants. On reading and filing the intervening petition of Gaston M. Ashe in the above entitled action duly verified, praying this Honorable Court that the petitioner may have leave to file said intervening petition, in said above. entitled action, and that he may be permitted to become a party to said above entitled action, in order to protect and enforce a certain judgment lien described in said petition; that this Court may determine the priority of said judgment lien. and decree the same to be prior in time and right and paramount and superior to the rights of all the creditors of the said defendant, in the above entitied action. State Bank and Trust Company. and of said State Bank and Trust Company and of Frank L. Wildes, its receiver. upon the State Bank and Trust Company Building in Tonopah, Nye County, State of Nevada. That this Honorable Court do order and decree that the said judgment mentioned and described in the said petition. be paid by said receiver as a preferred claim out of the assets of the said State Bank and Trust Company in the hands of said receiver: or that this Honorable Court grant leave to petitioner to issue execution on the said judgment mentioned and described in said petition. to the Sheriff of the County of Nye; and that this Honorable Court grant leave and permission to said Sheriff to levy the same on the said lot of land in the Town of Tonopah, County of Nye, State of Nevada, described in said petition. and known as and calied State Bank and Trust Company Building, in said Tonopah, County of Nye, and State of Nevada, and that said Sheriff may sell the said lot and building after giving the notices and tak ing the steps required by law, in satisfaction of the said judgment and judgment lien mentioned and described in said intervening petition. and that petitioner may have the right to bid at such sale by said Sheriff, and for all other, further and proper relief that may be meet and equitable in the premises: IT IS ORDERED that all persons interested in the above entitled action and estate appear before the said District Court of the First Judicial District of the State of Nevada, in and for the County of Ormsby on Saturday, the 29th day of January A. D. 1910, at the hour of 10 o'clock A. M. of said day or as soon thereafter as counsel can be heard, at the Courtroom of said Court in the City of Carson, County of Ormsby, State of Nevada, to show cause, if any they have. why the prayer of said intervening petition should not be granted. IT IS FURTHER ORDERED that a copy of this order to show cause, and of the said intervening petition be served upon Frank L. Wildes, Receiver of the State Bank and Trust Company, one of the defendants in the above entitled action, personally and further that a copy of this order be published for at least ten days consecutively, next preceding said day, in The Carson City Daily Appeal, a newspaper printed and published in the said County of Ormsby, State of Nevada. FRANK P. LANGAN.

17. January 29, 1910 Carson City Daily Appeal Carson City, NV
Article from Carson City Daily Appeal, January 29, 1910

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SURPRISE SPRUNG IN STATE BANK CASE Petition Filed Asking For a Through Accounting in All Department by the Receiver. Other Case Goes Over The State Bank muddle was stirred amounts involved, the amounts recovered or if the cases were lost. up again today in the District Court. The petition asks that the receiver The court opened with a petition state the amount of money he has repraying that a certain debt due San ceived personally for salary, that a Francisco creditors be paid. It apname of each depositor be rendered pears that this firm furnished supwho has or has not received the beneplies to the State Bank building in fits of the two dividends. Tonopah and the bill amounted to some $7,000. That the bill was allow. The petition concludes by praying that the receiver shall take legal ed by the Nye County court before the steps to collect all outstanding debts bank was placed in the hands of a regardless of trades and switching receiver. The petition asks that the of accounts. sheriff of Nye county be allowed to After the reading of the petition sell the bank property in order to Judge Langan took the matter under satisfy the judgment. Judge Langan advisement and ordered the attorneys took up the matter and set February to file a copy of the petition with him. 14th as a day when the matter will be heard. Receiver Wildes on being asked The court was then handed another what action would be taken by him petition by Roberts and Sanford who in the matter and what effect it would have said: are representing depositors to the "The petition asks for an accountamount of over $100,000. They petitioned the court for many things in ing by me of the State Bank and connection with the bank. First that Trust Company affairs. This accounta complete report of all stocks and ing will be forthcoming at the proper bonds, etc. be filed and their chartime. The work of adjusting affairs will go on just the same as before acter. Second, that an accounting of all sales of such stocks or bonds beand as fast as possible the matters will b e turned over to the court." made by the receiver of the bank. After the reading of the petition Third, that a full accounting of all the court ordered the attorneys to moneys be made by the receiver, such prepare their order and prayer. It as employes and expenses. That an is likely that the judge will sign the accounting of ail legal fees paid to order this afternoon. others than Mack and Green: that Mack and Green render their account The opening of the case under the of fees and expenses. order seems to complicate matters Also that the receiver of the Bank further, and brings the settdement of the State Bank cases into new chanrender a statement of the suits filed in Nevada and elsewhere and the nels.

18. May 19, 1910 Tonopah Daily Bonanza Tonopah, NV
Article from Tonopah Daily Bonanza, May 19, 1910

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# ELKS WILL # SOON OWN THEIR # OWN HOME - SECURE OPTION ON SOLLENDER BUILDING FROM STATE BANK AND TRUST CO. Tonopah lodge No. 1062, Benevolent and Protective Order of Elks, yesterday secured an option on the Sollender building, where the club rooms are located, and will take over the property within the next month or two. This move has long been contemplated and it was finally decided to purchase the building at the regular meeting, Tuesday night. Captain George W. Thatcher was appointed to make the negotiations and yesterday afternoon secured the option from Fred Seymour, who represents Fred S. Wildes, receiver for the State Bank and Trust company. During the last year the Elks have occupied the upper floor of the building, many improvements have been made to the premises and now it is planned to transform the building into a regular Elks' home. It will be made one of the most attractive homes in the west.

19. March 16, 1911 Tonopah Daily Bonanza Tonopah, NV
Article from Tonopah Daily Bonanza, March 16, 1911

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CARSON CITY, March 16.-Yesterday was the one big day in the legislature, the senate passing assembly bill No. 173, which removes the affairs of defunct banks and places them in the hands of the state banking board and the state bank examiner. Tonopah is particularly affected by this measure, as the Nye & Ormsby County bank and the State Bank and Trust company are the institutions against which the bill was aimed. The bank examiner is already paid a salary by the state and will be compelled to perform the new duties without further compensation. In future, all moneys will go to the depositors instead of to receivers, receiver's clerks and attorneys. Assemblyman Coxe of Lincoln is the father of the new law, which will be hailed with joy, not only in Tonopah but also in Goldfield, Carson City, Reno, Wonder and Blair,

20. March 25, 1911 The Eureka Sentinel Eureka, Tonopah, NV
Article from The Eureka Sentinel, March 25, 1911

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Approve New Banking Law Bank Examiner and Banking Board Tonopah Bonanzs: With the passage will take charge and settle up the busiAssembly bill No. 173, introduced by ness of the already suspended banks of Lincoln County, the one meriand supersede the receivers and army Act of the late session of the of attorneys who have been living off egislature was accomplished. This the hard earnings of the unfortunate alone almost made up for the many that had been neglected by the depositors. This principally affects Tonopah, which adjourned sine die yester. Goldfield and those towns where the The citizens of the entire State, defunct institutions existed, and comes specially those of Tonopah, feel inas a blessing to the many poor people ebted to Mr. Coze for the introduction who have seen their last stipend swept the measure and grateful to the away by the ignorance and recklessness egislature for adopting it. of the bank managers and officers, and by the grafting and greed of the reCarson Appeal: Among the laws ceivers, their high salaried deputies and hich have passed the late Legislature the irrepressible and natural-born Bill No. 173, which is aimed to releaches, the lawyers. the present state of the defunct The courts have never been able to in the Court. The apparent inredress the wrong, for when a receiver of the law removes the affairs of gets in, he is there to stay until the last defunct banks from the hands of dollar disappears and "Gabriel blows eceivers and places them in the hands his trumpet." In this instance, how. the State Banking Board and the ever, the Legislature has seen fit to Bank Examiner. step in, the representatives of a soverThe Nye and Ormsby County Bank eign-born State have taken the matter the State Bank & Trust Company in hand and righted the grievous wrong. the institutions against which the The depositor will now have an opporwas aimed. The Bank Examiner is tunity to breathe, for he knows there ready paid a salary by the State and will be something coming to him, and be compelled to perform the new he knows he will get it. We know the without further compensation. Bank Exominer, and we know his recfuture all moneys will go to the deord. We know he is clean, competent ositors instead of to the receiver, reand determined, and we know that clerks and attorneys. Governor Oddie will name a Banking Assemblyman Coxe of Lincoln is the Board that will work along with Mr. of the new law, which will be Howell and on correct lines, and that with joy, not only in Tonopah results will be accomplished. It is realso in Goldfield, Carson City, sults we want, and from now on we Vonder, Reno and Blair. will get them. The Legislature is to be congratulated, and Governor Oddie is to be congratulated upon having a Tonopah Miner: The deed is done, meritorious measure of this weight and at last Tonopah and Goldfield have character come into his hands for apbrought out of a state of lethargy, proval-a measure that will redound the depositors of the two suspended more to the benefit of the people in looted banks-the State Bank and Southern Nevada, practically speaking, Company and the Nye and Orms. have a run for their money, than any bill that could have passed. The action of the Legislature in this mething that has not happened since two institutions went to the wall. particular has given more satisfaction than we can tell in print. Its passage he State Bank has paid but 10 cents is universally approved, not alone by the dollar to its depositors, and that the depositors, but by everybody. It years ago, while the Nye and will have a tendency to restore confirmsby has never distributed a cent. dence in banking, and place institutions the moneys and revenues coming of that character upon a firmer basis have been grafted by the receivers throughout this State, and be an intheir attorneys, amounting to ousands of dollars. It is time now to centive for capital to come in, knowing that our State laws are now stringent a halt, for the Legislature has taken and careful, and that all corporations matter in hand and Wednesday will be dealt with rigidly but correctly. passed the Coxe Banking We all take our hats off to this Legeasure, Assembly bill No. 173, by islature for passing Assembly Bill No. majorities in both Houses. The 173 and giving the depositors and credihas been properly enrolled and is in the hands of the Governor, tors of those banks already looted the as soon as he appends his official opportunity they have long been praygnature it becomes a law and goes ing for, namely, a run for their money. which they will surely get from now on. effect. The Act provides that the