Farmers & Merchants National Bank (Reno, NV)

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Episode Information

Episode UID
703801294
Episode Type
Suspension → Run → Reopening
Bank Type
national
Bank ID
70380 national
Charter Number
7038
Start Date
October 24, 1907
Location
Reno, Nevada

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
59f8a11c8b9a3627

Response Measures

Accommodated withdrawals, Full suspension

Other: The bank closed for several days due to a state-wide legal holiday declared by the Governor of Nevada to prevent a panic.

Description

The bank was affected by the state-wide banking holiday (suspension) and subsequent slight runs upon reopening, as reported for all Reno banks.

Events (4)
1. November 16, 1903 Chartered
Source
historical_nic
2. October 24, 1907 Suspension
Cause
Government Action
Cause Details
Governor Sparks declared a legal holiday to prevent financial panic during the Panic of 1907.
Newspaper Excerpt
In Nevada, to avoid a panic in financial circles, the governor has declared a three days holiday and all banks in the State are closed.
Source
newspapers
3. October 28, 1907 Reopening
Newspaper Excerpt
All banks in Reno opened today. There, were slight runs on all but none of banks were affected to any extent. The business men are making heavy deposits.
Source
newspapers
4. October 28, 1907 Run
Cause
Macro News
Cause Details
General unrest and nervousness following the state banking holiday and the national financial panic.
Measures
Business men made heavy deposits to show confidence.
Newspaper Excerpt
There, were slight runs on all but none of banks were affected to any extent.
Source
newspapers

Newspaper Articles (6)
1. October 24, 1907 Pine Bluff Daily Graphic Pine Bluff, AR
Article from Pine Bluff Daily Graphic, October 24, 1907

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Article Text

ROCKEFELLER THERE NO WILL BE PANIC Many bulletins telling of the wild has assumed charge of the embarrassstate of affairs in New York and esed institutions. They merely suspended payment and the Banking Departpecially on Wall street, were receivment took hold immediately. ed at the headquarters of the Pine It is rumored in New York that Bluff Board of Trade today. The sitWannamaker and Company has gone uation in the national metropolis is into the hands of a receiver. Big alarming. but at a late hour this af- runs were made on several trust ternoon John D. Rockefeller appeared companies and various minor banks at the office of the Union Trust Com- in New York during the day, but the pany, according to a dispatch, and ad- excitement is subsiding this afternoon vanced $10,000,000 for the Union when call money dropped to twenty Trust Company of America. Almost per cent, compared with a close of instantly after this announcement was seventy per cent yesterday. made call money, which had adThe directors of the defunct Knickvanced to 100 per cent, dropped to erbocker Trust bank, which recently twenty per cent and the various ficlosed, are meeting today and it is benanciers are breathing easier this aflieved that the company will resume ternoon. The crisis, according to business tomorrow, if not sooner. late information from New York, has The First National bank today loanRockefeller is believed to passed. ed $2,500,000 at fifty per cent have saved the day. Cotton is weak on the boards beIn Nevada, to avoid a panic in financause of the bad reports from Wall street. cial circles, the governor has declared a three days holiday and all Well posted financiers declare that banks in the State are closed. there will be no panic and that men The Empire City Savings Bank and of means, together with the United the Twelfth Ward Banks went to the States government, have successfully wall this morning and the State piloted the grave situation to a more favorable point. Banking Department of New York

2. October 25, 1907 Weekly Independent Elko, NV
Article from Weekly Independent, October 25, 1907

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Article Text

There was no ran on the Reno backs, but all of them closed in compliance with the governors's proclamation. The Gazette eays there is no panic and that everybody has confidence in the banks. Back combs-We have the latest amber, pearl grey, inlaid and the others. L. J. Wintermantel Co. jewelers. 8200 reward for authentic information as to whereaboute of Thomas R. Stewart formerly of Rhode Island. Notify immediately Waldo Stewart, Box 1331, * Providence R.I. Isn't it strange that a panic should come when the country is enjoying such a flood of republican prosperity? There must be something bozus about the brand of this prosperity. Now that the railroad commission is free to act on all matters except tixing freight rates, it should get busy and investigate the car shortage. Elko eattlemen are losing thousands of dollars every day because of the failure of the railroad company to furnish the necessary cars. Get busy, gentlemen of the commission, and do something to relieve the situation. The Gazette imagines that Reno and Carson are "it" so far as Nevada is concerned. In speaking of the banking situation in its Thursday issue, it says: "All over Nevada today the banks are closed." This is doubtless true of the Reno and Carson banks, but wholly alse of the Elko banks. They were open Thursday and open today and will be open tomorrow for the transaction of business. The Elko banks are solid.

3. October 25, 1907 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, October 25, 1907

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Article Text

(Special to the Herald.) Goldfield, Nev., Oct. 24.-A message from the executive office at Carson City reached Goldfield shortly before the opening hour this morning announcing that Governor Sparks had declared a bank holiday for a period of five days. In consequence the banks remained closed. The announcement met with the approval of business and professional men here. The Palm cafe, the swagger restaurant of the town, was forced to close its doors, its money being tied up in the State bank, which suspended yesterday. The District court has been asked to appoint a receiver for the State bank, and Judge Langan will take the matter up at noon tomorrow. Expects to Pay Out. The State bank at Carson City has wired the Goldfield branch that the bank expects to be able to pay depositors in full. The John S. Cook bank announces that $500,000 in gold has been shipped to that institution from its reserve held in the Crocker-Woolworth bank, which should arrive tonight. George Wingfield, vice president of the bank, says he will place his private fortune at the disposal of the bank if necessary. W. T. Virgin, cashier of the Nye & Ormsby County bank, says the bank will reopen at the expiration of the legal holiday and will have ample funds to meet all demands. Temporary Suspension. The Western Ore Purchasing company and the Nevada-Goldfield Reduction company, who have purchased the bulk of the Goldfield ores, have suspended business temporarily because of the financial conditions. The Consolidated company has laid off all men working in ore at the Mohawk because of the long time demanded by the smelters to make returns. The shipping leases will continue and store their ore. Railroad Day Postponed. Railroad day, which was to have been celebrated next Monday on the advent of the Clark road. has been indefinitely postponed, and the committee in charge has wired President J. Ross Clark of the road, asking him to concur. The stock exchange last night decided to, hold no more sessions until Monday, and later. when the duration of the bank holiday became known, extended the time to Wednesday, when the banks, barring unforeseen complications, will resume business. At the offices of the Consolidated Mines company it was stated that the ten cent dividend. amounting to $360,000, will be paid tomorrow. About $250,000 of the amount will remain in Goldfield. The Mohawk-Jumbo Leasing company will also distribute dividend checks for $60,000 on the same day.

4. October 26, 1907 The Goldfield News Goldfield, NV
Article from The Goldfield News, October 26, 1907

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Article Text

circulated that the employes in the bank were sacking coin to be shipped out of the city and an attachment was at once secured by one of the depositors and served on the bank. The fears of the depositors were in a measure relieved a little later when the following notice was issued by Assistant Cashier Wise, who is in charge in the absence from the city of Cashier J. L. Lindsay: "The Goldfield bank of the State Bank and Trust company can pay two for one on all its deposits. The company is amply secured on all the loans which it has made and there is absolutely no doubt of its solvency. The present closing was merely an expediency measure to avoid a possibly serious situation, and there is absolutely no danger of Goldfield depositors losing their money. "NO MONEY WILL BE SENT OUT OF GOLDFIELD! "C. H. WISE, "Assistant Cashier State Bank." Early Wednesday afternoon a run was started on the Goldfield branch of the Nye & Ormsby County bank and about $100,000 was paid out by that institution during the afternoon. Cashier W. T. Virgin of the local branch announced that the bank was prepared and would continue to pay all demands of depositors but by the action of the governor in declaring a bank holiday the bank remained closed on Thursday along with all other banks of the state. The bank will open at the end of the five days beyond doubt. "It is an absolute certainty that we will open for business Tuesday morning," said Cashier Virgin, "and ready to pay all claims. There is no cause for alarm and I believe the governor has done an exceedingly wise thing in ordering a holiday. While the Nevada banks are in excellent condition-better, pos-

5. October 28, 1907 East Oregonian : E.O Pendleton, OR
Article from East Oregonian : E.O, October 28, 1907

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Article Text

All's Well at Reno. Reno, Oct. 28.-All banks in Reno opened today. There, were slight runs on all but none of banks were affected to any extent. The business men are making heavy deposits.

6. November 1, 1907 Rocky Ford Enterprise Rocky Ford, CO
Article from Rocky Ford Enterprise, November 1, 1907

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Article Text

NEWS OF THE WEEK Most Important Happenings of the Past Seven Days. Interesting Items Gathered From all Parts of the World Condensed Into Small Space for the Benefit of Our Readers. Personal. Capt. J. D. Seaman. for nine years postmaster at Tulsa, I. T., and one of the most prominent republican politicians of the new state, is dead. W. W. Beattle, of Washington, D. C., has been elected president of the Commercial Telegraphers union to succeed Samuel J. Small. President Roosevelt has returned to Washington much pleased with his southern trip. Secretary Taft recently opened the University hospital at Manila. Herbert S. Hadley. of Missouri. is to defend Attorney General Young. of nnesota in the contempt proceedings before the United States supreme court. Robert N. Carson, a wealthy man of to Philadelphia, has left $5,000,000 found a college for orphan girls. Richard Croker has Indefinitely pos'poned his proposed visit to te United States. Secretary Taft expresses his satisfaction at the conservative attitude of the Philippine assembly W.A. Duncan. president of the Chera okee national school board. and leader in his tribe, is dead at his home In Tahlequa, I. T., at the age of 71. F. W. Frasius, editor of the South. western Grain and Flour Journal of Wichita, Kansas, is dead. after two years' Illness. He was GO years old. Mis.ellaneous. On her last trip the turbine steamer Lusitania made the run from New York to Queenstown in four days, 22 hours and 46 minutes. Two men were killed and three seriously Injured in a wreck on the Ohio Central railroad at Pomeroy. Ohio. The resolutions adopted by the Na tional Civic Federation at Chicago declare for a nonpartisan commission in which the interests of capital. labor and the general public shall be represented. President Schneider of the Chicago school board wants to adopt the Japa. nese imperial rescript on education as the standard for moral and ethical teaching in the public schools of that city. The British steamer Pampico, from Baltimore to Rotterdate. was abandon in midocean The crew were President Roosevelt has been urged to recommend a revenue tax on fireworks to the next congress. the proceeds to be used in investigating te tanus and its treatment. An attempt was made recently to destroy the entire Muskogee, 1. T. Oil field by fire. The cannery men of southeastern Alaska are demanding a revision of the Chinese exclusion law. The scar city of coolie labor is hurting their business In an address before the National Civic Federation at Chicago Charles 3. Dawes, former comptroller of the currency. defended the Wall street financiers, and charged the federal de partment of justice with making 'callery plays. At Ashland. Wis. a mixing mill of the Atlantic Dynamite company's fac. tory exploded. killing four men. The Oriental liner Empress of China sank recently alongside its dock in Vancouver, R. C. The official air line measurements of the two leading balloons in the Ben nett cup race is rommern, 873.4 miles and L'Isle de France, 867.4 miles. chance to get their affair in shape. More than 500 persons lost their lives in the recent earthquake shocks in Italy The net earnings of the Missouri Pacific and Iron Mountain systems for these year endin: June 30 were $16,188,272.49. T Kansas board of control. which has charge of nine state hospitals and nomes. wants a hospital for the care of the criminal Insane. Owing to the general feeling of un rest in Nevada financial circles Gov. Sparks declared three days legal holldays in order to give the banks a New York financiers believe the worst of the flurry in Wall street is over now. The Trust Company of America successfully withstood a run of large proportions and a better feel Ing prevailed generally The first of the balloons entered In the race for the James Gordon Benhett cup. which started from St. Louis came down near Hamilton, Ont., about TOO miles in a straight line from the starting point. The balloon was the United States," in charge of Maj. Hersey. Figures prepared upon the general expenses of the delegates to The Hague peace conference show the cost to have been $3,768,000. including dinaera and telegraph tolls. The wheat acreage in Oklahoma is BAS cont creater this your than