739. Bank of Yuma (Yuma, AZ)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 1, 1904
Location: Yuma, Arizona (32.725, -114.624)

Metadata

Model: gpt-5-mini
Short Digest: 3aa68142

Response Measures

None

Description

The Bank of Yuma closed in early November 1904 (article says 'closing of the bank November 1st' and 'failed early last fall') and was placed in the hands of a receiver (George/GEO. Michelsen). Causes cited are improper banking methods and alleged embezzlement by cashier R. S. Patterson. There is no evidence in the articles of a depositor run prior to suspension or of the bank reopening; subsequent items show receiver actions and small dividends to depositors, consistent with permanent closure and receivership.

Events (4)

1. November 1, 1904 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Closed on account of 'improper banking methods' and alleged embezzlement by cashier R. S. Patterson; mismanagement and careless loans depleted cash.
Newspaper Excerpt: The Bank of Yuma failed early last fall ... The first proceeding was to throw the affairs of the bank into the hands of receiver George Michelson.
Source: newspapers

2. December 28, 1904 Receivership

Newspaper Excerpt: NOTICE. All parties who have heretofore left private papers and papers in escrow in the Bank of Yuma to be kept and delivered on demand, will please call for same. GEO. MICHELSEN, Receiver for Bank of Yuma
Source: newspapers

3. March 28, 1905 Other

Newspaper Excerpt: THE ARREST OF A BANKER Capture of R.S. Patterson, Late Head of a Yuma Institution. ... The Bank of Yuma failed early last fall ... It was generally thought at the time that the unfortunate condition of the bank was the result of incompetence ... It is said to have been discovered that Patterson was handling more money than the head of a collapsed bank could be reasonably supposed to be in possession of.
Source: newspapers

4. May 9, 1906 Other

Newspaper Excerpt: Small Dividend for Depositors. Geo. H. Michelsen, receiver of the Bank of Yuma, has declared another dividend (10 per cent) in favor of the depositors of the defunct institution.
Source: newspapers

Newspaper Articles (13)

1. November 3, 1904 The Copper Era Clifton, AZ

Article from The Copper Era, November 3, 1904

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The Bank of Yuma last week closed its doors on account, it is alleged, of "improper banking methods." During the same week the announcement was made that J. W. Thornton & Sons, bankers of Yuma, had sold their banking business to J. N. Porter and associates is Graham county. The people of Yuma are to be congratulated on securing an institution which does business on *sound, safe and conservative" principles. As the ERA remarked some time ago, it would seem that Graham county men, and Graham county capital, are destined ere long to control the banking business of southern Arizona. Mr. Porter started the first bank in Graham county, at Safford. The following year A. G. Smith and associates opened the Gila Valley bank at Solomonville, and since that time there has been a friendly rivalry between the two institutions for the control of the banking business of southern Arizona. Mr. Porter's next move was to start a bank at Globe, and later he bought the Bank of Clifton which he organized into the First National bank. About that time the Gila Valley Bank entered an era of expansion, by opening banks at Clifton and Morenci, and later it purchased a small bank at Globe, which it reorganized and is now running. During the present year Mr. Porter organized the First National Bank of Bisbee, just to make the thing even, and now he has branched out into the Colorado river country, and there is really no telling when he will stop. He now has "one on" the Gila Valley people, but the chances are that they will even up the score before many months. At the present time nine banks are controlled by these two institutions in various parts of the territory and they are backed entirely by home capitalists, who have perfect confidence in both institutions. The ERA hopes that they may continue expanding until they have branched in every county in the territory.

2. December 28, 1904 The Arizona Sentinel Yuma, Arizona City, AZ

Article from The Arizona Sentinel, December 28, 1904

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NOTICE. All parties who have heretofore left private papers and papers in escrow in the Bank of Yuma to be kept and delivered on demand, will please call for same. GEO. MICHELSEN, Receiver for Bank of Yuma

3. December 28, 1904 The Arizona Sentinel Yuma, Arizona City, AZ

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NOTICE. To depositors of Bank of Yuma. All parties who have given their bank deposit books for balancing will kindly call for same at earliest convenience. GEO. MICHELSEN, Receiver for Bank of Yuma.

4. February 15, 1905 The Arizona Sentinel Yuma, Arizona City, AZ

Article from The Arizona Sentinel, February 15, 1905

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Geo. Michaelson Weds a Los Angeles Girl. George Michaelson, receiver of the Bank of Yuma, surprised his friends last week by returning from Los Angeles accompanied by a bride, who was Miss Leah Schmidt, a very estimable young lady of that city. The wedding took place in Los Angeles on Sunday of last week. Mr. and Mrs. Michaelson have taken up a residence in Yuma and at present have apartments at the Imperial. Mr. Michaelson is one of the bright young bnsiness men of Yuma. For a long time he was head book-keeper for the Sanguinetti mercantile establishment, but left that employment to take the position of traveling auditor for Louie Ineger's system of hotels. He is at present adjusting the affairs of the Bank of Yuma, in the capacity of receiver, The Sentinel extends to Mr. and Mrs. Michaelson best wishes for a happy and prosperous future.

5. March 28, 1905 Arizona Republican Phoenix, AZ

Article from Arizona Republican, March 28, 1905

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THE ARREST OF A BANKER Capture of R.S. Patterson, Late Head of a Yuma Institution. Word was received in the city yesterday that R. S. Patterson cashier of the defunct bank of Yuma had just been arrested in Texas on a warrant from this territory charging him with embezzrement in connection with the affairs of the bank. is requisition for the arrest of Patterson was issued by Governor Kibbey a week ago but at that time it was not known where he was, though he was believed to be in Kansas. It was not generally known that criminal proceedings were to be begun against him, though a civil suit was pending against him and his associates in the bank. The papers on which the requisition was issued specify only one item of embezzlement, $1,032.75. Patterson had been indicted and the people back of the proceeding were so much in earnest that they retained Judge Baker of this city to prosecute him. He will be brought back to the territory within a day or two by Sheriff Livingston of Yuma. The Bank of Yuma failed early last fall in the most informal manner. Patterson who had been in the east the leaving left the bank in charge of W. A. Bowles of Yuma. There was not a great deal of banking business to be done as Mr. Bowles soon learned but there was nothing to do it with. Mr. Bowles, however stayed with this peculiar.jo unutil early in the fall and when he could stand it no longer he closed the bank without extensively announcing his intended action to the people of Yuma. He merely neglected to open for business at the accustomed hour one morning. But he wrote to told him where he could find the key is he desired to make an investigation of the affairs of the bank. Then he went to the coast for a much needed rest. The auditor did find a fruitful field of investigation-nothing more-no cash. A great deal of money appeared to have been carlessly loaned and most of it consisted of the small savings of the farmers in the country about Yuma. It was generally thought at the time that the unfortunate condition of the bank was the result of incompetence and ignoran, of the banking business. The first proceeding was to throw the affairs of the bank into the hands of receiver George Michelson. On the return of Patterson to Yuma he was unable to throw a great deal of light on the situation. He remained about Yuma for some time and then disappeared. On what information criminal proceedings were begun against him is not known but for some time it had been suspected that there was more than mismanagement behind the collapse of the bank. It is said to have been discovered that Patterson was handling more money than the head of a collapsed bank could be reasonably supposed to be in possession of. It was also learned that he was making extensive investments in Texas real estate. Patterson first came to public notice

6. May 3, 1905 The Arizona Sentinel Yuma, Arizona City, AZ

Article from The Arizona Sentinel, May 3, 1905

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Attorney P. T. Robertson leaves to- night for Phoenix on professional busi- ness. Enjoy comfort, style, and grace, in a pair of $2.50 Queen Quality Oxfords, at the New York Store. Miss Lizzie Dyer has taken a position in Hodges Bros.' market, having charge of the fruit department. You may win the pot money, or a vacation trip in the guessing contest at Sanguinetti's John H. Beeler has commenced the erection of two buildings in the north- east part of town, near the prison hill, for Archibald & Webster, to be used for a saloon and a rooming house. If you are going to wear the latest style of hat, buy your embroidery at J. Rimpau's closing out sale. Dan Devore and O. F. Townsend went to Tucson last Thursday as trial jurors in the United States district court. Prospects are good in Yuma now; everybody is building a home for themselves; so if you need anything in nails or house hardware, don't overlook Alexander & Co., as they are head- quarters for all those commodities. Mr. and Mrs. John Wilder, the lat- ter a sister of T. A. Jordan, are visit- ing the Jordan family in Yuma valley. Their home is in Tampa, Florida. The Yuma Ice Co. have just received a car of the famous Pabst export and Blue Ribbon beer. Everybody knows its reputation. Try it. Billy Hodges, one of the Delmonico Cafe proprietors, is on the sick list. There is style, dignity, worth, wear, and economy in a pair of $2.50 Queen Quality Oxfords at the New York Store. Mrs. Frank Hodges, mother of the Hodges brothers, is here from Comp- ton, Cal., on a visit to her children. Her daughter, Miss Mary Hodges, came with her. How many nails, tacks, and pins in the jar in Sanguinetti's window? That is the question at present. Frank Lee, head salesman for E. F. Sanguinetti, made a trip to Fortuna last week to invoice the stock of the Fortuna Mining Company store which was bought by Mr. Sanguinetti. White lawn hats for babies and chil- dren at cost at J. Rimpau's closing out sale. Captain Isaac Polhamus returned last week from an enjoyable trip to California, which included a visit with his brother in San Diego, and later a pleasant voyage up the coast as far as Humboldt on a coast steamer. Don't let the heat of the summer undermine your strength, enervate your system, and lay it open to the in- roads of disease. Drink a bottle of Pabst Blue Ribbon beer and keep your blood cool and full of life. Mr. Ed. Schmidt and family of Los Angeles stopped over in Yuma last week on their way to Europe to visit Mrs. Michelsen, daughter of Mr. and Mrs. Schmidt and wife of George H. Michelsen, receiver of the Bank of Yuma. The electric plant has not closed yet, but it is liable to do so at any time, so Alexander & Co. have just received a car of coal oil, gasoline and lamps of all kinds to be ready in case of acci- dents. J. M. Williams, constable at Somer- ton, was in town Friday in company with his father, who was settling up some business connected with the estate of his son who was drowned in the valley last summer. A guess with every $1.00 purchase at Sangunetti's. Tommy Bell, the alert and wideawake inspector for the live stock sanitary board, has seized two steers whose own- ers are unknown and will offer them for sale on May 10th, by an order issued from the court of Justice Redondo. The very soul of malt—delicious, healthful, invigorating and absolutely pure; the perfection of brewing is Pabst Blue Ribbon, the beer of quality The Yuma Ice Co., agents. Ed Clark, who has been in charge of the fuel department of the Southern Pacific Company here for many years, has been compelled to take a lay off on account of illness. He is in the Cali- fornia hospital at Los Angeles, suffer- ing from general debility. Stout, serviceable, stylish $2.50 Queen Quality Oxfords in black or tan at the New York Store. Switchman McInturiff, who was formerly a brakeman on the Yuma- Tucson division, was killed by the Al- buquerque "Hoodoo," 2613, in the Al- buquerque yards on his first shift last Sunday, having just gone to work on the Santa Fe. He leaves a wife in El Paso.

7. May 5, 1905 Graham Guardian Safford, AZ

Article from Graham Guardian, May 5, 1905

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ROBERT S. PATTERSON Denies Disparaging Reports of His Connection With the Yuma Bank Failure EDITOR GUARDIAN, Safford, Arizona, Dear Sir:Many reports have been circulated in the papers of Arizona and El Pasoabout me and my connection with the failure of the Bank of Yuma. One is that I killed myself at Yuma when I returned there before the grand jury met in April. This of course needs no denial. Another report was that I left Yuma last December for parts unknown and was supposed to be in Kansas. The truth is that when I learned of the closing of the bank November 1st, I immediately returned to Yuma and endeavored to reopen the bank. My whereabouts were known to every person in Yuma, ] would have probably succeeded in reorganizing and re-opening the bank at that time bad I not been blocked in my efforts by some of the depositors themselves. I remained in Yuma at that time until about the 12th of December and when I left there I did it openly, having bid a friendly goodby to many of the people. Every one knew that I was going to Kopperl, Texas. From that time on 1 was in constant correspondence with a number of "the most prominent men there and at no time were my whereabouts unknown. That was a lie made out whole cloth, for the party who published the article could have easily found out from a hundred people in Yuma where I I was had he desired to know. came back to Arizona without requisition papers, for had the papers been presented to the gov. ernor of Texas he would undoubtedly have turned them down. I have also been accused by their articles of having invested heavily in Texas real estate. In reply to this I will just say that I never in my life owned a foot of Texas real estate, except a section of land at or near Tulin, Texas, for which I exchanged a relinquishment of my desert entry near Yuma and some other property. I did not pay any money on it. The only property that my wife ever even had an equity in was a piece of land worth probably $2500, which was part of her inberitance. Her equity in it amounted to about $1000. We never paid a cent on real estate in Texas or anywhere else except when we bought in Arizona while living in Yuma and all that has been turned over to the receiver of the Bank of Yuma. So that the assertion that I bought from $20,000 to $40,000 of real estate in Texas or anywhere else is a pure fabrication. The other assertions are equally as untrue. They have all teen inspired by the parties who are prosecuting, or rather persecuting, me. The principal witness against me is the only man who had an insecure claim, and he has received every cent due him. I gave my word to pay him in full and in keeping my word with he has gotten me into all this trouble. Had I not tried to do right by him he would not have cent of his money.

8. August 16, 1905 The Arizona Sentinel Yuma, Arizona City, AZ

Article from The Arizona Sentinel, August 16, 1905

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IN THE DISTRICT COURT Of the first Judicial District, Territory of Arizona, in and for Yuma County. George Michelsen, Receiver of the Bank of Yuma, plaintiff, VS. Oscar S. Duncan, defendant. Action brought in the District Court of the First Judicial District of the Territory of Arizona, in and for Yuma County, and the complaint filed in said Yuma County, in the office of the Clerk of said District Court. In the name of the Territory of Arizona, to Oscar S. Duncan, defendant, Greeting: You are hereby summoned and required to appear in an action brought against you by the above-named plaintiff in the District Court of the First Judicial District of the Territory of Arizona, in an for the County of Yuma, and answer the complaint therein filed with the Clerk of this said Court, at Yuma, in said County, within twenty days after the service upon you of this Summons, if served in this said County, or if served by publication within sixty days after the first publication thereof, or in all other cases within thirty days thereafter, the times above mentioned being exclusive of the day of service, or judgment by default will be taken against you. Given under my hand and the seal of the District Court of the First Judicial District of the Territory of Arizona, in and for Yuma County, this 15th day of August, A. D. 1905. Thos. D. Molloy, (Seal.) Clerk of said District Court. Ano 16. 4th

9. September 6, 1905 The Arizona Sentinel Yuma, Arizona City, AZ

Article from The Arizona Sentinel, September 6, 1905

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George Michelsen, Receiver of the Bank of Yuma, plaintiff, VS.

10. March 14, 1906 The Arizona Sentinel Yuma, Arizona City, AZ

Article from The Arizona Sentinel, March 14, 1906

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More Law Suits. Geo Michelsen, receiver for the Bank of Yuma has brought twenty suits in the justice's court against parties who owe the defunct bank.

11. April 4, 1906 The Arizona Sentinel Yuma, Arizona City, AZ

Article from The Arizona Sentinel, April 4, 1906

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DISTRICT COURT. The April term of the district court opened on Monday at 9:30 o'clock, Hon. J. H. Campbell presiding Judge, C.H. Arnold filling the position of court reporter in the absence of Mr. Cooper, who did not arrive until later. The present docket is the largest of all previous ones at any term in Yuma county, the great majority of the cases being "back tax" suits. These number 207. There are 64 other civil suits and 13 criminal cases, making a total of 284. Judge Campbell disposed of a number of motions of attorneys and set the date of trial for a few cases. The grand jury was sworn in and is composed of the following: John W.Dorrington, foreman; W.E Scott, J. M. Speese, H. C. Haupt, John Rimpau, J. .F. Nottbusch, Dan M. Devore, J. I. Toler, D. C. Rose, A. H. Brown, Althee Modesti, Andrew Y. Greer, James H. Hobbs, Frank G. Blaisdell, John Gandolfo, Ross Jordan, T. Brice, S. M. Thurman, and M. J. Nugent. The grand jury has disposed of cases coming before it as follows: Territory vs. J. C. Hampton-indicted on a charge of grand larceny. Hampton is the "confidential friend" who robbed Agent Pearson at Dome station of several hundred dollars,gave the officers the slip, but was overhauled in Chicago a few weeks ago by a detective, who brought him back for trial. f Ygnacio Carmelo was indicted for arson; he is the ten-year-old boy who was caught up in several acts of incendiarism in Yuma last summer, and he will probably spend a long season at the Benson reform school. Jesus Mejia was indicted on a charge of grand larceny. The charge of assault with a deadly weapon by Henry Mullins on the person of Dan Brislin was ignored. Territory vs. Henry Wuppermanassault with a deadly weapon; charge e e ignored. t The following divorce cases are docketed for this term: a Agnes Warner vs. Louie E. Warner y -decree granted. n Wm. A. Bauer VS. Ermina Baueris decree granted. e Lizzie Spear vs. James R. Spear. y Angelo Marchesi vs. Jessie Marches is decree denied. 1. Simon W. Kenton vs. Daisy C.Kenton e E. A. Thurman vs. Sanford M. Thur 0 man. Francisca P. Carmona vs. E. L. Car mona. Chona R. Wilson vs, Geo. Wilson. ts The following cases have been dis J. posed of: of Emily S. Hatch vs. John Gandolfo rs injunction dismissed. e O.S Duncan, executor estate of F eJ. Duncan, deceased, vs. Wm. Dutton y. unlawful detainer, on appeal; appea edismissed. nSusan de la Osa VS. John Gandolf ds Jr.-$30,000 damages, breach of pron re ise-dismissed. nGeo. Michelsen, receiver of Bank 0. Yuma, VS. H. C. Davis, suit on promi sory note for $901.82-judgment o pleadings. Territory VS. Ygnacio Carmelo-a ol son; sentenced to five years in refor st school at Benson. al

12. April 18, 1906 The Arizona Sentinel Yuma, Arizona City, AZ

Article from The Arizona Sentinel, April 18, 1906

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DISTRICT COURT. J. C. Hampton was arraigned last Thursday on the charge of perjury. He plead not guilty, and his trial on this charge was set for Thursday of this week. Lizzie Spear on Saturday was granted a divorce from James R. Spear on the grounds of desertion. The suit of George Michelsen, as receiver of the Bank of Yuma, against H. C. Davis was decided in favor of the receiver. The suit was on a promisso= ry note for $901.82 and judgment was given against ten thousand shares of Ludy canal stock placed in the bank as security.

13. May 9, 1906 The Arizona Sentinel Yuma, Arizona City, AZ

Article from The Arizona Sentinel, May 9, 1906

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Small Dividend for Depositors. Geo. H. Michelsen, receiver of the Bank of Yuma, has declared another dividend (10 per cent) in favor of the depositors of the defunct institution. "Small favors thankfully received," say the depositors.