740. Bank of Yuma (Yuma, AZ)

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: eb289c9d

Response Measures

None

Description

The Bank of Yuma failed in 1904 (articles repeatedly call it 'defunct' and 'failed four years ago' in 1908). There is no description of a depositor run prior to suspension; failure is attributed to mismanagement and unwise investments. Receiver George Michelsen administered assets and paid multiple dividends, with final settlement and receiver discharge in November 1908. Classified as suspension_closure (suspension/failure with receivership and final closure).

Events (3)

1. January 1, 1904* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Articles state the bank 'failed through mismanagement and unwise investments.'
Newspaper Excerpt: Depositors of the defunct Bank of Yuma ... when it failed in 1904.
Source: newspapers

2. March 20, 1908 Other

Newspaper Excerpt: Depositors of the defunct Yuma Bank ... received a dividend of 10 per cent ... The checks are drawn on the Southern Arizona Bank & Trust company of Tucson by George Michelsen, court receiver.
Source: newspapers

3. November 21, 1908 Receivership

Newspaper Excerpt: The affairs of the Bank of Yuma which failed four years ago, were closed in the district court here yesterday and Receiver George Michelsen was given his formal discharge. The bank paid 57½ cents on the dollar, as is shown by the final account made.
Source: newspapers

Newspaper Articles (7)

1. October 16, 1907 The Arizona Sentinel Yuma, Arizona City, AZ

Article from The Arizona Sentinel, October 16, 1907

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Article Text

Judge W. L. Rieff and wife from Laguna are visiting in Yuma this week. Red Ribbon Beer is the Best. At Alexander & Co., the up-to-date grocers. A twelve-pound baby boy put in an appearance at the home of Mr. and Mrs. Will Hanna in Yuma valley Monday night. Drop in and see your friends at the Old Plantation; you'll be sure to find 'em there. George Michelsen, as receiver for the defunct Bank of Yuma, has sold to Dunne Bros. 70 acres of land in Yuma valley; consideration $750. Come.and see our new line of perand fumery, toilet articles preperations-best that can be secured. Ketcherside Drug Co. Sam Bailey, formerly a resident of at one time a on the visit hili, Yuma is and here from Roosevelt guard on a to his step-son, T. E. Brice. Racine Wagons and Buggies can't be beat, in either quality or price.Alexander & Co., sole agents. Richard Woods, who has been east on an extended visit, has returned and resumed his position with the Alpha Steam Laundry. The Yuma Ice Co.'s extra dry ginger ale is on sale wherever drinks are sold. Try it. Judge Burt Dunlap and wife returned Sunday night from a trip to Castle Deme. Something to drink, pure and wholesome-Albambra Water and Ginger Ale-at Alexander & Co.'s, the up-todate grocers. The wife and niece, Miss Eunice Fleury, of Max Czuezka have returned from a visit with relatives in Seattle, Washington. Lunches of all kinds-American and German--at the OLD PLANTATION LUNCH COUNTER. J. R. Henry has sold to John Shupe of Los Angeles 40 acres of land in the valley; consideration $1000. The engine that brought in No. 10 smashed three Sunday night up freight cars in the yards while going to the round house. J. A. Donovan of Yuma valley returned Monday from a business trip to Los Angeles. J. E. Ingram, a brother of Ed Ingram, is here from San Luis Obispo, Cal. Superintendent J. M. Pomeroy of the King of Arizona is attending court as a trial juror. One thousand head of stock cattle county through last from here for Graham California passed Thursday. Conductor "Happy" Harris has let a contract for the construction of two double apartment houses on Second avenue. The dance given by the Yuma Concert Band at the Sonthern Pacific hotel Friday night was quite well attended and all who were there report an enjoyable time. The first ice from the new plant of the Yuma Ice Company was turned out last Saturday. Miss Lucy Armente of Quartzsite, who her Miss of Robert Cuca has Tapia, been daughter visiting friend, Tapia, has gone to Los Angeles to visit her sister, Mrs. Charles DeCorse. Henry C. Warnack, city editor of the Yuma Examiner, writes from his home in Tennessee that he will return to Yuma by October 20. Mrs. T. E. Karr of Yuma valley, who returned last week from a visit to friends in Santa Ana, Cal., called at this office Friday and renewed for the Sentinel. W.A. Bowles of the Hecla-Consolidated was in from the company's mines in Copper Mountain district Friday and Saturday. Mrs. E.J. and Miss Bessie Caruthers, wife and daughter of President Caruthers of the First National Bank, returned Saturday from Santa Ana, Cal., where they spent the summer. Supervisor Kent and Robert Tapia left yesterday for the Copper Mountain 1 district with supplies and equipment d to inaugurate development work on a their mining claims.

2. January 16, 1908 The Copper Era Clifton, AZ

Article from The Copper Era, January 16, 1908

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# Documents Filed For Record. O. F. Webster, Mary I, Hoopes, W. W. Pace, Andrew Kimball et al incorporate Thatcher Implement & Mercantile Co., capital stock, $50,000. James Bartlett, Henry Hill et al file proof of labor on 2 claims in Copper mt. dist. Doroteo Mendez et al file proof of labor on 4 claims in Copper mt. dist. Robert Rae and A. M. Tuthill to New York-Arizona Gold & Copper Co., deed, $100, 5 claims in Copper mt. dist. Home Copper Co. to John Burns, order authorizing delivery of 50,000 shares of stock to be sold at 20c per share. Graham Co. Mining & Smelting Co. files proof of labor on 5 claims in Lone Star dist. W. K. Cluff files proof of labor on 1 claim in Lone Star dist. Harold P. Knowlton, Herman Paul et al incorporate The National Mining Exploration Co., office Kittery, Me., capital stock $1,500,000. J. S. Abbott, of Safford, is appointed resident agent of the National Mining Exploration Co. R. J. Young locates 3 claims in Lone Star dist. Wm. N. Sparks and wife to John H. Sparks, deed, $1500, ½ int. in ne, 20, 8 s, 26 e. Bank of Safford to Graham County, bond as county depository, $15,000, sureties, H. J. Dowdle, J. C. Robinson, D. W. Wickersham, Peter Anderson, O. F. Webster, Alex C. Hunt and Geo. P. Jackson. W. J. Riley is appointed resident agent for the L. W. Blinn Lumber Company. Lloyd W. Tevis and R. L. Powel file proof of labor on 4 claims in Greenlee dist. Sam E. Roberts to Southwest Printers Supply, contract of sale, 1 Gem paper cutter. Lillie J. Bishop to Jesus Baca, deed, $2000, 20 acres in ne, 20, 7 s, 27 e. James L. Branch et al file proof of labor on 5 claims in Jackson dist. C. Guy Westerman locates 1 claim in Lone Star dist. F. H. Hereford, S. E. Hazzard and A. C. Clark file proof of labor on 1 claim in Lone Star dist. John T. Yeakey to Louis Ferber, lease and bond, $5000, F. A. M. mine in Copper mt. dist. for 2 yrs. L. Ferber, E. Depee et al file proof of labor on 2 placer and 11 claims in Greenlee and Copper mt. dists. Orson B. Nelson and wife to Henry Dial, deed, $1, sw sw, 1, 6 s, 24 e. J. Backstein and wife to F. Backstein, deed, $1500, ½ int. in part of lot 21, San Francisco townsite. J. Backstein and wife to F. Backstein, bill of sale, $350, houses No's. 97 and 222 in Metcalf. Aravaipa Mining Co. files proof of labor on 5 claims in Aravaipa dist. Tomas Sirianni locates 1 claim in Copper mt. dist. J. H. Knapp locates 1 claim in Copper mt. dist. W. J. Parks and wife to Howard M. Parks, deed, $75, lots 7, 8 and 20, (no blk. given) Park's add., Solomonville. W. B. Fonda files declaration of homestead upon lot 1 and part lot 2, blk. 1, Smith's add., Safford, value $1000. Christopher Wish to D. M. Simpson; deed, $250, lots 9 and 11, blk. 48, Safford. William T. Lovett to W. B. Fonda, deed, $1, e ½ sw ne, 32, 8 s, 26 e. W. D. Robertson and wife to W. B. Fonda, deed, $1, lot 1 and part lot 2, blk. 1, Smith's add., Safford. W. D. Robertson and wife to Lola L. Fonda, deed, $1, nw ne and w ½ sw ne, 32, 8 s, 26 e. W. B. and Lola L. Fonda to William Bratton, deed, $560, 20 acres in ne, 32, 8 s, 26 e. Louis Ferber et al locates 1 claim 1 mile ne of Clifton. Walter Doudna files proof of labor on 3 claims in Greenlee dist. Frank Landsman files proof of labor on 12 claims in Aravaipa dist. Bank of Yuma, by receiver, to Henry Gray, deed, $80, lots 8, 10, 12, 14, blk. 17, Safford. H. Claridge, A. C. Hunt and wives to J. N. Porter, lease, $5 per yr., sw sw, 35, 7 s, 25 e, for 20 years. Harlan Walker, one of the old time cowboys of Arizona, spent a few days of the past week in Clifton. He is mayor and city marshal of Sardine

3. March 20, 1908 Bisbee Daily Review Bisbee, AZ

Article from Bisbee Daily Review, March 20, 1908

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CREDITORS ARE PAID ADDITIONAL DIVIDEND Depositors of Defunct Yuma Bank Faring Well. Democrat, Phoenix: Depositors of the defunct Bank of Yuma yesterday received a dividend of 10 per cent on the money they had in the institution when it failed in 1904. The checks are drawn on the Southern Arizona Bank & Trust company of Tucson by George Michelsen, court receiver. This is the fourth dividend which the persons involved have received. A total of 47 per cent of their money has now been returned and probably another small dividend will be realized. The unfortunate depositors are gratified to get so much back and they feel that Receiver Michelsen has done exceedingly well with his trust. Want Ads Bring Results

4. April 22, 1908 The Arizona Sentinel Yuma, Arizona City, AZ

Article from The Arizona Sentinel, April 22, 1908

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The up-to-date Grocers. RECORDER'S OFFICE. Mine Locations. Plomosa group of four, Eureka group of two. Gold Gulch group If six, Home group of four, Posas valley group of four, and Oasis group of fourteen, all east of Quartzsite, from one-half to six and a half miles, by George W. Miller and seven associates. Overton group of three, Ellsworth district. Real Estate Transfers. Philip H. Staiger to Mrs. Mary M. Speese, 40 acres in section 26, township 9, S l' 24 west. Thomas Irwsn to F. Caldwell, onefourth interest in Manipulator claim, 3 miles west of Bouse, $50. John Lyall to John Syverson, 60 acres in section 29, tp 9. S l' 23 west, consideration $10; and 71 acres in sec 20, tp 8. S l' 23 west. A. H. Kent to John Syverson, 160 acres in sec 17, tp 8, S r 22 west; $3500 and assuming $800 mortgage. George Michelsen, receiver for Bank of Yuma, to B. If. Hopkins, 80 acres in sec 17, tp 9, S r 23 west; $2200. John Syverson to A. H. Kent, 80 acres in sec 10 and 80 acres in see 15, tp 9, S r 24 west; $6400 and assumes $2500 mortgage. A. H. Kent to L. E. Karr and II. C. Kester, half interest in last described property. A. W. Townsend to O. F. Townsend, lot 2, bloce 95, First avenue; $1000. .1. R. Henry to Mrs. G. C. Costello, lot 13. block 149. Orange avenue. George Michelsen, receiver for Bank of Yuma, to E. F. Sanguinetti and John Dunne, 40 acres in sec 17, tp 9, S r 23 west; $2009. James C. Brodie bought from John ank Henry Humphries 43 acres of sec 12, tp 9. S r 34 west, six miles from town; $50 per acre. C. 1. Martin to H. L. Bingham, 80 acres in sec 25, tp 8, S r 24 west. Lewis S. Kirkpatrick and wife to Julius A. Brown and Abel A. Adams, Los Angeles, swł sec 20, tp 9, S r 24 w; $4000. Charles M. Lewis, Lida. Nevada, to Jacob E. Hayden, sel sec 23, tp 9 S r 24 w; $2000. 11. P. Densel, O. L. Blackley and W. W. Benedict to E. S. Gsborne, all their interest in the Hottentot group of ffve and the Lucky Pete group of eighteen claims, 7 miles southwest of Planet.

5. November 22, 1908 Daily Arizona Silver Belt Globe, Miami, AZ

Article from Daily Arizona Silver Belt, November 22, 1908

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YUMA BANK PAYS GOOD DIVIDEND DEFUNCT INSTITUTION DECLARES 57½ PER CENT FOR CREDITORS -AFFAIRS OF INSTITUTION АБЕ FINALLY SETTLED. YUMA, November 21.-The affairs of the Bank of Yuma which failed four years ago, were closed in the district court here yesterday and Receiver George Michelsen was given his formal discharge. The bank paid 57½ cents on the dollar, as is shown by the final account made. The total amount of indebtedness was $71,000. Nearly all of the losers through the collapse of the bank were Yuma residents. The bank was one of the largest in Yuma, but it failed through mismanagement and unwise investments. George Michelsen, who was a former Tucson resident, and who is now treasurer of Yuma county, was appointed receiver and he has handled the affairs of the institution and has declared several dividends for the benefit of the creditors, which totaled 57½ cents on the dollar. At the final settlement today, Fred L. Ingraham, attorney for the creditors, and P. T. Robertson, attorney for the receiver, were present.

6. November 22, 1908 Tombstone Epitaph Tombstone, AZ

Article from Tombstone Epitaph, November 22, 1908

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YUMA BANK FAILURE Defunct Bank Pays 57c on the Dollar--$71000 Smash The affairs of the Bank of Yuma which failed four years ago, has been closed this week and Receiver Michel son granted his discharge. The total amount of the indebtedness was $71,000. and by the report thebank paid 571 cents on the dollar. Yuma residents were the principal loosers by the collapse but a number of Cochise county people also suffered small losses

7. November 28, 1908 The Oasis Arizola, Benson, Nogales, AZ

Article from The Oasis, November 28, 1908

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ARIZONA NEWS. Yuma Sun: The affairs of the Bank of Yuma which failed four year ago, were closed in the district -court at Tucson yesterday and Re ceiver George Michelsen was given his formal discharge. The bank paid 571 cents on the dollar as is shown by the final account made The total amount of indebtedness was $71,000. Nearly all of the losers through the collapse of the bank were Yuma residents. Douglas American: At a meeting of directors of the Douglas chamber of commerce and mines, held in the office of the chamber last evening for the purpose of -choosing a secretary to succeed Frank Gerhart, it was decided to give the position to W. P. McNair -of Bisbee, who has severed his -connection with the El Paso and Southwestern railroad, he having been agent at Bisbee for several years. Tempe News: Chief Guard J. W. Rollins, assisted by four guards, taking fifty more prisoners from the penitentiary at Yuma to Florence passed through Tempe today on his way to the latter place. Rollins says the work is progressing nicely, and out of the 127 men at Florence there has been very little sickness, and they have only lost three men since the work was begun. Beginning next week there will be three shifts run and the work will be pushed as rapidly as possible. Phoenix Republican: Harry Withers who passed several fictitious checks in Phoenix last Monday, representing himself to be the son of Dr. Wilbur and to be the owner of sheep on a thousand hills, beside the possessor of a big bank account, will be arraigned before Justice Johnstone this morning. The first complaint against him was made by the Valley Bank where Withers had cashed two checks. Yesterday another complaint was lodged by Goldman & Co., that firm holding a check for $25. Bisbee Miner: A. G. Rose, who has been connected with the Bisbee-Naco Water Company for some time, will leave shortly for Hachita and Sylvanite, where he will go to look over the business end of the Southwestern Improvement Company, of which he is a member. This company has installed the telephone and telegraph line between Hachita and Sylvanite. The telephone line is now in working order, and the telegraph will soon be ready. Mr. Rose will give his entire time to the personal management of the lines. Benson Press: L. R. White, of St. David, received a letter this week from Ralph Cameron, replying to congratulations, in which he says: "I may call on you for a sack of sweet potatoes when I get back to Washington, to divide up with President Taft and Senators and Congressmen to show them that Arizona is not the wild and woollycountry it has been painted." Mr. White has planned to extend for enough