Nevada First National Bank (Tonopah, NV)

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Episode Information

Episode UID
853001294
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
85300 national
Charter Number
8530
Start Date
October 24, 1907
Location
Tonopah, Nevada

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
49c93b197c21a9ea

Response Measures

None

Events (4)
1. February 1, 1907 Chartered
Source
historical_nic
2. October 24, 1907 Suspension
Cause
Government Action
Cause Details
Governor Sparks proclaimed a legal banking holiday for Nevada, closing banks statewide to avoid panic.
Newspaper Excerpt
governor has declared a three days holiday and all banks in the State are closed.
Source
newspapers
3. October 28, 1907 Reopening
Newspaper Excerpt
The Nevada First National Bank of Tonopah ... continue its general banking business ... October 28th, 1907 ... opened their doors yesterday morning, and, as was expected, there was no run on either institution.
Source
newspapers
4. September 2, 1932 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (9)
1. October 24, 1907 Pine Bluff Daily Graphic Pine Bluff, AR
Article from Pine Bluff Daily Graphic, October 24, 1907

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

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(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.

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

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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-

4. October 27, 1907 Tonopah Daily Bonanza Tonopah, NV
Article from Tonopah Daily Bonanza, October 27, 1907

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BANKS TO OPEN MONDAY "Whereas, We believe the opening of this bank may tend to ameliothe contrary. and it is evident that the banks will resume tomorrow rate the condition of the community: therefore, be it morning. "Resolved, That the Nevada First National Bank of Tonopah, on Mon. R. C. Moore of the Tonopah Banking Corporation said last night Notwithstanding the Procladay morning, October 28th, 1907, at the hour of 9 o'clock, regularly rethat he was to confer with Mr. Cook today. and that he was of the opinsame and continue its general banking business as in the past." ion from the instructions received that there would be a general resumpmation of Gov. Sparks Detion of the houses controlled by Wingfield and Nixon. With regard to the State Bank and Trust Company. there has been no Cashier Raycraft last night received official notice of the continuance change in the situation locally; but they are pretty busy in Goldfield, and of the holidays. He received notice also that all the banks in Reno would the principal depositors are doing all in their power to prevent the ap. claring Legal Holidays Until resume on Monday. pointment of a receiver, which has been asked for by Attorney Nagle. Two "That will tend to relieve the situation," said he, "and the banks in hundred names, it is said, have been affixed to a petition to Judge LanNovember 4th, Financial Insouthern Nevada will open as fast as they can gather in their reserves gan, which reads as follows: and get into shape to do business. When the banks do open, they must be "To the Hon. F. P. Langan, Judge of the First Judicial District of in shape to continue. I think that the Governor has acted wisely in prostitutions WillResume Busthe State of Nevada, in and for Esmeralda county: longing the holidays." "We, the undersigned depositors and creditors of the Goldfield Mr. Moore of the Tonopah Banking Corporation said that he had not branch of the State Bank and Trust Company, residing in Goldfield, Neiness Tomorrow Morning. been officially informed of the holidays. He thought that the entire situvada, do hereby petition your honor that you refuse the application of ation was looking better than at any time since the trouble began. This the petitioners in the suit which is now before your honor asking that a rewas the case, not only in the East, but in Nevada as well. ceiver be appointed for the State Bank and Trust Company. The Wingfield and Nixon banks will open up for business tomorrow The directors of the Nevada First National Bank held a meeting last "We have full faith and confidence in the bank and its managemorning, notwithstanding that Governor Sparks has declared all next night and passed the following resolutions: ment, and believe that the best results can be obtained by leaving the week a legal holiday. This action was resolved upon at 5:30 o'clock last "Whereas, The Nevada First National Bank of Tonopah, on Thursbank in the same situation as at present and give the managers of the night, when George Wingfield made the announcement. Later in the day, the 24th day of October, 1907, at the hour of 11 o'clock A. M., closed bank the opportunity to regulate their affairs so that they can open the evening John S. Cook was called up by telephone and was asked if this its doors at the request of other banks in the community and out of rebank at the earliest possible moment. report was true. spect for the proclamation of the Governor of this State, proclaiming "We further believe that the appointment of a receiver would only "That is the intention at the present time," said Mr. Cook, "and I Thursday, Friday and Saturday legal holidays; and complicate matters and would be the cause of a large bill of expense cannot see any reason for changing the program." "Whereas, The Directors of this bank have a high regard and rewhich would eventually fall upon the creditors and depositors in the spect for the judgment and discretion of the Governor of Nevada, who Mr. Cook stated that he had, not received official information of the bank. has proclaimed a further six-day period of legal holidays; nevertheless, Governor's proclamation, and that he did not think it would interfere "Hoping that your honor will refuse the application for the appointwith the plan outlined for opening up the Wingfield and Nixon banks. If we believe that a proper consideration for our depositors and a just and ment of a receiver, we remain, proper treatment of them and our clients demands the opening of our there should be any change in the program, he promised to notify the "Respectfully," doors for regular banking business forthwith; and Bonanza. Up to the hour of going to press, nothing had been heard to

5. October 29, 1907 Tonopah Daily Bonanza Tonopah, NV
Article from Tonopah Daily Bonanza, October 29, 1907

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RECORDOF DEPOSITS AND WITHDRAWALS The Tonopah Banking Corporation and the Nevada First National Bank opened their doors yesterday morning, and, as was expected, there was no run on either institution. The receipts of the former were six times greater than the withdrawals of actual cash, and of the latter more than fifteen times greater. Following is the record of the deposits and the cash withdrawn: TONOPAH BANKING CORPORATION. $102,966.71 Deposits Withdrawals 17,728.49 NEVADA FIRST NATIONAL BANK. Deposits $49,985.64 Withdrawals 2,971.34

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

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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

7. November 3, 1907 Tonopah Daily Bonanza Tonopah, NV
Article from Tonopah Daily Bonanza, November 3, 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 the visitor who comes here for the Nixon's banks, with the John S. Cook first time. This was the judgment bank in Goldfield as its corresponof the Los Angeles merchants, busident. During the holidays following ness men and bankers, who were thesuspension of the State Bank and here some months ago, after passing Trust Company, the Tonopah Bankthrough the southern camps, and ing Corporation closed for the first seeing, as they supposed, all that three days, out of courtesy to the there was to be seen. It is the judgGovernor, but there never was a ment of all observers who come to time, during banking hours, when this country. They are attracted by the doors were locked. The bank the big buildings, the solid strucwas doing business all the time for tures, the improvements, and the the accommodation of its clients. business that is being done, whether This bank, like the John S. Cook times are dull or not. of Goldfiéld, was opposed to closing Tonopah long since outgrew the at all, and there never was a time provincialism of the mining camp, when a run could have caught either and can boast of many of the imone of them. Each had enough to provements of the metropolitan cities. go on for two days, anyhow, and beIt is supplied with a sewer system, fore the end of the second day, there was half a million dollars sent in a gas plant for heating and lighthere and to Goldfield for the two ing, and an electric plant for the banks. On the day of the opening, same 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 city, and most of the conveniences and comforts of the modern burg. the John S. Cook were $250,000. 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 the residence and business sections advice of the Comptroller of the Currency, but of its own initiative reof the city during the past month than ever before. The current is fused to recognize the second batch of holidays, and opened on last Monused for all practical purposes, lightday, with the result that there were ing, heating, cooking and the like. received $50,000, and there were The Tonopah United Water Comwithdrawn less than $3000. pany has been branching out in all and has ita nines in all

8. 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

9. February 26, 1909 Tonopah Daily Bonanza Tonopah, NV
Article from Tonopah Daily Bonanza, February 26, 1909

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we are now carrying 45 per cent of our entire deposits in cash and reserve, while the requirements of the government are that we carry but 15 per cent. This percentage of reserve has been maintained for the past year: "The physical condition of our mines was never so good, developments showing that our large bodies of ore are continuing with depth, while. shipments of ore are increasing daily. "The determination of the Tonopah Extension Mining company to erect a mill in Tonopah will result in much good to the camp. This mill is now assured. "The outlook for the future of Tonopah was never better. Let us boost, not knock." Eugene Howell, cashier of the Tonopah Banking corporation was shown Mr. Harris' statement and stated that his views coincided with those of the cashier of the Nevada First National in every respect, and in his mind there was a firm opinion that Tonopah with its mines and mills was one of the best camps in 1 the west. Mr. Howell said: "When the Nevada First National bank and the Tonopah Banking corporation passed through the entire panic of 1907, paying coin on every demand and not issuing clearing house certificates, that should assure the people of the outside world that Tonopah is doing business on a good substantial basis."