624              THE HISTORY OF NEVADA

CHAPTER XXVI.

BY W. H. BLAUVELT.

Banking was inaugurated in Nevada at Virginia, by "Wells, Fargo & Co. Express and Banking Company" (was the form then used to head their advertisements) A. D. 1860. Captain Simmons, who had been the agent and manager of the Wells Fargo Co. Corporation at Sacramento City, California, during previous years, was transferred to Virginia in the year 1860 to add banking to their previously conducted express business at that geographical point of the earth. The bank at Virginia was not permitted to make loans of money, excepting to grant advances on bullion deposited for shipment to the United States Mint at San Francisco, or to the San Francisco Refinery; but they received deposits, sold exchange, and discounted drafts drawn by mining companies then in good standing, financially, with the banking world, and had opened accounts with the bullion producing mines.

In the year 1861, J. W. Stateler and N. O. Arrington—firm name Stateler & Arrington—established a bank at Virginia, and loaned money at ten per cent. a month upon all kinds of securities; and it was said of them that their business was more in form of pawnbroking than of banking; but the Gould & Curry Mining Company, then the largest and most active bank account in Nevada, did all of their banking business with Stateler & Arrington.

During the year 1862—John A. Paxton (formerly of the firm of Decker, Jewett & Paxton—bankers, at Marysville, California)—and W. B. Thornburg (Paxton & Thornburg) established a banking house at Virginia; the same year (1862) Howard & Sanchez founded a bank at Aurora (Esmeralda County, Nevada). Aurora was at that time a rapidly growing town, the leading mine "Real Del Monte," was regarded to be of stupendous value, and a half hundred other mines were believed to be of great value. More than a dozen expensive quartz mills had been built,

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or were in process of construction. Large assays from ore were obtained; the promise was grand; the fulfillment—never. No large bodies of ore were found. Mining and milling men had deceived themselves, and were ruined. Property became valueless, and the bank was closed in 1865.

Early in the year of 1863, Arnold & Blauvelt established a bank at Virginia, and a month or two later in the same year, the bank of B. F. Hastings & Co. was opened for business.

B. F. Hastings was for more than a dozen years a successful banker at Sacramento City, California, and never lived at Virginia. A. K. Grim, who had one-fourth interest in the Virginia branch of the B. F. Hasting's bank, was the Virginia manager, and had for assistants J. W. L. Hunt (who came from the Hastings bank at Sacramento), and Charles J. Torbert. Everyone connected with the Sacramento and Virginia branch of the B. F. Hastings banks died years ago.

Late in the year 1863—or early in 1864—Paxton & Thornburgh established a branch of their bank at Austin (usually spoken of as "Reese River"), and after Paxton & Thornburg closed their bank at Virginia (say 1868) and the firm was dissolved—Paxton removed the Austin bank to Hamilton, White Pine County—where he conducted a banking business a year to two, and then removed to Eureka, Nevada, and there engaged in banking. After some years he disposed of his bank to a syndicate of citizens who continued the business in the name of The Bank of Eureka.

Early in 1862, H. G. Maynard opened a bank at Gold Hill, Nevada. He had previously been the agent of Wells Fargo & Co. express at Gold Hill. In the latter part of same year, J. W. Flood became a partner of H. G. Maynard. Maynard & Flood continued in business about two years, when J. W. Flood went to San Francisco, where he became a trusted employee in the banking house of Donohoe, Kelley & Co. After having occupied that position for a number of years, he was proven to be defaulter for a large amount of money, and was sentenced to imprisonment for six years. It was currently reported that the shock given to Joseph Donohoe through the defalcation of J. W. Flood, who had for many years been regarded by Donohoe to be a man of rare excellence, and a highly esteemed friend, caused the death of Donohoe,

626      THE HISTORY OF NEVADA

who died a very short time after Flood had been sentenced to State prison. The business of Maynard & Flood at Gold Hill was continued by H. H. Flagg., Maynard had retired a rich man, with more than $100,000 in bonds, and $1,800 per month in rents from his Gold Hill property being collected by H. H. Flagg and remitted to him in Boston, Massachusetts, where he had bought a dwelling on Tremont street, in which with his family, he abode. About the year 1872 Maynard returned to Gold Hill, and reported that his Boston life had been financially disastrous.

A short time after the return of Maynard to Gold Hill the bank of H. H. Flagg failed. Trustees were appointed and they succeeded in paying the creditors about sixty cents on the dollar.

Maynard formed a copartnership with R. N. Graves—firm name Graves, Maynard & Co., and the bank was reopened. H. K. Mitchell was the silent partner. The business was not successful and ended in about two years after it was inaugurated. The building that had been a bank during all of the early years of Gold Hill's existence became a saloon named The Bank Exchange. Maynard became a very poor man; his last employment was watchman at an idle hoisting works between Washoe Valley and Steamboat Springs, where he became ill; was removed to the county hospital at Reno, where he died.

During 1862 Almarin B. Paul, D. L. Bliss and W. H. Baker formed a copartnership, firm name being Almarin B. Paul & Co., and established a banking house at Gold Hill that continued to exist until May 1, 1865. During 1862 E. Ruhling and H. V. S. McCullough, who had previously conducted the business of assaying, added banking, and "E. Ruhling & Co., bankers and assayers," was signed to their advertisements; about five years later they ceased to conduct banking business, but continued the assaying business for some years afterward, during which time they established a branch of their assaying business at Gold Hill that was conducted by H. V. S. McCullough.

About July, 1863, James H. Latham, who had been the agent of the Wells Fargo & Co. banking and express business at Sacramento, Cal. (he had succeeded Captain Simmons), came to Virginia as agent of Wells Fargo & Co. and P. D. Hedley, who had succeeded Captain Simmons as the Virginia agent of the house a year or two previously,

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became the agent of the banking and expressing business of Wells Fargo & Co. at Gold Hill. Homer S. King, who had been a clerk in the Sacramento house of Wells Fargo & Co. for years, came to Virginia with James H. Latham to act the part of cashier of the banking department of Wells Fargo & Co.

During August, 1863, a bankers' association was formed at Virginia for the purpose of establishing uniform methods of conducting business. Every banker in Virginia and Gold Hill became a member of the association. Although all were members, each firm was entitled to only one vote. The first business transacted was to establish 5 per cent. per month as the rate of interest to be charged on all loans and discounts. James H. Latham, the agent of Wells Fargo & Co., stated to the members that he had a contract with the Mexican Mining Company to furnish required coin during each midmonth operations at the rate of 3 per cent. per month; all of these coin advances were repaid in full at the close of each month's business. It was unanimously voted that contract should be the only exception to the 5 per cent. per month rule that was then established. The rate of discount on bullion was based entirely upon the charges of Wells Fargo & Co. for transferring the metal to San Francisco, the charges of the San Francisco Refinery for parting the silver from the gold, the value of refined silver in San Francisco market, where it was in demand for shipment to East India for account of London bankers and the express charge for transferring coin from San Francisco to the Comstock Lode. The latter charge was $1.12 1/2 for each one hundred dollars. The bullion rate varied with the fineness of the bullion bars. There was a weight-charge plus a value charge. The "Pioneer Line of Stages" carried, all express matter. There was no railway east of Folsom (22 miles east of Sacramento City). The three daily stages of the "Pioneer Line" were always filled with passengers. To obtain a seat in their coaches it was often necessary to engage (and pay for) passage three or four days in advance. Stage robbers were busy, and it was gold coin that they wanted, not silver bars, that they could hardly dispose of without being detected, as records of weight and fineness of each and every bar were numerous ; hence it was always stages coming to Nevada (not going from Nevada) that were robbed. Express robbers had emissaries to inform them when the treasure-box

628      THE HISTORY OF NEVADA

upon the stage was heavy. The express company endeavored to send the smallest amounts practicable daily; but the daily transfer of coin from San Francisco was of considerable amount. The largest sum remembered that was stolen at one time by the robbers was $30,000. Suspects were arrested; but as robbers were always masked, conviction seemed impossible. No conviction of a stage-robber is now remembered. In consequence of robberies it is doubtful (notwithstanding the 1 1/8 per cent. charge, it is now four-tenths of 1 per cent.) whether there was any profit accrued to the express company through transmission of coin during the stage-coach era.

The profit of bankers consisted not in discounting the drafts that were drawn on San Francsico by all operating mining companies and others, but in receiving coin in exchange for drafts, bills of exchange and checks sold by all of the banks at par. The receipt of this coin reduced the amount upon which they had to pay the express company for bringing coin from San Francisco. Where went all of the hundreds of thousands of dollars brought to the banks each and every month is a question that has never been answered. It is known that coin was buried, as it often came to banks with dirt accompanying it, when owner was departing to "pastures new" and believed that a bank-check was a safer method of transportation than carrying the coin could be. He had to pay no premium; but the money carried away in pockets of owners and the money that was long buried would seem to be but a small proportion of the monthly sums that were expressed from San Francisco to Virginia during the sixties and seventies of the past century. About the beginning of the summer of 1864 Stateler & Arrington failed, although they were really solvent, Arrington had become a votary to intemperance (a year or two later his wife obtained a divorce from him in San Francisco on the grounds of habitual intemperance) and Stateler (who was a conceited and unscrupulous man) completely dominated Arrington. The San Francisco account of Stateler & Arrington was with the Bank of California, where they had the privilege of overdrawing their account near the first of each month in order to be prepared for furnishing large amounts of coin used by mining companies (particularly by the Gould & Curry Mining Company that had an army of employees and large sums to be monthly paid for mine supplies,

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wood mining timbers, etc., and who obtained all of their coin from the bank of Stateler & Arrington) during the first ten days of each month. These overdrafts made upon the Bank of California had always been promptly paid through remitting drafts drawn upon the mining companies, that were all California corporations with principal place of business in San Francisco, by the superintendents. Nearly all of the Comstock mining companies, with head offices in San Francisco, kept their banking account with the Bank of California. What right-thinking men would name to be dishonesty, Stateler would call "shrewdness."

Wells Fargo, who had a large certificate of deposit account in their bank at Virginia, had always advanced the coin to Stateler & Arrington on their drafts drawn on the Bank of California less the express charge, 1 1/8 per cent., for transferring coin from San Francisco to Virginia. Coin was necessarily three days en route between the above-named points of transfer. Say, June, 1864, Stateler & Arrington, a day or two earlier than had been their aforetime custom, had their drafts drawn on the Bank of California cashed for a sum somewhat larger than had been usual; a day, two or three, they again had a draft drawn on the Bank of California cashed by Wells Fargo & Co., say, $20,000. The Bank of California paid the first draft, but refused to pay the second draft that went to protest. Stateler used the money that he had obtained from Wells Fargo & Co. to pay all depositors who had money in his bank; he sought them industriously to make payment. The only unpaid creditors were Bank of California, say, $30,000, and Wells Fargo & Co., say, $20,000. Nevada was a territory with United States courts a year or more behind in court cases, hence nothing could be gained by the creditors through the courts. William Sharon (who years afterward became United States Senator) was the representative of the Bank of California to gather what could be gained from the Stateler & Arrington wreck. Wells Fargo & Co. had to accept deeds for property, mortgages, promissory notes in hands of Stateler & Arrington in payment of their claim. William Sharon, who reached the scene a day after Wells Fargo & Co., had sifted the securities held by the Stateler & Arrington bank, had second choice, but chose wisely, and it is believed that in the end the Bank of California recovered nearly the entire

630      THE HISTORY OF NEVADA

amount of their claims, but a long time was required to accomplish that end.

Wm. Sharon, during his stay of several weeks at Virginia in making settlements, and money realizations upon the gatherings from the closed bank, conceived that it would be profitable to the Bank of California to establish an agency at Virginia, Nevada, and succeeded in causing the officers of the bank to instruct him to immediately found a bank agency at Virginia. Arnold & Blauvelt, who through mortgages, were practical owners of the large bank building occupied by them, and best located as well as best adapted for business of banking of all buildings in the town, were interviewed by Wm. Sharon, who desired to take the building and the business, good will, and service of junior partner. Arnold & Blauvelt believed that the agency, when established, would render business of other banks to be unprofitable, hence the agency was established September, 1864, and continues to the present day, having been for more than a dozen years the only bank on the Comstock Lode, where during the years 1863 and 1864 were eight banks, viz., five in Virginia, and three at Gold Hill. Late in the year 1864, or early in the year 1865, J. W. Stateler, in company with a stranger named Meyer, firm name Stateler & Meyer, reopened a bank at the old stand of Stateler & Arrington. Stateler had the temerity to believe that depositors would flock to the new bank, because he had acted so honorably in paying depositors all of their money before it was known that the bank of Stateler & Arrington would fail. Stateler believed that Gould & Curry and other mining companies would reopen their accounts with his new bank. The bank was ignored, and after a few months was closed. Early in the year of 1865, the Bank of California determined to establish an agency at Gold Hill; and soon afterward arranged with Almarin B. Paul & Co. to lease the banking house they were occupying. On the first day of May, 1865, the agency of the Bank of California was opened at Gold Hill with W. H. Blauvelt as cashier in charge. During the following month of July the bank removed to a better building, better lighted, and better located. There it continued the business more than fourteen years. In the year 1879 in view of the fact that business on the Comstock Lode had materially decreased in volume, the officers of the bank concluded that the expense of maintaining two agencies in juxtaposition was no longer de-

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sirable; hence during the summer of 1879, the business of Gold Hill was transferred to the agency of the Bank of California at Virginia. A corporation, consisting of eight shareholders, was formed to conduct banking in the building vacated by the agency of the Bank of California at Gold Hill. The title of the newly formed corporation was the Bank of Gold Hill. This bank continued in business more than seven years, and ceased during the month of December, 1886; since that date there has been no bank at Gold Hill, Nevada. During the year 1877 the Nevada Bank of San Francisco established an agency at Virginia, George A. King, agent. This bank continued in business nearly twenty years, when it ceased to be. While the Central Pacific Railroad was being built west from the summit of the Sierra Nevada, say 1867, 1868, 1869, many gangs of workmen were employed, and each gang had a "boss" to direct the work, keep the time of workmen, etc. To pay these several hundreds of men their monthly stipends in coin would have been impracticable; hence checks were drawn on the corporation payable in Sacramento City, and sent to "bosses of the gangs," who distributed them to the laborers, who signed the payrolls when they received their check. D. A. Bender became buyer of these checks (as laborers wanted coin), and it was said that his terms of discount were a dollar for each check. There being hundreds of laborers within his scope, his monthly profits were large; and during the year 1868 he in company with his brother, Charles T. Bender, established a bank at Reno that was then a very young and small town. The bank of D. A. Bender afterward was merged into the Washoe County Bank at Reno that continues to the present day. D. A. Bender was the largest stockholder therein. About the year 1893, Wells Fargo & Co. ceased to do a banking business at Virginia, Nevada. At Carson City, Nevada, Wells Fargo & Co., H. F. Rice, agent, were the only bankers during the first quarter century of the existence of the State of Nevada.

The banking business was never very profitable in the State of Nevada. No large fortunes were made. Seeming sound securities, taken for loans, melted away so rapidly, that losses upon bank loans were very numerous. Personal security was very often disastrous. A borrower might be a rich man the day that he borrowed the money, and become bankrupt within thirty days thereafter.

632      THE HISTORY OF NEVADA

Of all who were engaged in banking, as principals, agents, cashiers, accountants, or clerks, during the "sixties" of the last century in Virginia or at Gold Hill, three only are living. Of the thousands who came to the Comstock during the year 1863 in stages, on horseback and afoot, nine-tenths either died or went away poorer than when they came.

During the summer of 1866 the agent of "The Banking & Express" business of Wells Fargo & Co. at Gold Hill, Nevada, acknowledged a deficit of $60,000 in cash of the bank; he had lost the money through buying mining shares during a falling market, confidently believing that values would enormously increase in the near future. As depreciation continued, he bought more and more, in order to lessen average cost of the whole number of "feet" that he had bought chiefly in the Ophir mine, that "tumbled" from more than $3,000 per foot to less than $300 per foot, gradually, but continuously. The ore body had really been exhausted, but the fact was not 'generally known; and to knowing ones it was believed that it would reappear at a little greater depth. It did not reappear. Wells Fargo concluded to abandon banking at Gold Hill, and the office of the express was given to the agency of the Bank of California, at Gold Hill, and W. H. Blauvelt was appointed to be the agent of the express, and continued to act as agent more than twenty years. Agency of the Nevada Bank of San Francisco at Virginia ceased business April, 1895. Virginia, Nevada. "There is no such place as Virginia City in Nevada. Virginia City is in Montana." The foregoing quotation has often been repeated by the early founders of Virginia, Nevada, who were determined that City should not be attached. The organic act incorporating the government of Virginia, emphatically declares the name of the corporate to be Virginia. Notwithstanding all preventatives that were used, the United States Post Office Department have attached City to their post-marking stamps. Wells Fargo did the same thing, and the great mass of people are not aware that it is a misnomer. Per contra, Carson City was incorporated, yet the whole world eliminates City, and says Carson.

On October 3rd, 1907, the State Bank and Trust Company at Carson City closed its doors, also its chain of branch agencies in Tonopah, Blair, Goldfield and Manhattan.

The Nye and Ormsby followed suit with its Tonopah, Goldfield, Won-

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der and Manhattan agencies. All the banks in the State closed temporarily, and to tide them along until they might be able to realize on their assets, Governor Sparks declared several legal holidays.

The State Bank and Trust Company attempted to induce its depositors to sign an agreement to allow it to open and by paying small monthly dividends gradually settle with its creditors. Over 95% of the depositors were willing, but the others taking legal advice refused, and the bank went into the hands of a receiver, where it still remains.

Many causes were named as contributing to the failure of the banks, but the main one was the loaning of money on mining stocks, always an uncertain asset. Beyond this might be counted the labor disturbances in Goldfield, which contributed to the general lamentable result. The failure of the Bank Commission to investigate and close the insolvent banks caused bitter public criticism and a legislative investigation of Commissioners Douglas and Ryan followed, which gave little tangible results except to show that the Commissioners had State money in the Nye and Ormsby and that Ryan was one of the bondsmen of the Treasurer of Ormsby, which county had over $20,000 in the bank which it never recovered. The Nixon banks paid dollar for dollar. The State Bank and Trust Company is working out its salvation through its receiver. The Golden banks, since the death of Frank Golden, have been gradually settling with creditors through the heroic efforts of the widow, who insists that she will eventually meet every demand. Since her husband's death she has met claims aggregating over half a million.

All banking corporations in the State of Nevada are now operating under the law enacted by the Legislature and approved March 22, 1911, that created "The State Banking Board of Nevada," consisting of the Governor, who is chairman of the Board, and four additional members appointed by the Governor, also the State Bank Examiner, appointed by the Governor, who is secretary of the Board. The law regulating the formation of a bank corporation is explicit and stringent. Twenty-five thousand dollars, actual cash, is the smallest amount upon which a bank can be established, and at least three actual stockholders must constitute the board of directors of any bank. Every bank is required to make at least four reports each year, oftener if called upon, to the Bank Examiner. Each report must exhibit in detail, and under appropriate heads, the re-

634      THE HISTORY OF NEVADA

sources and liabilities of such bank at the close of business on any past day specified by the Bank Examiner, and this report must be published in a newspaper in the county in which the bank is located. The State Banking Board has faithfully performed its duties and the conditions of each bank have been truthfully given to the public quarterly each year.

In addition to the agency of the Bank of California National Association, at Virginia, Nevada, the following banks are now engaged in business within the State:

Capital.

Bank of Austin            . . . . . . . . . . . . . . . . . . . . . . . . .  Austin . . . . . . . . . . . . . $60,000

Horton Banking Company . . . . . . . . . . . . . . . . Battle Mountain . . . . . . 12,000

Lincoln County Bank . . . . . . . . . . . . . . . . . . . .  Caliente . . . . . . . . . . . .  10,000

Carson Valley Bank . . . . . . . . . . . . . . . . . . . . . . Carson City . . . . . . . . .  50,000

Henderson Banking Company . . . . . . . . . . . . .  Elko . . . . . . . . . . . . . . 100,000

Churchill County Bank           . . . . . . . . . . . . . . . . . . . .Fallon . . . . . . . . . . . . .  65,150

Douglas County Farmers' Bank . . . . . . . . . . . . .Gardnerville . . . . . . . .  25,000

John S. Cook & Company . . . . . . . . . . . . . . . . . Goldfield . . . . . . . . . . 250,000

First State Bank . . . . . . . . . . . . . . . . . . . . . . . . .  Las Vegas . . . . . . . . . .  25,000

Lovelock Mercantile Banking Company . . . . . . Lovelock . . . . . . . . . . . 50,000

Mason Valley Bank—Incorporated . . . . . . . . . . Mason . . . . . . . . . . . . . 25,000

Quinn River Bank . . . . . . . . . . . . . . . . . . . . . . . . McDermitt . . . . . . . . . 19,000

Farmers' Bank of Carson Valley . . . . . . . . . . . . . Minden . . . . . . . . . . . . 25,000

Bank of Pioche . . . . . . . . . . . . . . . . . . . . . . . . . .  Pioche . . . . . . . . . . . .  25,000

Scheeline Banking and Trust Company . . . . . . . Reno . . . . . . . . . . . . . 120,000

Washoe County Bank                                                 Reno                           500,000

Bank of Sparks            . . . . . . . . . . . . . . . . . . . . . . . . . Sparks . . . . . . . . . . . . . . 25,000

Tonopah Banking Corporation . . . . . . . . . . . . Tonopah . . . . . . . . . . . . 50,000

Bank of Wells . . . . . . . . . . . . . . . . . . . . . . . . . . .Wells . . . . . . . . . . . . . .  50,000

Lyon County Bank . . . . . . . . . . . . . . . . . . . . . .  Yerington . . . . . . . . . .  26,900

Bank of Nevada Savings and Trust Company . Reno . . . . . . . . . . . . .  100,000

THE RENO CLEARING HOUSE ASSOCIATION was organized October 30, 1907, by the banks of Reno and Sparks, Nevada, for the purpose of effecting a more perfect and satisfactory settlement of the daily exchanges between them, and to secure uniformity of action in matters concerning them. The membership consists of the following institutions: Washoe County Bank, the Farmers & Merchants National Bank, the Nixon National Bank, Scheeline Banking & Trust Company, Bank of Sparks, Inc. (Sparks), Bank of Nevada Savings & Trust Company. The first officers were: F. M. Lee, president; R. Kirman, vice-president ; Geo. H. Taylor, secretary; A. H. Howe, assistant secretary. During the financial difficulties of the year 1907, the association issued Clearing House Certificates, commonly known as "script," to the extent of $123,800, which certificates were secured by bonds and collateral notes deposited by the members of the association, who in turn received a certain percentage of the amount of the bonds or secured notes which they deposited in certificates. These certificates were quite generally circulated in western Nevada and northern California and were considered the same as cash. Of the certificates issued there are still outstanding (February 1, 1913) $210 of various denominations. Many of these are doubtless held as souvenirs and in all probability a good portion of them have been destroyed or lost. The yearly clearings of the City of Reno since

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the organization of the association are as follows: 1908, $16,359,694.52; 1909, $13,149,47411; 1910, $14,132,454.83; 1911, $14,160,859.18; 1912, $14,776,663.62. The present officers of the association are: George W. Mapes, president; R. C. Turrittin, vice-president; A. J. Caton, secretary; J. W. Davey, assistant secretary; H. H. Kennedy, treasurer.

NEVADA BANKERS' ASSOCIATION, organized December 5, 1908, in order to promote the general welfare and usefulness of banks and banking institutions, and to secure uniformity of action, together with the practical benefits to be derived from personal acquaintance and from the discussion of subjects of importance to the banking and commercial interests of the State, and especially in order to secure the proper consideration of questions regarding the financial and commercial usages, customs and laws which affect the banking interests of the State of Nevada, and for protection against loss by crime. The first officers of the association were: F. M. Lee, president; John Henderson, vice-president; George H. Taylor, secretary; A. H. Howe, assistant secretary, and Fred Grob, treasurer. The membership at this time comprises every bank in the State of Nevada with the exception of four, and many of the leading banks in San Francisco, Sacramento and Salt Lake City, as associate members. Annual conventions are held each year at which a good portion of the members are represented by one or more delegates. At these conventions addresses are delivered concerning financial questions, and a general discussion is held covering matters of interest to, the banking and commercial fraternity. To the Nevada Bankers' Association belongs the credit for drafting and having introduced to the Legislature of the State of Nevada the present Banking Law of this State. Any one familiar with this law knows of its completeness, and the great benefit it has worked in behalf of the legitimate bankers of the State, and the protection it has afforded depositors, none of which were enjoyed prior to its enactment. The present officers of the association are: George H. Taylor, president; A. E. Kimball, vice-president; J. W. Davy, secretary; W. R. Bracken, treasurer.

THE FIRST NATIONAL BANK OF WINNEMUCCA was organized September 27, 1886, by George S. Nixon, F. M. Lee and others with a capital stock of $50,000. George S. Nixon being the first cashier and L. A. Blakeslee the first president. Mr. F. M. Lee became president April 18, 1895, and held such office until July, 1901, when he resigned to accept the position of cashier, which position he held until resigning to become the cashier of the Nixon National Bank in the year 1906. The late Senator Nixon was made president, succeeding Mr. Lee, and remained actively in the management of the bank's affairs up to the time of his death in June, 1912. In the year 1888 the capital was increased from $50,000 to $82,000, and at the meeting of the stockholders held January, 1913, the capital was again increased to $100,000, giving the bank a capital and surplus of $300,000. Mr. George Wingfield was elected president to fill the vacancy caused by the death of Senator Nixon, and is its active president at this time. The other officers and directors are: F. M. Lee, vice-president; J. Sheehan, cashier; C. L. Tobin, assistant cashier; A. D. Dern, assistant cashier. In 1904 Mr. J. Sheehan resigned as County Recorder of .Humboldt County to accept a position with this bank. In January, 1905, he was made assistant cashier, and in November, 1906, was elected as cashier to fill the vacancy caused by the resignation of Mr. F. M. Lee, which position he now holds. On September 19, 1900, the bank was held up and robbed by five robbers, headed by the notorious Butch Cassidy. The amount of the loss was quickly subscribed by the stockholders. It now has the distinction of being the oldest national bank in Nevada, and is justly proud of its position on the National Roll of Honor, being No. 131. The deposits on hand, as shown by the report to the Comptroller of the Currency under date of November 26, 1912, were $1,611,561.19, while the total resources were very close to $2,000,000.

FARMERS' BANK OF CARSON VALLEY, INC., was incorporated May 29, 1909, for $25,000, and was fully paid, the subscribers to said stock being farmers

636      THE HISTORY OF NEVADA

of Carson Valley. The institution opened its doors for business on the 20th day of October, 1909. The growing business demanded an increase of capital stock, and which said increase from $25,000 to $50,000 fully paid, was made on the 4th day of January, 1913, with a great many of the original stockholders doubling their original holdings, new shareholders, also farmers, coming into the business. Mr. F. Heise has been the president of the institution since its original incorporation, with H. G. Marsh as cashier.

THE BANK OF JOHN S. COOK & CO. was first established in 1905 by John S. Cook, as a private bank, and with a capital of $50,000, and in November, 1906, the capital was increased to $250,000, divided into 2,500 shares of the par value of $100, and incorporated, the original incorporators being John S. Cook, George S. Nixon and George Wingfield, the original incorporators becoming the three directors of the corporation. In 1908 George Wingfield purchased the interest of George S. Nixon, Mr. Nixon retiring from the directorate, and W. E. Johnson being elected in his place; and in 1909 George Wingfield acquired also the interest of John S. Cook, Malvin E. Hill being elected a director in the place of Mr. Cook, which directorate remains the same up to date, viz.: George Wingfield, W. E. Johnson and M. E. Hill, who also constitute the officers of president, vice-president and cashier in their order as above stated, with the addition of J. O. Walthers as assistant cashier.

THE NIXON NATIONAL BANK was organized Oct 20, 1906, by Geo. S. Nixon, Geo. Wingfield, Geo. F. Turrittin, H. C. Brougher, P. L. Flanigan, A. G. Fletcher, Warren W. Williams, Henry Anderson, W. Brougher, John S. Cook, F. M. Lee, Peter Stampe Jensen and H. G. Humphrey, of which the first eleven named share-holders were elected the first Board of Directors. The first officers were Geo. S. Nixon, President; Geo. F. Turrittin, Vice-President, and F. M. Lee, Cashier. The Bank opened for business on Nov. 12, 1906, with a paid-up capital of $500,000 and a Surplus Fund of $50,000. The accounts opened the first day resulted in a total deposit of $48,000, which increased to over $1,000,000 by May 20, 1907, at which time the Capital Stock of the Bank was increased from $500,000 to $1,000,000, for the purpose of effecting a consolidation with the Bank of Nevada, which had been in business in Reno since April 21, 1887, and which at the time of the consolidation had deposits of about $1,742,000, and loans of $931,000--thus making the combined deposits of both Banks over $2,700,000, and loans of about $2,800,000. At the time of the consolidation, Mr. R. C. Turrittin, who was Cashier of the Bank of Nevada, and Mr. H. H. Kennedy, who was Asst. Cashier of that Bank, were made Asst. Cashiers of The Nixon National Bank, and Mr. J. D. Cameron, who was Auditor of the Bank of Nevada, was appointed an Auditor of The Nixon National Bank. The other officers and directors of The Nixon National Bank continued the same until Aug. 29, 1909, when the death of Gen. Geo. F. Turrittin occurred, and Mr. F. M. Lee was elected Vice-President and Mr. R. C. Turrittin, Cashier. Mr. Geo. Wingfield was elected President of the Bank in July, 1912, following the death of Senator Nixon, which occurred on June 5, 1912. The Nixon National Bank became a member of the Reno Clearing House Association when it was organized Oct. 30, 1907, and a member of the Nevada State Bankers' Association when it was organized Dec. 5, 1908. On June 20, 1907, the stock-holders of The Nixon National Bank organized the Bank of Nevada Savings & Trust Company as an affiliated Bank, with a paid-up Capital of $100,000, which now has Savings Deposits amounting to about $1,387,000 and assets of loans and investments amounting to about $1,500,000. These Banks have enjoyed a large and profitable business, and have responded to the business requirements of the community and State, as is shown by their present figures of total loans of about $3,100,000 and deposits of $3,170,000 The officers of both Banks are: Geo. Wingfield, President; F. M. Lee, Vice-President; H. G. Humphrey, Vice-President; R. C. Turrittin,

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Cashier; H. H. Kennedy, Asst. Cashier ; M. D. Fairchild, Asst. Cashier ; J. D. Cameron, Auditor. The Directors are: Geo. Wingfield, H. G. Humphrey, R. C. Turrittin, B. E. Nixon, Henry Anderson, S. H. Wheeler, A. G. Fletcher, F. M. Lee.

THE CARSON VALLEY BANK was organized on Feb. to, 1908, by Richard Kirman, Walter J. Harris, Chas. J. Rulison, W. F. Dressler, L. Dolly, Xiever Spooner, and Chas. R. Lewis, and opened for business on Feb. 13, 19o8. The first Board of Directors consisted of Richard Kirman, W. J. Harris, and Chas. J. Rulison, and the officers were Richard Kirman, President; W. J. Harris, Vice-President, and C. G. LeMasters, Cashier, and opened for business on Feb. 13, 1908, with a paid-up capital of $25,000, The capital of the Bank was increased from $25,000 to $50,000 on Dec 29, 1909, and the increased capital was subscribed by Geo. S. Nixon and F. M. Lee, at which time Mr. Nixon became President; W. J. Harris, Vice-President; F. M. Lee, Vice-President; C. G. LeMasters continued as Cashier, and Wm. G. McMillan was elected Asst. Cashier. The new Board of Directors consisted of Messrs. Nixon, Lee, Kirman, Harris and Rulison. In April, 1910, Mr. J. E. Monahan became Asst. Cashier, caused by the resignation of Mr. McMillan. Mr. Monahan up to this time had been associated with The Farmers' & Merchants' National Bank of Reno, Nevada. Upon the resignation of Mr. LeMasters in July, 1911, Mr. M. D. Fairchild, of The Nixon National Bank of Reno, was elected Cashier. Upon the death of Senator Nixon on June 5th, 1912, Geo. Wingfield purchased an interest in the Bank and was elected President to fill the vacancy. B. E. Nixon was elected a Director to fill the vacancy caused by the resignation of Mr. Kirman. In June, 1913, Mr. Fairchild resigned as Cashier to take a position as one of the Assistant Cashiers of The Nixon National Bank of Reno, and Mr. H. C. Clapp, formerly of Goldfield, was appointed Cashier. The present officers and Directors are: Geo. Wingfield, President; F. M. Lee, Vice-President; H. C. Clapp, Cashier; J. E. Monahan, Asst. Cashier; and the Board of Directors consist of Geo. Wingfield, F. M. Lee, Chas. J. Rulison, B. E. Nixon, and M. D. Fairchild.

THE HENDERSON BANKING COMPANY was organized by Jefferson Henderson August 2, 188o, under the name of J. Henderson, Banker. In 1888, it was incorporated under the name of the Henderson Banking Company. The entire stock of the company has been, and is to this day, owned by the members of the Henderson family. The officers are: John Henderson, president; L. O. Henderson, vice-president; Hayden Henderson, cashier; Lambert Henderson, assistant cashier.

DOUGLAS COUNTY FARMERS BANK was organized originally in 1900, as a private bank, and when the present banking laws went into effect the bank became a State bank in 1909. Capital stock, $25,000. A. Jensen, president; L. Jensen, vice-president; R. C. Jensen, cashier.

ELY NATIONAL BANK was organized in Ely, Nevada, January 2, 1909, with a capital and surplus of $30,000, and assets of $200,000. Does a general banking business. Officers are: A. B. Witcher, president; Albert Heusser, vice-president, and John Weber, cashier.

FIRST NATIONAL BANK OF ELY, NEVADA, was organized February, 1907. Presidents, H. P. Clark, W. V. Rice (deceased), W. N. McGill. Vice-president, H. A. Comins; cashiers, Eugene Giles, H. N. Byrne. Capital, $50,000; surplus, $10,000; undivided profits, $4,000; deposits, $400,000.

THE COPPER NATIONAL BANK, East Ely, is the successor of the Bank of Ely, which was founded in April, 1906, under the laws of the State of Nevada and was located at Ely, Nevada, until May, 1908, when it was moved to East Ely and there continued business until November 5, 1909, at which time it was converted into the National System with the name of Copper National Bank; at the present time the capital is $50,000; surplus, $10,000; undivided profits, $3,000, with deposits averaging $150,000. Officers: Arthur Smith, president; F. W. Holmes, vice-president; A. P. Shohter, cashier; H. Wise, assistant cashier.

638      THE HISTORY OF NEVADA

THE FIRST NATIONAL BANK OF ELKO was organized with a capital of $100,000 in May, 1905, and its charter issued by the Comptroller of the Currency under date of May 16, 1905. On that date it took over the business of the branch bank of the Eureka County Bank, which had been conducting a branch business at Elko during the year previous to the organization of the First National. The first officers of the bank were: O. J. Smith, president; B. L. Smith and E. S. Farrington, vice-presidents; R. H. Mallett, cashier, and J. C. Doughty, assistant cashier. The present officers of the bank are: A. E. Kimball, president; C. E. Noble and J. A. Sewell, vice-presidents; C. F. Williams, cashier, and E. E. Ennor, assistant cashier.

THE LINCOLN COUNTY BANK, of Caliente, was incorporated March 30, 1906. Authorized capital, $100,000; subscribed capital, $10,000. The officers are as follows: B. O. Dranga, president; E. T. Dranga, vice-president; O. C. Dranga, cashier; M. W. Ryan, assistant cashier.

LOVELOCK MERCANTILE BANKING COMPANY was organized March 5, 1908, with a paid up capital of $50,000, with W. C. Pitt, president, and F. E. Baker, cashier, and the directors at that time as follows: W. C. Pitt, Mrs. W. T. Jenkins, W. H. Hood, Tom P. Ebert, F. E. Baker, C. J. Hood and C. J. Romwall. To date Mr. Pitt retains the same place, president of the institution; W. H. Hood, M.D., of Reno, vice-president; Tom P. Ebert, of Lovelock, cashier, and R. J. Pierson, assistant cashier. The directors at the present time are as follows: W. C. Pitt, W. H. Hood, Mrs. W. T. Jenkins, F. E. Baker and Tom P. Ebert.

THE FARMERS AND MERCHANTS NATIONAL BANK OF RENO. This institution was organized in 1902 as a State bank, and was converted to a national bank in 1903. Its present officers are: Richard Kirman, president; Linus Dolley, vice-president; W. J. Harris, vice-president and cashier; A. J. Caton, assistant cashier, and L. R. Mudd, assistant cashier.

LYON COUNTY BANK, Yerington. This institution was first organized as The Lyon County Bank in July, 1905, with a capital of $50,000, and after a few months of business the necessity for an increased capitalization became apparent, with the result that the present corporation took over the old bank and reorganized with a capital of $100,000 under the name of Lyon County Bank, with J. I. Wilson as the president. The present officers are: President, J. I. Wilson; vice-president, George H. Plummer; secretary and cashier, George W. Webster; assistant cashier, George F. Willis; directors, C. E. Mack, J. W. Simpson, W. C. Orem, E. R. Lam.

FIRST STATE BANK, Las Vegas, Organized March, 1905. Capital paid in at that time, $12,500. Officers at that time: M. H. Walker, president; C. N. Brown, vice-president; John S. Park, cashier; J. Ross Clark, T. K Gibbon and the above were directors. Today, capital stock paid in, $25,000; surplus fund, $7,500. Officers: J. Ross Clark, president; W. R. Bracken, vice-president; John S. Park, cashier; William S. Park, assistant cashier.

FIRST NATIONAL BANK OF LOVELOCK was opened for business in March, 1905, with a capital of $25,000. In January, 1910, the capital was increased to $60,000, and now has a surplus fund of $25,000. The late A. Borland was president until his death, after which his stock was purchased by L. A. Friedman, who has since been president. R. G. Smith was the first cashier and was succeeded by F. I. Gunnell about a year after the bank was organized. In July, 1911, J. T. Goodin was elected cashier.

MASON VALLEY BANK, INC. Date of incorporation, November 16, 1911. Date of license from State Banking Board November 27, 1911. Date of opening for business December 4, 1911. Deposits at close of business, December 4, 1911, $6,465.12. Deposits at close of business, December 31, 1912, $153,915.50. Capital stock, $25,000. Surplus, $5,000. Undivided profits, $398.90. Officers: W. W. Armstrong, president, Salt Lake City, Utah; George E. Gunn, vice-president, Salt Lake

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City, Utah; H. J. Long, vice-president, Fallon, Nevada; H. W. Culbertson, cashier, Mason, Nevada; J. E. Beaupert, assistant cashier, Mason, Nevada.

McGILL NATIONAL BANK was organized as a national institution June 11, 1909; succeeded the Bank of Ely, McGill Branch. Capital, $25,000. Surplus and undivided profits, $12,500. Average deposits, $225,000. Present officers: Arthur Smith, president; Frank W. Holmes, vice-president; H. J. Muller, cashier; Herman Wise, assistant cashier. Directors are Arthur Smith, Frank W. Holmes, C. B. Lakenan, Chas. S. Chandler and M. H. Patton.

BANK OF PIOCHE, INC., was incorporated under the laws of the State of Nevada, May 11, 1907, opened for business June 6, 1907, with a paid up capital of $25,000, with the following officers and directors: J. F. Talton, president and director; G. C. Whitmore, vice-president and director; M. C. Fitzpatrick, director and cashier; N. P. Ipson, E. A. Hodges, C. A. Thompson, M. L. Lee. Present officers are: N. P. Ipson, president and director; George B. Greenwood, vice-president and director; M. L. Lee, director and cashier; G. M. Whitmore, director; Chas. A. Thompson, director; John R. Cook, director; William H. Pitts, director.

NEVADA FIRST NATIONAL BANK, of Tonopah, was organized in February, 1907. John G. Kirchen, president; Key Pittman, vice-president; Edw. A. James, cashier; J. S. Mullins, assistant cashier.

TONAPAH BANKING CORPORATION. Organized June 1, 1905, under the laws of Nevada. George S. Nixon, president; W. T. Harris, vice-president; Eugene Howell, cashier; R. C. Moore, assistant cashier. October 1, 1912, H. C. Brougher, president; Eugene Howell, vice-president and cashier; C. H. Connett, assistant cashier.

THE WINNEMUCCA STATE BANK & TRUST COMPANY was organized September 30, 1912, and received their license from the State Bank Examinee on January 19, 1913. The bank opened its doors for business on March 3, 1913. The first board of directors was composed of the following gentlemen: Thomas Nelson, Edward Reinhart, F. P. Snapp, Simon Reinhart, E. P. Ellison, Moses Reinhart, J. R. Harvey. The officers were: Moses Reinhart, president; Thomas Nelson, vice-president; Edward 'Reinhart, vice-president; Simon Reinhart, vice-president; R. C. Patterson, cashier. The bank is built entirely of reinforced concrete, making it a fireproof building, at a cost of $30,000.

WASHOE COUNTY BANK. It is now over forty-two years since the banking house of D. A. Bender & Co. was founded in Reno, on June 18, 1871. This business has grown under practically the same management, ever since. In 1880, the First National Bank of Reno, with a capital of $50,000, was organized to take over the interests of its predecessors. In 1896, the Washoe County Bank, with a capital of $200,000, was established to succeed this national bank, it having been found that the still existing law, prohibiting national banks from loaning money on real estate mortgages, very seriously curtailed the opportunities for adequately serving the requirements of this agricultural district. In 1902, the capital was in-creased to $500,000 and the surplus to $200,000, fully paid in. In 1912, the total resources of the bank amount to nearly $2,500,000.

BANK OF WELLS. Capital stock, $50,000 Started business January 27, 1912. Average deposits, $75,000. Mel S. Badt, president; Herbert H. Badt, vice-president; E. E. Lutts, vice-president; H. H. James, cashier.