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Stateler & Arrington Nevada Territory Bank Check Issued to Co-founder NO Arrington [199179]

Currency:USD Category:Collectibles / Mining Start Price:25.00 USD Estimated At:50.00 - 100.00 USD
Stateler & Arrington Nevada Territory Bank Check Issued to Co-founder NO Arrington [199179]
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Excellent Virginia City, Nevada Territory check issued in May 1864 to NO Arrington, one of the partners in the bank. Signed by Charles Bonner as supt. for the Gould & Curry. Not signed on reverse. Bold red cancel over US IR stamp. Stateler & Arrington were backed by the Bank of California. Their primary client was the Gould & Curry Mining Company. Stateler caused the bank to fail in 1864 after suspiciously trying to cash two large drafts from Wells Fargo (who provided the gold coin to cover the mine pay roll). William Ralston denied the second draft from going through, and Stateler closed the bank doors, defaulting on ~$20,000 owed Wells Fargo and $30,000 owed the Bank of California. To recoup their losses, the Bank of Cal. dispatched William Sharon to the Comstock, thus beginning the bank's eventual path to a monopoly. Arrington was also president of the Sand Springs Salt Company.
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Date: 1864
Country (if not USA):
State: Nevada
City: Virginia City
Provenance: