17625. Faulk County Bank (Faulkton, SD)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
state
Start Date
December 23, 1890
Location
Faulkton, South Dakota (45.035, -99.124)

Metadata

Model
gpt-5-mini
Short Digest
78b29bd1c667ae74

Response Measures

None

Description

Newspapers report a failure of the Faulk County Bank on December 23 (reported Jan 3/4, 1891). Text describes it as a 'failure' and 'the third bank failure ... within three months' with county deposits likely lost, indicating insolvency and permanent closure rather than a temporary suspension. Cause inferred as bank-specific insolvency. Date set to 1890-12-23 based on article text; publication is Jan 1891.

Events (1)

1. December 23, 1890 Receivership
Newspaper Excerpt
The Faulk County bank failure of December 23 is a bad break. It is the third bank failure at this place within three months, and is much the worst of the three. Over $13,000 of county money was on deposit, and fears are entertained that the county will lose it.
Source
newspapers

Newspaper Articles (2)

Article from The Seattle Post-Intelligencer, January 4, 1891

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Article Text

BUSINESS FAILURES. Four Manufacturing Concerns DownThird Bank Crash in Faulkton, S. D. PHILADELPHIA, Jan. -Amos Heilborn & Co., manufacturers and importers of furniture, have assigned. The liabilities will be large. MINNEAPOLIS, Jan. 3.-A special to the Tribune from Faulkton, S. D., says: The Faulk County bank failure of December 23 is a bad break. It is the third bank failure at this place within three months, and is much the worst of the three. Over $13,000 of county money was on de posit, and fears are entertained that the county will lose it. NEW YORK, Jan. 2-Charles Metzger, manufacturer of fancy plush and leather boxes, has failed, with $50,000 liabilities. Hawthorn & Finn, manufacturers of machinery and steam fittings, assigned today without preferences. Their liabilities are about $70,000. The assets are not known. John M. Reamer, wholesale lumber dealer, assigned today. SAN FRANCISCO, Jan. 3. -Bradstreet's Mercantile Agency reports twenty-four failures in the Pacific coast states and territories for the week ending January 2, as compared with twenty-two for the previous week, and twelve for the correspouding week of 1889. WORCESTER, Mass., Jan. 3.-The Worcester Steel Works were petitioned into insolvency today by the Shoe and Leather bank, of Boston, on a promissory note for $5,000, indorsed by George M. Rice, president of the company. A second petition was filed against George M. Rice personally.


Article from The Morning Call, January 4, 1891

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Article Text

FINANCE AND TRADE. Business Failures Announced - Weekly Bank Statement-Calls for Gold. NEW YORK, Jan. 3.- Hawth and manufacturers of machinery tings, assigned to-day without preferences John M. Reamer, wholesale lumber dealer, assigned to-day. The liabilities are about $70,000. The assets are not know Charles Metzger, manufacturer of failey plush and leather boxes, has failed, with $50,000 liabilities. WORCESTER (Mass.), Jan. 3. -The Worcester Steel Works was petitioned into insolvency to-day by the Shoe and Leather Bank of Boston on a promissory note of $5000, indorsed by George M. Rice, President of the company. This is the second petition against George M. Rice personally. BANK STATEMENT. NEW YORK, Jan. 3. - -The weekly bank statement shows the reserve has increased $852,000. The banks now hold $8,577,000 in excess of the legal requirements. MINNEAPOLIS, Jan. 3.-A special to the Tribune from Faulkton. S. Dak., says: The Faulk County Bank failure of December 23d is a bad break. It is the third bank failure at this place within three months, and is much the worst of the three. Over $13,000 of the county's money was on deposit, and fears are entertained that the county will lose it. CALLS FOR GOLD. LONDON, Jan. 3,-The Bank of England will be asked by the Bank of France to refund next month the loan advanced to it in the time of the Barings' troubles. There is every probability of an advance in the Bank of England rate of discount Thursday next, especially as large demands of gold are being made here by Holland, Germany and New York: