20272. Bank of Canton (Canton, SD)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 12, 1891
Location
Canton, South Dakota (43.301, -96.593)

Metadata

Model
gpt-5-mini
Short Digest
8be06c5e

Response Measures

None

Description

Articles (Jan 13-15, 1891) report the Bank of Canton in Canton, S.D. was closed by state officers (around Jan 12, 1891) and federal proceedings to appoint a receiver began Jan 13, 1891. Closure attributed to alleged fraudulent mismanagement by President Charles B. Kennedy and insolvency. No run is mentioned.

Events (2)

1. January 12, 1891 Suspension
Cause
Government Action
Cause Details
Closed by state officers due to alleged fraudulent mismanagement by President Charles B. Kennedy and insolvency.
Newspaper Excerpt
Proceedings were begun ... for the appointment of a receiver for the Bank of Canton, at Canton, which was closed by the state officers yesterday.
Source
newspapers
2. January 13, 1891 Receivership
Newspaper Excerpt
Proceedings were begun in the United States Court today for the appointment of a receiver for the Bank of Canton ... The petitioners alleged that Charles B. Kennedy, president of the bank, fraudulently mismanaged the affairs of the bank, and that the bank is insolvent.
Source
newspapers

Newspaper Articles (3)

Article from The Portland Daily Press, January 14, 1891

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Article Text

SOUTH DAKOTA BANK BREAKS. Bank of Canton Said To Be Insolyent. SIOUX FALLS, S. D., January 13.-Pro- cardings were begun in the United States Court today for the appointment of a receiver for the Bank of Canton, at Canton, which was closed by the state officers yesterday. The bank has $500,000 capital, $33,000 of which is held in Vermont by eastern capitalists. The petitioners alleged that Charles B. Kennedy, president of the bank, fraudulently mismanaged the affairs of the bank, and that the bank is insolvent.


Article from Telegram-Herald, January 15, 1891

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Article Text

A Western Bank in Trouble. SIOUX FALLS, S. D., Jan. 14.-Pro. ceedings were begun in the United States Court Tuesday for the appointment of a receiver for the Bank of Canton, which was closed by the officer Monday. The bank has $500,000 capital, $300,000 of which is held in Vermont by Eastern capitalists. Thepetitioners allege that Charles B. Kennedy, the president, mismanaged the affairs of the bank and that the bank is in. solvent.


Article from The Manchester Journal, January 22, 1891

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Article Text

ever can be easily overcome by Old Seul's Catarrh Care. The St. Johnsbury Caledonian says the exet of introducing the Australian ballot system at the recent village meeting there did not exceed 825, and hereafter the extra cost, for printing ballots, etc., will not exceed 810 a year, T. Perkins guarantees that one Sc. bar of Brussels soap is equal to two 5a. bare of rosia sosp. Marrage was a failure in Rotland in one instance last week Frank H. Wood, 21 years old, was married Friday afternoon about 2 o'clock to Mary A. Cutting, 16 years old. Within three hours after the marriage Wood posted bis wife forbidding any person trusting ber on bis account. J. P. Blackmer guarantees that one 8a. bar of Bruesels soap is equal to two 5c. bare of rosin soap. The uncovering of the new granite guarry at Cuttingaville 18 still being carried on and a large opening has been made. The grabite runs from a light grade to very dark. It is reported that quarrying on an extensive scale will soon begin. T. Perkins guarantees that one 8o. bar of Bruesels soap is equal to two 5e. bare of rosin soap. The Chase toy works give promise of becoming one of Rutland's chief industri es. More than 60 men are constantly em ployed, and owing to a rush of orders are working from three to five hours nights. J. P. Blackmer guarantees that one Sc. bar of Brussels soap is equal to two 5c. bare of rosin soap. The lorgest beef creature ever slaughter. ed in the United States was dressed in Barnet recently and shipped to Boston, dreased weight by estimate being 2500 pounds. This was one of the big oxen formerly owned by L. D. Hazen. It has been humorously intimated that Vermont and Calilornia would average up well at the world's fair in Chicago, the governor of the Golden State having recommended the appropriation of $1,000,000 for the great exposition, but Vermont will be found there with a creditable exhibit when the time comes. Conductor John J. Paris of the Benning' ton & Rutland road has taken a two monthe' leave of absence. Proceedings were begun in the United States court Monday for the appointment to a receiver for the bank of Cacton, Can too,South Dakota which was closed by the officers. The back has $500,000 capital. $33,000 of which is held in Vermont by eastern espitalists, they being represented in the petition by N. P. Kingsley of Rut: land, Vt. The petitioners allege that Charles B. Kennedy. the president, frau duiently mismanaged the affairs of the bank and that the bank is insolvent. The storm of Saturday Light and Sun day at Castleton was the worst experien ced there since the blizzard three years ago. Snow fell to the depth of a foot, and this was piled in huge drifts by the heavy wind that blew all day. The funeral of Dr. Edward C. Harwood, a well known New York physican and a native of Bennington, was attended Mon day afternoon from the residence of bis brother. John Harwood. on Beach street. Bennington, Rev. Charles R Seymore offi ciating. The local Masonic fraternity bad charge of the funeral. Treasurer J. C. Houghton of the Natio TO nal life insurance company writes as follI ows; "In correction of the report as circulated in the press relative to B William V. Harper, late general agent in Baltimore for this company, we 8 desire to say that the amount for which he u as been arrested as having embezzeled does not exceed $2500 in premiums collect r ted and appropriated, and first brought to our notice by enquiries of the applicants re for insurance for their polices. Whatever other amounts may be due from Mr. Harg