20274. Canton State Bank (Canton, SD)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 13, 1901
Location
Canton, South Dakota (43.301, -96.593)

Metadata

Model
gpt-5-mini
Short Digest
c1fdcf5d

Response Measures

None

Description

The Canton State Bank closed/failed to open on/around 1901-05-13 due to a bad $10,000 loan to W. B. Wade who filed bankruptcy. The bank did not reopen; a receiver (J. V. Conklin) was appointed and assets were liquidated. Depositors later received 50 cents on the dollar. A new banking corporation was organized later to operate in the same building, but the original bank remained defunct and in receivership.

Events (4)

1. May 13, 1901 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large $10,000 loan to W. B. Wade became uncollectible after Wade filed voluntary bankruptcy, crippling the bank.
Newspaper Excerpt
The Canton State bank, at Canton, ... closed its doors this morning. It is said the failure is due to a loan of $10,000 made about one and one-half years ago to W. B. Wade ... Recently Wade filed a petition in voluntary bankruptcy ...
Source
newspapers
2. June 21, 1901 Receivership
Newspaper Excerpt
Judge Conklin, as Receiver, is now in charge of the Canton State Bank building and contents including assets, good, bad and worthless. ... It is believed that the assets will bring $35,000 if handled promptly and wisely. ... Receiver Conklin has somewhere about $13,000 in hand, and the depositors are quite willing to accept their share at once.
Source
newspapers
3. September 1, 1901 Other
Newspaper Excerpt
Judge J. W. Jones has now dissolved the attachments against the failed Canton State bank. The Canton State bank building and lots sold for $12,100. A new banking corporation is now being organized to begin business in the Canton State bank building.
Source
newspapers
4. January 9, 1902 Other
Newspaper Excerpt
J. V. Conklin, receiver of the Canton State bank, which failed some months ago, has just finished paying the creditors 50 cents on the dollar.
Source
newspapers

Newspaper Articles (15)

Article from The Daily Journal, May 11, 1901

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NOT PUBLISHED ELSEWHERE NEWS A revolution has broken out in Santo Domingo. Multnomah commissioners will spend $6000 on bicycle paths. Cardinal Gibbonssmils for Rome to return at the end of summer. The Canton, S. D., State bank failed to open its doors this morning. President of a Seattle band charged with fraud arrested in Omaha. Tod Sloan despairs of getting renewal of his riding license in England. The London Field refrains from crit. icism of the performance of Shamrock II. The Philippine commission is overrun with applications for civil positions in the new provinces. Foreign immigration to Brazil of late years includes 300,000 Germans and 5000 North Americans. Eequador has suspended the decree obnoxious to Peru which created the frontier department of Napo and Samora. British government agents are buying up the bands of wild horses ranging in the Okanogan country for use in South Africa. General Kitchener reports that since May 5th., twenty-eight Boere have been killed, six wounded, 130 taken prisonors and 188 surrendered. Governor Odell has vetood the employer's liability bill. He says the measure is not in the interest of labor too drastically in favor of corporations. The Alaska & Northern Railway bill providing for a roalroad from Pyramid Harbor to Dawson has been rejected by the Ontario Senate Railroad Commission. The controller of the currency has received a telegram from New Orleans announcing that the teller of Hibernia National Bank was short $36,000. He was arrested. President and party will remain over Sunday, at Del Monte Oal. He visited the grand army encampment at Pacific Grove and drove along the ocean front this afternoon. Lower House Norwegian Parliament adopted bill introducing universal communal male suffrage and providing communal suffrage for women paying taxa on an income of 300 crowns. The third note to the powers has been issued by the Sultan, demanding sup. pression of foreign Postoffices and reiterating the charges of smuggling against foreign officials. The ambassadors immediately returned the note to Porte, thus creating a partial cessation of relations between the Embassics and the Turkish government.


Article from Perrysburg Journal, May 17, 1901

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o OF Omana, says a majority of the residents do not fc. vor hereafter Sunday everything observance will be and "wide that open." Washington advices say the educational qualification for suffrage is growing in public favor. Dun's Weekly Review of Trade declares that general business was uninjured by the stock panic in New York. E. H. Methever, who murdered Dorothy McKee at Long Beach, Cal., in July, 1899, was hanged at San Quentin prison. Quick recovery followed the panic Wall street, New York, all prominent securities advancing. Several persons were injured in a riot in Detroit caused by an attempt of the new director of police to quiet a curbstone orator. Willie McCormick, who was supposed to be kidnaped, was found drowned in a creek near his home in a New York suburb. Death was accidental. Treasury officials in Washington view the Wall street reverse as a blessing in disguise, seeing in the check to indiscreet speculation a preventive of serious trouble. The enthusiasm of a crowd at San Luis Obispo, Cal., to shake hands with President McKinley caused a panic from which he was extricated with difficulty. The schooner Fostoria sank in St. Clair river after a collision with ice and two sailors were drowned. Finishing lumber of all grades has been advanced one dollar per thousand by the Mississippi Valley Lumbermen's association. Evelyn B. Baldwin, the American arctic explorer. says he has the best equipped expedition that ever started in search of the north pole. Percentage of the baseball clubs in the American association for the week ended on the 12th were: Detroit, .765; Chicago, .647: Baltimore, .583; Boston, .338; Washington, .500; Philadelphia, .384; Milwaukee, .353; Cleveland, .235. Prof. Charles R. Eastman was found not guilty of the murder of his brother-in-law. Richard H. Grogan, Jr., at Cambridge, Mass. Merritt Chism, a rich farmer at White Oak, Ill., murdered his wife as she was about to attend church. Domestic trouble was the cause. The percentages of the baseball clubs in the National league for the week ended on the 12th were: Cincinnati, .625: Pittsburgh, .625: New York, .583; Boston, .583; Philadelphia, .438: Brooklyn, .467; Chicago, .400; St. Louis, .380. The president and Mrs. McKinley arrived in San Francisco two days ahead of time because of the sudden illness of Mrs. McKinley. Mrs. W. H. Whitsel and her two children were burned to death in their home near Dallas, Tex. R. L. Mosby, a leading citizen of Black Rock, Ark., shot his wife on account of jealousy and then killed himself. Brown charged with Miss James assaulting (colored), Della Garrett, of Springvelle, Ala., was shot and killed by a mob. Mrs. Ellen Callihan (colored), aged 100 years, was killed by the cars at Springfield, III. The Canton (S. D.) State bank closed its doors. American newspapers are said to a from receive subsidy Russia against for manufacturing sentiment Germany. The battleship Illinois is to gointo commission on July 1. Samuel Flower, teller of the Hibernia national bank of New Orleans, was arrested, charged with a shortage of $36,000. Nearly the whole of the business portion of Dumont, Ia., was destroyed by fire. Fire in a lumber district near Detroit caused losses aggregating $800,000. The Western Union Telegraph company suffered to the extent of $600,000. Mrs. Bedinah Carlson, while despondent, killed her two children and herself in Providence, R. I. William Phelps lost his life at Indianapolis, Ind., to allow a companion with a family to escape. Two passengers were killed and 26 in a railway wreck L. I., and more than a injured maica, accident hundred at Japassengers were hurt in an at Englewood, N. J. PERSONAL AND POLITICAL New Jersey prohibitionists have nominated Joel W. Brown, of Jersey


Article from Custer Weekly Chronicle, May 18, 1901

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CANTON BANK CLOSES. Officers Say Suspension Is but Temporary--No Excitement Caused by Its Closing. Stoux Falls, S. D., May 13.-The Canton State bank, at Canton, of which Fred H. Bacon is president and L. H. Larson cashier, closed its doors this morning. It is said the failure is due to a loan of $10,000 made about one and one-half years ago to W. B. Wade, 9 grain dealer at Lennox. Recently Wade filed a petition in voluntary bankruptcy in the United States court here, thus preventing the bank collecting the loan. This crippled the institution to such an extent that it was decided to close it for a time. The bank had in deposits about $60,000. It is claimed depositors will be paid in full. The closing of the banks doors did not create any excitement.


Article from The Black Hills Union, June 13, 1901

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BANK MATTERS CHAOTIC. Another Suit Is Commenced Against De funct Canton Institution. Canton, S. D., June 10.-Attorney Jesse Boyce, of Sioux Falls, has begun a suit against the late Canton State bank in behalf of George W. Stride, whom he seeks to make a preferred creditor. If this claim holds it will wipe out all the cash that was in the bank at the time of closing. If, on the other hand, the attachments hold, only early comers will get results, while if the attachments are declared void and a receiver appointed and an equitable distribution of the assets made, depositors will perhaps realize about 40 cents on the dollar. No bond has been put up and in no manner has C. B. Kennedy yet been legally recognized as assignee of the Canton State bank, but in a second circular to the depositors he styles himself assignee, repeatedly says he has no personal interest in the bank's affairs, and calls a meeting of the parties concerned at the court house at 1:30 today. The postponed hearing on the motion to dissolve the attachments will be held at the court house Monday, June 10. Judge J. W. Jones, of Sioux Falls, will be on the bench. Hotel Changes Eands. Alexandria, S. D., June 10-The Lawler house in this city, one of the best hotels in South Dakota, has been sold to Stewart Dixon for $17,500. Mr. Dixon comes recommended as one of the best hotel men in the country and the citizens are pleased that the valuable property has fallen into his hands. Possession will be given at once. Mouth Dakota Notes. J. F. Cooley of the Hudson Tribune yesterday purchased the Lennox Independent. The state board of dental examiners will hold an examination of applicants fer certificates, in Vermillion, July 2. Three cyanide plants are in operation in Central City and the place is unusually active. Reports from Huron. Pierre, Watertown, Aberdeen and Eureka are that considerable damage was done to crops by the frost of Thursday night. J. G. Dann, of erdeen, has been appointed to the Fiditional clerkship in the land office by commissioner Eastman. The commencer exercises of the Canton schools will occur June 14. Tomorrow the bAccalaureate sermon will be greached by Rev. A C. Shepherd. There will be is graduates, as follows: Mamie Coller, Joseph Johnson, Richard Judd. Arthur Lewis, Guy O'Neil and Bekah Stratton.


Article from Custer Weekly Chronicle, June 15, 1901

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BANK MATTERS CHAOTIC. Another Suit Is Commenced Against Defunct Canton Institution. Canton, S. D., June 10.-Attorney Jesse Boyce, of Sioux Falls, has begun a suit against the late Canton State bank in behalf of George W. Stride, whom he seeks to make a preferred creditor. If this claim holds it will wipe out all the cash that was in the bank at the time of closing. If, on the other hand, the attachments hold, only early comers will get results, while if the attachments are declared void and a receiver appointed and an equitable distribution of the assets made, depositors will perhaps realize about 40 cents on the dollar. No bond has been put up and in no manner has C. B. Kennedy yet been legally recognized as assignee of the Canton State bank, but in a second Drcular to the depositors he styles himself assignee, repeatedly says he has no personal interest in the bank's affairs, and calls a meeting of the parties concerned at the court house at 1:80 today. The postponed hearing on the motion to dissolve the attachments will be held at the court house Monday, June 10. Judge J. W. Jones, of Sloux Falls, will be on the bench.


Article from Custer Weekly Chronicle, June 15, 1901

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BANK MATTERS CHAOTIC. Another Sult Is Commenced Against Defunct Canton Institution. Canton, S. D., June 10.-Attorney Jesse Boyce, of Sioux Falls, has begun a suit against the late Canton State bank in behalf of George W. Stride, whom he seeks to make a preferred creditor. If this claim holds it will wipe out all the cash that was in the bank at the time of closing. If, on the other hand, the attachments hold, only early comers will get results, while if the attachments are declared void and a receiver appointed and an equitable distribution of the assets made, depositors will perhaps realize about 40 cents on the dollar. No bond has been put up and in no manner has C. B. Kennedy yet been legally recognized as assignee of the Canton State bank, but in a second CJrcular to the depositors he styles himself assignee, repeatedly says he has no personal interest in the bank's atfairs, and calls a meeting of the parties concerned at the court house at 1:30 today. The postponed hearing on the motion to dissolve the attachments will be held at the court house Monday, June 10. Judge J. W. Jones, of Sioux Falls, will be on the bench.


Article from Dakota Farmers' Leader, June 21, 1901

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Bank Receiver. Judge Conklin, as Receiver. is now in charge of the Canton State Bank building and contents including assets, good, bad and worthless. It is the earnest hope of every depositor that what Bacon and Larson didn't steal, shall be realized upon and the proceeds turned over to the robbed depositors. who want as little red tape in the transaction as it is possible to use. The depositors want no long drawn out wishy washy monkey work, but quick action and fair treatment. It is believed that the assets will bring $35,000 if handled promptly and wisely. and the depositors are in no state of mind to be trifled with under any circumstances. They want their money out of what is left, and they are going to get it.


Article from Hot Springs Weekly Star, June 21, 1901

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Receiver for Canton Bank. Judge Jones of Sioux Falls, announced Tuesday that he would appoint J. v. Conklin receiver of the failed Canton State bank. His bond was fixed at $35,000.


Article from Hot Springs Weekly Star, July 19, 1901

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Assets Will Be Increased. J. v. Conklin, receiver for the late Canton State Bank, reports that L. H. Larsen and Mrs. F. A. Bacon are doing all in their power to augment the assets. Two farms and a large house not legally the property of the bank have been deeded to it and this will increase the assets by about $6,500.


Article from Dakota Farmers' Leader, August 30, 1901

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1901 CANTON. SOUTH DAKOTA. FRIDAY. AUGUST 30. BANK ATTACHMENTS DISSOLVED. TEACHERS' INSTITUTE. The teachers' institute of Lincoln Shortly after the Canton State Bank busted, a number of men, dopositors in county convened at Canton, August 12, with an enrollment of 83, this was said bank, were compelled by circumstances to get out attachments against gradually increased to 126 on Monday the assets of the bank, and this action of this week. aroused much discussion and adverse The attendance has been excellent criticism. The depositors have been and the spirit of interest manifested by waiting for Judge Jones to decide the the teachers has been a pleasure to all connected with the work. The teachquestion as to the legality of said attachments, and the answer comes that ers of this county are as progressive as the attachments are not good in law, any in South Dakota and we predict for satisa hence all depositors will share alike in them success in their chosen profession. ur the distribution of the assets by Re'The people know a good thing when ceiver Conklin. This is as it should be, they see it." Superintendent Clendenand the editor of the LEADER has conpen informs the writer that more than tended for such distribution of the astwenty.five of his teachers will receive sets as is now erdered by Judge Jones. $40, and upward for terms from six to S sold. This was the contention which caused nine months. Much credit is due the Judge Kennedy to stand up and fight superintendent for this increase of for a fair and equal distribution of the wages and we believe the teachers of assets, and since this action by Judge Lincoln county appreciate his efforts. Jones. Judge Kennedy says all he cares Prof. G. W. Nash, of Yankton colies for now is a peedy distribution of the lege is conductor, ably assisted by Mrs. assets and a rapid closing up of the esO. S. Gifford of Canton, Professors M. tate. Receiver Conklin has somewhere A. Lange of Canistota, C. G. Lawabout $13,000 in hand, and the deposirence and Geo. Ellingson, of Canton. Prof. Nash has arithmetic and ortors are quite willing to accept their share at once. thography and is doing excellent work.


Article from The Black Hills Union, September 5, 1901

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COURT DISSOLVES ATTACHMENTS. Work of Settling Affairs of Defunct Canton State Bank Expedited. Canton, S. D., Sept. 1.-Judge J. W. Jones has now dissolved the attachments against the failed Canton State bank. This decision has been awaited for some time and will help to expedite the work of Receiver Conklin. The Canton State bank building and lots sold for $12,100. A new banking corporation is now being organized to begin business in the Canton State bank building. Senator P. A. Overseth, of Hudson, is to be at the head of the organization and the other corporators are C. H. Cassill, of Hudson, and W. M. Cuppett. J. M. Lewis' N. J. House and M. E. Rudolph, of Canton, besides several prominent farmers whose backing is good for many thousand dollars.


Article from Custer Weekly Chronicle, September 7, 1901

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COURT DISSOLVES ATTACHMENTS. Work of Settling Affairs of Defunct Can ton State Bank Expedited. Canton, S. D., Sept. 1.-Judge J. W. Jones has now dissolved the attachments against the failed Canton State bank. This decision has been awaited for some time and will help to expedite the work of Receiver Conklin. The Canton State bank building and lots sold for $12,100. A new banking corporation is now being organized to begin business in the Canton State bank building. Senator P. A. Overseth, of Hudson, is to be at the head of the organization and the other corporators are C. H. Cassill, of Hudson, and W. M. Cuppett, J. M. Lewis' N. J. House and M. E. Rudolph, of Canton, besides several prominent farmers whose backing is good for many thousand dollars.


Article from The Minneapolis Journal, January 9, 1902

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SIOUX FALLS-J. V. Conklin, receiver of the Canton State bank, which failed some months ago, has just finished paying the creditors 50 cents on the dollar.


Article from Wood County Reporter, January 16, 1902

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earnings of billion-dollar steel trust to be $29,000,000, assuring earnings for the first year of more than $100,000,000. F. J. Moses, former governor of South Carolina, was sentenced to imprisonment in New York for stealing an overcoat. He is a victim of opium. At St. Enine, France, a cook named Tantale killed his wife with a revolver and tossed her body in an oven and cremated it. Then he committed suicide. J. V. Conklin, receiver of the Canton, S. D., State bank, which failed some months ago, has finished paying the creditors 50 cents on the dollar. At Volga, S. D., an open safety-pin was removed from the throat of the infant of John Woodward and the child is now recovering after suffering two months. Six masked men held possession of the stock yards in East St. Louis for nine hours, gagged and bound several persons and robbed the National Stockyards bank. In his message to the legislature Governor Beckham says Kentucky has recovered from the bitter political rivalry growing out of the Goebel-Taylor contest. The remains of a woman, thrown from a West Madison street cable train in Chicago, were identified as those of Mrs. John B. Ashby, formerly of Beatrice, Neb. At Beloit, Anson P. Waterman died aged 83. He was for thirty years resident of Beloit and was twice mayor and for forty years a trustee of Beloit college. Near Aberdeen, Miss., William Lanier, convicted and sentenced to hang for the murder of the Bittelle brothers in 1890, and who twice escaped from jail, was captured. John Miller, a negro, with a noose round his neck and badly beaten, sought protection of the sheriff at Tampa, Fla. He said he had escaped from a mob of lynchers. Andrew Carnegie outlined the plans of his $10,000,000 Carnegie institution and named its trustees, who include many well known men, Senator Spooner among them. Another water gusher has been struck in Milwaukee county, this time on the farm of Jacob Beuscher Sr., in German township, seventeen miles northwest of this city. The bill creating a fifth assistant postmaster general, introduced in the house by Mr. Watson of Indiana, gives the new assistant charge of the free delivery system, rural and city. Charles H. Thompson, general manager of the olemargarine department of the Hammond Packing company, is charged with attempted bribery of a Michigan pure food officer Fifteen were killed and sixteen injured in a collision between two passenger trains in the Park avenue tunnel of the New York Central road at New York. Many of the injured may die. At a council meeting at Alma, Wis., a resolution was passed for holding a special election for voting on bonds not exceeding $8,000 for the erection of a county teachers' training school there. A correspondent at Shanghai urges that the powers insist on Russia restoring at once the Chinese telegraph line from Shanghai to New Chwang, if the commercial status quo of China is to be preserved. A girl arrested at Baltimore disguised as a boy proved to be Miss Caltha Eads, a school teacher of Springfield, Ill., who left there with young Henderson, whom she said she was going to marry. At the Redwood Falls city election H. M. Aune was elected mayor; Joseph Chadderdon, municipal judge; A. R. A. Laudon, recorder; H. A. Baldwin, treasurer; J. A. Engelhart and E. A. Pease, aldermen. An anonymous friend of the Post-graduate hospital of New York city has offered to give $100,000 to the institution, providing an additional sum of $200,000 of the last-mentioned sum has been pledged. At the annual meeting of the La Crosse County Medical society, the following officers were elected: President, C. H. Marquardt; vice president J. A. L. Bradfield; secretary and treasurer, Edward Evans. Officers have captured a man believed to be Harvey Logan, the noted Montana murderer and train robber. The capture was made at Clifton, Ariz., where he was one of four bad men who were selling jewelry. A load of lumber on which a party was riding capsized near Bay City, Mich., and instantly killed Mrs. August Demars. Her husband August Demars, and father and sister, Mr. and Miss Christy, were injured. The open-air treatment for persons in the early stages of consumption is shown to have been efficacious in about 67 per cent. of the cases treated during the past year at the Massachusetts state sanatorium, at Rutland. Arthur Pue Gorman and Chairman Murray Vandiver of the democratic state central committee were selected as the demoratic nominees for United States senate and state treasurer re-


Article from Hot Springs Weekly Star, January 17, 1902

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Paid 50 Per Cent. J. v. Conklin, receiver of the Canton State Bank, which failed some months ago, has just finished paying the depositors 50 cents on the dollar. This achievement is the more remarkable because at the time of the failure it was freely predicted that not more than 25 or 30 per cent. could be realized.