20316. Bank of Edgemont (Edgemont, SD)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 15, 1898
Location
Edgemont, South Dakota (43.301, -103.825)

Metadata

Model
gpt-5-mini
Short Digest
1979ead5

Response Measures

None

Description

The Bank of Edgemont was closed following the collapse of the Grable enterprise; a receiver (W. W. Stewart) was appointed and took possession. Articles report arrests of the cashier and assistant for larceny and virtually no assets were found. No run is described in the sources — this is a suspension leading to permanent closure/receivership.

Events (3)

1. February 15, 1898 Receivership
Newspaper Excerpt
Judge Levi McGee ... appointed William W. Stewart, of Hot Springs, receiver of the Bank of Edgemont; Receiver Stewart took possession of the bank yesterday, and an immediate investigation revealed the fact that the sum total of the institution's assets was six dollars and seventy-four cents ($6.74). Only about $600 was found in the bank when Receiver Stewart took possession. (articles dated Feb 15-19, 1898).
Source
newspapers
2. February 15, 1898 Suspension
Cause
Government Action
Cause Details
Closed after the collapse of the Grable enterprise and petition of depositors; judge appointed W. W. Stewart receiver and receiver took possession; insolvency discovered.
Newspaper Excerpt
The institution closed its doors when Grable's collapse occurred.
Source
newspapers
3. February 16, 1898 Other
Newspaper Excerpt
E. C. Salisbury and Cashier A. B. Clifton ... were arrested ... The charge is the larceny of $2,000 in notes, comprising a portion of the bank's assets.
Source
newspapers

Newspaper Articles (8)

Article from The Madison Daily Leader, February 17, 1898

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Article Text

Hot Springs dispatch, 15: W. W. Stewart. cashier of the Merchants' bank, of this city, has been appointed receiver of the Bank of Edgemont, which closed its doors immediately after the collapse of the Grable enterprise. E. C. Salisbury and Cashier A. B. Clifton, of the Elgemout bank, were arrested for grand larceny and brought here this morning. They were taken before Justice Dudley for hearing, and obtained a continuance until March 1. being placed under $1,000 bonds each. The complaint charges the larceny of $2,000 in notes. Only about 8600 was found in the bank when Receiver Stewart took possession.


Article from The Madison Daily Leader, February 17, 1898

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Article Text

Charged With Larceny. OMAHA, Feb. 17.-Word has been received here of the arrest at Edgemont of E. C. Salisbury and Cashier A. B. Clifton of the Bank of Edgemont at the instance of the receiver, W. W. Stewart. The charge is the larceny of $2,000 in notes, comprising a portion of the bank's assets. The bank was one of the Gable properties.


Article from Custer Weekly Chronicle, February 19, 1898

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Article Text

Edgemont Bank Troubles. Judge Levi McGee, of the Seventh circuit, yesterday appointed William W. Stewart, of Hot Springs, receiver of the Bank of Edgemont, in compliance with a petition signed by a large number of the depositors. Receiver Stewart took possession of the bank yesterday, and an immediate investigation reyealed the fact that the sum total of the institution's assets was six dollars and seventy-four cents ($6 74). The liabilities of the bank, as near as Mr. Stewart can get at them, are in the neighborhood of ten thousand dollars, and there should have been that much on hand in cash and securities. At the instance of the receiver Cashier Clifton and Assistant Salsbury were arrested at Edgemont last night, upon a warrant returnable at Hot Springs, and they spent the night in the custody of the sheriff, being brought to Hot Springs, the county seat, this forenoon. The affair has created a sensation in Edgemont, and the population is divided and the two factions arraign each other bitterly. The bank was a private institution of Grable's and Cashier Clifton is said to be related to Grable in some way. The institution closed its doors when Grable's collapse occurred. and 2 large number of Edgemont people had money deposited there, although it is not known that any one had a very great amount. The arrest of Clifton and Salsbury was made on the charge that they had purloined the bank's assets. At the time he closed the bank's doors Clifton gave out the statement that the institution was able to pay every cent it owed, and nothing different was known until the receiver made an investiga ion.-Independent, 15.


Article from Custer Weekly Chronicle, February 19, 1898

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Article Text

Edgemont Bank Troubles. Judge Levi McGee, of the Seventh circuit, yesterday appointed William W. Stewart, of Hot Springs, receiver of the Bank of Edgemont, in compliance with a petition signed by a large number of the depositors. Receiver Stewart took possession of the bank yesterday, and an immediate investigation revealed the fact that the sum total of the institution's assets was six dollars and seventy-four cents ($6 74). The liabilities of the bank, as near as Mr. Stewart can get at them, are in the neighborhood of ten thousand dollars, and there should have been that much on hand in cash and securities. At the instance of the receiver Cashier Clifton and Assistant Salsbury were arrested at Edgemont last night, upon a warrant returnable at Hot Springs, and they spent the night in the custody of the sheriff, being brought to Hot Springs, the county seat, this forenoon. The affair has created a sensation in Edgemont, and the population is divided and the two factions arraign each other bitterly. The bank was a private institution of Grable's and Cashier Clifton is said to be related to Grable in some way. The institution closed its doors when Grable's collapse occurred. and a large number of Edgemont people had money deposited there, although it is not known that any one had a very great amount. The arrest of Clifton and Salsbury was made on the charge that they had purloined the bank's assets. At the time he closed the bank's doors Clifton gave out the statement that the institution was able to pay every cent it owed, and nothing different was known until the receiver made an investiga tion.-Independent, 15.


Article from The Diamond Drill, February 19, 1898

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Article Text

Bankers Arrested. Edgemont, S. D., Feb. 16.-E. C. Salis bury and Cashier A. S. Clifton, of the Bank of Edgemont, were arrested Tuesday at the instance of the receiver, W. W. Stewart. The charge is larceny of $2,000 in notes, comprisinga portion of the bank's assets. The bank was one of the Grable properties, and was involved in the crash.


Article from The Saint Paul Globe, February 22, 1898

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Article Text

Bankers Behind Bars. EDGEMONT, S. D., Feb. 21.-Thus far A. B. Clift, cashier of the defunct Bank of Edgemont, and his assistant, E. C. Salsbury, have failed to obtain bonds, and they were taken back to the Hot Springs jail after spending three days in Edgement in a vain attemp, to get themselves out of the custody of the sheriff. It is now known that the exact amount of the assets found in the bank when the receiver took charge was $6.74, while there should have been about $14,000 in cash and securities. Local depositors will lose about $3,000. It is stated on good authority that just before leaving this city the cashier made a remark that it was nobody's business what he did with the assets of the bank since it was a private institution.


Article from Hot Springs Weekly Star, February 25, 1898

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Article Text

James Halley was down from Rapid City looking after his banking interests. Maj. A. K. Mills is in this city today calling on His friends-it being his first visit here for some time. The Western Union office is likely to move into the front part of the store room just vacated by Emil Hargens. The superstitious are now convinced that the Fargó Mercantile Co. is selling out. Mitchell Vincent, of Onawa, Ia, an old engineer on the Northwestern, was a guest at the Fargo several days this week. Connor & Co have just had their grocery store papered, adding much to the already attractive appearance of the store. J.S. Wattles of Missouri Valley, one time superintendent of the old Valentine division of the Elkhorn, was at the Fargo a few days this week. ever been No such bargains Springs have to given in Hot as are now be had at the Big Department Store. A license to wed has been issued from the clerk of the courts office to Dr. J. E. Nickerson and Maggie C. Burhart, both of Edgemont. John Henton come down from the northern Hills Wednesday night and will probably return this (Friday) morning. He is interested in some good mining enterprises in the northern Hills. The college trustees met Wednesday. There were present J. B. Dickover, D. W. Tracy and Miss Grace French, of Rapid City, E. E. Clough, of Deadwood, Dr. Smith, of Sturgis, Mr. Bailey, of Custer, and President Lymer, S. E. Wilson and Mrs. A. B. Connor, of this city. J.B. Dickover was in the city Wednesday, from Rapid City. He left on the evening train for the east on a purchasing trip for the Chase store at Rapid, of which he is manager. He still owns his residence here, and many friends here wish the family might again make this city their home. Rev. C. E. Hager, the eloquent field agent for the South Dakota Anti-Saloon League, will speak in Hot Springs as follows: At Presbyterian church Friday evening, February 25th, at 7:30; at Congregational church Sunday morning, February 27th, at 10:30; at college chapel Sunday evening at 7:30. Everybody-invited. The city council met Monday night and passed the water ordinance over the mayor's veto by a vote of six to two, all voting for it but Councilmen Ferguson and March. This question has been a bone of contention for over a year and the council has certainly given it a great deal of thought and study, and the unanimity with which it finally passed is a pretty strong argument that it is a fair proposition for all concerned. No other business was transacted. Last Monday Judge McGee heard arguments over the appointment of a permanent receiver for the Bank of Edgemont. W. W. Stewart, who is temporary receiver, and some of the depositors, sought to show the insolvency of the institution, while the bank officers contend that the bank will pay off its liabilities without going into the hands of a receiver. The judge took the matter under advisement until next Monday, when he will render his decision.


Article from Hot Springs Weekly Star, March 4, 1898

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Spray of the Springs. J.G. Richer is again able to attend F. T. Evans went to Sioux City Monday night. business after a couple of weeks dicknes, Chauncey Wood of Rapid City was J. F. Parks spent a few daysat Deadin the city on legal business Tuesday. vood during the past week. assisting Miss E. Benjamin of Sheridan, Wyo. the insurance office of Coe & Edhas been a guest at the Fargo for sevbonds, eral days. About all the excitement in town The Merchant's bank has bought the LOW is Fargo's big sale. building in which they are doing busiJ. W. Fargo of Deadwood spent Sun ness of Mrs. F. T. Evans, tay and Monday here. visiting Cas A. D. Clark spent a few days in the ade Monday, where he has extensive city this week. He is looking over his interests, coal and mining interests in the Hills. William Young and family of Cody' A. D. Clark. the coal mine owner, Feb., wereat the Fargo Tuesday. Mr. came in Wednesday morning from Young took a bunch of cattle last fall Sioux City and is at the Hot Springs om the Hills to Cody to feed during hotel. ne winter. E. B Cook & Co. have a neatly VERDICT: $25 and cests for trying painted bulletin board in front of their sell a suit. What are the damages actually selling seventeen suits in store which informs the passers-by of days? many articles they may need. Joe Morrow of Mitcheil, a brother inJudge McGee decided that a permaF. D. Gillespie, spent Sunday and nen receiver was necessary for the Monday in the city looking after busibank of Edgemont and W. W. Stewart less matters in which he is interested was made permanent receiver. C.J Wood has been retained as It is great fun to see the Fargo Mercounsel in the Wind Cave case and cantile Co. get cinched for selling goods cheap. vent down to Hot Springs last night A. G. Fisher of Chadron was in the to familiarize himself with the "lay of city Tuesday, being one of the attorthe d."-Rapid City Journal, 27. neys for the Edgemont bank officers Go to F.B. Smith's Hot Springs livry barn for saddle horses and rigs of who were arrested by Receiver Stewart. ll kinds. Telephone No. 55 He was at the Gillespie. O.B. Chesley and Grant Robinson F. W. Murphy is now agent for the entertained a few spectators Saturday Singer Sewing Machine company for by running a foot race. No telling Fall River, Custer and Pennington how the race would have ended if O. counties. He is a good man for the 3. had kept his feet--but he "broke" work and is meeting with success. and fell down. Mr. and Mrs. W. K. Barker of CresThe Buffalo Gap Lumber Co. handles. co, Ia., are at the Hot Surings hotel lumber, sash, doors, glass, paints and taking the baths. Mr. Barker was all kinds of building materials; also here several years ago and is here this grain, hay, flour, feed and Sheridan and Victor coal. Phone No. 11. tf time for treatment of rheumatism. Mrs. Lulu Perry, who has been nurs The O. E. S. expects to be able to ng Mrs. A. M. Rounds, has returned give the putlic an exhibition of old maids March 14th. There will o her home in this city and is preared to engage as a nurse for those be something of a contrast in the show for they propose to also have some who may need such services. She says Mrs. Rounds is some better. beautiful young ladies take part. The Holy Terror company is now The Homestake company will pay busy sinking another 150 feet and the into the treasury of Lawrence county this week nearly 850,000 for taxes on ore continues richer with every foot in depth. As the shaft is already over its mining, mill and other properties 500 feet down this will make a total in that county for the year 1897. A depth of nearly 700 feet.-Keystone few institutions of that magnitude Miner. would be sufficient to meet the whole expense of local government. WANTED We buy and sell warrants upon all funds of city, county and On the north-bound Burlington school districts that can be used in the passenger train Saturday a six-months payment of taxes. The Merchants Bank. baby was found shortly after leaving Edgemont which had evidently been Promoter Francis Grable has gone deserted. The parents of the child to Denver with his family and will go could not be found though a diligent in the spring to the new Wyoming gold inquiry was made and the conductor fields at Grand Encampment where he left it with the wife of the agent at hopes to retrieve what he has lost by Minnekahta. he recent embarrassment of his ven tures in the Hills. Roger Young has a good light wagon and buggies at bargains, and you de"To be or not to be" well provided ceive yourself and your horses if you with the best fuel depends on where dont get your horses shod at Young's you get it. You get none but the best blacksmith shop. from us and our stock and our cus. The sheriff of Lawrence county tomers are our recommendation. Hanna and Sheridan coal and the big. forclosed a mortgage against the Portgest lot of all kinds of wood. Trans. land Consolidated Mining company fer, Feed & Fuel Co. 'Phone 25. Monday for $388,798.42 in favor of AlWillis Sawyer spent last week in this fred G. Smith, trustee. The return city and vicinity surveying for differmade showed a balance due of 825,593, ent parties. This week, he is at Buffalo for which a deficiency execution was Gap surveying an irrigating ditch for was issued. It was the biggest fore. Mr. Egenberger Willis says'his brothcloseure in the history of that county. er, Charley, and family arenow at Mar. The judicial department has sent a shall, Mich. he being engaged as a civil representative to Deadwood to look engineer in railroad work. after the interests of the governmrnt The treatment for worms must be in the case of the United States vs. prompt and safe. White's Cream Vermthe Homestake company for alleged fuge can be trusted to restore your er stealing, The company sued child to health. It is a tonicas well as worm destroyer. Every bottle guar. for several hundred thousand dollars, anteed to bring worms. 25c. EMIL the hearing of the action being postHARGENS, poned until the April term. The deE. H. Mosher, of W. Flat was in partment will make a thorough inveshe city Monday. He is greatly intertigation through its representative who sted in having some one take hold of will also report as to the offer of the scheme to irrigate the Flat. He says Homestake to settle by compromise on e is more enthusiastic than ever since a basis of $30,000. ast year. when with wind mill and a There is no remedy equal to Herbine ump he irrigated an acre of ground for the cure of constipation, sick headache, indigestion, vertigo, loss of memrom a well and sold over 8100 worth ory, uncertain appetite, unrestfulsleep f vegetables from it, besides what his or skin eruptions. If you want a peramily used. He expects to do still fect tonic for the liver, Herbine will etter this year, for he better undernot disappointed. EMIL HARGENS. tands it. The following item from the AberBallard's Snow Liniment is the most deen News regarding a former Hot It penetrating liniment in the world. Springs pastor, will be read with incures pain and inflamation of all kinds terest by his many friends here: "A quicker than any r known remedy Price, 50e. Every bottle guaranteed large congregation of people was at MIL HARGENS, the Methodist church Sunday night The general impression among the and heard the pastor, Rev. Dr. Swickarmers in all parts of the Hills ard, deliver the last of a series of sers that the coming season will be mons, each of which illustrated in the . good one agriculturally. Advanlife of some biblical character some age has been taken of the nice weathcardinal virtue. Ruth was the char r of February and a good deal of acter selected last night and love wheat has been sown. There is no frost was the virtue portrayed and repren the ground and it is generally in a sented. Dr. Swickard's series has been good condition to be worked. The one of the most profitable heard from present stiff price of wheat will doubtan Aberdeen pulpit in a long time and ess increase the acreage at least 50 per his remarks last night were of