20318. Egan State Bank (Egan, SD)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 19, 1903
Location
Egan, South Dakota (43.999, -96.649)

Metadata

Model
gpt-5-mini
Short Digest
d34395c4

Response Measures

None

Description

Bank was ordered closed by the public examiner on 1903-11-19 due to difficulty making collections (poor crops). A receiver was appointed and the bank did not resume operations; receiver sold the bank's assets to the First State Bank of Egan (sale approved 1904-01-26).

Events (3)

1. November 19, 1903 Receivership
Newspaper Excerpt
A receiver will be appointed. ... for which Judge Jones, of the state circuit court in Sioux Falls, appointed a receiver (reported later).
Source
newspapers
2. November 19, 1903 Suspension
Cause
Local Shock
Cause Details
Difficulty in making collections because crops were poor and farmers slow to thresh grain; loans exceeded deposits leading to closure.
Newspaper Excerpt
Upon the order of Public Examiner Hemmingway, the doors of the Egan State bank were closed this morning.
Source
newspapers
3. January 26, 1904 Other
Newspaper Excerpt
Judge Jones has approved the sale by Receiver Jay Manson of the Egan State bank, which closed its doors a few weeks ago. The bid of $5,360 of the First State bank of Egan was the highest.
Source
newspapers

Newspaper Articles (7)

Article from The Mitchell Capital, November 20, 1903

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Article Text

BANK DOORS CLOSED. Blow Collections Assigned for Failure of Egan, S. D., State BankLoans Exceed Deposits. Egan, S. D., Nov. 19.-Upon the order of Public Examiner Hemmingway, the doors of the Egan State bank were closed this morning. This was the only bank here. It was capitalized for $9,000 and as far as can be ascertained had deposits of about $40,000. The loans will reach more than that, probably $45,000. U. G. Struble is president and G. L. Struble, cashier. The direct cause of the failure is said to be difficulty in making collections. Crops have not been first-class and farmers have been very slow about threshing their grain. A receiver will be appointed.


Article from The Minneapolis Journal, January 26, 1904

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Article Text

SIOUX FALLS, S. D.-Judge Jones has approved the sale by Receiver Jay Manson of the Egan State bank, which closed its doors a few weeks ago. The bid of $5,360 of the First State bank of Egan was the highest.


Article from The Minneapolis Journal, February 2, 1904

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Article Text

RECEIVER FOR TRENTS BANK Eli Hoover Appointed-Many Threats of Prosecutions. EGAN, S. D.-Eli Hoover, a resident of Trent, S. D., has been appointed receiver of the Farmers and Merchants' bank of that place, which closed its doors shortly after the closing of the Egan State bank. Mr. Hoover is president of the Trent State bank. It is said on good authority that there are no notes remaining in the bank upon which to realize and a serious question confronts the receiver. It is expected that some interesting developments will come to light soon. Many have been heavy losers and assert their intention to have the courts determine the justness of their cases. The president. G. L. Struble, was cashier of the Egan State bank. There is a prospect for another new banking


Article from Pierre Weekly Free Press, February 4, 1904

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Article Text

More than one hundred land seekers from the East arrived at Huron recently to take up land on the Sioux reservation. Wliliam Sargood and Albert Adams have been bound over at Ipswich to answer to the charge of stealing a dwelling house. John Mickelson of Deadwood died of asthma, aged fifty-two. He was a member of the A. O. U. W. and left a wife and nine children. A Baptist church of fifteen members was organized at Burbank by Rev. Mr. Hupp of Elk Point, and Rev. Dr. Shanafelt, Baptist missionary for South Dakota. Bail of $10,000 has been granted George Northam, the Homestake special agent, charged with the murder of George Tallman at Lead, and he is at liberty. The board of county commissioners of Marshall county let the contract for the installation of a gasolene plant of 100 lights capacity for the lighting of the county building. Judge Loring E. Gaffy, who has for ten years presided over the "Big Sixth" judicial circuit, authorizes the announcement that he will not be a candidate for renomination. The oldest settlers of the Black Hills cannot recall a winter that will compare with the present in its mildness. There has been scarcely any snow and the mercury has seldom been down to zero. Judge Jones has approved the sale by Receiver Jay Manson of the Egan State bank, which closed its doors a few weeks ago. The bid of $5,560 of the First State bank of Egan was the highest. The stockholders of the Clay County Fair association have decided that the people do not want a fair and have taken steps to dispose of the fair ground property. The association is $1,600 in debt. The State Mutual Fire association elected a new set of officers as follows: John Kielbaugh, president, Tyndall; O. A. Rongsrud, vice president, Elk Point; J. B. Wolgamuth, secretary and treasurer, Mitchell. Paul C. Kleeman, manager of the Kleeman hotel at Custer, who was seriously injured in the railroad wreck at Rochford two weeks ago, has recovered sufficiently to be discharge from the hospital at Deadwood. At the annual meeting of the Waubay Creamery association stockhelders it was found that the creamery had an unusually successful year, having paid out $17,483.07 to the farmers for butter fat alone. The finances are in excellent condition. Jacob Junti of Roubaix, who was accused of the murder of a countryman, Matt M. Laitala, has been released at Deadwood on the ground of insufficient evidence. Laitala met his death under mysterious circumstances and suspicion attached to Junti. In the matter of the receivership of the Huran Fruit and Produce company, the court directed that all money, books and property be immediately turned over to Isaac Van Winkle, the receiver. The affairs of the company are said to be in a muddled condition. Harry Gilmore has been released on an order made by Judge Bennett at Watertown. The law prohibits the examining magistrate from adjourning preliminary hearings for more than six days. The hearing of Gilmore on the charge of perjury was adjourned for ten days to allow witnesses to come to Watertown from Sing Sing, N. Y., which action by the justice was declared illegal and the defendant ordered released. While the members of the soldiers'


Article from The Herald-Advance, February 5, 1904

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Article Text

have been bound over at Ipswich to answer to the charge of stealing dwelling house. John Mickelson of Deadwood died of asthma, aged fifty-two. He was a member of the A. O. U. W. and left wife and nine children. A Baptist church of fifteen members was organized at Burbank by Rev. Mr. Hupp of Elk Point, and Rev. Dr. Shanafelt, Baptist missionary for South Dakota. Bail of $10,000 has been granted George Northam, the Homestake special agent, charged with the murder of leorge Tallman at Lead, and he is at iberty. The board of county commissioners of Marshall county let the contract for the installation of a gasolene plant of 100 lights capacity for the lighting of the county building. Judge Loring E. Gaffy, who has for ten years presided over the "Big Sixth" judicial circuit. authorizes the announcement that he will not be a candidate for renomination. The oldest settlers of the Black Hills cannot recall a winter that will compare with the present in its mildness. There has been scarcely any snow and the mercury has seldom been down to zero. Judge Jones has approved the sale by Receiver Jay Manson of the Egan State bank. which closed its doors a few weeks ago. The bid of $5.560 of the First State bank of Egan was the highest. The stockholders of the Clay County Fair association have decided that the people do not want a fair and have taken steps to dispose of the fair ground property. The association is $1,600 in debt. The State Mutual Fire association elected a new set of officers as follows: John Kielbaugh, president, Tyndall; O. A. Rongsrud. vice president. Elk Point; J. B. Wolgamuth, secretary and treasurer, Mitchell. Paul C. Kleeman, manager of the Kleeman hotel at Custer. who was seriously injured in the railroad wreck at Rochford two weeks ago. has recovered sufficiently to be discharged from the hospital at Deadwood. At the annual meeting of the Waubay Creamery association stockhelders it was found that the creamery had an musually successful year. having paid out $17,483.07 to the farmers for butter fat alone. The finances are in excellent condition. Jacob Junti of Roubaix, who was accused of the murder of a countryman, Matt M. Laitala. has been released at Deadwood on the ground of insufficient evidence. Laitala met his death under mysterious circumstances and suspicion attached to Junti. In the matter of the receivership of the Huran Fruit and Produce company, the court directed that all money. books and property be immediately turned over to Isaac Van Winkle, the receiver. The affairs of the company are said to be in a muddled condition. Harry Gilmore has been released on in order made by Judge Bennett at Watertown. The law prohibits the exumining magistrate from adjourning reliminary hearings for more than ix days. The hearing of Gilmore on he charge of perjury was adjourned or ten days to allow witnesses to come o Watertown from Sing Sing. N. Y., which action by the justice was delared illegal and the defendant orlered released. While the members of the soldiers' Home at Hot Springs were descending he stairs to dinner. John Hogan, who was somewhat intoxicated. in a play'ul manner got astride the stair rail to slide, and fell to the floor. a distance of twenty-eight feet. He struck on the back of his head and shoulders, fraoturing his skull. He did not regain consciousness, dying shortly after. His home was at Sisseton. where he leaves a wife and twelve children. The regular January term of circuit court opened at Webster. As this was the first term in the new courthouse, an informal dedication session


Article from The Bon Homme County Independent, October 20, 1904

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Article Text

Egan State Bank. Good progress is being made in settling up the affairs of the Egan State State Bank, which closed its doors some time ago, and for which Judge Jones, of the state circuit court in Sioux Falls, appointed a receiver. Thus far the receiver has succeeded in collecting the sum of $16,530.80, of which $13,670.92 has been distributed among the depositors.


Article from The Miller Sun, October 26, 1904

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Article Text

Egan State Bank. Good progress is being made in set:ling up the affairs of the Egan State State Bank, which closed its doors some time ago, and for which Judge Jones, of the state circuit court in Sioux Falls, appointed a receiver. Thus far the receiver has succeeded in collecting the súm of $16,530.80, of which $13,670.92 has been distributed among the depositors.