20404. First National Bank (Lead, SD)

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
4631
Charter Number
4631
Start Date
December 9, 1906
Location
Lead, South Dakota (44.352, -103.765)

Metadata

Model
gpt-5-mini
Short Digest
c9bd91d4

Response Measures

Accommodated withdrawals

Description

Newspaper accounts (Dec 9–10, 1906) describe an active run on the First National Bank of Lead driven by miners seeking cash in advance of a possible Homestake strike. The bank met all checks and remained open; no suspension or closure is reported.

Events (2)

1. September 17, 1891 Chartered
Source
historical_nic
2. December 9, 1906 Run
Cause
Local Shock
Cause Details
Miners demanded an eight-hour day and threatened to strike at the Homestake mine; depositors (miners) sought cash in advance of a strike.
Measures
Bank met all checks promptly and was in condition to meet all demands without inconvenience.
Newspaper Excerpt
All day yesterday a run was in progress at the First National Bank of Lead... Every check was met promptly, and the run is expected to continue when the bank opens on Monday.
Source
newspapers

Newspaper Articles (2)

Article from The Minneapolis Journal, December 10, 1906

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Article Text

STRIKE QUESTION NOT PUT TO A VOTE Homestake Miners Will Wait for Directors to Act Upon Shorter Day Demands. Special to The Journal. Lead, S. D., Dec. 10.-While there may eventually be a strike at the Homestake mine, there is a postponement, caused by the action of 1,500 miners assembled in meeting yesterday. The strike question itself was not put to a vote, both sides fearing the consequences. A resolution favoring an eight-hour day was passed without a dissenting vote, and will be submitted to the directors at their meeting in San Francisco on Tuesday. This is in the nature of an ultimatum, but no further action will be taken by the miners until a reply is received. Both sides claim a victory in the postponement. Strong opposition to the strike comes from the Homestake Veterans, an organization composed of men who have been in the service of the company twenty to twenty-seven years. Reports that the militia have been called are unwarranted, as there has been so far no occasion for such action. If the strike is called the local authorities can control the situation. The event of the day was a run on the First National bank, where a large majority of the miners have money deposited. The bank, however, was in condition to meet all demands without a moment's inconvenience. Many men contemplate leaving the country at once if the strike is called, and want to have their funds on hand.


Article from New-York Tribune, December 10, 1906

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Article Text

MINE SITUATION TENSE. Homestake Men Will Strike if Demands are Denied. [By Telegraph: to The Tribune. Deadwood S. D., Dec. 9.-Two thousand miners from the Hearst Homestake gold mine met this afternoon and sent a telegraphic ultimatum to the directors of the company in San Francisco that unless an eight-hour workday was granted at once a strike would be called and the Homestake shut down. The directors will hold a special meeting Tuesday to consider the question. The strike will not take place until an answer is received to the demands. The local conditions are unchanged and great excitement prevails in both Lead and Deadwood. The Homestake is at Lead, four miles from Deadwood. but the miners centre in this town. All saloons and gambling houses have been closed by the Mayor until further orders, and extra police have been sworn in. All day yesterday a run was in progress at the First National Bank of Lead. where hundreds of the miners have bank accounts. Every check was met promptly, and the run is expected to continue when the bank opens on Monday. The miners wish to have their cash on hand. and hundreds are preparing to leave the Black Hills should a strike follow their demands for shorter hours and increased pay.