20419. Minnekahta State Bank (Minnekahta, SD)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
July 1, 1893*
Location
Minnekahta, South Dakota (43.431, -103.688)

Metadata

Model
gpt-5-mini
Short Digest
41fcc154

Response Measures

Accommodated withdrawals, Full suspension

Other: Receiver appointed and bank placed in receivership by court action.

Description

A run occurred in July 1893 when the First National at Hot Springs failed; the Minnekahta bank 'weathered the storm' then. In December 1893 the bank was compelled to close after legal actions (suits asking appointment of a receiver and injunctions) and a receiver (John L. Burke) was appointed. Thus a run occurred earlier and the bank later suspended and entered receivership (permanent closure).

Events (3)
1. July 1, 1893* Run
Cause
Local Banks
Cause Details
Withdrawal of deposits triggered by the failure/closing of the First National at Hot Springs and the broader wave of financial disaster.
Measures
Bank remained open; weathered the storm (no formal suspension or 30/60/90 rule reported).
Newspaper Excerpt
A run was made on the Minnekahta State bank the same day the National went under, but it weathered the storm.
Source
newspapers
2. December 1, 1893* Receivership
Newspaper Excerpt
In the matter of the appointment of a receiver for Minnekahta State bank ... asking the appointment of John L. Burke as receiver, his appointment was made. ... The Minnekahta State Bank ... is in the hands of a receiver.
Source
newspapers
3. December 8, 1893 Suspension
Cause
Government Action
Cause Details
Court actions seeking appointment of a receiver and injunctions (county attorney and private suits; school board injunction) forced the bank to close; bank placed in hands of receiver (John L. Burke) per subsequent report.
Newspaper Excerpt
CLOSED. The Minnekahta State Bank Compelled to Close its Doors. ... The immediate causes of their closing were the facts of County Attorney Kellar's having commenced action in the name of the county asking for the appointment of a receiver. and E. D. Norton brought the same kind of an action on a private claim, and the further fact that the bank had been practically estopped from doing business since the injunction sworn out by the school board...
Source
newspapers

Newspaper Articles (4)
1. July 15, 1893 Custer Weekly Chronicle Custer, SD
Article from Custer Weekly Chronicle, July 15, 1893

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Article Text

First National at Hot Springs Fails. A ripple of the great wave of financial disaster which has been sweeping the country reached the Hills on Friday morning of last week, when the First National Bank of Hot Springs closed its doors. A few hours later Cashier Parks made a public statement to the effect that the closing was the result of the withdrawal of deposits, and the inability of the bank to immediately convert its securities into cash. The bank officials claim that their securities are first class, that depositors will be paid one hundred cents on the dollar, and further that the bank will be opened again in a short time. During the sixty days preceding the failure nearly $40,000 in deposits had been withdrawn, and with no prospects that the run would cease, the suspension was inevitable. The bank had $20,000 of city, school and county money on deposit, and it is hinted that the recent judgment of the court, compelling the county treasurer to honor the large warrants held by Fred Evans, had something to do with the failure. A run was made on the Minnekahta State bank the same day the National went under, but it weathered the storm.

2. December 8, 1893 Hot Springs Weekly Star Hot Springs, SD
Article from Hot Springs Weekly Star, December 8, 1893

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Article Text

trainer. CLOSED. The Minnekahta State Bank Compelled to Close its Doors. This institution has been worrying along for several months trying to weather the general financial embarrassment. The immediate causes of their closing were the facts of County Attorney Kellar's having commenced action in the name of the county asking for the appointment of a receiver. and E. D. Norton brought the same kind of an action on a private claim, and the further fact that the bank had been practically estopped from doing business since the injunction sworn ont by the school board some weeks since. the president, Mr. Englesby, hadn't the face to open the doors until the adjustment of these mattere of difference. He says there are abundant assets to satisfy the claims of depositors in full, as there is not to exceed $1.500 in deposits, outside of public monies. Speculation is rife as to whom the court will appoint as receiver.

3. December 8, 1893 Hot Springs Weekly Star Hot Springs, SD
Article from Hot Springs Weekly Star, December 8, 1893

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Article Text

Springs Co., judgment by consent for amount claimed-$150-in the complaint. In the matter of the appointment of a receiver for Minnekahta State bank upon application of H. E. Bacon, school treasurer representing $1,100; Union National bank, of Omaha, representing $9,000; James Bradley, county treasurer, representing $6,571.90; J. D. Butler & Co., F. C. Silkenson, representing $1,500 against the bank asking the appointment of John L. Burke as receiver, his appointment was made. The bond to be bereafter fixed in snch sum as the facts warrant. In all cases brought against the bank the receiver is made a party defendant and given time to answer. Injuctions in the cases of Hot Springs Independent School district and James Bradley as county treasurer were dissolved and the receiver ordered to show cause why certain funds should not' b3 special ahd not the general funds of the bank.

4. December 21, 1893 Herald and News Randolph, VT
Article from Herald and News, December 21, 1893

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Article Text

State of Vermont. ts News Con densed and Rewritten for Our Readers. Springfield grange is booming just now. t. It is expected that a new Pomona grange will soon be organized in Bennington county. a A brakeman by the name of Paro recently had one arm badly crushed 11 between the bunters of two freight cars at Wolcott. 3. Hon. Erskine Warden has been reelected mayor of Waltham, Mass., by some six hundred majority. He was from Caledonia. L. K. Quimby of Lyndon has been elected director of the Merchants' National bank of St. Johnsbury, to succeed Col. H. E. Folsom. Some prominent farmers in FrankIf lin and Orleans counties are inquiring about the grange. They can be assured that it is all right. The thirteenth annual banquet of the Commercial Travellers' Association of Burlington, will be held in that place Friday evening, Dec. 29th. The Fairbanks Co. of St. Johnsbury is making a huge scale of 150 tons' capacity, for the United States government to weigh the new naval ordnance on. Vergennes has a little postoffice contest of her own, and certain factions will have to be wooed and won before a new and Democratic postmaster can be installed there. It is reported from West Pawlet that the slate business in that section has not been so dull for years as it is now, and a large number of men are out of work and are really suffering. The Brattleboro Universalist parish having voted to accept the resignation of Rev. F. W. Spague, he will soon remove to East Boston with his family where he will be settled over his new parish. The Woodstock Standard has this interesting item that deserves wide publicity: "The man who said that I had turned my boy out of the house for the winter is the boss liar." JOSEPH MAYO, Pomfret. At a recent meeting of the Orwell Congregational church, Rev. Mr. Swift, the pastor, and S. H. Bascom, as delegates, were appointed an ecclesiastical council at Leicester, December 15, to form a Congregational church there, if found advisable. Judge Russell S. Taft has begun an interesting and valuable series of articles in the Green Bag, upon the Supreme court of Vermont. The articles will be profusely illustrated and will be a valuable contribution to the 1 historical literature of Vermont. Mr. H. Edward Dyer of Rutland, a graduate of the University of Ver! mont, was married to Lillian Geoffrey, daughter of Mrs. Edward Haster of New York, Wednesday, Dec. 6. i They will be at home at Dyer place, 1 Rutland, December 20 and 27. \ Frank Chandler of the firm of a Chandler & Son of Chicago, formerly of Bellows Falls, has bought the Cey1 lon building on Jackson Park for I $2,800. He will remove it to his sum1 mer place at Geneva Lake. The buildI ing was built with reference to removal in sections, and cost $80,000. i Isaac B. Potter of Brooklyn, N.Y., l' is mentioned for park commissioner 1 of the "City of Churches" under Mayu or Schieren. Mr. Potter is senior 1 e partner of the New York law firm of d Potter, Baldwin & Miner, the latter 8 being a well-remembered St. Johnsbury man. g y The Minnekahta State Bank of So. e Dakota, controlled and managed by a the Vermont investment Co., is in the o hands of a receiver. It is understood that a receiver will be asked for the Vermont Investment Co. itself. L.F. a Englesby of Burlington is president of d both. institutions. "