Live Stock Exchange Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 8, 1926
Location: Newell, South Dakota (44.715, -103.421)

Metadata

Model: gpt-5-mini
Short Digest: acc37929

Response Measures

None

Description

Article (Rapid City Journal 1926-04-08) states the Live Stock Exchange Bank, Newell, S.D., is now closed and reports criminal charges against the former president for embezzlement and excessive loans. No run is described; closure appears permanent. OCR in the article gives years as 1928 and 1924 which is inconsistent with a 1926 publication—reported as printed in source; I did not alter those dates.

Events (1)

1. April 8, 1926 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Allegations of embezzlement and making excessive loans to stockholders; funds totaling $18,411 involved.
Newspaper Excerpt: Charles M. Damon, former president of the Live Stock Exchange Bank, Newell, S. D., now closed.
Source: newspapers

Newspaper Articles (1)

1. April 8, 1926 Rapid City Journal Rapid City, SD

Article from Rapid City Journal, April 8, 1926

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Article Text

Damon Held to Circuit Court on Bank Charge Charles M. Damon, former president of the Live Stock Exchange Bank, Newell, S. D., now closed. was held to circuit court on charge of embezzlement and misappropriation of the bank's funds ter hearing before Justice Sellers, of Belle Fourche yesterday. Bond was fixed At 85,000. The case will probably be tried at the May term of Butte county circuit court, The state banking department the complainant In the case against Damon. There are three formations and 17 separate counts. Fifteen counts are for embezzlement and two counts are for the making of excessive loans to the bank share-holders. Practically the alleged Illegal acts are claimed have been committed during the years 1928 and 1924, Funds, totalling $18,411, are involved. Attorneys George Philip and Denu, representing the defendant, returned to Rapid City from Belle Fourche last evening.