20503. Sioux Falls Trust and Savings Bank (Sioux Falls, SD)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
January 14, 1924
Location
Sioux Falls, South Dakota (43.550, -96.700)

Metadata

Model
gpt-5-mini
Short Digest
135c97e2

Response Measures

Full suspension, Books examined

Other: Placed under supervision of State Depositors Guaranty Fund Commission; temporarily suspended payments on deposits but reported to remain open under state supervision.

Description

Multiple articles (mid-Jan 1924) report heavy withdrawals from depositors after the closing of the Sioux Falls National Bank, leading the Sioux Falls Trust and Savings Bank to be placed under supervision of the State Depositors' Guaranty Fund Commission and to temporarily suspend payments. Sources state the suspension was temporary and the institution would remain open under state supervision, but no clear reporting in these clippings confirms a full reopening; thus I classify as run → suspension with uncertain ultimate outcome.

Events (3)

1. January 14, 1924 Suspension
Cause
Local Banks
Cause Details
Suspension followed heavy withdrawals brought on by the closing of the Sioux Falls National Bank and general regional banking strains in early January 1924; state commission placed the bank under supervision and suspended payments temporarily.
Newspaper Excerpt
The Sioux Falls Trust and Savings bank, with deposits of $5,000,000, today was placed under the supervision of the state depositors guaranty fund commission and will temporarily suspend payments on deposits.
Source
newspapers
2. January 15, 1924 Run
Cause
Local Banks
Cause Details
Heavy withdrawals triggered by the recent closing of the Sioux Falls National Bank (other local bank failure) caused depositors to withdraw from the Trust & Savings bank.
Measures
Bank placed under supervision of State Depositors' Guaranty Fund Commission; payments on deposits temporarily suspended; state takeover/ supervision mentioned.
Newspaper Excerpt
Closing of this bank caused heavy withdrawals by depositors of the Sioux Falls Trust and Savings institution, according to an official statement.
Source
newspapers
3. * Other
Newspaper Excerpt
Preparations were under way for the reopening of the Sioux Falls National Bank, which closed last Friday and which had deposits of $2,500,000. Closing of this bank caused heavy withdrawals by depositors of the Sioux Falls Trust and Savings institution, according to an official statement.
Source
newspapers

Newspaper Articles (11)

Article from The Birmingham Age-Herald, January 15, 1924

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BANK SUSPENDS Sloux Falls, S. D. Institution With $5,000,000 Deposit Closes Doors SIOUX FALLS, S. D., Jan. 14.-The Sioux Falls Trust and Savings bank, with deposits of $5,000,000, today was placed under the supervision of the state depositors guaranty fund commission and will temporarily suspend payments on deposits, it was announced here. First reports were that the bank had been closed. but these were corrected by the subsequent announcement that the institution would remain open under state supervision.


Article from Brownsville Herald, January 15, 1924

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SECOND SIOUX FALLS BANK HAS CLOSED ITS DOORS SIOUX FALLS, S. D. Jan. 15.-With payments of deposits temporarily suspended, the Sioux Falls Trust and Savings Bank with deposits of $5,000,000 today was under supervision of the state depositors guaranty fund commission. Preparations were under way for the reopening of the Sioux Falls National Bank, which closed last Friday and which had deposits of $2,500,000. Closing of this bank caused heavy withdrawals by depositors of the Sioux Falls Trust and Savings institution, according to an official statement.


Article from Daily Kennebec Journal, January 15, 1924

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South Dakota Bank Under Direction State Siuox City, S. D., Jan. 14.-The Sioux Falls Trust and Savings bank. with deposits of $5,000,000. today was placed under the supervision of the State Depositors Guaranty Fund Commission and will temporarily suspend payments on deposits, it was announced. First reports were that the bank had been closed. but these were corrected by the subsequent announcement that the institution would remain open under state supervision.


Article from The Bismarck Tribune, January 15, 1924

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TRUST COMPANY CLOSED Sioux Falls, S. D., Jan. 15.-With payment of deposits temporarily suspended the Sioux Falls Trust and Savings Bank with deposits of $5,000,000 was under supervision of the state depositor's guaranty fund commission today


Article from The Washington Times, January 16, 1924

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BIG SOUTH DAKOTA BANK STOPS DEPOSIT PAYMENTS SIOUX FALLS, S. Dak., Jan. 16. The Sloux Falls Trust and Savings Bank, with deposits of $5,000,000, has been placed under the supervision of the State Depositors Guaranty Fund Commission and will temporarily suspend payments on deposits, it was announced. First reports were that the bank had been closed, but these were corrected by the subsequent announcement that the institution would remain open under State supervision.


Article from The Colorado Statesman, January 19, 1924

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cession. The sum of 18,000,000 available for use as will be francs advances soon towards the building of and those France, improving hotels that al- in ready exist. A law passed last June authorizing government advances to the hotel industry has just been promulgated. , The French cabinet, acting in the financial crisis caused by the fall of the decided increase nomenal all franc, phe- to taxes, direct and indirect, per cent. It also recoverable in 1924 duce to by 20 the budget decided to re5,000,000,000 francs, which will be met by this new taxation. Henri La Fontaine, vice president of Senate, has made to the correspondent ment the his Belgian explaining a stateallusions to America's his Senate address he said: "It ly. to Europe In his in speech obligations recent- cannot that we for we saved her; and be denied that fought consequently America we are entitled to expect effective Our government to from have the her. ought help courage to tell this to American people." secretary of finance has The sent to New York scrip payment under the ference as first between $16,000,000 covering delivered Lamont- the difagreement and the which should be the De 125,000 la Huerta amount $23,delivered yearly to the international payment of debtedness. bankers in Mexico's inAccording to the agreethe payment increase ment, the Mexican government 5,000,000 should pesos each year until the the been reached, balance, $23,000,000 meanwhile, has being paid in scrip until 1928, when on the foreign normalized. shall the payments become The Mexi- debts can government then will issue 3 per bonds for the held cent gold amount in scrip by the international banks. GENERAL Adj. Gen. Carlos Black has returned to Ill., but without ordering return of the Springfield, the troops summoned to Ill., by threat of out of trouble Marion, growing wholesale factional dry raids. world's and St. champion, Jack Dempsey, Tommy Gibbons heavyweight of a return title in probably in Paul New will York, fight early match June, Promoter Tex Rickard announced in after a conference Rickard came New Eddle York, Kane. to a with definite agreement with Kane after an hour's conference at Madison Square garden. young wife of Louise nephew Salerno, Tony Salerno, of the Italian consul at Omaha, shot and killed Peter ras, accused of her life if she ather and whom threatening she attacking Sfeto expose him. The as Sferas, who leaves tempted occurred shooting a widow and three children, was entering the door of the woman's home. He died almost at once. Albert Miller, 20-year-old bad man who officers declared fired the shot that killed Deputy Sheriff Fred Baker camp notorious gang at the in the Florida of the Everglades, Ashley twenty-five miles north of West was by and captured deputies Palm lodged Beach in jail at West Palm Beach. Four aland intimates the were into by leged gang also associates taken custody of officers and placed in jail. A word chosen from more than 25,000 suggestions as the one best calto awake the culated the lawless "stab conscience was of drinker" anDeloevare of a of for Mass., nounced who by offered prize King $200 Quincy, the most suitable epithet. The word Two and the was posed is "scofflaw." this word contestants prize prodivided between them. The are Shaw of Henry Irving Shawshen winners village, and Miss Kate L. Butler of Dorchester. Charles A. Stoneham, former broker part owner of the New York a of not Giants, and entered plea guilty to a use of the mails to defraud in general indictment charging connection with alleged bucketshop operations. The Sioux Falls Trust and Savings Bank, with deposits of $5,000,000, was the of the fund complaced state depositors' under guaranty supervision mission and will temporarily suspend payments on deposits, it has been announced. First reports were that the but these were announcebank corrected had by been the closed, subsequent ment that the institution would remain open under state supervision. E. B. McLean, Washington newspaper publisher, lent former Secretary A. B. Fall $100,000 but the checks for were restatement had this turned that the amount uncashed former interior with subsequently the secretary arranged to secure the funds else-


Article from The Dolores Star, January 25, 1924

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FOREIGN Reports received in Tokio from the country districts to the southwest of Yokohama near Fujiyama mountain have brought the known death toll in the last earthquake to approximately thirty. Richard Washburn Child announced in Rome that he is definitely retiring in accordance with arrangements made with President Coolidge. Child will sail for New York from Cherbourg Jan. 26. The French cabinet. acting in the financial crisis caused by the phenomenal fall of the franc. decided to increase all taxes, direct and indirect, by 20 per cent. at also decided to reduce the recoverable budget in 1924 to 5,000,000,000 franes, which will be met by this new taxation. Lao Yang-Jen. notorious bandit. whose men recently shot and fatally wounded Prof. Mernhard Hoff and kidnaped Mrs. Julina Kilen, both American missionaries was killed in a battle at Kwantiling, the foreign office at Peking has been advised. Mrs. Kilen was rescued several days ago Premier Poincare, with an impassioned appeal to the patriotism of all Frenchmen, urged them to present the same solid and united front against the difficulties of peace as they did in war, and carried the day in the preliminary encounter with the legislative assembly. In his efforts to improve France's impaired financial position and renovate the standing of the franc on international exchange. The secretary of finance has sent to New York scrip covering the difference between $16,000,000 delivered as first payment under the LamontDe la Huerta agreement and the $23.125,000 which should be the amount delivered yearly to the international bankers in payment of Mexico's indebtedness According to the agreement, the Mexican government should increase the payment 5,000,000 pesos each year until the $23,000,000 has been reached, the balance, meanwhile, being paid in scrip until 1928, when the payments on the foreign debts shall become normalized. The Mexican government then will issue 3 per cent gold bonds for the amount held in scrip by the international banks. GENERAL Louise Salerno, young wife of Tony Salerno, nephew of the Italian consul at Omaha, shot and killed Peter Sfe ras, whom she accused of attacking her and threatening her life if she at tempted to expose him. The shooting occurred as Sferas, who leaves a widow and three children, was entering the door of the woman's home. He died almost at once. A word chosen from more than 25,000 suggestions as the one best calculated to "stab awake the conscience of the lawless drinker" was announced by Deloevare King of Quincy, Mass., who offered a prize of $200 for the most suitable epithet. The word is "scofflaw." Two contestants proposed this word and the prize was divided between them. The winners are Henry Irving Shaw of Shawshen village, and Miss Kate L. Butler of Dorchester The Shenandoah, largest airship in the world, poked her nose into her hanger at the naval air station at Lakehurst, N. J., after completing the most remarkable flight a ship of her type ever made. The flight was a fight against the most stubborn ele ment of nature, a wind that blew at seventy-two miles an hour at times. This gale twisted the giant craft from her towering mooring mast and swept her on a mad chase up the Atlantic coast to Staten Island, New York City, where Capt. Anton Heineen, in command when she broke away, turned her nose into the teeth of the storm and maneuvered her back to her home port. Not a man in her crew of twenty-two was injured. The Federal Council of Commissars has decided to summon in the spring the class of 1902 for regular service in the Red army. The call for this class was postponed two years in succession. The Sioux Falls Trust and Savings Bank, with deposits of $5,000,000, was placed under the supervision of the state depositors' guaranty fund commission and will temporarily suspend payments on deposits. it has been anFirst reports were that the been closed. were the nounced. bank corrected had by subsequent but these announce ment that the institution would remain open under state supervision. EL B. McLean, Washington newspaper publisher, lent former Secretary A. B. Fall $100,000 but the checks for this amount were subsequently returned uncashed with the statement that the former interior secretary had arranged to secure the funds elsewhere, Mr. McLean told Senator Walsh of the Senate Teapot Dome investigating committee, according to a retter addressed to Mr. Fall by Mr. Walsh and made public by the latter, in Palm


Article from The Winslow Mail, January 25, 1924

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FOREIGN received in Tokio from the districts to the of country Reports southwest near Fujiyama the known in have Yokohama brought death mountain toll the last earthquake to approximately thirty. Richard Washburn Child announced in Rome that he is definitely retiring in accordance with arrangements made with President Coolidge. Child wilk sail for New York from Cherbourg Jan. 26. The French cabinet, acting in the financial crisis caused by the phenomenal fall of the franc, decided to all direct cent. It also reincrease by 20 per taxes, decided and indirect, to duce the recoverable budget in 1924 to 5,000,000,000 francs, which will be met by this new taxation. Lao Yang-Jen, notorious bandit, whose men recently shot and fatally wounded Prof. Mernhard Hoff and Mrs. Julina was in kidnaped American missionaries, Kilen, killed foreign both a battle at Kwantiling, the office at Peking has been advised. Mrs. Kilen was rescued several days ago. Premier Poincare, with an impasto the all urged them to sioned Frenchmen, appeal patriotism present of the same solid and united front against the difficulties of peace as they did in war, and carried the day in the preliminary encounter with the legisIn .his imFrance's impaired poprove lative assembly. efforts financial to sition and renovate the standing of the franc on international exchange. The of finance has sent to York between $16,000,000 ference New secretary scrip covering delivered the difas first payment under the LamontDe la Huerta agreement and the $23, 125,000 which should be the amount delivered yearly to the international bankers in payment of Mexico's indebtedness. According to the agreethe Mexican government the payment pesos increase ment, 5,000,000 should until the $23,000,000 the each been reached, year balance, 1928, meanwhile, when has being paid in scrip until the payments on the foreign debts shall become normalized. The Mexican government then will issue 3 per cent bonds for the held gold amount banks. in scrip by the international GENERAL Louise Salerno, young wife of Tony of the consul at shot and SfeSalerno, Omaha, nephew killed Italian of Peter whom she accused attacking her her atto expose him. tempted ras, and threatening life The if shooting she widoccurred as Sferas, who leaves a three children, was of the woman's the ow and door home. entering He died almost at once. A word chosen from more than 25,000 suggestions as the one best calculated to "stab awake the conscience of the lawless drinker" was anDeloevare King of Quincy, who offered a prize of most suitable epithet. nounced Mass., the by The $200 word for is "scofflaw." Two contestants proposed this word and the prize was divided between them. The winners are Henry Irving Shaw of Shawshen village, and Miss Kate L. Butler of Dorchester. The Shenangnah, largest airship in the world, poked her nose into her hanger at the naval air station at Lakehurst, N. J., after compléting the most remarkable flight a ship of her type ever made. The flight was a fight against the most stubborn eleof nature, a wind at miles an at seventy-two ment hour that blew times. twisted the giant her This towering gale mooring"mast craft and swept from her on a mad chase up the Atlantic Staten Island, where Anton in City, coast to Capt. Heineen, New York command when she broke away, turned her nose into the teeth of the storm and maneuvered her back to her home port. Not a man In her crew of twenty-two was injured. The Federal Council of Commissars has decided to summon in the spring the class of 1902 for regular service in the Red army. The call for this class was postponed two years in succession. The Sioux Falls Trust and Savings Bank, with deposits of $5,000,000, was placed under the supervision of the state depositors' guaranty fund commission and will temporarily suspend payments on deposits, it has been announced. First reports were that the been closed, but these were the the recorrected bank ment had that by institution subsequent would announcemain open under state supervision. E. B. McLean, Washington newspaper publisher, lent former Secretary A. B. Fall $100,000 but the checks for this amount were subsequently returned uncashed with the statement that the former interior secretary had arranged to secure the funds elsewhere Mr McLean told Senator Walgh


Article from The Circle Banner, January 25, 1924

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Sioux Falls-The Sioux Falls Trust and Savings bank, with deposits of $5,000,000, has been placed under the supervision of the state depositor's guaranty fund commission and will temporarily suspend payments on deposits, it was announced.


Article from The Producers News, January 25, 1924

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# Efforts Being Made to Save Banks of Northwest (Continued from page 1) ment, named by President Coolidge, went at their task today after conferences lasting until midnight in efforts to find prompt and effectual means of bolstering up the credit of the northwest. Chicago and midwestern banking representatives from several states, including the Dakotas and Minnesota, met with the federal officials. Henry M. Dawes, comptroller of currency, Eugene Meyer, Jr., managing director of the War Finance corporation, and J. H. Cunningham, member of the feedral reserve board. George R. James, another member of the federal reserve board was to sit in the conference today. # SILENT ON PLANS Although Comptroller Dawes, in charge, has applied himself to the banking problems of the northwest since he and his party arrived, he has withheld making any public statement of just how it was planned to alleviate conditions in South Dakota, where a dozen banks have been closed since January 1, two of them yesterday in Montana, where a similar situation prevails and where two banks were closed, and in Minnesota and Nebraska. Before leaving Washington it was stated that the Dawes party members had been designated by President Coolidge himself to go to the relief of the western banking situation. Dispatches from Washington said they planned their conference with middle western bankers in an effort to gather sufficient funds to meet the requirements of the small banks in the affected states where farmers have been unable to meet their obligations and many small banks and some large ones, have been unable to carry on under the strain of inability to collect from the farmers and others indirectly affected. The recent closing of the Sioux Falls National bank and the taking over of the Sioux Falls Trust and Savings bank by the state banking department of South Dakota, are said to have caused heavy withdrawals from other banks, to have adversely affected business, and to have increased the belief that outside help must be given the northwest. Although money withdrawn from the banks suffering such withdrawals still is in the communities, it has been taken out of the usual channels and, according to reports from Sioux Falls, the sales of thrift stamps, treasury certificates and the increase in postal savings deposits has been so large that the postoffice there was forced to increase its force of employes. The earlier conferences today were largely confined to consideration of the problem with Chicago bankers.


Article from Evening Star, February 17, 1924

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Thus it will be seen that through the War Finance Corporation, the federal land banks and the joint stock land banks about one and one-half billions of dollars of loans to quicken agricultural prosperity have been advanced to date. In February, 1923, Congress provided for releasing from payment those farmers who had borrowed money for seed rye and seed oats, and whose crops had failed, and also that farmers who had made payments on their loans, but who failed to reap a harvest, should have restored to them from the guaranty funds of the government the amounts which they had paid. Items in this account are not large, in the national totals, but disclose the paternal efforts of Uncle Sam. Federal land banks, under the farmers' seed-grain loans, extended in Wichita, St. Paul and Spokane amounts aggregating $4,200.882, of which $1,818,166 have been released. Amounts refunded under the act of February 26, 1923, total $124,399.74. The agriculturual credits act of 1923, amending the federal farm loan and the federal reserve act, provides for twelve federal intermediate credit banks in the same cities as the federal land banks. These intermediate institutions are authorized to discount agricultural and livestock paper for and purchase it from banks, incorporated livestock companies, agricultural credit corporations, saving institutions, various kinds of farmers' co-operative associations, and other intermediate credit banks. Direct loans to co-operative associations must be secured by warehouse receipts or mortgages on livestock. ### 22 BANKS CLOSE IN ONE STATE. With all these established government agencies to further farming conditions supplemented by the special current movement to meet the present northwest emergency, relief, specially through the restoration of public confidence, can be expected. To check the possible spread of demoralization seems to be realized now as a common necessity; for the trouble, beginning with the small and somewhat mismanaged banks, has spread to larger institutions. Since January 1, more than twenty banks have closed in South Dakota alone, with total deposits of over $15,000,000. The Sioux Falls Trust and Savings Bank, with deposits of $5,600,000, and Sioux Falls National Bank, with deposits of $2,900,000, represented more than half the amount involved. Until these two banks suspended operations, banking troubles had been confined almost solely to country districts and to small banks. South Dakota is not alone in the acute banking situation, as several bank failures have been reported in Montana, Arkansas, Missouri, Minnesota and other states, in which is included perhaps one of the largest failures in the Guaranty Trust Company of Kansas City, which was capitalized at $750,000. ### LOCAL SECURITIES PRICES. The following latest "bid" and "asked" prices for unlisted securities are quoted for the guidance of holders of these issues. BONDS.