20536. Bank of Wilmot (Wilmot, SD)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
April 26, 1893
Location
Wilmot, South Dakota (45.409, -96.858)

Metadata

Model
gpt-5-mini
Short Digest
1d7a0a98

Response Measures

None

Description

The Bank of Wilmot suspended operations (made an assignment to a receiver) following the failure of the Millbank/Milbank bank with which it was connected. Reports state this was a temporary suspension to protect depositors and that 75% of deposits would be paid immediately and the balance soon, indicating an eventual resumption of operations.

Events (3)

1. April 26, 1893 Other
Newspaper Excerpt
placed the whole in the hands of a receiver to deal equally by all and prevent a rush. ... made an assignment to Jno. A. Munro, of Wilmot, but ... this is but a temporary suspension for the purpose of protecting the depositors of the bank. That he can pay 75 per cent. of the deposits on demand and the balance in thirty days.
Source
newspapers
2. April 26, 1893 Receivership
Newspaper Excerpt
placed the whole in the hands of a receiver to deal equally by all and prevent a rush.
Source
newspapers
3. April 26, 1893 Suspension
Cause
Local Banks
Cause Details
Forced to suspend because of the failure of the closely associated bank of Milbank; precautionary assignment to avoid complications and a rush.
Newspaper Excerpt
The bank of Wilmot, S. D., was forced to suspend by the Millbank failure. Full payment is promised.
Source
newspapers

Newspaper Articles (3)

Article from The Madison Daily Leader, April 26, 1893

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Article Text

In the crash of the bank of Milbank, for over $100,000, the bank of Wilmot, Roberts county, has also gone down. The two banks were closely identified in management, Mr. Sargent, of Minneapolis, being president of both, though run separately and the Wilmot bank Its fails in much better condition. depositors will get 75 per cent. of their deposits at once and its securities aud available paper will soon pay the balance. In fact this latter bank appears to have been quite solvent, but for fear of complications arising from the fall of the other, it was deemed safer for its depositors and creditors to place the whole in the hands of a receiver to deal equally by all and prevent a rush. In the case of the bank of Milbank, the condition is much worse, the depositors being mainly people outside of city business men, who had deposits all the way from $100 to $1,000. On these it falls particularly severe.


Article from The Roanoke Times, April 26, 1893

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Article Text

NEWS ITEMS IN LITTLE SPACE. Vice-President Stevenson is in Chicago. It is stated that Secretary of State Osborne of Kansas is insane. A Numidian lion in Barnum's circus went mad and had to be killed. John Thorpe has been appointed chief of floriculture at the World's fair. A panic occurred in a church at Naples, Italy, and 13 persons were killed. Prince Bismarck's cold is gone and his general health greatly improved. Frost has killed strawberries and cotton in Tennessee, Mississippi and Arkansas. The annual spring meeting of the Bennings Jockey club has begun at Washington. Dr. Talmage says $60,000 would wipe out the indebtedness of the Brooklyn Tabernacle. John S. Smith, with his wife and three children, was killed at a railroad crossing in Warsaw, Ind. The bank of Wilmot, S. D., was forced to suspend by the Millbank failure. Full payment is promised. An English company with a capital of $400,000 will develop the deposit of asphalt and the oil mills of Mexico. At the international chess match at Kokoma, Ind., the honors were carried off by Lasker, the European champion. Mr. John Perry died at his home in Alexandria, Va. He was a well known citizen, who formerly carried on the lumber business. Gilbert Dobbs, late superintendent of install tion in the Manufactures building at the World's fair, has been succeeded by C. W. Withenbury of Cincinnati. E. S. Westcott, a prominent follower of Ingersoll, at Hartford, has been asked by [the pastor of the Unitarian church at Hartford, Conn., not to attend the services. Anton Burnevich, a prominent druggist of St. Joseph, Mo., was publicly horse(whipped by Mrs. Henry Burnevich, owing to trouble about the settlement of an estate. Vinnie Russell (colored), aged 111 years, is dying at the Almshouse hospital in Washington. She was born in Virginia in 1782, and is now nearly blind and too feeble Ito walk. The people of Alexandria county, Va., will ask the secretary of agriculture to esitablish an experimental farming station on the unused portion of the Arlington estate this season. A decision in the case of the Port Royal and Augusta railroad has been rendered by which the receiver is discharged and the property is turned over to the Port Royal and Augusta company. The commissioned officers of the Delaware national guard have requested Adjutant General Hart to petition the general assembly to dissolve the guard, because the legislature failed to provide the usual annual appropriation. Members of the executive committee of the national association of machinists are assembling at Indianapolis in preparation for an important convention which will consider the amalgamation of the different branches of the business.


Article from The Herald-Advance, April 28, 1893

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Article Text

wheat the same as any other farmer, and as a strictly legitimate business." The Bank of Wimot in which Mr. Sargent is also interested closed its doors the same day by making an assignment to Jno. A. Munro, of Wilmot, but Mr. Speer the cashier and partner of Mr. Sargent says that this is but a temporary suspension for the purpose of protecting the depositors of the bank. That be can pay 75 per cent of the deposits on demand and the balance in thirty days.