Merchants Bank (Redfield, SD)

Episode Information

Episode UID
78006271489
Episode Type
Run → Suspension → Unsure
Bank Type
state
Bank ID
7800627 routing
Routing Number
78-0062
Start Date
January 23, 1924
Location
Redfield, South Dakota (44.876, -98.519)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9809e5e6503b4dda

Response Measures

None

Description

Article states bank was placed in hands of state banking department and reorganization was planned, but no clear reopening or final closure is reported.

Events (2)

1. January 23, 1924 Run
Cause
Local Banks
Cause Details
Runs triggered after the Western National Bank at Mitchell closed, causing depositors to withdraw from Merchants Bank.
Measures
Placed itself in the hands of the state banking department (seeking reorganization).
Newspaper Excerpt
Unable to stand the runs made on the bank after the Western National bank at Mitchell, S. D., closed, the Merchants bank here ... was forced to place itself in the hands of the state banking department;
Source
newspapers
2. January 23, 1924 Suspension
Cause
Government Action
Cause Details
Bank turned over to the state banking department (examiners) following runs; state took control to examine/reorganize.
Newspaper Excerpt
was forced to place itself in the hands of the state banking department;
Source
newspapers

Newspaper Articles (5)

Article from The Sioux City Journal, January 24, 1924

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Article Text

REDFIELD BANK IN THE HANDS OF THE EXAMINERS Redfield, S. D., Jan. 23.—Unable to stand the runs made on the bank after the Western National bank at Mitchell, S. D., closed, the Merchants bank here, with deposits of $450,000, was forced to place itself in the hands of the state banking department; although the bank officials had their finances well in hand. S. E. Morris, president of the Mitchell bank, was vice president of the Redfield institution. Efforts will be made to reorganize. Buffalo Express: "How ill is he? "Too ill to talk about it until he's better, but not ill enough for his friends to inquire anxiously about him."


Article from The Mellette County Pioneer, February 2, 1924

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Article Text

NEWS OF THE STATE IMPORTANT HAPPENINGS OF THE PAST WEEK IN SOUTH DAKOTA. Western Newspaper Union News Service. Centerville.—Prospects for the erection in Centerville of a community hotel are bright. The city has been without a modern hotel since the burning of the Turner hotel a few years ago. As the result of action taken at a meeting of the business men's luncheon club a corporation will be organized and sufficient funds raised for the erection of a community hotel. It is planned to have the work of construction commence as soon as the weather will permit in the spring. De Smet.—Kingsbury county is to have a "balanced agriculture" week the first of March, with a two-day meeting at DeSmet. In connection with the meeting there will be a crop show, and the premium list for the show as announced rivals that of the state fair. The object is to promote diversified farming in the county, and at the meetings there will be talks outlining a practical system of balanced livestock and grain farming for this country. Pierre.—Reductions in rates on brick and other clay products from various manufacturing points in Iowa and Minnesota to stations on the Chicago, Milwaukee and St. Paul railway between Chamberlain and Rapid City have been filed as a result of informal negotiations between carriers, the board of railway commissioners announce. Corresponding reductions on the Northwestern line west from Pierre and including the Black Hills district also are expected, the statement said. Gettysburg.—The business men of Gettysburg have renewed their efforts to obtain the balance of the funds necessary so the work of construction can commence on the state bridge across the Missouri river at Forest City. A gravel bed has been discovered near the site for the bridge, which will be utilized in the concrete work. It is estimated this will save in transportation charges about $25,000. Madison.—Elks are making good progress with their plans for the erection of a permanent Elks lodge hall building in Madison. A committee now is working on the selection of a site for the proposed structure, and another committee has been appointed to arrange for the plans and specifications for the new building. Sisseton.—That an island in Bullhead lake, east of Wilmot, is the property of the state and cannot be occupied by an individual was the decision of Judge Batterton, of the circuit court here, in the case against Victor Dures, the purpose of the action being to restrain Dures from occupying the island. Redfield.—Unable to stand the runs made on the bank after the Western National bank at Mitchell closed, the Merchants bank here, with deposits of $450,000, was forced to place itself in the hands of the state banking department; although the bank officials had their finances well in hand. Parker.—As the result of a road meeting held at Canton recently, the northern Iowa pike will be extended through Lennox, Chancellor and Parker and eventually on to Wheeler where the bridge is to cross the Missouri river. Belle Fourche.—Taxpayers from the Vale district have started action to prevent the removal of the Bismarck bridge at Empire. They were granted a temporary injunction against tearing the bridge down. Milbank.—Dr. Campbell, a dentist of Ortonville, dropped dead of a sudden attack of heart failure just as he stepped out of his stalled automobile to ascertain what was the trouble. Groton.—Farmers of Brown county now are marketing the sweet clover seed crops they raised last year, and are finding this crop one of the most profitable ever produced by them. Madison.—A report made at a meeting of the commercial club showed there is a good sum in the fund for the promotion of various enterprises for the upbuilding of Madison. Egan.—For the second time in two years, the Brinker drug store here was destroyed by fire, and in addition the Bemis meat market was also burned.


Article from The Miller Press, February 7, 1924

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Article Text

NEWS OF THE STATE IMPORTANT HAPPENINGS OF THE PAST WEEK IN SOUTH DAKOTA. Western Newspaper Union News Service. Centerville.-Prospects for the erec tion in Centerville of a communit hotel are bright. The city has beer without a modern hotel since th burning of the Turner hotel a few years ago. As the result of action taken at a meeting of the business men's luncheon club a corporation will be organized and sufficient funds raised for the erection of a communi ty hotel. It is planned to have the work of construction commence a soon as the weather will permit in the spring. De Smet.-Kingsbury county is to have a "balanced agriculture" week the first of March, with a two-day meeting at DeSmet. In connect 01 with the meeting there will be a cro; show, and the premium list for the show as announced rivals that of the state fair. The object is to promote diversified farming in the county, and at the meetings there will be talk outlining a practical system of bal anced livestock and grain farming for this country. Pierre.-Reductions in rates or brick and other clay products from various manufacturing points in Iowa and Minnesota to stations on the Chicago, Milwaukee and St. Paul rail way between Chamberlain and Rapio City have been filed as a result of in formal negotiations between carriers the board of railway commissioner announce. Corresponding reductions on the Northwestern line west from Pierre and including the Black Hill district also are expected, the state ment said. Gettysburg.-The business men o Gettysburg have renewed their efforts to obtain the balance of the funds necessary so the work of construe tion can commence on the state bridge across the Missouri river a Forest City. A gravel bed has beer discovered near the site for the bridge, which will be utilized in th concrete work. It is estimated this will save in transportation charge about $25,000. Madison.-Elks are making good progress with their plans for the erection of a permanent Elks lodge hall building in Madison. A committe now is working on the selection of : site for the proposed structure, an another committee has been appoint ed to arrange for the plans and speci fications for the new building. Sisseton.-That an island in Bull head lake, east of Wilmot, is the property of the state and cannot b occupied by an individual was the de cision of Judge Batterton, of the circuit court here, in the case agains Victor Dures, the purpose of the action being to restrain Dures fron occupying the island. Redfield.-Unable to stand the runs made on the bank after the Western National bank at Mitchel closed, the Merchants bank here, with deposits of $450,000, was forced t place itself in the hands of the state banking department; although the bank officials had their finances wel in hand. Parker.-As the result of a road meeting held at Canton recently, the northern Iowa pike will be extende through Lennox, Chancellor and Parker and eventually on to Wheele


Article from The Miller Press, February 7, 1924

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Article Text

NEWS OF THE STATE IMPORTANT HAPPENINGS OF THE PAST WEEK IN SOUTH DAKOTA. Western Newspaper Union News Service. Centerville.—Prospects for the erection in Centerville of a community hotel are bright. The city has been without a modern hotel since the burning of the Turner hotel a few years ago. As the result of action taken at a meeting of the business men's luncheon club a corporation will be organized and sufficient funds raised for the erection of a community hotel. It is planned to have the work of construction commence as soon as the weather will permit in the spring. De Smet.—Kingsbury county is to have a "balanced agriculture" week the first of March, with a two-day meeting at DeSmet. In connection with the meeting there will be a crop show, and the premium list for the show as announced rivals that of the state fair. The object is to promote diversified farming in the county, and at the meetings there will be talks outlining a practical system of balanced livestock and grain farming for this country. Pierre.—Reductions in rates on brick and other clay products from various manufacturing points in Iowa and Minnesota to stations on the Chicago, Milwaukee and St. Paul railway between Chamberlain and Rapid City have been filed as a result of informal negotiations between carriers, the board of railway commissioners announce. Corresponding reductions on the Northwestern line west from Pierre and including the Black Hills district also are expected, the statement said. Gettysburg.—The business men of Gettysburg have renewed their efforts to obtain the balance of the funds necessary so the work of construction can commence on the state bridge across the Missouri river at Forest City. A gravel bed has been discovered near the site for the bridge, which will be utilized in the concrete work. It is estimated this will save in transportation charges about $25,000. Madison.—Elks are making good progress with their plans for the erection of a permanent Elks lodge hall building in Madison. A committee now is working on the selection of a site for the proposed structure, and another committee has been appointed to arrange for the plans and specifications for the new building. Sisseton.—That an island in Bullhead lake, east of Wilmot, is the property of the state and cannot be occupied by an individual was the decision of Judge Batterton, of the circuit court here, in the case against Victor Dures, the purpose of the action being to restrain Dures from occupying the island. Redfield.—Unable to stand the runs made on the bank after the Western National bank at Mitchell closed, the Merchants bank here, with deposits of $450,000, was forced to place itself in the hands of the state banking department; although the bank officials had their finances well in hand. Parker.—As the result of a road meeting held at Canton recently, the northern Iowa pike will be extended through Lennox, Chancellor and Parker and eventually on to Wheeler where the bridge is to cross the Missouri river. Belle Fourche.—Taxpayers from the Vale district have started action to prevent the removal of the Bismarck bridge at Empire. They were granted a temporary injunction against tearing the bridge down. Milbank.—Dr. Campbell, a dentist of Ortonville, dropped dead of a sudden attack of heart failure just as he stepped out of his stalled automobile to ascertain what was the trouble. Groton.—Farmers of Brown county now are marketing the sweet clover seed crops they raised last year, and are finding this crop one of the most profitable ever produced by them. Madison.—A report made at a meeting of the commercial club showed there is a good sum in the fund for the promotion of various enterprises for the upbuilding of Madison. Egan—For the second time in two years, the Brinker drug store here was destroyed by fire, and in addition the Bemis meat market was also burned. Elk Point.—Elk Point poultry show will be held in connection with the farmers' institute which will be held here February 7, 8 and 9. Deadwood.—The 11th annual Black Hills poultry show held at Deadwood is pronounced one of the best ever held by that association. Mitchell.—A mid-winter sports carnival is to be staged in Mitchell on February 2. Sioux Falls.—The photographers of South Dakota will meet Feb. 19, in Sioux Falls. Presho.—The First State bank of Presho, has suspended payments. Centerville.—To cough up a few days ago an open safety-pin which he swallowed when he was four years old, is stated to have been the experience of one of the Bixler boys, aged 16, living on a farm near here with his parents. Hoven.—Arrangements were completed here for a two-day balanced agriculture session for the benefit of residents of Potter and Walworth counties, with a corn, alfalfa and sweet clover show in connection, on February 4 and 5. Business men and farmers of the two counties are united in backing the meeting.


Article from The Kadoka Press, February 8, 1924

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Article Text

ing of the commercial club showed there is a good sum in the fund for the promotion of various enterprises for the upbuilding of Madison. Milbank.—Dr. Campbell, a dentist of Ortonville, dropped dead of a sudden attack of heart failure just as he stepped out of his stalled automobile to ascertain what was the trouble. Groton.—Farmers of Brown county now are marketing the sweet clover seed crops they raised last year, and are finding this crop one of the most profitable ever produced by them. Belle Fourche.—Taxpayers from the Vale district have started action to prevent the removal of the Bismarck bridge at Empire. They were granted a temporary injunction against tearing the bridge down. Parker.—As the result of a road meeting held at Canton recently, the northern Iowa pike will be extended through Lennox, Chancellor and Parker and eventually on to Wheeler where the bridge is to cross the Missouri river. Redfield.—Unable to stand the runs made on the bank after the Western National bank at Mitchell closed, the Merchants bank here, with deposits of $450,000, was forced to place itself in the hands of the state banking department; although the bank officials had their finances well in hand. Sisseton.—That an island in Bullhead lake, east of Wilmot, is the property of the state and cannot be occupied by an individual was the decision of Judge Batterton, of the circuit court here, in the case against Victor Dures, the purpose of the action being to restrain Dures from occupying the island. Madison.—Elks are making good progress with their plans for the erection of a permanent Elks lodge hall building in Madison. A committee now is working on the selection of a site for the proposed structure, and another committee has been appointed to arrange for the plans and specifications for the new building. Gettysburg.—The business men of Gettysburg have renewed their efforts to obtain the balance of the funds necessary so the work of construction can commence on the state bridge across the Missouri river at Forest City. A gravel bed has been discovered near the site for the bridge, which will be utilized in the concrete work. It is estimated this will save in transportation charges about $25,000. Pierre.—Reductions in rates on brick and other clay products from various manufacturing points in Iowa and Minnesota to stations on the Chicago, Milwaukee and St. Paul railway between Chamberlain and Rapid City have been filed as a result of informal negotiations between carriers, the board of railway commissioners announce. Corresponding reductions on the Northwestern line west from Pierre and including the Black Hills district also are expected, the statement said. De Smet.—Kingsbury county is to have a "balanced agriculture" week the first of March, with a two-day meeting at DeSmet. In connection with the meeting there will be a crop show, and the premium list for the show as announced rivals that of the state fair. The object is to promote diversified farming in the county, and at the meetings there will be talks outlining a practical system of balanced livestock and grain farming for this county. Centerville.—Prospects for the erection in Centerville of a community hotel are bright. The city has been without a modern hotel since the burning of the Turner hotel a few years ago. As the result of action taken at a meeting of the business men's luncheon club a corporation will be organized and sufficient funds raised for the erection of a community hotel. It is planned to have the work of construction commence as soon as the weather will permit in the spring. Wessington Springs.—The board of county commissioners for Jerauld county gave serious consideration to a generously signed petition asking for the early erection of a court house and jail. Acting along the suggestions of the citizens, the matter will receive immediate attention and the entire building program will be submitted at the March primaries with the understanding that only the preliminary work is to be considered. Isabel.—Isabel wants a town marshal, but no one can be found who is willing to assume the responsibilities of the position.