gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ca6d8521ad01719e
Response Measures
Full suspension, Books examined
Other: Bank Examiner took charge and ultimately a receiver was appointed (receivership/consolidation of receiverships).
Receivership Details
Depositor recovery rate
45.5%
Date receivership started
1893-08-17
Date receivership terminated
1897-10-28
OCC cause of failure
Losses
Share of assets assessed as good
54.5%
Share of assets assessed as doubtful
43.8%
Share of assets assessed as worthless
1.7%
Description
Bank attempted resumption but could not and a receiver was appointed (Aug 17, 1893).
Events (5)
1.July 15, 1890Chartered
Source
historical_nic
2.July 7, 1893Run
Cause
Macro News
Cause Details
Large withdrawals and a general run amid the nationwide financial stringency/Panic of 1893, depleting cash and forcing inability to convert securities.
Newspaper Excerpt
Recent withdrawals of deposits and a general run caused the break.
Source
newspapers
3.July 8, 1893Suspension
Cause
Macro News
Cause Details
Bank closed its doors to business following heavy withdrawals and inability to meet payments during the money stringency.
Newspaper Excerpt
Comptroller Eckels is informed that the First National Bank of Hot Springs, S. D., ... have closed their doors to business.
Source
newspapers
4.August 17, 1893Receivership
Source
historical_nic
5.August 17, 1893Receivership
Newspaper Excerpt
The controller of the currency today appointed Mr. Alvin Fox of Deadwood receiver of the First National Bank of Hot Springs, S. D.
Source
newspapers
Newspaper Articles (20)
1.July 8, 1893Deseret Evening NewsSalt Lake City, UT
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BRIEF TELEGRAMS. Three hundred and ninety thousand ounces of silver will go out in one steamer today. Patrick Riley & Co., a leather firm in Newark, N. J., assigned yesterday afternoon. The assets are about $142,875 and the liabilities $200,000. A receiver was appointed yesterday for the heavy iron firm of Corrigan, Ives & Co., agents of twenty-four of the largest iron mines in the Lake 8 uperior region. Comptroller Eckles is informed that the First National Bank of Hot Springs, S. D., and the Livingston National Bank of Livingston, Mont., have closed their doora to business. A judgment was entered yesterday in the supreme court in favor of the First National Bank of Chicago against ex-Governor Campbeil of Ohio in a suit brought on a promissory note for $5000. A rule was yesterday granted to show cause why a receiver should not be appointed for the Bomerset Bank of Somerville. It has deposits of is quarter of a million, capital stock of a hundred thousand and a surplus of fifteen thousand.
2.July 8, 1893St. Paul Daily GlobeSaint Paul, MN
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CRASH OF BANK Two Northwestern Institutions Close Their Doors. WASHINGTON, July 7.-Comptroller Eckels is informed that the First National Bank of Hot Springs, S. D., and the Livingston National Bank of Livingston, Mont., have closed their doors to business. Bank Examiner Diamond has been ordered to take charge of the Hot Springs bank, and Bank Examiner Flynn of the Livingston bank. RED CLIFF, Col., July 7.-The Eagle County bank has suspended payment. Its capital is $12,000, and its assets, which are estimated at $40,000, are considered worth 100 per cent. Liabilities, $38.000. The withdrawal of large sums on account of tne drop in silver was the cause. TRENTON, N.J., July ChancellorMeGill this morning grantedia rule to show cause why a receiver should not be appointed for the Somerset County bank, a state bank at Somerville. The bank's embarrassment is due to that of exCongressman Paddock, whose paper the bank carridd to the extent of b at $90,000. The capital stock of the institution is $100,000, surplus $16,000, and deposits about $25,000. DEDHAM, Mass., July 7.-0. E. Littleton, stock broker doing business in this place, has filed a petition in insolvency in the Norfolk registry at Dedham Center. No schedule of liabilities or assets was filed. NEW YORK, July 7.-A judgment was entered yesterday in the supreme court in favor of the First National bank of Chicago against ex-Gov. James E. Campbell on a promissory note for $5,000.
3.July 8, 1893New-York TribuneNew York, NY
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TROUBLES OF WESTERN BANKS. Omaha, Neb., July 7.-The American Savings Bank. which closed on Wednesday night. was put in charge of a special examiner by the State Banking Board yesterday. The bank is believed to be solvent. The National Bank of Ashland, an offshoot of the American Loan and Trust Company, also failed. It had a capital of $100,000. Minneapolis, Minn., July 7.-The Bank of NewEngland assigned yesterday to Judge John P. Rea. as the result of a suit brought by the Attorney-General on behalf of the State, alleging that the bank holds a balance of State funds now on deposit. aggregating $81,331 17. which it is unable to pay. The assets are placed at $280,000. Pueblo, Col., July 7.-There was no further run on the First National Bank to-day. Bank Examiner Adams has taken charge of the suspended banks here. and will push the examination of their affairs as rapidly as possible. Pine Bluif, Ark., July 7 (Special).-The Arkansas State Bank. of Stuttgart, and the Arkansas Farmers and Traders' Bank, of Dewitt. near this city, have closed their doors. Neither institution had large assets and depositors will not suffer to any considerable degree. Both banks were under the same management, and the recent failure of the Stutigart and Kansas River Railway, of which T. H. Leslie, the father of C. K. Leslie, the cashier of the banks, was president, precipitated the collapse. Red Cliff, Col., July 7.-The Eagle County Bank has suspended payment. Its capital is $12,000 and its assets, which are estimated at $40,000, are considered worth 100 per cent. The liabilities are $34, 000. The withdrawal of large sums on account of the drop in silver was the cause. Washington, July 7.-Controller Eckels is informed that the First National Bank of Hot Springs, S. D., and the Livingston National Bank of Livingston, Mont.. have closed their doors to business. Bank Examiner Diamond has been ordered to take charge of the Hot Springs bank. and Bank Examiner Flynn will take charge of the Livingston bank.
4.July 9, 1893Richmond DispatchRichmond, VA
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South Dakota Bank Suspends. (By telegraph to the Dispatch.} Hor SPRINGS, S. D., July 8.-The First National Bank of this city closed its doors yesterday.
BUSINESS EMBARRASSMENTS. Assignment of the Kansas City Safe Deposit and Savings Bank. KANSAS CITY, Mo., July 11.-The Kansas City Safe Deposit and Savings bank, one of the largest institutions of the kind in Missouri, assigned to-day. The statement places its assets at $2,000,000; liabilities, $1,700,000. The bank was capitalized for $300,000. Its president is J. C. Darragh. It is asserted by the officers that they will be able within 30 days to pay all obligations in full. The bank will go out of business after winding up its affairs. First National Bank, Hot Springs, S. D. Hor SPRINGS, S. D., July 11. - The First National bank of this city has been forced to close its doors. Recent withdrawals of deposits and a general run caused the break. It is thought they will be able to resume in 30 days.
6.July 13, 1893Reporter and FarmerWebster, SD
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CLOSED ITS DOORS. Hot Springs, S. D., July 10.-The First National bank of this city was forced to close its doors. Recent withdrawals of deposits and a general run caused the break. They have on deposit $120 of county money, $400 of the school distriet building fund and some city money. It is thought the bank will be able to resume in thirty days. The failure will not affect the new school house building as most of the building fund is with the Omaha National bank. The deposits are mostly small amounts and depositors are not worried over the outcome.
7.July 14, 1893Hot Springs Weekly StarHot Springs, SD
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ABOUT BANK DIFFICULTLE. The Spearfish Bulletin in commenting on the failure of the First National bank at this place makes the following sensible remarks: "It is not only a misfortune to Hot Springs but to the entire Hills country, to have the news sent broadcast that any trouble exists in banking circles. So far the Black Hills banks have, with the exception of a little flurry at Rapid City, withstood the financial depression in excellent shape. Probably there is not a bank in the Hills today that is not in good shape, but it is also true many of them could be wrecked by some senseless gossip-monger starting a rumor regarding their condition, as was the case with the First National at Hot Springs. Such rumors are usually started by some person whose deposits are little or nothing, but who have a faculty of alarming the heavy depositors as well as the small ones. The power of such persons to injure reputable institutions is incalculable." It is indeed strange and most surprising that men who are generally regarded as possessing good business sense should gloat over the failure of a bank, or any business institution in their midst. Yet we regret there are some such men in Hot Springs-men who daily express their delight over the suspension of the First National bank, and who are doing their utmost to prejudice the minds of the people against its solvency and inability to re-open. If such individuals have any friends they should use their influence toward stopping such injurious slurs upon our city. No legitimate business institution can be defamed in these times without injuring the town, and we cannot forego the opportunity of expressing our disgust with such people. We believe the First National will open its doors soon, and every reasonable, sensible person will rejoice thereat.
8.July 15, 1893Custer Weekly ChronicleCuster, SD
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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.
9.August 11, 1893Hot Springs Weekly StarHot Springs, SD
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A Receiver for the First National. The STAR man called upon Bank Examiner Diam nd Wednesday at the First National to ascertain the outlook for resumption. Mr. Diamond regretted very much to be compelled to announce that owing to the continued stringency in the money market it had become absolutely impossible for the First National to resume, and he had therefore been forced to ask for the appointment of a receiver. This is serious news for our people, and while it will probably not affect the the town in any material manner. the breaking down of one of its leading financial institutions is a deplorable matter. Mr. Diamond has exerted himself nobly in behalf of the resumption ot the bank, and the people of Hot Spring greatly appreciate his efforts. Ho.. truly a Diamond.
The First National Bank of Hot Springs has 80 far been unable to resume and a request for the appointment of a receiver has been made. This turn in the affairs of the institution is a great disappointment to the citizens of the Springs. On Saturday, the 5th inst., V. E. Prentice, the well known real estate dealer of Hot Springs, made a voluntary assignment to E. C. Canaldson, of Madison, Wis., and H. W. Carter, of Chicago. His assets are estimated at $37,599, and his liabilities at $59,474. A meeting of the Black Hills wheelmen will be held at Deadwood to-morrow for the purpose of organizing a wheelemen's association. If a strong and prosperous organization can be effected it is very likely that a tournament will be arranged for some time this fall. The preliminary examination of Geo. Whittecar, the young man who was charged with the larceny of a satchel and contents, owned by Oscar Jacobson, occured before Justice Wells in the office of the states attorney, on Friday afternoon of last weeks. After the examination of several witnesses the case was dismissed upon motion of the defendant's attorney, H. D. Reynolds. A letter written by Jos. E. Pilcher, at Chicago, to his brother, C. W. Pilcher, of this place, states that the directors of the world's fair have re-instated J. H. Thornby as squad inspecter, and that his pay was continned from the date of his suspension. Mr. Thornby's Custer friends will be pleased to know that he was not made to suffer for doing his duty. A rumor comes from the stock ranges north of the Hills to the effect that Stevenson Bros., well known stock men, have been ordered to leave the country if they value their lives. It is said that this firm is regarded with suspicion by the other stockmen of that section, and that last Saturday night a mob of men in disguise waited upon them, and imparted the information alluded to above. The last report received was that the Stevenson's were packing up and preparing to move out. Judging from the newspaper accounts of this years assembly of the Black Hills Chautauqua, it has been no more of a financial success than it was last year, and there are prospects that the next meeting will not be held at the Springs. The citizens of that place are making a great effort to make up the deficiency, and the Chautauqua management has appointed a committee to investigate and report upon the advisability of removing the headquarters of the organization to some other Black Hills point. F. E. Johnesse, who went from this place to Hailey, Idaho, several months ago, writes his Custer relatives that he has invented an improved valve for use on a. steam engine, and he has made as fortunate disposal of a one-third interest in it. Hailey parties are the purchasers. They pay him one thousand dollars down, and put up the cash to pay the expenses of a trip to the east where and the
11.August 17, 1893Evening StarWashington, DC
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Receivers Appointed. The controller of the currency today appointed Mr. Alvin Fox of Deadwood receiver of the First National Bank of Hot Springs, S. D. He also appointed Mr. Sterling R. Cockrill receiver of the First National Bank of Little Rock, Ark., in place of Mr. David Armstrong, resigned.
12.August 21, 1893The Madison Daily LeaderMadison, SD
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The controller of the currency has appointed C. Alvinox of Deadwood receiver of the First National bank of Hot Springs, S. D.
13.August 25, 1893Hot Springs Weekly StarHot Springs, SD
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A Receiver Appointed. Bank Examiner Diamond received word Friday of the appointment of Alvin Fox of Deadwood as receiver for the First National bank of this place. Mr. Fox was formerly cashier of the Merchant's National bank of Deadwood and has been interested in tinancial institutions in the hills from their earliest history. It is understood that his appointment came through the IIIfluence of Col. Steele, who was in the city a few days since.
On the Hills and in the Valleys. The democrats of the eighth judicial circuit will nominate their candidate for judge, September 16th. The Spearfish Odd Fellows have just completed a new hall, constructed of brick and handsomely finished. Less than two miles of the grade for the B. & M's Spearfish extension remains to be completed. It will be done within the next two weeks. Alvin Fox, of Deadwood, has been appointed receiver of the First National Bank of Hot Springs. A bond of $25,000 is required and the salary is $2,500. N. E. Franklin, one of the prominent stock men of the Hills, shipped 500 head of cattle to Chicago, from Brennan station on the Elkhorn, a few days ago. The will of the late Frank R. Davis was presented to the Pennington County court for probate this week. All his property is left to Mrs. Davis, and she is named as the executrix.
15.November 3, 1893Hot Springs Weekly StarHot Springs, SD
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A Short Reply to the Herald. In consequence of the feart financial stringency in money matters, not only in Hot Springs, bu throughout the United States, the First National bank of Hot Springs was compelled to close its doors. Not only was this bank compelled to close. but many hundred other good banks were closed all over the country. No man or woman who has a dollar in the First National bank will ever loose a cent of it. It is only the trouble and inconvenience consequent upon such great financial troubles as has taken place throughout the entire nation that makes it disagreeable. The condition of the bank since its close has been examined by Hon. John E. Diamond, National Bank Examiner: by a committee of our best citizens, none of whom were connected with the bank; and Col. Alvin Fox, the present receiver. all of whom found the assets in good condition. This should settle the question of the banks condition. BONDS. To approve or disapprove of bonds is a matter of frequent occurrence, not only with Judge Gardner but with every judge in the country. If Judge Gardner had refused to approve the bond would not every intelligent, unprejudiced citizen in the county say he had done wrong ? If Bradley's bond with the names thereon as security had not been taken what bond would be? for it embraces nearly one sixth of the valuation of the entire county. The editor of the Herald must he ressonable if he expects to influence many votes of this county. The Herald appears to be dissatisfied because Judge Gardner approved the bond of Mr. Bradley. If be is really dissatisfied he should give better reasons than he has, otherwise his objections must fall to the ground. And now for the facts: Mr. Bradley presented a bond to the county commissioners in the sum of fifty thousand dollars with Edmund Petty, W. P. Phi!lips, C. G Fargo, A. S Stewart, et al. which the commissionere failed to approve. According to the assessment as equalized by this same board of county commissioners four of the bondsmen are assessed as follows: E 'mund Pettv $ 89,892 00 W.P. Phillips 28,606.00 C. G. Fargo 71,800.00 A. S. Stewart 72,876.00 66 " half interest in Cascade 32,885.00 Total $240,059.00 Remember this is on the assessment roll. Now Mr. Herald if you Lad offered a bond under the same circumstances would you not have appealed to the court? and If he had not approved the bond what would have been your opinion Could the judge, or any other honest man, have done otherwise? We are here, I hope, to build up Fall River county and Hot Springs, and we cannot afford to tear down unnecessarily any enterprise in our midst nor to injure any individual who has the interests of our people at heart. Stop this everlasting snarl, and work together for the common good of Fall River county, and lend a word of encouragement to everyone who will assist in the A. S. STEWART. eommon good.
16.December 14, 1893St. Paul Daily GlobeSaint Paul, MN
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Suit Against Receivers. Special to the Globe. HOT SPRINGS, S. D., Dec. 13.-District Attorney Chambers Keller has brought suit on behalf of Fall River county against R. K. Fox and John L. Burke, receivers of the First National and Minnehaha State banks respectlively to compel them to declare the sum of $19,000, which the county had on deposit at the time of the bank failure, a trust fund to be paid in full before any distribution to creditors is made. Comptroller Eckels is of the opinion that the suit cannot be maintained.
17.January 4, 1894Courier DemocratLangdon, ND
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Tying Up a Bank's Funds. Hot Springs, S. D., Dec. 29.-The case of Fall River county against Receiver Fox, of the First National Bank of Hot Springs, in which it is sought to have the county's deposit in the bank declared 8 special deposit, has been taken to the federal court for settlement. This will probably tie up the funds in the hands of the receiver until May and prevent his declaring a dividend before that time.
18.January 5, 1894The Pioneer ExpressPembina, ND
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Tying Up a Bank's Funds. Hot Springs, S. D., Special-The case of Fall River county against Receiver Fox, of the First National Bank of Hot Springs, in which it is sought to have the county's deposit in the bank declared R special deposit. has been taken to the federal_court for settlement. This will rrobably tie up the funds in the hands of the receiver until May and prevent his declaring a dividend before that time.
Receivershi ps Consolidated. Chamberlain, S. D., March 12.-The resignation of M. H. Rowley as receiver of the Black Hills National bank, has been accepted by the comptroller of the currency, but the resignation will not take effect until the close of the present quarter. In the interest of economy the comptroller has decided to consolidate the receivership of the First National Bank of Hot Springs, with the Black Hills National bank, and Thomas E. Mackinley, at present receiver of the former, will, after the 1st of April, have charge of the business of both banks.
20.September 18, 1896Hot Springs Weekly StarHot Springs, SD
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First National Bank Preferred Claims.
The case of the Hot Springs Independent School District No. 10 vs Thos. A. Mackinlay as receiver of the Hot Springs First National bank was tried. The case involved school funds to the amount of $4,000 which plaintiff asked should be declared a preferred lien. O. H. Mevis intervened and asked that his claim of $1,500 be declared a preferred lien also. The court ordered that the cash on hand in the bank, amounting to $1,030 be prorated between these two claimants. This practically confirmed the report of the master in chancery, Judge Bennett.-Lead Call.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
