Fall River County Bank (Edgemont, SD)

Episode Information

Episode UID
78017971500
Episode Type
Run Only
Bank Type
state
Bank ID
7801797 routing
Routing Number
78-0179
Start Date
December 22, 1924
Location
Edgemont, South Dakota (43.301, -103.825)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d72a7c3eb93f1de8

Response Measures

None

Events (1)
1. December 22, 1924 Run
Cause
Local Banks
Cause Details
Failure of two nearby banks to open on December 22, 1924 triggered fear of a run on the Fall River County Bank.
Measures
Businessmen recommended restricting withdrawals to $10 per day; citizens committee investigation and mass meeting; depositors signed pledges of support.
Newspaper Excerpt
On December 22nd, 1924 two banks in the immediate vicinity of Edgemont failed to open their doors for business, as a result of which grave concern was engendered among some of the citizens of Edgemont relative to the financial status of the Fall River County Bank, the remaining banking institution of the city.
Source
newspapers

Newspaper Articles (2)
1. December 25, 1924 News Letter Journal Newcastle, WY
Article from News Letter Journal, December 25, 1924

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Article Text

SOUTH DAKOTA CITY HAS REAL BOOSTERS Edgemont, South Dakota, claims the distinction of possessing a citizens, people who are boosters and public spirited in the superlative. In the fall of 1923 Edgemont had the misfortune to pass through a period of depression, precipitated by the failure of one of its two banking institutions. On December 22nd, 1924 two banks in the immediate vicinity of Edgemont failed to open their doors for business, as a result of which grave concern was engendered among some of the citizens of Edgemont relative to the financial status of the Fall River County Bank, the remaining banking institution of the city. The demoralizing effect of the failure of the two banks in the neighboring city grew in such proportion it seemed a run on the Edgemont bank was inevitable. A meeting of the business men of the city was called and a citizens committee appointed to look into the condition of the bank. It was shown by the report of the committee and the sworn statement of the officers of the bank, that the solidity of the bank was unquestionable as the bank possessed an actual cash reserve of 33 per cent, with no rediscounted paper or bills payable. The business men recommended that the officials of the bank restrict withdrawals by any depositor to ten dollars per day as a temporary emergency provision, and thus avert the destructive effects of a run on the bank. A mass meeting was called to which the depositors of the bank responded in such numbers that the city auditorium was filled to overflowing. An endeavor was made to explain the situation to all present, and a plea made by the citizens committee that all depositors continue their business with the institution as they had been doing in the past. The depositors readily grasped the seriousness of the situation and fell in hearty accord with the action taken by the citizens committee. A vote of confidence was extended to the officers of the bank and each depositor present signed a written pledge to the effect that he would carry on with the institution in the future in the same manner as in the past. The financial condition of the bank is irreproachable and it is the firm resolve of the citizens to refrain from any act or word which will disasterously affect the bank and the community. Signed A. R. NEQUETTE, Edgemont, S. Dak

2. December 27, 1924 Argus-Leader Sioux Falls, SD
Article from Argus-Leader, December 27, 1924

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Article Text

CITIZENS HALT RUN ON BANKS Business Men of City Express Confidence in Bank When Citizens Fear Loss Edgemont, Dec. 27.—Edgemont claims the distinction of possessing as citizens, people who are boosters and public spirited. In the fall of 1923 Edgemont had the misfortune to pass through a period of depression, precipitated by the failure of one of its two banking institutions. On December 22, two banks in the immediate vicinity of Edgemont failed to open their doors for business, as a result of which grave concern was engendered among some of the citizens of Edgemont relative to the financial status of the Fall River County bank, the remaining banking institution of the city. The demoralizing effect of the failure of the two banks in the neighboring city grew in such proportion, it seemed a run on the Edgemont bank was inevitable. Mass Meeting Called A meeting of the business men of the city was called and a citizens committee appointed to look into the condition of the bank. It was shown by the report of the committee and the sworn statement of the bank, that the solidity of the bank was unquestionable as the bank possessed an actual cash reserve of 33 per cent, with no rediscount paper or bills payable. The business men recommended that the officials of the bank restrict withdrawals by any depositor to ten dollars per day as a temporary emergency provision, and thus avert the destructive results of a run on the institution. A mass meeting was called to which the depositors of the bank responded in such numbers that the city auditorium was filled to overflowing. An endeavor was made to explain the situation to all present, and a plea made by the citizens that all depositors continue their business with the institution as they had been doing in the past. In Good Condition The depositors readily grasped the seriousness of the situation and fell in accord with the action taken by the citizens committee. A vote of confidence was extended to the officers of the bank and each depositor present signed a written statement to the effect that he would carry on with the institution in the future in the same manner as in the past. The financial condition of the bank is irreproachable and it is the resolve of the citizens to refrain from any word or act which will disastrously affect the bank and the community.