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Dakota Bank Closed MITCHELL, S. D., Oct. 16.—The First National bank, Mitchell's oldest banking institution, and its subsidiary, the First Trust and Savings bank, with combined deposits of more than a million dollars, were closed today by orders of the federal banking department and the state banking department. The action was made necessary because of a depleted reserve, caused by the bank's inability to make collections on farm paper.
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A receiver is generally appointed when there is nothing to receive. The First National Bank, the oldest banking institution at Mitchell, and the First Trust and Savings Bank of the same place, a subsidary institution, closed their doors last Monday. Their combined deposits amounted to more than $1,000,000. Lange, Eye Man, at Winner, October 26-27. Wood, October 29, 10:0011:00 forenoon only. White River, October 29, afternoon. Murdo, October 30. Through once this fall. Be on time. See about the school children. Boss Farmer E. S. Cleaver, wife and danghter went to Pierre, Wednesday of last week where Mr. Cleaver is now in the hospital. He was operated on last Friday morning for appendicitis, gall stones and gall bladder. He stood the operation very well and is now getting along as well as could be expected. Mrs. Cleaver and little Elizabeth will remain at Pierre until such time as Mr. Cleaver will be able to return home, which will be two or three weeks at the earliest. P. Hicks Cadle, of Ardmore, S. D., editor of the American, the new paper at Witten, together with J. G. Willis, of White Lake, S. D., were Wood visitors last Sunday and made a short call at the Pioneer office. Mn. Willis will be in charge of the Witten American office. He is an old newspaper man of considerable experience, and he is now on the job unpacking the plant and setting the type for the first
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MITCHELL BANKS STAND RUN FOLLOWING FAILURE MITCHELL, Oct. 22.—Notwithstanding a heavy run on the local banks here on the 18th, following the closing of the First National bank of this city, by federal and state banking officials, the banks were able to meet the demand and satisfy the people who demanded their money. Banking officials had warned the banks to prepare for such a contingency by wiring for an extra supply of currency. The Ethan State bank of Ethan, little town twelve miles south of here, was also closed by a state examiner.
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Mitchell Banks Stand Heavy Run (By the Associated Press) MITCHELL, Oct. 22—Notwithstanding a heavy run on the local banks here on the 18th, following the closing of the First National bank of this city, by federal and state banking officials, the banks were able to meet the demand and satisfy the people who demanded their money. Banking officials had warned the banks to prepare for such a contingency by wiring for an extra supply of currency. The Ethan State bank of Ethan, little town twelve miles south of here, was also closed by a state examiner.
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NEWS NOTES Kvale to Be Feted Granite Falls, Minn.—Congressman-elect Kvale of Benson is to be feted at a meeting of the Farmer-Laborites of Yellow Medicine county at Clarkfield. It will be the last gathering the new congressman of the seventh district will attend before taking up his duties in Washington. Nobles County Pioneer Killed Adrian, Minn.—Nels Erlandson, an old resident of Nobles county, was killed when his automobile turned over on a highway east of here. Erlandson's body was found beneath his overturned car by a passing motorist. The man was riding from this city to his home when the accident occurred. Golden Wedding Celebrated Staples, Minn.—Mr. and Mrs. John A. Johnson, living here, celebrated their golden wedding. They were married at Sharon, Wis., Oct. 26, 1873. They have 10 children. Hibbing Grand Jury Ends Work Hibbing, Minn.—The Hibbing grand jury completed its work here, returning 14 indictments and two no bills. Only six indictments were made public. S. D. Judges to Seek Re-election Pierre, S. D.—Judges John H. Gates, Samuel C. Polley and C. S. Sherwood of the South Dakota supreme court announced that they would be candidates for re-election next fall. Officers Reserve Enlistments Urged Grand Forks, N. D.—Entrance into the officers reserve of the United States army was urged by Captain Charles Wagoner, U. S. A., of Fargo, the principal speaker at the officers' reunion banquet here. About 40 past and present officers attended. Steps were taken for formation of an officers' mess here. Pioneer Hastings Woman Dies Hastings, Minn.—Mrs. Susanne Webber, aged 76, for 49 years a resident of this place, died here after an illness of one week. The funeral will be Monday at 9 a.m. from St. Boniface church with burial in St. Boniface cemetery. Three daughters and two sons survive. Livestock Charges Cut Sioux City, Iowa—The Sioux City Livestock exchange has voted to materially cut commission charges for handling livestock. The new schedule will be effective Nov. 1. Charges will be in line with Omaha, South St. Paul and other markets. The change was requested by the packer and stockyards administration at these markets. Court Upholds School Clerk Duluth, Minn.—District Judge H. J. Grannis has filed an order ruling that Mrs. Florence Snyder, elected July 21, is the legal clerk of the schools in the town of Gnesen. The order brings to a close a controversy which has rent the little school district asunder since last July, and divided the town into two factions. Fond du Lac Physician Dies Fond du Lac, Wis.—Stricken with a heart attack while administering an electric treatment to a patient, Mrs. William Lay, in his office in Theresa, Dr. Joseph P. Stoye, 55 years old, a physician at that place for 26 years, died suddenly. Wisconsin Girl Scalded Atkins, Wis.—When she upset a pan of hot water, the 4-year-old daughter of Mr. and Mrs. Carl Martin was seriously scalded. $4,622 Oil Taxes Paid Bismarck, N. D.—A campaign inaugurated since he took charge of the state regulatory department July 1 has resulted in an increase in the number of oil companies reporting sales for tax and the discovery of unpaid tax amounting to $4,622.68 and fees of $229.51, according to a report to the state board of administration by R. O. Baird, state food commissioner and chemist. Mr. Baird took charge of the newly constituted department created by the legislature. Similar work previously had been under C. P. Guthrie. Wisconsin Convent Opened Merrill, Wis.—Holy Cross convent has opened here under the supervision of Mother Anecita, formerly of Breese, Ill. Nine candidates for the sisterhood are in the institution. Bank at Crandon, Wis., Gets Articles Crandon, Wis.—Articles of incorporation have been granted by the state banking department to the State Bank of Crandon. The bank will be capitalized at $25,000. Early Minnesota Settler Dead Staples, Minn., Oct. 27.—H. J. Heebner, an early settler of Minnesota, died at his home in Tacoma, Wash., Oct. 24, and will be buried at Elk River, Minn., Monday, according to information received here. Mr. Heebner was a veteran of the Civil war, having enlisted in an Indiana regiment. Shortly after the close of the war he came to Minnesota and was agent on the old St. Paul & Pacific railroad. In 1878 he went to Elk River and engaged in mercantile business until 1911 when he and his family moved to Tacoma. Bank Receiver Arrives Mitchell, S. D.—Paul C. Keyes, appointed by the United States controller of currency as receiver for the First National bank of Mitchell, which was closed last week by the federal bank examiner, has arrived in Mitchell to take charge of the business of the bank. Highwaymen Hold Up Autoists Neenah, Wis.—An automobile party consisting of Mr. and Mrs. George A. Jarvin of Duluth, Miss Anna Jarvin of Chicago and Miss Allendar of Chicago are reported to have been held up by bandits on the Oshkosh-Neenah road five miles south of this city. It is said two masked bandits stopped the party and relieved them of a small amount of money. Corn Pickers Needed Mitchell, S. D.—Farmers in Davison county are offering 8 cents a bushel for corn pickers and so far have been unable to obtain an adequate number of men, according to T. S. Welch, manager of an employment agency here. There is a shortage in this section of 100 men, according to Mr. Welch, who says it is hard to account for the conditions. The 8 cent price is higher than has been general for the last few years. Interurban Trolley Line Urged Wessington Springs, S. D.—J. A. Shafer, of Wichita, Kan., and Dr. Samuel F. George of St. Louis, are encouraging the building of an electric railway from Pierre to Mitchell. Mr. Shafer has been over the ground and talked with a good many farmers who have heavy interests that would be effected by such a line. Hastings Gets Tractor Repair Plant Hastings, Minn.—Establishment of a tractor repair plant for the highway departments of five counties was announced here after a meeting of state highway department representatives. The selection of Hastings as the site for the plant followed a long period of deliberation by highway officials. Thieves Prey on Farmers Luverne, Minn.—Petty thievery in the farming districts amounting to hundreds of dollars, is being carried on intermittently without a clue as to who the thieves might be. Electric motors and auto supplies receive first consideration, while poultry and grain come in for their share of appropriation.
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The Post and Record is pleased to make this correction in justice to the Caroon family. The story, appearing in such a responsible paper as the Pioneer Press, was taken in good faith and it is probable that the publishers of that paper will take action to sift the matter to the bottom. Bank Receiver Arrives Mitchell, S. D.—Paul C. Keyes, appointed by the United States comptroller of currency as receiver for the First National bank of Mitchell, which was closed last week by the federal bank examiner, has arrived in Mitchell to take charge of the business of the bank.
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BANK RECEIVER TAKES UP TASK Refuses to Discuss Problems Faced By Institution At Mitchell Mitchell, S. D., Oct. 26.—(Special.)—Paul C. Keyes, appointed by the United States comptroller of currency as receiver for the First National Bank of Mitchell, which was closed last week by the federal bank examiner, has arrived in Mitchell to take charge of the business of the bank. Mr. Keyes is also receiver for the First National bank of Eureka, S. D., and the Corn Belt National bank of Scotland, but his work at the First National bank here will keep him in Mitchell the greater part of the time. "Re-organization of the bank is being discussed," Mr. Keyes, says, "but I cannot give any idea as to whether or not the contemplated re-organization will be possible. All the assets and liabilities of the institution must be checked over before any statement can be made on this question. If the bank is not re-organized the creditors will be given an opportunity to file their claims and they will receive dividends on these claims as they are liquidated. I cannot give any idea, however, at this time how much the creditors will be paid on the dollar."
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BANK RECEIVER TAKES UP TASK Refuses to Discuss Problems Faced By Institution At Mitchell Mitchell, S. D., Oct. 26.—(Special.)—Paul C. Keyes, appointed by the United States comptroller of currency as receiver for the First National Bank of Mitchell, which was closed last week by the federal bank examiner, has arrived in Mitchell to take charge of the business of the bank. Mr. Keyes is also receiver for the First National bank of Eureka, S. D., and the Corn Belt National bank of Scotland, but his work at the First National bank here will keep him in Mitchell the greater part of the time. "Re-organization of the bank is being discussed," Mr. Keyes, says, "but I cannot give any idea as to whether or not the contemplated re-organization will be possible. All the assets and liabilities of the institution must be checked over before any statement can be made on this question. If the bank is not re-organized the creditors will be given an opportunity to file their claims and they will receive dividends on these claims as they are liquidated. I cannot give any idea, however, at this time how much the creditors will be paid on the dollar."
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BANK RECEIVER TAKES UP TASK Refuses to Discuss Problems Faced By Institution At Mitchell Mitchell, S. D., Oct. 26.—(Special.)—Paul C. Keyes, appointed by the United States comptroller of currency as receiver for the First National Bank of Mitchell, which was closed last week by the federal bank examiner, has arrived in Mitchell to take charge of the business of the bank. Mr. Keyes is also receiver for the First National bank of Eureka, S. D., and the Corn Belt National bank of Scotland, but his work at the First National bank here will keep him in Mitchell the greater part of the time. "Re-organization of the bank is being discussed," Mr. Keyes says, "but I cannot give any idea as to whether or not the contemplated re-organization will be possible. All the assets and liabilities of the institution must be checked over before any statement can be made on this question. If the bank is not re-organized the creditors will be given an opportunity to file their claims and they will receive dividends on these claims as they are liquidated. I cannot give any idea, however, at this time how much the creditors will be paid on the dollar."
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BANK RECEIVER TAKES UP TASK Refuses to Discuss Problems Faced By Institution At Mitchell Mitchell, S. D., Oct. 26.—(Special.)—Paul C. Keyes, appointed by the United States comptroller of currency as receiver for the First National Bank of Mitchell, which was closed last week by the federal bank examiner, has arrived in Mitchell to take charge of the business of the bank. Mr. Keyes is also receiver for the First National bank of Eureka, S. D., and the Corn Belt National bank of Scotland, but his work at the First National bank here will keep him in Mitchell the greater part of the time. "Re-organization of the bank is being discussed," Mr. Keyes, says, "but I cannot give any idea as to whether or not the contemplated re-organization will be possible. All the assets and liabilities of the institution must be checked over before any statement can be made on this question. If the bank is not re-organized the creditors will be given an opportunity to file their claims and they will receive dividends on these claims as they are liquidated. I cannot give any idea, however, at this time how much the creditors will be paid on the dollar."
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BANK RECEIVER TAKES UP TASK Refuses to Discuss Problems Faced By Institution At Mitchell Mitchell, S. D., Oct. 26.—(Special.)—Paul C. Keyes, appointed by the United States comptroller of currency as receiver for the First National Bank of Mitchell, which was closed last week by the federal bank examiner, has arrived in Mitchell to take charge of the business of the bank. Mr. Keyes is also receiver for the First National bank of Eureka, S. D., and the Corn Belt National bank of Scotland, but his work at the First National bank here will keep him in Mitchell the greater part of the time. "Re-organization of the bank is being discussed," Mr. Keyes says, "but I cannot give any idea as to whether or not the contemplated re-organization will be possible. All the assets and liabilities of the institution must be checked over before any statement can be made on this question. If the bank is not re-organized the creditors will be given an opportunity to file their claims and they will receive dividends on these claims as they are liquidated. I cannot give any idea, however, at this time how much the creditors will be paid on the dollar."
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BANK RECEIVER TAKES UP TASK Refuses to Discuss Problems Faced By Institution At Mitchell Mitchell, S. D., Oct. 26.—(Special.)—Paul C. Keyes, appointed by the United States comptroller of currency as receiver for the First National Bank of Mitchell, which was closed last week by the federal bank examiner, has arrived in Mitchell to take charge of the business of the bank. Mr. Keyes is also receiver for the First National bank of Eureka, S. D., and the Corn Belt National bank of Scotland, but his work at the First National bank here will keep him in Mitchell the greater part of the time. "Re-organization of the bank is being discussed," Mr. Keyes, says, "but I cannot give any idea as to whether or not the contemplated re-organization will be possible. All the assets and liabilities of the institution must be checked over before any statement can be made on this question. If the bank is not re-organized the creditors will be given an opportunity to file their claims and they will receive dividends on these claims as they are liquidated. I cannot give any idea, however, at this time how much the creditors will be paid on the dollar."
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BANK RECEIVER TAKES UP TASK Refuses to Discuss Problems Faced By Institution At Mitchell Mitchell, S. D., Oct. 26.—(Special.)—Paul C. Keyes, appointed by the United States comptroller of currency as receiver for the First National Bank of Mitchell, which was closed last week by the federal bank examiner, has arrived in Mitchell to take charge of the business of the bank. Mr. Keyes is also receiver for the First National bank of Eureka, S. D., and the Corn Belt National bank of Scotland, but his work at the First National bank here will keep him in Mitchell the greater part of the time. "Re-organization of the bank is being discussed," Mr. Keyes says, "but I cannot give any idea as to whether or not the contemplated re-organization will be possible. All the assets and liabilities of the institution must be checked over before any statement can be made on this question. If the bank is not re-organized the creditors will be given an opportunity to file their claims and they will receive dividends on these claims as they are liquidated. I cannot give any idea, however, at this time how much the creditors will be paid on the dollar.
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BY In South Dakota Pandemonium Reigns TOM AYRES the Financial pandemonium reigns in South Dakota. The. of the local banks and unload their bad paper on There are something like sixty million dollars of these rons of the bank are permitted to deposit money prediction made to me last September, by a former memgovernment, cannot save the day. The paper held by funds, for which the banks have been paying less than check against their own deposits, but cannot draw the bank is just as valuable as are the farm assets-but ber of Congress and one of the heaviest bankers in this 2 per cent interest. Under the terms of the bill, credit money they had no deposit before the state took hold state, that half of our banking institutions would close no more. So it is practically worthless. In one instance could be extended only for productive purposes, all spectheir doors within the year, seems about to be verified. -that of the failure of the First National at WessingThe Sioux Falls Trust & Savings Bank is theref ulative loans being expressly prohibited. The business He declared that if the banking laws were enforced, more closed, but the state of South Dakota is running ton Springs, which was one of the rottenest of the long was to be conducted at cost. than half of our eight hundred banks would be forced to line of recent failures—overtures are being made to debank. This approximates an experiment in communi The bankers fought the bill, spending not less than positors to take ten cents on the dollar for their claims. liquidate at once. One bank right after another is failwhich would have been considered as rank treason, forty thousand dollars to defeat it. The Republican and BANKRUTCY COURTS ing. More than sixty have failed within the year. Among than a year ago, when the Bill for a state bank was Democratic parties each fought it. Both parties were these are the First National and First Trust banks of COURTS BOOMING ing fought by the Republican machine, the Republic liberally financed for the purpose. The president of the Mitchell, with liabilities of over a million dollars. This politicians, the Democratic politicians, the capital While the banks are thus popping everywhere, a steady Farmers Union, John W. Batcheller, joined the bankers occurred about two months ago. Now comes the Sioux press and the president of the Farmers' Union. stream of broken farmers are crowding the bankruptcy and politicians in opposition to the bill. Falls National Bank, with deposits of two and a half courts. And this, in spite of the agreement of most of ALL ILLUSIONS Of course, the people got what they voted for-bank millions, and the Sioux Falls Trust and Saving Bank, the lawyers, made with the banks over a year ago, not VANISHING with deposits of five millions. The Sioux Falls National failures. They are now bitterly repenting their folly. to take bankruptcy cases of the farmers. This closed Meantime the illusions of the farmers and work Bank, the James River Valley Bank at Huron, the Sioux They would vote for a State Bank now because they have shop agreement of the lawyers and bankers does not are rapidly passing away. They take kindly to the Falls Trust & Savings Bank, and one of the largest discovered that the state® banks which were said to have work. There are enough honest lawyers who are scabgram of the Farmer-Labor Party, favoring a five-y banks at Parker (the latter through evident high fintheir deposits guaranteed by the state, are not SO probing on the system, SO that the farmers are having that extension on the payment of farm debts, and land ance), are the toll within one week. The failure of small tected. The guarantee is simply that of the associated much relief, in the cases where they can raise enough the users-which they regard as their only hope for banks no longer attracts attention. These failures are money to pay the court costs. banks. They assess themselves 25 cents on every hundfuture. I have a letter from one farmer who has alre no longer "news." In the case of the Sioux Falls NaAll of this is making a profound impression on the red dollars, to pay the depositors in failed banks. Every started the slogan, "If we, cannot get a stay, then, tional Bank, managed by John W. Wadden, of Madison, bank keeps its proportion of this fund in ITS OWN minds of the farmers and industrial workers. And it is heck, we'll never pay." formerly president of the State Bankers' Association, the taking the starch out of the retired farmers and townVAULTS, SO as to make sure that it will have the money Sioux Falls papers covered the story in less than five Reverting to the loss of their land through forec people of small means. All their conventional ideas about to pay its depositors when it fails. It is a great joke, in inches of space. ure, it is common to hear the expression that if the sacredness and stability of the capitalist system are this time of crisis. There is about $400,000 in this fund, United States had never sold an acre of land or allo The panic among depositors has naturally become and the banks that are open have the fund. There is being rudely shaken. They are becoming ready to listen acute. Many are quietly withdrawing their funds and an acre to be homesteaded, there would be no mortga more than five million dollars tied up in failed banks, and to talk of a change of the system. And the fellow who purchasing U.S. Certificates of Indebtedness; others are the number of failures is increasing every day. A fine shouts warning against the red flag, the Third Internafarms, and no tenants-except tenants of the gove prospect for depositors. purchasing postal money orders, express money orders, ment, who could remain through their lives, and be tional and Communism, will get the same kind of a laugh W and travellers cheques. They have completely lost faith tain that their children would have land to use The state and its counties have millions of dollars dewhich that sort got, just after the Russian revolution, in the banking institutions. Auctioneers report that purthey passed on, and be unmolested by any money loa when they thought they would scare the farmers out of posited in the banks. Nobody knows just how much loss chasers at sales are paying with cash. the Non-Partisan League by calling them Bolsheviks. THE LESSON has been sustained already. or where the end will be,