Western National Bank (Mitchell, SD)

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TELEGRAMS

ST. CROIX STATION. Chicago, Jany. 22nd -With the list of bank failures in the Northwest swelled during the last two days by forced closures, representatives of the financial powers of the United States Government named by President Coolidge, are holding conferences here designed to bolster the credit of the Northwest. Pwo Montana banks decided to close their doors today. At Havre, the security bank of Havre, with approximately $750, 000 in deposits, was forced to close because of heavy withdrawals, and the Stockmans National Bank of Fort Benton was placed in voluntary liquidation by the stockholders. The Fort Benton Bank had been in business forty-four years. Two banks in South Dakota closed yesterday due to withdrawals. They were the International State Bank of Sioux Falls, and the Western National Bank of Mitchell, the former having deposits of $1 300,000 and the latter $425,000. About twe ve banks have closed in South Dakota since January 1st, because of depleted reserves. The youngmens Booster Association, the largest businessmens organization in Sioux Falls. after a meeting last night, at which the banking situation was considered. passed resolutions declaring the complete financial ruin in South Dakota is likely, unless there is immediate relief from federal and other outside sources. Paris, Jan. 23rd. - The controversy between Great Britain and France, concerning the operation of the railways in the Rhindland appears to be reaching an acute stage. The British complain that the French and Belgians are operating

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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.

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oldest institution in the town, closed its doors. Tied to this ak was the First Trust Company, organized under the state law, to take up the musty paper that had been accumulated thru years of bad loans by the First National. Fresh deposits were desired for the First National, and the only way these could be got was by the organization of the subsidiary company. One of the devices of the First Trust to coax new deposits, was to send out several hundred pass books to people of small means, inviting their deposits. A credit of one dollar was written in the pass book, providing the recipient of the book became depositor of the bank. This pass book a credit "come-on" system worked with a great many, with the result that a large number of people are now patiently awaiting the promised re-opening of the bank. The First National Bank was a favorite of the officers of the State Rural Credits Board. One of the members of the Rural Credits Board, Albert Zosky, was a director of the bank. How much Rural Credits funds, borrowed by the State on bonds sold to furnish loans on land to farmers, are tied up in the failure, nobody but the insiders know. The Rural Credits Board is a closed corporation, divulging nothing it can conveniently keep from the public. Panic Grips Sioux Falls. The acute stage of the panic which has been approaching for months, broke in Sioux Falls, with the failure of the Sioux Falls National Bank on the 10th of January. This bank had deposits of two and a half million dollars, and with it went a number of its satellite banks in the smaller towns. This failure was followed two days later by the failure of the Sioux Falls Trust & Savings Bank, with deposits of between four and five million dollars, and with this institution also went a number of its country correspondents. In the interim, other smaller banks in the State, having no relations with these banks, "went South." These huge failures startled the big boys at Washington, and last week we were informed that Coolidgequick to come to the aid of the banks but slow to recognize the farmer distress as the cause of the troublehad instructed the War Finance Corporation to come to the rescue of the banks of North and South Dakota and Minnesota, with a thirty million slice of War Finance Corporation funds. Eugene Meyer is now on the ground with the alleged purpose of plugging the financial storm sewer with public money, one third of which is to go to this State, and the balance to North Dakota and Minnesota. Coolidge Didn't Save Them. This promise of the administration to come to the rescue could not been taken seriously, however, for on Monday the Western National Bank of Mitchell, with deposits of nearly a million dollars and five branch banks, closed its doors. This bank is headed by W. S. Hill, who was formerly president of the South Dakota Farm Bureau Federation. He was a prospective "dirt" farmer choice for member of the Federal Reserve Board and later for an appointment to the Shipping Board. On the same day the International State Bank of Sioux Falls, with deposits of $1,300,000 turned the key in its doors. This makes the third big failure in Sioux Falls within ten days. The combined deposit obligations of the three failed Sioux Falls banks amounts to over eight million dollars, which makes the Coolidge donation of ten million dollars for South Dakota look like a drop in the bucket to the distressed bankers who are not yet closed, but are shivering on the brink. Banks Failed Mondav. The daily press of this section is running a "closed shop" on news of bank failures generally, but from current information available at this writing, eleven banks closed their doors in this State on Monday. It was Black Monday for South Dakota's financiers. Nobody can tell how many more banks will tumble within the next few days or weeks. ,Depositors are quietly withdrawing their funds from all the banks now open, so that a continuation of the bank explosions may be expected. Nobody, not even the bankers themselves, appear to believe that the dumping of thirty or even fifty million dollars into the banks of the northwest to take up the bad paper of the banks, would now do any

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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

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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.