The herald-advance. (Milbank, S.D.) 1890-1922, 1899-09-29

The Reports of south Dakota
Banks Make Some startling
DiscIOsnres- Farmers and
WOrkingmen Are
Ahead.


WOrkingmen Are
Ahead
To the Editor of the Argus
Leader: Some .ime since the
various banking institutions in
South Dakota We're requested to
furnish me with a statement of
the total amount on deposit at
the close of business, June 80,
1899, also to classify them so
that an accurate record could be
compiled, showing the aggregate
deposits, and their classification.
Nearly every bank responded,
and | am thus enabled-for the
first time ia the history of our
young state-to lay before your
readers and the general public,
the facts relative thereto.
| am confident the showing
made will do much to dispel the
idea, somewhat prevalent in the
East that South Dakota is a
drouth stricken and Improbable
field for human endeavor The
tabulaled statement is as follows:
Total deposits of All the banks. ST.. 036. IL
Deposits with "other banks ........ '57,053. 81
Deposits of merchants and business
men 4,65s, ,a23 "A
Deposits of farmers and stockmen 3,s3s 979 "a
Deposits of laborng men and women 1,l34 692 "a
Deposits of miners ........ ....... a35,0ai s.
Debosits of capitalists and those
tired d.................. . o66,35e IS
Deposits of professional men, law
yers doctors etc c).... 2l7,634 81
Deposits of churches, socites, etc. 2o1, s.79
Deposits Of public funds, estate, coun
ty, and municipal )................. loa4, ,567 40
These deposits, that represent
only portion of the money in
the state, give per capita-on
basis of 100000 population-of
$31o5.
The merchant and business
men have $3.50 per cent of the
total: the farmer and stock men
have 80 .0s per cent: the laboring
people have 9.47 per cent; the
miners 80 per cent: the capital
lists have $3.50 per cent; profes-
sional men have lis per cent;
while the churches and societies
have 1.57 per cent.
Grouped together in another
form, we find that q very sur
prising result is obtained, and
one hardly looked for in this
state.
Take the merchant, capitalists
and professional men, and their
aggregatedeposit isS5, s43, sO9.7s;
while the total of the farmers,
stock men, laboring people and
miners, amounts to s., 90S. 166 .53;
or S64, 956.75 more than the first
class named.
The last Of June is about as
unpropitious a time as could be
selected to find a farmer or stock
grower with a bank account 1t
is the season when his resources
are being exhausted, and when
but small returns are coming IN;
but if he is able to have deposit
, of over 50, 838, 900, what might
we not expect in November,
when the crops have been garn-
cred aud sold, and the cattle,
; hogs and other stock turned off?
! Even the laboring man is taken
at disadvantage; as many OF
them are compelled, by the rigor
of winter, to lay idle for some
months, and thus would en-
I croach upon the funds III bunk,
e that would be again augmented
J in the fall, when the season s
e labors were just ended.
! Again; many farmers and
r laborins men never use bank
r as repository for surplus funds,
Y and the proverbial stocking
e bulges with its hidden treasure,
:, while the rule with business and
Y professional men is to employ
/ the bank to do their clearings.
j, The magnitude Of the deposit
], in itself proves that our people
are making rapid and substan
i tial progress on these fertile
S plains, and evidences the fac1
y that we'll directed effort in South
+ Dakota brings ample reward
X While the equitable distribution
c. among the various industries
n shows that every branch Of in
n dustrial activity is securing it!
il fair proportion Of its profits.
al South Dakota is to be congrat
ulated upon the splendid show
ing made and our sister states o
the east are respectfully asket
II to study these facts and figures