The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1903-04-24
ON STATE FINANCES
National Bank Examiner SiISby Finds
Situation ia Very Good
Snaps Indeed.
The Y. n. C. 7. D. Gave an Entertain
ment That He'd Some Very
Excellent Features.
Referendum Convention Was Something
OF a Failure. Because Poorly
Attended.
ON FINANCIAL MATTERS
Mayor Silsby Discusses Matters of
Finance in His Capacity as
ON FINANCIAL MATTERS
Mayor Silsby Discusses Matters Of
Finance in His Capacity as
Natl. Bank Examiner.

Natl. Bank Examiner.
Geo. A. Silsby in Sioux Falls Argus
Leader:
IF no news is good news, then l
am the %purveyor of the best kind I
know anything about. / am busily
engaged in the conduct of the affairs
of my office, John Longstaff to the
contrary Notwithstanding, and there
is nothing new and little Of particu-
lar interest in connection with the
financial situation in the state.
"There is a small decrease in the
amount of deposit s in the banking
institutions Of the state, occasioned
by a shortage in the corn crop last
season, and as money was with
drawn from the banks and invested
in cattle to be fed on the soft corr
and the corn proved almost ~valueIess
and the cattle when marketed were
sold at a decline, this will account
for the decrease il bank deposits all
over the eastern part Of the state.
The same conditions hold true down
through Iowa, where the same con-
ditions existed, only in larger degree.
There corn is the staple and principal
crop, while with us it is one of the
factors in mixed farming. Conse-
nt1prttv xun ho yn hoor fFootaI 1occ lr,
the corn crop failure than has the
state of Iowa.
"The demand for loans has increas-
ed over the state and there is a little
stiffening of the rates but local banks
are supplying the local demand and
there is little for the representative
Of an eastern loan company to do.
Chattel loans are being made for 8 pei
cent and in some cases this rate is
shaded while commercial paper is
somewhat less. The average rate or
commercial and chattel paper is to-
Gay less than 8 pei cent and this
suggests a far different condition OF
affairs than that which prevailed
when we were paying 2 per cent E
month and more. The demand fol
loans at the present time is largely
attributable to improvements being
made in properties. This applies
to chattel loans, while there are
many cases over the eastern part Of
the state where the old residents are
increasing their holdings on land fol
the benefit Of their boys and in some
cases making loans and mortgagine
both the homestead and the newly
acquired quarter or half section sc
that the boys may start out in life
with a good piece Of land.
"You will see by this that there
is nc sign Of hard times either ir
the slightly decreased deposits mol
in the increased demand for loans.
One is the result OF the a failure in
the crop and is temporary in its
effects. while the other is a norma
condil ION and a good evidence of the
progress OF the people Of the state
There is no evidence whatever of
cessation Of the prosperity which ha:
existed in South Dakota in common
with other parts of the nation no.
have we any founded reason to wei
expect a material change from pre-
sent conditions while we remain
under the protective tariff system
l never fail to speak OF this, as
am a firm believer in that system
and also believe that it is nov
practically applied. 1t is probabl.
necessary to make changes in ths
schedule from time to time, but il
the principle, never.
"The effect of President Roose
velt's visit to the state has been al
that he or his friends could desire
Wherever he has been he has pleased
his friends and ADDED many new one
to the list. 1 have in mind a promi
nent democrat Of Sioux Falls VIII
recently told me candidly that here
after he would be found working an,
voting for Teddy. One of the mos
radical populists of Mitchell saw an
heard the president and now he dis
cusses nothing else but what b
did, and says that he can record hi
vote for the presidents election
The west is for Rooseyelt.as again