The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1909-05-20
Sections SO and 81 of Article 2 care

Sections SO and 81 Of Article 2 care
fully.
The regular annual meetings of
stockholders shall be held on the
Second Tuesday in January, or any
day thereafter in said month as a
banks Bylaws may provide.
A properly kept stock-book is a
matter of some Importance as Section
13 Of Article 2 will show. The min
ute book is important also and
should be carefully and properly
looked after and made to show full
proceedings of all meetings of Stock
holders and Directors.
Both Of these hooks should al
ways be up to date and in the bank
ready for the Examiner.
Loans due a bank on which the
interest is past due and unpaid for
six months, shall be charged off. I'M
less we'll secured or in process of
collection. Banks are not to pay
dividends while carrying paper in
this condition.
For the present the Department
will not formally approve reserve
banks, but will only require changes
in such cases as may appear proper
and necessary for the best interests
of the deposftor. Banks holding any
part of the reserves of associate
banks will need to be conservatively
managed to retain them.
Banks organized under the new
law, or providing for banking Off
ces after June 80, 1909, shall not in
vest than forty per cen of
capital and surplus in banking office
and fixtures. while all others owning
such property with book values en-
ceeding said limit, shall reduce the
book value at least five per cent an
nually until brought within said
limit.
No bank shall accept shares of it's
w capital stock as security when
making loans nor invest its funds in
the stock of any other. bank or COR
poration. On this point read Section
80 of Article 2 carefully.
Under this law 1t shall be unlaw-
full for a bank to borrow money on it's
certificate of deposit. When money
is borrowed bills payable must be
issued. The amount of collateral
which a bank may pledge for bor-
rowed money, is limited to fifty per
cent in excess of the mount to be
secured. See Section 33 Article 2
and be especially careful not to over
look the points covered therein.
After July 1, 1909, five reports
per year will be called for and banks
are required to furnish such reports
within five days after notice is re-
ceived, but have fifteen days in which
to furnish proof of publication. De-
layed reports are always very annoy
ing and such delay on the part of a
bank is usually Unnecessary. Banks
are earnestly asked to be prompt in
reporting, as per Section II of Ar
ticle 2, SO that Section 1S may not
be needed in actual practice.
Mr.. Jones gave the following sta
%tistics with reference to the growth
of the state banks since the period
of 1898:
At the close of the fiscal year in
June, 1893, the total deposits in the
state were $4,o58,s91, with 146
banks. In 1895 there were 151
banks with deposits of $3,425,9S6.
In 1900 there were 179 banks, with
deposits of $s,651,859, showing an
increase of nearly $1,000, 900 in that
five year period. In 1905 the state
banks had increased in number to
$40, and the deposits made the big
increase to 2O,086,451.63. The last
call made by the state department of
banking was on Feb. &c, 1909, and it
disclosed AL banks with deposits ag-
gregating 43,029,53O.35. Since
June. 1908. the increase in deposits
in the state banks amounted to ST.
840,773.90, which is regarded as
something phenomenal in that line.
Funeral Sermon Through a Medium.
Spokane. WASH, May 1S-Charles