The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1914-07-02
D. BANKS GROW
IN NUMBER UP TO
TOTAL OF $40 NOW
%secretary's Report To
State Association
Interesting.
SOUNDS WARNING
- .tY
SOUNDS WARNING
President Delicate Fears Guar.
anty Act and Suggests Sub
stitute From the Bankers.

Its election of officers at 1890 D..
m. today by electing as president, S.
/. h1doo of Sioux Falls; vice-presi-
dent, N. e. Franklin, of Deadwood;
treasurer, Alex Highland, of Aber-
deem. and secretary, j. e. Platt, of
Clark.
Deadwood was selected as the
meeting place for 1916. An invitation
from Minneapolis to meet there in a.
joint meeting with the bankers tof.
the other states in the Ninth federal,
reserve district was received but. no.
action was taken on it.
Aberdeen. S. D.-One of the in
teresting things in connection with
the state bankers association meet
ing here was the report of Secretary
j. q. Platt of Clark. The report
showed that when he was first elected.
secretary of the association there was
a total ofS2 banks in South Dakota.
AT the close OF his report on June /,
there $40 banks in the state, of
which 4S5 are state banks, 1O2 ma
tionai banks, IA private banks, 9
trust companies, and 10 banking cor
porations.
The bankers who died during the
year we're e. c. Stearns of Warner,
Charles l.. Johnson of Agar, George
r. Freeman of Elk Point, H. j. Men
dc! of Beresford, e. r. Kenefick of
Den Rapids, a. X. Wood OF Wood,
Robert Il. Roberts of L%angford, M.
p. Beebc of Ipswich, and Albert w.
siprse OF Faulkton. Two hundred
flty-ninsswere registered at 2 O'Clock
'Sc:Ferdayy and additional arrivals
en~0usAsstsne attendance tdfilcce aYYp TO 70 over
Secretary PIattl has diseaYYerreed that
the DaiaaM BANKERS, assdssiHaatiioaa Held
Z. conveng on ifn Mba9rndIesaann i K
9hsS5. Tile Journal 81, mat nnaqe s1St
Mas preserved. by The Late MI p.
heebe, and seems to estasiblisb that
the two Dakotas have the honor,
Jointly, of organizing the first state
FbankersA association in the United
tsSts&ES. F4- f9r.s - ~ ArctY pat.nf
4 FiTst Bark at Yankton..
5ss.sHhe third annual convention was
held sWatertown in 1887, and
from thesjournaf of this convention
it is learned that the first eperson
to open a bank ri1pr she g aDaNotasnwas
Mark H Palfaery1ans0aii HlinIiof
h4Asxx& hp8 llpponed uao BAN Second
street. MS Yanktona in s 1Ss9iTwitho a
tTpIfal Of 81, OOo. 1.-The second bank
Was organized by G. r. Prentice on
September Fl, 1871, at Vermillion,
and the third bank was started at
Elk Point in the spring of 1872 by
w. Hoffman. In the fall Of that year
r. p. Wintermute started a bank at
Yankton. Wintermute afterward
killed General Edwin McCook, then
secretary of the terSrtory, at a meet
ins held at Yankton to consider the
proposition to encourage the coming
of the Dakota Southern railway.
Wintermutc was tried, convicted and
sentenced TO ten years in prison, bul
got a new trial and was acquitted
but this ended his banking career. In
the winter of 1872 the First Nation.
al bank of Yankton. the first inNthe
territory, was organized with a cap
ital of $50, 900. aisf
Fears Bank Guaranty. s1ii
President T. w. Delicate. in, hf.
annual address, expressed feariof the
consequences to the banking industry
of the measure requiring state bank.
to guarantee deposits, which Will b.
submitted to the voters under the
initiative ut the November election
He expressed the belief that ths
measure would pass, but ,urC1d hank
ers to draw up a safe and sane meas
ure to present to the voters in 1916
He stated that the initiative bill prac
tically provided that each state banl
should guarantee the deposits of ev
cry other state bank doing business
in the state. Every bank" he said
seems willing to guarantee its owl
deposits, but hesitates to guarantee
the deposits of-its business co..pe
titor, whose responsibility it has nj
way of ascertaining.".
Speaking of the federal reserv'
bank system. he expressed the belle
that the national banks should Civ
the system a fair tryout.
The members of the American
Bankers association held a meeting
and elected the following officials
A.. Grain of Redfield; members, o
the executive council, e. j. Miller o
Huron and T. E. Plat of Clark; nom
mating committee member, F. C
lDanforth.
Wives as Extravaganza.
At yesterdays afternoon meeting
~. f. Crawford Of Sentinel Butte
N. D., gave an address on Thrift
as an Educational Moral Asset ii
which he urged less extravaganza
and pointed out a some of the pres
ent day extravagances, liquors. to
bacco. and automobiles, as we'll a
"the expensiyeness and the delight
of having wives and daughters"
J. S. Pomeroy, vice president of thu
Security National bank of Minneapo
lis, spoke on the federal resery'
bank. He defended the nationa
banking law, and said the reserve
bank was calculated to remedy what
ever defects had been found in tn,
national bank system.
The final address of the day wa
by w. b.. Harrison on "a New Con
cept of Wealth. in which he urge
wise enjoyment of wealth. rnthe
than boarding 1t on the one han,
or recklessly expending it on the 9th