The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1914-01-14
FIRST NATIONAL BANK
Annual Stockholders' Meeting
Election of Officers For
The Ensuing Year.

At the annual meeting of stockhold-
ers of the Fiist National bank of this
city last evening, directors for the
ensuing year were elected as folio VS.:
J. A. Johnson, W. O. Gienapp. w.
E. Daniels, NJ. q. Colgrove, c. E. OIL
stad.
The directors organized by the cleo
tion CT the following officers:
c. E. Olstad, president; W. E.
| Daniels. vice president; M. Ii. Col
grove. cashier; C. A. Stensland, as
| %sistant cashier.
An important feature of the direc-
tors meeting was the adoption of the
following resolution:
Whereas, under section 2 of the
act of esq known as the Federal
Reserve Act, approved or the Odd day
of December, 1913, it is provided
that: Under regulations to be pre-
scribed by the Organization Commit
tee every national banking association
in the United States is hereby reQuir-
ed, and every eligible bank in the
United States and every trust com
pany within the District of Columbia
is hereby authorized, to signify in
writing within sixty days after tn g
passage of this act, its acceptance of
the terms and provisions thereof and,
Whereas. after due consideration
of the terms and provisions of said
act it is the opinion of this board that
said terms and provisions shall be &C
cepted.
Nov, therefore, be it resolved
that the cashier of this hank be. and
be hereby is authorized, empowered,
and directed 10 notify the Reserve
Bank Organization Committee of the
acceptance by this association of the
terms and provisions Of the Federal
| Reserve Act and the intention of this
board to subscribe on behalf of this
bank to the capital stock of the Federal
Reserve Bank to be organized in the
district in which this bank will be
| coated after the geographical limits
to be served by such Fe3eral Reserve
Bank have been fixed by the organiza
tion committee.
Il hereby certify that the foregoing
is a true and correct copy of a resolu-
ton passed by the board of directors OF
this association on the date specified,
and pursuant thereto | hereby notify
the Reserve Bank Organization Com
mittee of the action CT said board an6
intention of this association in the
premises.
I'M. Fl. Colgroye,
Cashier, First National Bank of Madi
son, South Dakota.
The Importance of this resolution OF
the part of the First National bank
will be we'll understood by business
men and others, the federal reservs
act having received much attention by
the newspapers during its progress
through congress.
Mr.. Olstad. the newly elected presi
dent of the bank has been connected
with the institution nearly two yea IF
but was we'll known in Lake count,
for a number of years previously
engaged in the banking business u
Chester, and also occupying the posi-
ton of president of the Chester Stat
bank of Chester at the present time
He is recognized as a inancier o
much ability, besides being enter
prising and alive to the financial in
~terests of his community.
1t will be a source of pleasure t
friends If M. FL. Colgrove to know
of his promotion to the responsible
position of cashier of the bank. Mr.
Colgrove, who is yet a young man
has been connected with the bank TO
nearly twenty years, passing througI
all the grades of responsibility in III
institution of that kind. from a ines
senger boy up to the position to whicI
he has been elected by the directors
This steady climb has of course bee
the result of faithfulness. and tina
he has reached one of the most i'm
portant offices in the bank organize
ton is the best evidence that he ha
always made good.
G. A. Stensland, assistant cashier
has been connected with the bank fo
some time. having formerly been on
gagged in the bankig business at Win