The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1915-06-03
VERNON MAN
HEADS BANKERS
J. Nj. NEWELL is CHOSEN PRESI-
DENT OF GROUP FOUR
MEETING CONCLUDED AS
ENTIRE SUCCESS.

j. M. Newell, cashier of the First
National bank, of Mt. Vernon, was
named as president OF the bankers OF
Group Four in the business session
last evening. F. G. Nessey, presi-
dent of the Washington Springs State
bank, vas elected vi~ce-president, and
mefcial & Savings bank of Mitchell,
was chosen secretary-treasurer.
Members of the executive com
mittee from the counties in the group
are l.. Lovinger, Aurora county,; f.
e. Swartout, Buffalo; S. S. Stowell,
Brule; +. j. WEIGH, Dawson; c. H.
Stillwell, Hanson; w. T. George, Je-
rauld, and w. II. Allen, Sanborn.
The nominations all were presented
by the committee, A. b. Darling, OF
Mitchell, w. II. Pratt, of Chamber
lain. and +. d. Peckham, of Alexan.
dria.
With the election of officers, which
opened the evening session, Presi-
dent Ludwig Lovinger yielded the
chair to Gen. Geo. A. Silsby, who
acted as chairman of the meeting. Al
$50 O'Clock dinner in four courses
was served in the dining room of
the Elks' club, covers being laid for
rs. The repast, which was served by
the women OF ST. Mary's guild, was
in four courses and brought forth
many compliments from the diners
Music was furnished during the din
e by the Metropolitan theater
orchestra.
In welcoming the visiting bankers
to the city, Mi. Silsby declared that
the bankers had generally taken
much interest in Mitchell and con.
siderable interest out of him, the rate
of which a immaterial. The Elks
quartette sang and repeated applause
brought forth two encores.
The speaker of the evening, II. e
Cone, president of the James Vale,
bank, was introduced by Mr.. Silsby
as a former resident of Mitchell who
was now compelled to live in
Huron Mr.. Cone made a happy re-
Spouse to the introduction and voiced
a feeling OF warmth in his hear
for Mitchell and her people, as well
as for the bankers in the surround
ing territory whom he again had the
opportunity to meet.
In opening his remarks, Mr.. Cone
reviewed the history of the condi-
tons that led up to the passage O
the present state banking guarant,
law. He declared that in a sense the
measure had been forced upon thu
bankers of South Dakota, coming af
ter previous legislatures had endeav
ored to pass banking laws.
James Coffey and j. F. Kelley. o
aberdeen, he stated. had drafted I;
bank guaranty measure for politica
purposes and had secured enough
signatures to bring it before the
people for a vote at the general cleo
ton in 1916. 1t was a perniciou.
flaw. he declared, and all banker.
should unite for it's defeat, as wei
as the other measure which would
come up on the same subject.
Seeing that banking Legislation
was inevitable" said the speaker
the bankers association last sum
mer determined to draft a measure
not that we believed in the prin
ciple, but that we needed the pro
lection. The present law is model
led after u draft, which followed
closely the present Nebraska statute
believe our present guaranty law
is as good as we can get, SO we SHOULD
defeat the %so-called Coffey bill ant
the other banking law. as the first i
pernicious and the second is unnec
essary."
Mr.. Cone closed with an analyst.
of the present law. explaining it
features and changes from the prev
ious law. Mr.. Wesley. the new vice
president of the group, followed MI
Gone with an address on a trip h,
had made to the east.
The meeting adjourned with tn,
election of Mr.. Lovinger. Mr.. Peck
ham and Mr.. Stowell as members o
the resolutions committee.
Out of town bankers in attendant,
were: H. c. kingsbury, Bank o
Hartford c ] Schpepel, Trip Stat