The herald-advance. (Milbank, S.D.) 1890-1922, 1920-12-24
8. D.pEPosnCRS SAFE

Th8 oTArG's Rank GUARANTY
LAW PRgvsNTs FINANCIAL
Looo.
TAs SoaeA Dakota baak guarsney
law las demonstrated that II Il one
sf The most successful measures OF
he kind IN operation anywhere in The
United States. Il has proven q suc-
cess. both from the standpoint e the
dspositeT and the bank. In the only
three sases q failure e ~ baahs
during the fsvs years It has been IN
spsratio.s al de depesiscrs were paid
IN FULL. John HIRING. state supsrin-
tendsnt q hanks. figures that the eose
OF operation OF tie law hes amounted
to ealy S17.1l . year Tor . bank hav.
ing e1eo.eee Il Deposits. n The eases
Of tAs failure Of tie hanks 4urtax the
five years since the haak guaranty
law went into effect Ne ADpositorp.
I addition e being Dail h full. r.
ceived interest on interest hearing e.
posts t. The date the hanks suspend
Cd. In tie oass Of I've e the failed
banks the first cheeks we're mailed
70 depositors eleven days after svs-
pension. while In the third ease. the
bsnk In this sass. beang . larger -
stltut1oA than the ether. two. more
work vas involved Nevertheless, the
first checks wsFe vriNea twontyoae
days after susDsasisa. In he cass Of
one u the failed be1ks there vas ~
loss 70 the guaranty fund, the bank
liquidatfng sneush - reimburse the
guaranty eanl u 1all FOR money
drawn - pay Ne lepeslters. Esti-
mating the losses h two Of the fail
urss q @1S0. go - the guaranty fund,
It cost the guaranty fund so. ooo q
year % Insure 317S.eeo.e 800 in deposits
in the state banks. or ol7.ll per year
for . hank having eaee.see n deposits.
lnDr1soument tor I've years In the
Sioax Fails Ds~aitsat1ary vas the sen
tsnee imposed ~ Judge Frank B.
Smith. Of Mitchell. in the state cir
suit IN Sioux Falls in The case OF
George ". Dgaa. et 0iesx Falls. con
vtstsd q making Alss affidavtts In the
ssDDort OF . claim Tor fire insurance
ea . building belonging - him which
VA destroyed By fire. Mr.. Egaa 70
Gently purchased the Sioux Fails
Daily Press. He va three times .
sandidate for governor q South Da-
kota and was twice disbsrrel from
pyasticing Law IN South Dakota. He
formerly lived ct Logan. Il. A mo
dea Tor . new trial was overruled
prior to the sentence. Mr.. Cgan has
given notice Of n appeal 70 the state
supreme court. which will act ~ .
stay Of sentence. Hts appeal will
have % IT. main contention the claim
that the circuit court was without
Jurisdiction. a. the information in the
case failed to state that the alleged
crime vas committed In Minnehaha
county. A stay 81 thirty days was
granted BY Judge D. Smith and tho
deferdent was released On . bond OF
14.eoo.
Judge F1eeger. presiding at . term
Of circuit court In Moody county, de-
cided that noue Of the claimants to
the $3.50, 900 estate left by Louis Mel.
SON. an eccentric Moody county pion.
Ger. were the legal heirs. and award
ID the estate to the state Of South Da.
kota. The estate consists Of $50 acres
Of land and considerable other prop
erty and under the Judgement 1t now
has escheated to the state for the ben
eft OF the public schools Of South Da.
kota. Under the judgment the com.
missioner OF schools and public lands
il vested with authority to take pos
session OF the estate. This Is the
largest estate which has ever been o.
cheated to South Dakota.
Esmond il among the South Dakota
towns which will have q community
Christmas tree. II the weather Is
favorable the monster tree will be
erected on the street in the business
section, and arrangement will be made
to distribute gifts and candy to every
child Of the city. II the weather is
cold and stormy. the tree will be
placed inside a building at . central
location.
Owners Of unpatented mining ground
In the black Hills will petition Con-
gres to pass q resolution exempting
the wner of such unpatented min
ing claims from the assessment work
Of 1920. It Is set forth In the petitions
that the high cost Of supplies and the
scarcity Of labor available for min
ing creates q great hardship II the
owners are compelled to do their as
sessment work for this year.
Gertrude 8. Young, q Sioux Falls
girl. assistant professor Of history
ct South Dakota State College, was
awarded the Beadle prize for 1920.
The award Is made to the resident OF
South Dakota, educated In South Da-