The pioneer-review. [volume] (Philip, Haakon County, S.D.) 1920-current, 1922-01-26
PIERRE BANKER SECURES
MILLION THRU FORGERY
Eastern Capitalists The Losers
Experts Cannot Give the
Exact Amount

4 Pierer banker, committed suicide
a few weeks ago. there have been
rumors Of all kinds regarding the
circumstances that led to the fin
ancial wizard taking his life. Fof
some reason the Pierre papers have
had nothing to say in reagrd to
the matter, in spite of the fact
that the one million dollars had
been taken from eastern capital
lists in manner that gives black
eye to the entire western country
and its industries. We publish
below an account Of the affair
which comes from Sioux Falls, and
was published in several Of the
dailics Of recent date:
Bert Cummins, a Pierre banker
and one Of South Dakotas 5 most
trusted and able financial wizards
was a criminal. He was a jugglcr
Of millions and a gambler in hui
man destinies. This much has
been learned through a state Off
cial who has been working steadily
in an effort to determine the ex-
act amount Cummins, who com
mitted suicide at Pierre on New
Years day, sWindled from eastern
money kings. 1t is impossible as
yet to estimate the exact loss,
money which Cummins procured
through forgery and in the nego-
tiation Of worthless paper. The
closest estimate based on figures
in the hands Of banking experts
invo stigating the dead mans af-
fairs. shows practically S960,00o
was the loot suuandcred by Cum
Minis.
Many Of the nations most re
putable banking institutions arc
found to be involved in the swim
dies banks Of the east, Of New
York, Chicago, St. Paul, Minnea-
polls, Joliet, and Buffalo, N. Y.
Where the activities Of this linan.
cial genius stopped, it will be diff
fcult to determine. The banks
with whom he had his most luc-
rative dealings hold nearly a mil
lion dollars worth of worthless
paper.
"Cummins had worked out gi-
gantic plan for fleeing the mil
lionaires Of the east. His plan,
however, according to the bank
ing experts, was simplicity itself
While the dealings were worked
by means Of the First National
Bank Of Pierre, Of which Cummins
was president, yet that institution
will come through the ruin un-
touched. Not one cent of Cum
Minis criminal gain was carried
through the bank. He worked his
scheme through the firm of Ben
nett & Cummins.
c. c. Bennett, his partner, re-
sides in Oklahoma, where he has
vast oil holdings. He knew moth
ing Of his partners faithlessness.
He trusted him implicitly to swing
the tremendous deals which always
brought more to add to the ever
increasing fortune, but as a result
Of his trust he is in financial ruin.
He has proved he knew nothing of
the firms inner workings and has
only learned the truth since he
was called to Pierre by the suicide
of his partner.
"The fact that the First Nation
al Bank Of Pierre was known and
accepted as of solid financial stan1
ing formed the basis for Cummins
working plan. The banks reserve
which usually exceeded 80 per cent
was placed In eastern banks, on
titling the Pierre bank to a credit
resulting from this reserve. Cum
MINIS, however, saw to it that the
bank never touched the reserve
It was thrown into the firm If
Cummins & Bennett, owners Of
the bank. Cumimns appropriated
the funds for his personal use
They were never returned to the
eastern banks and in order to keep
up the interest on this increasing
fund he forged paper after paper
to supply the interest which ac-
crued. According to the state Of
fetal engaged in investigation OF
the bankers affairs, $4,000 an
nually was the interest which he
never failed to meet.
His family life was never a sue
cess with Cummins. His wife and
daughter who did not know he
was criminal, are suffering for his
infdelity. From the insurance car
ried by Cummins may be taken
from his family to help meet some
of the demands of his creditors.
He carried $4,000 insurance, the