20511. Meade County Bank (Sturgis, SD)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 26, 1911
Location: Sturgis, South Dakota (44.410, -103.509)

Metadata

Model: gpt-5-mini
Short Digest: dc46506d

Response Measures

None

Description

The Meade County Bank (state bank) in Sturgis suspended payment in late December 1911 (articles give Dec. 20 and Dec. 26) due to crop failures/drought and loss of troop deposits from Fort Meade. The state bank examiner took charge and a receiver was to be appointed; the bank did not resume normal operations as an ongoing bank but was liquidated under the examiner/receiver with dividends paid to depositors later. No run is described in the sources. I corrected an OCR variation (“Meade State Bank”) to Meade County Bank and used Dec 26, 1911 as the principal suspension date referenced by multiple dispatches.

Events (3)

1. December 26, 1911 Suspension

Cause: Local Shock
Cause Details: Inability to collect from borrowers after two years of crop failures/drought and loss of deposits when troops left Fort Meade; reserve fell below legal requirement forcing suspension by examiner.
Newspaper Excerpt: the Meade County bank of Sturgis which suspended December 26
Source: newspapers

2. December 28, 1911 Receivership

Newspaper Excerpt: The Meade County bank, of Sturgis, S. D., is in the hands of J. L. Wingfield, state bank examiner of South Dakota, who took charge of its affairs today, A receiver will be appointed to close up its business.
Source: newspapers

3. November 1, 1912 Other

Newspaper Excerpt: Meade County Bank at Sturgis Paying Dividend to Depositors. State Bank Examiner Wingfield, has caused to be paid to the people who had money on deposit ... a dividend of ten per cent ... further collections will be made ... additional dividends will follow
Source: newspapers

Newspaper Articles (16)

1. December 28, 1911 The Mitchell Capital Mitchell, SD

Article from The Mitchell Capital, December 28, 1911

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MEADE STATE BANK GOES TO RECEIVER Deadwood, S. D.-The Meade County bank, of Sturgis, S. D., is in the hands of J. L. Wingfield, state bank examiner of South Dakota, who took charge of its affairs today, A receiver will be appointed to close up its business. The amount involved in the failure is not yet announeed. Poor crops for two successive years and the removal from Fort Meade, which is located at Sturgis, of the United States troops, are said to be responsible for the calamity to the institution. According to Deadwood bankers there will be no effects from the closing of this bank felt by other monetary institutions of the Black Hills.

2. December 28, 1911 The Bad River News Philip, SD

Article from The Bad River News, December 28, 1911

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MEADE COUNTY BANK CLOSED Its Affairs in Charge of State Bank Examiner Banking circles in Rapid City were not surprised yesterday morning, when it was announced that the Meade county bank at Sturgis had closed its doors. Men conversant with Black Hills financial matters have been expecting a crisis, having known for some time that the bank was heavily overloaned. In speaking of the failure Cashier Schneider of the Pennington county bank, said: "The Meade county bank was heavily loaned up-that is, its loans have been very large, and the bank was unable to realize out of its assets. The removal of the soldiers early last fall was probably the chief factor of the Meade county bank's trouble, because with the troops it is said went all of the deposits, not only of the soldiers and officers, but the funds usually kept on hands with which to take care of the running expenses of the post. It is estimated that anywhere from $150,000 to $200,000 of cash was lost to that institution, directly and indirectly, which of course, meant that the bank could not realize on its securities sufficiently quick and gradually the bank's surplus went glimmering, and caused the bank examiner to take charge, pending some action by the parties interested in the institution. "It is not definitely known just what course will be taken, but probably the bank examiner will have some action taken whereby the bank will again resume operation, as their seems to have been nothing irregular in the conduct of the bank." Local banks are in nowise involved and the failure is believed to be a matter of brief suspension until the bank affairs can be straightened out and business resumed. It is only a short time ago that parties in Sioux City representing large financial interests offered to take the institution over and put it on a sound basis. This offer was declined. The officers are: D. A. McPherson, president; H. E. Perkins, vice president; W. E. Ladd, cashier: Frank Burroughs, assistant cashier; H. M. Cooper, assistant cashier. J. L. Wingfield, state bank examiner of South Dakota, has taken charge of the affairs of the Meade county bank, which institution he finds upon examination, to be carrying liabilities in excess of its resources.-Rapid City Journal.

3. December 29, 1911 Hot Springs Weekly Star Hot Springs, SD

Article from Hot Springs Weekly Star, December 29, 1911

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MEADE COUNTY BANK CLOSED ITS DOORS TO CREDITORS TUESDAY MORNING. IN HANDS OF EXAMINER NO GREAT LOSS ANTICIPATED---RESOURCES WILL MEET ALL LOSES IN TIME. A dispatch from the Northern Hills has the following regarding the failure of the Meade County Bank of Sturgis: "The Meade County bank of Sturgis suspended payment Tuesday morning and the announcement of the fact perhape caused more commotion than there is any necessity for. According to the statement of local bankers who are familiar with the affairs of the Sturgis Institution and have been in touch with them for months past, there appears no reason to doubt that the depositors will be paid off, although it may require two years or more to ao. complish this end. The deposits are said to amount to $750,000 and at one time were HS high as $1,125,000. The present difficulty is due to the crop failure in the agricultural country surrounding Sturgis for the past two years, the absence of troops from Fort Meade, which during the past ten months has deprived Sturgis of $200,000 that other wise would have circulated through its business houses and the fact that the securities held by the Meade County bank are not of the character that can be immediately converted into cash. The greater part of the loaus have been made on farm lands, secured by mortgages. The crop failures, due to drouth, have made impossible for the mortgagors to discharge their obligations and consequently the bank's creditors will have to wait until these can be realized upon. It is estimated that it will require two years of fair crops before payments can be made on these mortgages that will put the bank in a position that will permit it to liquidate. State Bank Examiner Fairchild is now in charge of the institution and it is understood that 8 receiver will be appointed, who will realize as much cash as possible, without too greatly sacrificing the bank's securities, from which the first dividend to depositore will be paid, pro rata. As the cash from outstanding securities is secured divi. dends will be paid from time to time The capital stock of the bank was 850,000 and the surplus $15,000, all of which it is said, has been wiped out. Practically all the bank stock is owned by Henry E. Perkins, his wife and the latter's father, Charles Francis of Arizona, and formerly 8 prominent cattle man of the Sturgis district. D. A. McPherson of Deadwood, although up to several months ago, presid ent of the bank, never had any financial interest in it. Henry E Perkins is vice president and W. E. Ladd cashier. No presi dent has been elected since the retire ment of Mr. McPherson. Another factor which is assigned as

4. January 11, 1912 The Miller Press Miller, SD

Article from The Miller Press, January 11, 1912

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Bank Examiner Reports. Deadwood.-Before leaving for Mobridge, where he was called to look into the affairs of a state bank that suspended, State Bank Examiner Wingfield issued a brief statement of the affairs of the Meade County bank, of Sturgis, which suspended December 26. The net cash assests are $855,000, the liabilities $791,000, and the cash balance $64,000. The suspension was due to the drought in that section and the leaving of the troops from Fort Meade all summer, many of the bank's loans being on mortgages which the farmers were unable at this time to meet owing to the lack of crops for two years. Mr. Wingfield is of the opinion that the bank will pay depositore in full, but that it will require two or three years of good crops to bring it out. The suspension had no effect on any other bank in the Hills, and it little felt outside of Sturgis. The bank had deposits of over $750,000.

5. January 11, 1912 Philip Weekly Review Philip, SD

Article from Philip Weekly Review, January 11, 1912

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STATEMENT OF BANK AFFAIRS State Examiner Wingfield Issues Statement About the Closed Meade County Bank 10.-Before Deadwood, Jan leaving for Mobridge where he was called to look into the affairs of a state bank that suspended, State Bank Examiner Wingfield issued a brief statement of the affairs of the Meade County bank of Sturgis which suspended December 20. The net cash assets are $855,000, the liabilities $791,000, and the cash balance $64,000. The suspension was due to the drouth in that section and the leaving of the troops from Fort Meade all summer, many of the bank's loans being on mortgages which the farmers were unable at this time to meet, owing to the lack of crops for two years Mr. Wingfield is of the opinion that the bank will pay depositors in full but that it will require two or three years of good crops to bring it out. The suspension had no effect on any other bank in the Hills and is little felt outside of Sturgis. The bank had deposits of over $750,000,

6. January 11, 1912 Union County Courier Elk Point, SD

Article from Union County Courier, January 11, 1912

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Bank Examiner Reports. Deadwood.-Before leaving for Mobridge. where he was called to look into the affairs of a state bank that suspended, State Bank Examiner Wingfield issued a brief statement of the affairs of the Meade County bank, of Sturgis, which suspended December 26. The net cash assests are $855,000, the liabilities $791,000. and the cash balance $64,000. The suspension was due to the drought in that section and the leaving of the troops from Fort Meade all summer, many of the bank's loans being on mortgages which the farmers were unable at this time to meet owing to the lack of crops for two years. Mr. Wingfield is of the opinion that the bank will pay depositore in full, but that It will require two or three years of good crops to bring it out. The suspension had no effect on any other bank in the Hills, and it little felt outside of Sturgis. The bank had deposits of over $750,000.

7. January 12, 1912 The Herald-Advance Milbank, SD

Article from The Herald-Advance, January 12, 1912

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8. January 23, 1912 Omaha Daily Bee Omaha, NE

Article from Omaha Daily Bee, January 23, 1912

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Sturgis Bank Will Reopen Seen. STURGIS, S. D., Jan. 21.-(Special,)The Meade County bank at Sturgis, which is under temporary suspension of payment on account of the reserve being below the legal requirements, expects to resume business scon. The public examiner finds nothing to criticise as to the active officers of the bank. While a national bank is required to keep 15 per cent of its deposits on hand in cash a. state 'bank is required to have 20 per cent of its deposits on hand in cash, and when the reserve falls below the required amount It is the duty of the public examiner to require the bank to suspend until the required reserve is restored. The process of restoring this reserve is going on as rapidly as local conditions will admit, and the bank will resume business in the near future. The cause for suspension was inability to collect from borrowers on account of failure of crops for two years.

9. January 26, 1912 Hot Springs Weekly Star Hot Springs, SD

Article from Hot Springs Weekly Star, January 26, 1912

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STURGIS BANK TO RESUME. Progress Being Made on Restoring Reserve to Requirements. The Meade County bank, of Sturgie' which is under temporary suspension of payment on account of the reserve being below the legal requirements, expeots to resume business in much less time then the law allows, despite the unfavorable local conditions as to collections. The public examiner finds nothing to criticise as to the active officers of the bank. While a national bank is required to keep 15 per cent of its deposits on hand in cash, a state bank under the law is required to have 20 per cent of its deposits on hand in cash, and when the reserve falls below the required amount it is the duty of the public examiner to require the bank to suspend until the required reserve is restored. The process of restoring this reserve is going on as rapidly 88 local conditions will admit, and the bank will resume business, without a doubt, under some arrange ment in the near future. The bank has been one of the foremost and most popular institutions in the western part of the state and has been first on the roll of honor of state banks. It commenced business January 15, 1897, with H capital of $20,000, and out of the earnings raised the capitalization to $50,000 and paid $61,000 in dividends and has undivided profits and surplus, including uncollected interest, of some thing like $30,000 at this time. The cause for suspension was inability to collect from borrowers on account of failure of crops for two years, causing a steady outflow of money for supplies of all kinds, coupled with the absence of troops from Fort Meade during the Mexican trouble the last year. There is remarkable and very general loyalty to the institution among its depositors and the general public.

10. February 1, 1912 The Bon Homme County Independent Tabor, SD

Article from The Bon Homme County Independent, February 1, 1912

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DAKOTA STATE NEWS PIERRE-A general movement is under way among the bankers of this state to present to the next legislative session a law similar to the Kansas "blue sky" enactment, which is said to be doing good work in that state. The proposed law will require corporations which propose doing business in this state to show to the state bank examiner that they have a foundation of fact, and that there is a chance of the investor getting a return on his investment. Agents of any stock corporation will be required to secure certificates from the state banking department before they can solicit business, and unless they can convince this authority that their scheme has enough merit in it to promise actual cash returns from the investment, they will be refused the desired permission to do soliciting, with a penitentiary penalty attached for violation. STURGIS-The Meade County bank. of Sturgis, S. D., which is under temporary suspension of payment on account of the reserve being below the legal requirements, expects to resume business soon. The public examiner finds nothing to criticise as to the active officers of the band. A national bank is required to keep 15 per cent of its deposits on hand in cash and when the reserve falls below the required amount it is the duty of the examiner to require the bank to suspend until the required reserve is restored. The process of restoring this reserve is going on as rapidly as local conditions will admit, and the bank will resume business, without a doubt, under some arrangement in the near future. ELK POINT-Reports made at the annual meeting of the Farmers' Mutual Fire Insurance association of Union county show that during the past year the association paid 33 loses, amounting to $6.217.33, leaving a balance in the treasury of $3,536.07. The association has a membership of 1,400, making it the largest farmers insurance organization in the state. The amount of insurance in force December 31 last was $2,720,710. RAPID CITY-Referee J. K. Hull received the papers in the voluntary bankruptcy case of Edward Brazzel, a saloon man of Carter, in Tripp county. The schedules show liabilities of $13,102 and assets amounting to $3,915. Of the liabilities there are secured claims of $7,130, unsecured of $5,522. wages $400 and taxes $50. The assets consist of stock $165 and real and personal property $3,750 claimed exempt. The first meeting of creditors is set for February 13. CUSTER-Electric light for civic and domestic use has just been installed here by the Custer Electric Light, Heat and Power company, composed of local men. The old paint factory was secured and made over to hold a complete plant, the water being taken from French creek, near by. The plant is also intended to furnish electric power for near by mining properties and marks a new era in the industrial circles of the southern Black Hills. LETCHER-At a meeting of the Letcher Booster club. held last evening it was decided to hold a corn show and good roads meeting the latter part of February, at which time some of the leading men of the state will be present. Good premiums for the different kinds of grain will be offered by the Booster club and the business men of the town. The matter of waterworks and sewer system for the town was also discussed. DUPREE-What is said to be an inexhaustible supply of building stone has been discovered on the farm of H. C. Lafferty, just west of Dupree, in Corson county. The stone was tested by the state college at Brookings, and pronounced to be of fine quality and equal to any building stone in the state. Mr. Lafferty is preparing to open a quarry and handle the stone on an extensive scale. WAKPALA-An Indian named Ell Lookingback was found frozen to death four and a half miles north of Wakpala, west of the Missouri river, by a homesteader. The latter notified the Corson county authorites and an investigation brought out the fact that Lookingback was subject to epileptic fits and had probably suffered an attack and perished in the cold while unconscious. SISSETON-Hundreds of thousands of fish in Lake Traverse have been saved through the efforts of County Game Warden Swanson. Owing to the low stage of water the fish had commenced smothering under the ice, but the game warden relieved the situation by cutting holes in the ice at points where the fish congregate and thus giving them air holes. CENTERVILLE-Miss Mary Simpson has tendered her resignation of the position of principal of the local school, but a strong effort is being made to have her reconsider the matter and withdraw it. She has made an excellent record for efficiency and it appears the general desire of the citizens that she remain at the head of the high school. DUPREE-Despite snow blockades and other inconveniences of pioneering, the towns on the branch lines west of the Missouri river in northwestern South Dakota continue to grow. An addition has already been platted to Dupree, the county seat of Ziebach county, although the town is less than two years old. ORIENT-There is rejoicing among the people of the Roscoe-Orient line of the Milwaukee railroad because the company, after extended interruption, again has established daily train service on the line. WAKONDA-Preparations are being completed for a farmers' institute, which will be held in the Wakonda opera house on January 26 and 27. It is expected hundreds of farmers will be in attendance. MINTOSH-The bankers of Corson county have organized a county association. The editors of all the county newspapers have been elected honorary members of the association. PIERRE-The state board of control of the firemen's association has selected June 17 to 21, inclusive, as the dates for the state tournament which will be held in this city this year. PIERRE-A meeting of the state pardon board has been called for January 30, at which a number of pending applications for clemency will be considered and acted upon. EGAN-A reading room for the young men of Egan has been established in the basement of the Methodist church. It is planned to also Install a gymnasium. EMERY-The annual ball of the Emery volunteer fire department was held this week. BRYANT-A band has been organized here and has commenced practice. NORTHWEST DEATHS.

11. February 2, 1912 The Herald-Advance Milbank, SD

Article from The Herald-Advance, February 2, 1912

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Sturgis Bank to Resume. Sturgis.-The Meade County bank of Sturgis, S. D., which is under tempory suspension of payment on account of the reserve being below the legal requirements, expects to resume business in much less time than the law allows, despite the unfavorable local conditions as to collections. The public examiner finds nothing to criticize as to the active officers of the bank. While a national bank is required to keep 15 per cent of its deposits on hand in cash, a state bank under the law is required to have 20 per cent of its deposits on hand in cash, and when the reserve falls below the required amount it is the duty of the public examiner to require the bank to suspend until the required reserve is restored. The process of restoring this reserve is going on as rapidly as local conditions will admit, and the bank will resume business, without a doubt, under some arrangement in the near future. The bank has been one of the foremost and most popular institutions in the western part of the state and has been first on the roll of honor of state banks. It commenced business January 15, 1897, with a capital of $20,000, and out of the earnings raised the capitalization to $50,000 and paid $61,000 in dividends and has undivided profits and surplus, including uncollected interest, of something like $30,000 at this time. The cause for suspension was inability to collect from borrowers on account of failure of crops for two years, causing a steady outflow of money for supplies of all kinds, coupled with the absence of troops from Fort Meade during the Mexican trouble last year. There is remarkable and very general loyalty to the institution among its depositors and the general public.

12. February 2, 1912 The Wagner Leader Wagner, SD

Article from The Wagner Leader, February 2, 1912

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DAKOTA STATE NEWS PIERRE-A general movement is under 01 state sup JO bankers em Suoure ARM present to the next legislative session a law similar to the Kansas "blue sky" enactment. which is said to be doing good work in that state. The proposed law will require corporations which propose 01 Mous 01 state s:41 ut Striop the state bank examiner that they have a foundation of fact. and that there is a chance of the investor getting a return on his investment. Agents of any stock corporation will be required to secure certificates from the state banking department before they can solicit business, and unless they can convince this authority that their scheme has enough merit in It to promise actual cash returns from the investment. they will be refused the desired permission to do soliciting, with a penitentiary penalty attached for viclation. STURGIS-The Meade County bank. of Sturgis, S. D., which is under temporary suspension of payment on account of the reserve being below the legal requirements, expects to resume business soon. The public examiner finds nothing to the JO officers active one 01 SE criticle deax 01 permber 91 bank national V pueq 15 per cent of its deposits on hand in cash and when the reserve falls below the required amount it is the duty of the examiner to require the bank to suspend until the required reserve is restored. The process of restoring this reserve is going on as rapidly as local conditions will admit, and the bank will resume business, without a doubt, under some arrangement in the near future. ELK POINT-Reports made at the annual meeting of the Farmers' Mutual Fire Insurance association of Union county show that during the past year the association paid 33 loses, amounting to $6.10 treasury the uj belance 8 ] $3,586.07. The association has a memberthe # Supplui '00#'I JO diys state the up Insurance sue The amount of insurance in force December 31 last was $2,720,710 RAPID CITY-Referee J. K. Hull received the papers in the voluntary bankruptey case of Edward Brazzel, a saloon man of Carter, in Tripp county. The schedules show liabilities of $13,102 and assets amounting to $3,915. Of the liabilities there are secured claims of $7,130, unseUS$ sexes pus 001$ safem 729'98 10 parada The assets consist of stock $165 and real and personal property $3.750 claimed exempt. The first meeting of creditors is set for February 13. CUSTER-Electric light for civic and domestic use has just been installed here by the Custer Electric Light, Heat and Power company composed of local men. The old paint factory was secured and made over to hold a complete plant, the water being taken from French creek, near by. The plant is also intended to furnish electric power for near by mining properties and marks a new era in the Hills. industrial circles of the southern Black LETCHER-At a meeting of the Letcher Booster club. held last evening it was poor pue moys COTA B ploy 01 pepper roads meeting the latter part of February, at which time some of the leading men of the state will be present. Good premiums for the different kinds of grain will be offered by the Booster club and the business men of the town. The matter of waterworks and sewer system for the town was also discussed. DUPREE-What is said to be an inexhaustible supply of building stone has been discovered on the farm of H. C. Lafferty. just west of Dupree, in Corson county. The stone was tested by the state college at Brookings, and pronounced to be of fine qualIty and equal to any building stone in the state. Mr. Lafferty is preparing to open a quarry and handle the stone on an seale exemptive WAKPALA-An Indian named Ell Lookingback was found frozen to death four and a half miles north of Wakpala. home E 49 the Jo 199M steader. The latter notified the Corson county authorites and an investigation brought out the fact that Lookingback was subject to epileptic fits and had probably suffered an attack and perished in the cold while unconscious. SISSETON-Hundreds of thousands of fish in Lake Traverse have been saved through the efforts of County Game Warden Swanson. Owing to the low stage of water the fish had commenced smothering under the ice. but the game warden relieved the situation by cutting holes in the ice at points where the fish congregate and thus giving them air holes. CENTERVILLE-Miss Mary Simpson has tendered her resignation of the position of principal of the local school, but a strong effort is being made to have her reconsider the matter and withdraw it. She has made an excellent record for efficiency and it appears the general desire of the citizens that she remain at the head of the high school. DUPREE-Despite snow blockades and other inconveniences of pioneering, the towns on the branch lines west of the Missouri river in northwestern South Dakota continue to grow. An addition has already been platted to Dupree, the county seat of Ziebach county, although the town is less than two years old. ORIENT-There is rejoicing among the people of the Roscoe-Orient line of the Milwaukee railroad because the company, after extended interruption, again has line. established daily train service on the WAKONDA-Preparations are being completed for a farmers' Institute, which will be held in the Wakonda opera house -uny experted st 11 22 pus SE Junuary uo dreds of farmers will be in attendance. MINTOSH-The bankers of Corson county have organized a county association. The editors of all the county newspapers have been elected honorary members of the association. PIERRE-The state board of control of the firemen's association has selected June 17 to 21, inclusive, as the dates for the state tournament which will be held in this city this year.

13. February 16, 1912 The Norfolk Weekly News-Journal Norfolk, NE

Article from The Norfolk Weekly News-Journal, February 16, 1912

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The state executive committee of the Y. M. C. A. reports record breaking progress in all branches of the work throughout the state during the past year. A move is on foot to limit the deer hunting season in South Dakota to the month of October. Game refuges are also a part of the program of State Warden Bancroft. One hundred eighteen new members were secured for the Watertown Commercial club in a big campaign just closed. The club was formerly called the Business Men's union. Officers of the South Dakota Funeral Directors' association met at Huron and laid plans for a big state convention on June 4. Fire originating in a real estate office destroyed an entire business block at Morristown. The total loss was nearly $50,000. The 2-year-old daughter of Mr. and Mrs. B. V. Jackson of Lead fell into a tub of hot water and was scalded to death. The reward offered for the finding of Fahlberg's body withdrawn some days ago by his family at Centerville, has again been posted. The Coyote club at Woonsocket is already working on plans for a big four-day water carnival in that city some time next summer. The Meade County bank at Sturgis, which was closed the first of the year by the state examiner, is making preparations to reopen its doors. M. M. Benster of Gettysburg claims to have invented a greatly improved airship with several special safety devices, including an emergency engine. The Commercial clubs of the Black Hills district will unite in an effort to get congress to restore the $100,000 for fire fighting in the forest reserves, to the bill from which it was eliminated by the house committee. The opening of the snow blockade on the Isabell and Faith branches of the Milwaukee found many of the communities entirely out of certain provisions and a few more days of the isolation would have rendered the situation serious. Overstudy was said by physicians to be the cause of the death of Ludwig Najek, a 14-year-old lad of Scotland. Jay Barber, a merchant at Chester, fell on a defective stairway in his store building and was instantly killed. Big acreages of alfalfa will be planted in the western part of the state this coming season. The experiments recently made indicate it to be one of the best drouth resisting crops. Napoleon Welcome, aged 72, of Ft. Pierre, and Miss Laura Brooks, aged 18, of Morristown, Minn., were married at the Grand Pacific hotel in Pierre. The report of Game Warden Bancroft shows that the government distributed nearly 3,000,000 fish and fry in the various waters of the state during the past year. Arrangements are being made to run several special trains into Aberdeen for the state builders' meet next month. One train will be run from the Twin Cities. The attorney general has been asked for a ruling on the amount of salary which should be drawn by city commissioners in the small towns which have adopted the plan. Dr. W. E. Taylor of Moline, Ill., a soil culture expert, gave an address at a big farmers' meeting in Aberdeen. It is noted that the newspapers of South Dakota are taking a less active interest in politics than in many years and that very little old party partisanship is prevalent. Residents of Butte county have asked a grand jury probe into the official conduct of the county commissioners. An infant daughter of Mr. and Mrs. I. A. Reinhart of Midland, was burned to death in a fire which destroyed their home. A boy was saved. William Gilbert, aged 84, a well known resident of Sioux Falls, committed suicide by shooting. Failing health is believed to be the cause. Thomas Mani, a full blooded Indian is a candidate for state's attorney of Roberts county. He is a successful practicing attorney at Sisseton. Petitions have been circulated in Corson county asking the county commissioners to divide the county into five commissioner districts instead of three. Another protest has been wired to the state railway commission by the business men of Faith, who state that the railroad is making no effort to open up the service. Business men of Canton and Fairview have organized the Sioux Valley Power company for the purpose of developing electric power from the Big Sioux river at Fairview. State Pure Food Commissioner Cook has issued a statement calling attention to fraud in connection with the

14. July 18, 1912 The Mitchell Capital Mitchell, SD

Article from The Mitchell Capital, July 18, 1912

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COURT SAYS BANK LAW IS INVALID JUDGE RICE HOLDS CRIMINAL AND CIVIL SECTIONS ARE IMPROPERLY MIXED UP. Deadwood, S. D.-1n holding the state banking law unconstitutional, Judge William G. Rice, of the circuit court put over the prosecution of the indicted directors and officers of the suspended Meade County bank at Sturgis, until the supreme court shall have passed upon the legality of the measure. The bank closed its doors the firs of the year and was taken in charge by State* Bank Examiner Wingfield who is now endeavoring to straighten out its tangled affairs. A crop failure and some bad loans were declared responsible for the bank's condition and in June the Meade county grand jury returned six indictments, charging the defendants with receiving and assenting to the receiving of deposits, having had knowledge that the bank was insolvent and also for having permitted and allowed the shareholders of the bank at one time to borrow more than 50 per cent of the capital stock. Both offenses are criminal in nature but the court held that the present banking law is an admixture of both criminal and civil procedure and the subject matter is not clearly shown in the title, which makes it defective, the criminal sections with penalties, having been injected into the civil law.

15. July 26, 1912 The Mobridge News Mobridge, SD

Article from The Mobridge News, July 26, 1912

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In holding the state banking law unconstitutional, Judge William G. Rice, of the circuit court, put over the prosecution of the indicted directors and officers of the suspended Meade County Bank at Sturgis until the supreme court shall have passed upon the legality of the measure. The bank closed its doors the first of the year and was taken in charge by State Bank Examiner Wingfield, who is now endeavoring to straighten out its tangled affairs. Crop failures and some bad loans were declared responsible for the bank's condition and in June the Meade county grand jury returned six indictments, charging the defendants with receiving and assenting to the reception of deposits, having had knowledge that the bank was insolvent, and also for having permitted and allowed the shareholders of the bank at one time to borrow more than fifty per cent of the capital stock.

16. November 1, 1912 Hot Springs Weekly Star Hot Springs, SD

Article from Hot Springs Weekly Star, November 1, 1912

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PAYS A DIVIDEND. Meade County Bank at Sturgis Paying Dividend to Depositors. State Bank Examiner Wingfield, has caused to be paid to the people who had money on deposit in the Meade County Bank of Sturgis, when it failed several months ago, a dividend of ten per cent of the total amount which each had in the bank. Accompanying the payment is statement from Examiner Wingfield which reads as follows: "On account of several years of adverse crop conditions in the surround. ing territory and other matters over which this department had no control, coupled with the removal of the troops from the adjacent military post, it has been an almost impossible task to make B sufficient amount of collections on the outstanding loans to pay this much of a dividend particularly as it has been found that many large loans had been made with very poor judgement on the part of the management, while remaining security greatly depreciated in value or was entirely wiped out by the general conditions. "It is a well known fact that in the regular course of business all banks must loan much of the depositors money in order to make such institutions pay reasonable dividends and they are required by law to keep avail. able funds on hand at all times amounting to 20 per cent of their entire deposits; but in the case of this bank, their loans had been allowed to reach such a high total, that with considerabie depreciation of deposits, this reserve became impaired from time to time until approximately $120,000 had been borrowed on the bank's bills payable or by rediscounting some of the loans on hand for which about $200,000 f of the best loans were pledged as collateral security. "This will account for the fact that not all of the money which had been collected since the bank enspended has remained in the cash assets, because payments on the notes up as collateral k had to be turned over to the banks holding them. Further collections will 1 be made as rapidly as possible, additional dividends will follow and the ) k bank's resources will be conserved in 1 every possible manner. r "For your information in this respect I will say that approximately e $150,000 has been collected on loans and $150,000 on stocktolders liability and suits are pending against such stockholders as have not already paid, from which source further funds are expected. Or this $165,000 under the law with the approval of the court, disbursements have been made about as t follows: y To reduce bills payable and B rediscount $82,500 B To defray the expenses of d 6.500 liquidation e Or a total of $80,000 st leaving 3 balance of $75,500 on hand 11 subject to the order of the court and 11 out of which this dividend is being as paid."