Page 1 of Oct 10 1929 Issue of Mitchell Evening Republican in Mitchell, South Dakota

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Mitchell Evening Republican (Newspaper) - October 10, 1929, Mitchell, South Dakota Weather partly Cloudy the evening Republican third edition volume Xxxvii Mitchell s. D. Thursday october to 1929 eighteen pages number 9premier will close capital visit today discussion turns to Freedom of seas old problems prime minister tired Washington d. C., oct. Ion a coinciding with the departure of prime minister Macdonald from the capital the Amer it an government today formally accepted the invitation of great Britain to participate in a five Power naval limitations conference. By James l. West associated press staff writer Washington d. C., oct. Ion president Hoover and prime minister Macdonald looked Forward today not Only to effecting the Anglo american naval Accord through a five Power agreement but to a Active consideration of the Cid problem of Freedom of the seas and other a historical problems of the two nations. It was for this reason that the British statesman was Able to end his history making visit to the american capital today with a Trace of fatigue on his face but Happy Over the Frank talks he has had with president will linger a while in american visiting Philadelphia new York Buffalo and Niagara Falls before again entering upon British soil to Confer with Mckenzie King of Canada. The first of the Dominion prime ministers whom he will consult on problems discussed in his conversations in Washington. Statements issued jointly by the president and or. Macdonald and singly by the prime minister indicate that these problems cover a v Ide Range and encompass that one which has been the source of recurring controversy for More than a Century Freedom of the seas. Old problems a we approach old historical problems from a new Angle and in a new atmosphere a said the joint statement. A on the Assumption that War Between us is banished and that conflicts Between our military and naval forces can not take place these problems have changed their meaning and character and their solution in ways satisfactory to both countries has become announcement was made that the american and British governments would begin conversations upon them following the same method As that pursued on naval limitation which resulted in their agreement on parity or Equality of strength As Between the two nations in each category of War Craft. Both this joint pronouncement and that Given later by or. Macdonald alone emphasized that the treaty to renounce War As an instrument of National policy had been made the basis for future relations Between the two governments. A we have both agreed to constantly keep the pact in front of us a or. Macdonald said a and to use it for the purpose of coming to agreement on subjects which have defied agreement up to now. A in consequence of that i take with me to London a series of questions All of which Are now to be the subject of study by the various departments concerned and of consideration Between the dominions and ourselves with the object of coming to agreement upon them. A fall this has been arrived at not for the purpose of dividing America and ourselves from the rest of the world but rather to enable each of us to be More effective than Ever in cooperating with other nations to establish the Security of talks with Borah after concluding his five Days of conferences with president Hoover and other government officials or. Macdonald had a rather Short talk with senator Borah of Idaho chairman of the Senate foreign relations committee concerning some of the Foremost questions of foreign relations. Freedom of the seas and recognition of the russian soviet government Are foreign policy questions uppermost in the mind of the senator and since he and or. Macdonald Are old friends there was to doubt they talked about these senator Borah would not say so but he did say that his conversation Over the Tea cups at an informal Tea at the British embassy had been highly satisfactory. Prime minister Macdonald faces the remainder of his american trip More than pleased with the reaction to his unprecedented visit to the capital and holds firmly to the opinion that his coming across the Atlantic has served to bring the american and British people closer together. And after All. That is the principal thing that has been in his mind and Iii that of president massacre suspect nabbed Chicali oct. A up a police Lave arrested Claude Maddox after mating him nearly eight months n connection with the Valentines Day gang Massage. Maddox is the Man who owned the circus afe Headquarters of the men held esp risible for the sep Tuple slaying. Oak Park police who made the wrest last night said Maddox Delict his identity for several hours jut finally admitted he was the Nan sought. One report to police during the massacre investigation As that Maddox rented the Gar Ltd which the death car used in amp a saying a Champagne at Macdonald fete Washington d. Oct. Ion Choice wines and Champagne from the British embassy cellar were available to those guests who desired them at the embassy dinner and reception tuesday night in Honor of prime minister Macdonald. Sir Esme Howard the British ambassador made it known last Spring that Wrhen the present Supply of liquor at the embassy was exhausted he would Avail himself of diplomatic immunity to replenish it state Corn to gain 10,000,000 bushels yield every District Winner gets car names of All candidates published in evening Republican tonight today elsewhere in this Issue appear the names of those entered in the seven districts in the evening republicans $20,000 gift distribution. Names appear in alphabetical order by districts and the 5,000 nomination vote appears opposite each name. The first published score will appear later. Names printed today represent those nominated. The lists do not show who Are Active. Some Are candidates in name Only not having turned in even a single subscription since entering. Others have been nominated by friends who have Faith in their ability to reap a Rich Harvest from the More than $20,000 in gifts provided. Some have not even called to receive an official receipt Book the first step necessary to Institute an Active Campaign. Seven districts in ail there Are seven districts and seven sets of prizes. Each District constitutes a separate Campaign with a car and full set of prizes assured for each. One car must go in each District and two or three cars can go to one District. Candidates can secure subscriptions and votes anywhere. There Are no restrictions As to where you can get subscriptions. The districts merely assure an equitable distribution of gifts and Cut Down the number you compete with. Nominations Are not closed. The fact of the matter is there Are More gifts provided than there Are Active candidates to receive them. If you have been contemplating entering the distribution and will become Active and make an Effort to help yourself there is a wonderful Opportunity awaiting you in this Campaign. If you have entered and have not started your Campaign in Earnest there is no better time than today to make the Start. Pick your favourites readers Are urged to look Over the names of those nominated and pick out a favorite. Help someone you know to go a Over the top for one of the nine big cars valued from $950 to $2,535. Every Active candidate is bound to profit. There is no other Way possible. The very least the Republican will is ten per cent in Cash on All subscription collections if you fail to win a prize. Readers May give their subscriptions to the candidate in person or turn it in to the Republican office for the candidates credit. It is All the same. If you bring it to the office or mail in the subscription be sure to specify the particular candidate whom you desire to vote for. Other i a a no one will Benefit. Campaign Headquarters at Republican bldg., Are open evenings until 8 of clock to receive nominations credit votes Issue supplies and give information. You May Call in the evening if More convenient for you or phone 2618. Of ban corporation to increase capital Minneapolis minn., oct. Ion up a an increase in capital Stock from $75,000,000 to $300,000,000 and offering of approximately 150,000 new shares for Sale was announced today by the Northwest ban corporation a holding company for financial institutions. Stockholders voted for the increased capitalization today and the directors approved issuance of the additional shares to enable the ban corporation to develop its program of expansion now under Way according to j. Thompson vice president and general by the associated press South Dakota a partly Cloudy to Cloudy tonight and Friday possibly rain tonight in extreme East portion slightly warmer tonight in extreme West portion. Nebraska a partly Cloudy to Cloudy tonight and Friday not much change in temperature. Minnesota a mostly Cloudy tonight and Friday probably occasional rain slightly Wanner tonight in Southeast portion. Local temperatures maximum and minimum temperatures As recorded by the official government thermometer from 7 a. In. Today maximum 58 minimum 49 at 7 a. In. Today 50 roads Good precipitation .24 inches precipitation since january i 24.05 inches precipitation excess since january i 5.39 inches weather and roads by the associated temp. I Sioux Falls Aberdeen Yankton Huron Watertown rapid City Brookings i Pierre 7am Hilo 47 48 45 49 50 44 50 51 48 49 49 45 46 48 40 38 55 35 50 50 40 46 52 46 press of roads .78 fair .64 adv .06 Good j25 wet .36 Good Good .64 heavy .10 Good National production forecast shows marked reduction s. D. Wheat lower Washington d. C., oct. Ion up a South Dakota scorn crop based on the department of agriculture a figures for october i announced today was 68 per cent of Normal condition and has an indicated production of 103,224,000 bushels. The state s durum wheat crop was estimated at 11,194,000 bushels Spring wheat at 17.993,000 bushels and Oats at 61,404,000 bushels. Corn reduced the nations Corn production this year was placed by the department of agriculture at 2,528,077,000 bushels compared with 2,456,000,000 forecast a month ago and 2,836,000,-000 bushels last year. The total wheat crop was placed at 791,768,000 bushels compared with a forecast of 786,000,000 bushels last month and a combined production last year of 902,000,000 bushels. Total production of durum wheat was indicated at 51,678,000 bushels against 53,000,000 last month and 93.000.000 a year ago. All other Spring wheat was indicated at 171, 857,000 bushels As. Against 164,000,-000 last month and 231,000,000 last year. Indicated production of other crops As announced included Winter wheat 568,000,000 bushels Oats 1.227.000.000 Rye 41.000,000 flax seed 16,600,000 and potatoes 345,000,-000. October i crop conditions included Corn 71 per cent flax seed 5s.9 potatoes 68.7. Condition by states the condition of the Corn crop by states on october i and the indicated production includes state condition indicated 1929 Indiana 68 132,122.000 Illinois 73 301,366,000 Minnesota 79 a 145,314,000 Iowa 83 422,653,000 Missouri 60 121,131,000 South Dakota 68 103,224,000 Nebraska 6$ 221,137,000 the preliminary estimate of production of durum wheat by states follows Minnesota 3,626,000 bushels North Dakota 36,744.000 and South Dakota 11,194,000. The preliminary estimate of Spring wheat by important producing states follows Minnesota 14,258,000 bushels North Dakota 51,048,000. South Dakota 17,993.000. Montana 30,728.000 Idaho 14,075,000 Colorado 7,248.000 and Washington 16,6 4,000. Comparative figures a comparison of 1928 yields and 1929 forecasts with 000 s of bushels omitted follows oct. 1-29 1928 forecast com. 83.849 103,224 durum wheat 13,974 11,194 other Spring wheat 19,312 17,993 Oats. 59,211 61,404 explosive used to put out Gas Well flames Nitro Gly Serin blows fire High in air and permits use of steam to prevent rekindling of Vapours Oklahoma City okla oct up a a High explosive charge set off by m. M. Kinley fire fighting expert from Tulsa snuffed out the Blaze of the Sinclair Oil and Gas company number 3 Stamper Well in the South Oklahoma City Oil Field shortly after noon today. The Well a 50,000,000 foot Gasser had shot a Tso foot Torch into the air since tuesday. Trundling loads of High explosive near the too foot pillar of fire and directing final connections of a Battery of approximately 20 steam boilers a a Mack Kinley and his brother f. T. Kinley prepared to snuff out in one giant puff the flame which fed by 50,000,000 feet of Gas a Day has whipped and writhed Over the Sinclair lease since tuesday morning. Hardly More than five Miles from the downtown business District the fire has wierd glow Over the City a streets at night and in the Southern Section of the City three Miles from the Well has made Street lights almost unnecessary at night. One Man crouched Low behind a Metal shield a that grew sizzling hot i spite streams of water which constantly drenched it crept toward the plume of flame which has reared High in the sky for More than two Days. Clad in a heavy Asbestos Uit he dragged 200 quarts of Nitro Glycerine almost to the Mouth of the Well. There he placed it so that the Force of the explosion hurled the flame above the Gas raising from the Hole. A heavy Blanket of steam played form the Battery of boilers onto the Mouth of the Well retarded the flow of Gas until the flame had burned , we will nears own Mark Chicago 111., oct. Ion up a the a a Chicago we will a came within striking distance of its own refuelling endurance record when it passed the 240 hour Mark and soared into its Lith Day at 6 52 a. In. Today. In its last previous endurance flight the plane remained abort 291 hours. A cold wind from off the Lake and lower temperature caused the two mystery pilots late yesterday to ask for Wanner clothing which was dropped to them from the refuelling plane. The fliers reported they were confident of beating the 421 hour record set in St. Louis several weeks ago. The planets motor was functioning perfectly today Field attaches farm a Mitchell daily Republican want and dept. You need not re run my land and. The land is sold. I had one personal Call and one inquiry by mail the next Day after the and first appeared. When the land was sold i had two other prospective buyers who talked very favourably of buying the land advertised. I also have two or three Good prospects for the House i advertised at the same time. Thanking you for the Good service rendered through your want and department i am very sincerely yours Lewis Shusters or. Schuster knows How to write an attractive and and used a display style. It gets 15-year term sentence follows Flea of guilty to fraud charges new York n. Y., oct. Ion up a Charles Delos Waggoner Telluride colo., Bank president was sentenced to 15 years imprisonment today on his plea of guilty to mail fraud in connection with a scheme to obtain $500,000 from six new York Banks by Means of forged authorization papers. Witnesses had been assembled from As far away As the West coast for Waggoner a trial but when the Case was called today defense counsel entered a plea of guilty. United states attorney Charles h. Tuttle then moved for immediate imposition of sentence and the banker was sentenced to a 15 year term in Atlanta Penitentiary. The banker had told Federal investigators he hoped to use the half million dollars paying off depositors of his Telluride institution which was on the verge of collapse. Waggoner a attorney Allan r. Campbell entered a plea in the banker a behalf urging that Waggoner was entitled to sympathy and consideration from the court because of his a altruistic purpose though his acts had been admittedly criminal. New York n. Y., oct. Charles de los Waggoner Telluride colo., Bank president pleaded guilty today of using the mails to defraud in a scheme he devised to mulch six new York Banks of $500,-000. United state attorney Tuttle told the court that the plea had been entered without any prearrangement or Promise As to sentence and moved immediately for imposition of sentence. Although there had been no prearrangement Tuttle had received an intimation of what was to happen before he entered the court room. His assistants however were taken completely by Surprise when defense counsel entered the plea for the Bank president. Waggoner a scheme consisted of sending messages in banking code t othe new York Banks in the name of Denver Banks authorizing them to place Money to the credit of Waggoner. Waggoner then appeared Here and claimed the to raise hell Batchellor asserts former farm Union head tells senators Tariff is for a robber Barons Washington d. C., oct. special a a. W. Batcheller former farm Union Leader of South Dakota denounced the pending Tariff Bill As legislation for a robber Barons in a mimeographed letter to senators Peter Norbeck and a h. Mcmaster but presumably circulated among All members of Congress made Public Here today at senator Norbeck a office. A put up the Best fight you can for farm Home ownership a he said a and then even though you lose which probably you will your work will be appreciated. If there Ever were a time for a hell raising in Congress that time is he also said a agriculture is not asking for an Extension of credit to enable it to shoulder further millions of indebtedness nor should such class of legislation come under the caption a farm Relief but what the Farmer is to have if he is to remain in the farm game As a Home owner is the unloading of special privilege in general and the High protective Tariff in particular from his Batchellor said the Tariff Bill was designed to put a a for Sale sign on every farm Home. His letter was addressed a to the Hon. South Dakota senators Peter Norbeck w. H. Mcmaster and a few others to whom i feel disposed to drop this Echo from the Back of move to delay Board action fails Washington d. C., oct. Ion up a the Senate agriculture committee today rejected a suggestion to postpone a report on the confirmation of farm Board members until the next regular session. The committee however put off a final vote today because of the absence of senator Smith of South Carolina. Two committee members suggested postponing a vote but chairman Mcnary said this was not acted delays feared by g. 0. P. Leads worry for fear Bill wont be passed this session Washington d. C., oct. Ion up a the Senate today rejected the Broussard amendment to the Tariff Bill which would have declared this country a intention to Grant Independence to the Philippines soon and called an International conference to agree to respect that Independence. The vote was 63 to 19. As on yesterday when the Senate rejected the King amendment to Grant Independence after the islands had formulated a Constitution opponents today said the vote could not be interpreted As a test on the Independence question. Washington d. C., oct. Ion up a fears that the Senate cannot Complete its work on the Tariff Bill before the end of the special session and that the administration would not favor its revival in the regular session were added today to the worries of the Republican leadership. Senator Robinson Arkansas democratic floor Leader still insisted that the Senate would be Able to dispose of the Bill by november to but senator Watson Indiana Republican floor Leader was by no Means so optimistic. Despite the efforts of the majority Leader to keep Down feeling and prevent Contention the ranks of the regulars were already showing the Strain of their frequent defeats at the hands of the democratic Republican Independent coalition during consideration of the administrative sections of the Bill. Watson believes that the Republican regulars will be in a much better position after the rate schedules Are reached late this week or Early next week but he is unable to ignore the signs of stress shown at a meeting of the Senate finance committee club seb fishing trip movie d. J. Noble exhibits films of excursion taken to North Woods details of a fishing trip into Northern Minnesota and Canada were presented to the rotary club today by Means of a motion picture machine. Those who made the trip were d. J. Noble who also acted As photographer and operated the objecting machine h. G. Scham Weber Joe Wood Horace Kress Oscar Reierson and or. We. R. Ball. The picture showed views of the scenery and of the fishing Camps As Well As some of the trips by canoes across the Lake of the Woods and other lakes in that Region. When Oscar Reierson caught a 40-Pound mus Kelonge and the guide tied it to a Boathouse the camera Man got nearly All of the details but not the details of How the fish got away by chewing the line in two after it had been landed and tied. A Section of coloured film was also used by or. Noble in bringing out some of the Scenic pictures. Other pictures gave Good views of the men Riding Over High Waves on the lakes in their canoes and of the automobile trip to the fishing locations. Previous to the showing of the fishing trip pictures the club presented mrs. Hale Raber with a necklace to show their appreciation of her attendance at the club and acting As accompanist for the rotary songs. The gift was presented on the occasion of mrs. Raber a birthday anniversary. Announcement was also made of the Rural Urban meeting of the rotary club thursday evening oct. 17, at which time each rotarian is expected to bring with him As a guest some Farmer living in the neighbourhood. W. R. Ronald announced that the International service committee planned to have each member give a five minute discussion of some country in which rotary clubs Are organized and that the members would be expected to recognize the Flag of the country which they discussed. The program of five minute discussions is to be carried out through out the year or until All of the countries have been confident win title in East cubs expected to use Root and Malone again primed for Battle aboard the athletic special in route to Philadelphia pa., oct. To. A up a the athletics Drew nearer their Home fortifications today still firmly convinced that the world series of 1929 would be ended on the Eastern front. Having conquered Root and Malone in straight games in the Western Campaign the confident Mack men Are in no doubt of their ability to repeat the performance in the Friendly trenches of Shelbe Park. A Survey of the Chicago pitching situation if any reveals that Joseph Mccarthy a logical course must be to toss these same two Young men Back at the athletics. Although handicapped by English a two errors in the ninth inning of the opening game Guy Bush still failed to convince the assembled people that he had recovered from the Blind stagger he suffered toward the close of the National league Campaign. He remains however a possibility for the Philadelphia opener. The auxiliary managers of the athletics continued today to favor John Pincus Quinn to pitch the third game. Cubs primed to fight for Strong comeback by Brian Bell associated press sports writer Chicago 111., oct. up a with most of the pre series dope scrambled beyond repair the cubs and athletics today moved from Chicago to Philadelphia to resume play tomorrow. The enthusiasm of the american leagues As they returned to their Home knew no Bounds for they had done All that they could at Chicago winning the Only two games played. The cubs on the other hand were a grim but determined Ball club As they left Home not to return unless they can take two of the three games scheduled at Shibe Park. Optimism however was rampant among the National league representatives even after the second straight defeat in a contest in which the chicagoan never were in the game. A crowd of 49,987 had few chances to cheer. Even the ground keepers gave tangible proof of their Faith in the club after the a a had dashed laughing from Wrigley Field with a 9 to 3 Rebuff of the cubs in their bag workmen took their places on the Diamond and with meticulous care placed the playing surface in ample order for a baseball game that will not be played this season unless their beloved cubs can execute a Strong comeback. Root nominated the cubs were forced to use four pitchers in the second game and every baseball indicator pointed to the renomination of Charlie Root As the cubs Flinger to open the play in Philadelphia. Root who stopped eight ninth of the athletics in the first game but threw a Home run Ball to Jimmy Foxx will have three Days of rest when game time arrives tomorrow. Old Jack Quinn the Veteran of veterans probably will get the Call from Connie Mack although the tall tactician As silent As he is tall can summon any one of half a dozen pitchers to the Mound. The National league champions scored no runs against Bob Grove As left handed As any Pitcher in the game in the 4 1-3 innings he pitched when he went to the Relief of earn Shaw. The big right hander was shelled from the Hill in the Only decisive offensive gesture the cubs were Able to make in two Days. Among the bitter reflections the cubs took with them on their ride from West to East was a strike record of some kind. Ehmke forced 13 cubs to miss third strikes tuesday and wednesday 13 More fanned although this bit of destructive pitching was divided Between Ramshaw and Grove. Earnshaw struck out seven in four and two thirds innings and Grove bagged six victims in one third of an inning less. Foxx hero so far the chore of naming a worlds series hero is not yet in order but when the final reckoning is made Jimmy Foxx probably will be considered. The Maryland boy for the second time in two Days sent the a a out in front with a Home run. Perce Malone strike out King of the National league sent three visitors Back to the Bench in the first inning caught another napping in the second and added a fifth in the third. He left the scene in the fourth when the Macks had run their string of runs to six. Earnshaw like Malone had a world of stuff but lacked control. Hack Wilson held witless by Ehmke had a perfect Day at Bat with a three for the player who is nearly As Broad As he is Long however was passed twice with men on bases. A to rain forecasts worry series fans Philadelphia pa., oct. Ion up a baseball fans in this world series town who have been on the verge of going into ecstasies Over the double Victory of the athletics Over the cubs found something to worry about today. The weather Man predicted a possibility of rain tomorrow the Day of the first series pame Here. Ticket speculators boosted prices substantially today. They were Early quoting $90 to $100 for a three game pair of tickets that Cost the original purchaser $33.ayerspantages tried bribery Surprise witness charges dependent asked him to lie at trial los Angeles calif., oct. up a Jay Sheri u.i., a state Surprise witness created a sensation wednesday at the assault trial of Alexander pantages by testifying that the theatrical magnate had attempted to obtain paid and perjured testimony from him. The witness named amounts he said were received from the defendants Sheridan formerly a theatrical Man Caid that pantages had planned to use him As a witness when he believed Sheridan could give testimony damaging to the reputation of Eunice Pringle 17-year-old dancer who accused pantages of attacking her in his Small private office. The witness said he had spent some nights at Tiajuana a lower California resort town with other persons including a girl known to him As a a skids Pringle. When pantages was accused of assault Sheridan said he believed a a skids Pringle and Eunice Pringle were the same. He said he Learned from a newspaper photograph of Eunice the they a Ere different persons. Then Sheridan testified pantages dismissed him As a possible witness and he came to District attorney Buron Fitts and told of pantages alleged attempt to bribe him. Actor called w. Hale of Hollywood an actor was the next state witness. He testified to having been in the pantages theater the afternoon of August 9, the Day of the alleged attack. His testimony principally corroborated that of w. L. Gordon and f. T. Wise who previously testified to having aided in the Rescue of miss Pringle from the Mezzanine a cubby Hole and in the arrest of pantages. Intimation of a mysterious woman in the Case was made by the defense late tuesday in the statutory trial of Alexander pantages theater magnate As it sought to break Down the corroborative testimony of Frederick t. Wise state witness. W. L. Gordon the first of the states Eye witnesses to the after math of the alleged attack by pantages on Eunice Pringle 17-year-old coed dancer brought the unidentified woman into the Case. She was presumed to have been in the cubby Hole office scene of the alleged assault As miss Pringle tried to flee and was asserted to have made an Effort to hold the girl captive. In an attack on Wise a mentality in which it was shown that he once was a psychopathic Ward patient the defense inquired a did you see this woman a a can you describe her a a about 22 to 25 years old. She was about five feet five. She had dark curly hair and wore no description questioned a you Are positive then that there was someone else besides a Man and woman pantages and miss Pringle Here a a there was pantages miss Pringle Gordon and another a and what did they do a a Well miss Pringle started to get by a a a in a not asking you about miss Pringle in masking you what this mystery woman a ifs impossible to answer that without telling you about miss Pringle because her actions were directed at miss a Well what did this woman do a a she reached out and touched miss a now As a matter of fact or. Wise did no to this woman have a red cloak on a a i am certain she did not have a red cloak on. I would have noticed it if she had had a Bright color a and Are you certain that she was around 25 instead of about 42?�?� a my Best judgment is she was a about 22 to 25 years of a and As a matter of fact Wasny to her hair tinged with Gray instead of being dark As you say a a to my Best recollection her hair was dark.co-op banking suggested to Battle chains Blaines plan of definite interest to South Dakota institutions today in Congress by the associated press Senate continues Tariff debate. Senate agriculture committee considers actor on nominations of firm Board members. Caraway committee discusses plans for Senate lobby asks farm Bond Sale Washington d. C., oct. Ion up a i authority for the Secretary of the i Treasury to buy $100,000,000 or More i of farm loan Bonds from Federal j a and Banks to provide funds for j agriculture was asked in a joint Resolution today by senator Brookhart Republican Iowa. The iowan in a statement said the a gambling business in Wall Street was drawing Large sums of Money into new York from Over i the country thus reducing the mar i Ket for farm loan Bonds which a rate of interest of about 5 1-2 i per cent. He continued he had received Many letters from Farmers of the Middle West protesting against the situation Small Bank doomed evening Republican Bureau the Albee building Washington d. Washington d. A oct. Ion the suggestion that Wisconsin establish a co operative banking system under a state Reserve syst n of banking which would incl private Banks in its membership is considered of special interest to South Dakota in View of identical situations in these two states at present brought about by the rapid growth of Chain banking which has swept Midwest Banks into the giant mergers. Hie Wisconsin suggestion was made Here this week by senator John j. Blaine of Wisconsin former governor of that state who levelled a Strong attack on Chain banking As a the most insecure system of banking Ever devised a and called upon the Wisconsin legislature to a take affirmative action before a the smaller Banks Are doomed.�?�. Interstate systems Here it is pointed out that the situation in South Dakota Nebraska and other states in that Section differ from that in Wisconsin Only in that the Wisconsin Bank mergers Are Intra state. The chains which have swept in several South Dakota Banks Are interstate with the holding company located outside of Dakota territory. In discussing this recent development which has created widespread interest Here in congressional and departmental circles Blaine stated a seventeen states permit Branch banking. In other states which prohibit Branch banking a Chain of group banking is being put into effect which circumscribes the Laws against Branch banking. A Branch banking for which i have no defense is at least under Public supervision. The Chain Bank holding company has no Public supervision whatever. A holding company is organized and that holding company takes Over the Bank Stock of individuals in Federal and state Banks and issues to the individual stockholders the Stock of the holding company. The holding company is then the Only and single stockholder in All Banks of the Chain. A thus in the Chain Bank system there is no individual stockholder and the Security the Bank formerly had of the double liability and of the individual stockholder is swept away. Stock Only asset a the holding company has no other assets than the Stock purchased from individual owners. In Chain banking the diversity of Stock ownership is destroyed and the Security of double liability its nullified. In the Chain system the Chain is no stronger than the links of which it is made. Assuming that in a single Chain system there Are fifteen Banks and assuming that one third of them Are weak should a majority of such weak Banks go into insolvency it would drag Down All of the Banks within the Chain system and with them the holding company. A the Chain system is the most insecure system of banking which has Ever been devised. It is very doubtful if legislation will cure or prevent the inherent weaknesses of such a As for the particular Wisconsin remedy which is deemed of extreme interest to other states facing the same problem Blaine told the evening Republican a in my opinion Wisconsin can meet the Chain Bank situation through positive and effective action. Our Banks especially in the smaller cities Are doomed unless affirmative action is taken. A a system of banking co operatively owned not alone by individuals but As Well a system in which our state Banks May become a part of the machinery is a statewide co operative system which will protect the essential interest of the depositors the Farmers and business men not Only As to Security of deposits but also As to availability of credit for legitimate undertakings. Proposes new state system a it May become necessary for the state to establish a state Reserve system of banking with centralized control under state supervision with All the elements of a cooperative system present through not Only co operative Banks but As Well privately owned Banks which desire to maintain their continued solvency and prosperous existence. A such a system will preserve the local identity of existing Banks assure depositors Protection and furnish the essential credit necessary for each Community a the Wisconsin senator declared. It is neither new nor revolutionary. It would prevent centralization and control of credit diversify and distribute the banking business and assure soundness and solvency of every Bank in the other Western members of Congress besides senator Blaine have expressed concern Ever the a serious situation they declare to be developing As a result of the Chain growth in that Section predicting that Congress will find it a a very live topic during the regular ses continued on Page 16

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