H. I. Olston Biography


	This biography appears on pages 287-288 in "History of Dakota 
	Territory" by George W. Kingsbury, Vol. V (1915) and was 
	scanned, OCRed and edited by Maurice Krueger, mkrueger@iw.net.

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				H. I. OLSTON. 

	One of the leading men of his section of the state, H. I. Olston, 
president of the Merchants Exchange Bank of Lake Preston, is widely 
known and highly respected wherever known. He was born in Bergen, 
Norway, September 14, 1859, a son of Iver and Kari (Suphellen) Olston. 
Two years later the family emigrated to the United States and located 
in Minnesota, which remained their home until 1884, when a removal was 
made to South Dakota and the family located upon a farm north of Lake 
Preston. H. I. Olston purchased a relinquishment in that vicinity and 
made extensive improvements upon the land. He had received an excellent 
education, attending the State Normal School at Mankato, after 
attending the high school at Albert Lea, Minnesota. He had taught 
school while still living in Minnesota and after removing to South 
Dakota continued in that profession for two years, teaching in the 
winter and farming in the summer. In 1886 he removed to the town of 
Lake Preston and engaged in the real-estate business there for four 
years, after which he purchased an interest in the bank he also became 
one of the bank's officials, the first office which he held being that 
of assistant cashier. His grasp of the principles of banking and his 
familiarity with banking routine led to his advancement and he was made 
cashier. Later he was chosen president and for the past ten years has 
acceptably continued in that important connection. When he entered the 
bank its deposits totaled twelve thousand dollars and now they 
aggregate two hundred and fifty thousand dollars. Much of this growth 
is naturally due to the development of the region served by the bank 
but much of it is to be attributed to the sagacity and farsightedness 
of Mr. Olston and his associates, who have so directed the policy of 
the institution that its growth has kept pace with that of this section 
of the state. 

	Mr. Olston was married November 26, 1882, to Miss Lena Guttersen, 
a daughter of Egil Guttersen, and to them have been born the following 
children: Ida, now Mrs. Charles Nicoud; Edward and Herbert, both 
employee in the bank of which their father is president; Arthur, who 
died November 24, 1911, at the age of twenty-one while a student in the 
State University of South Dakota at Vermillion; Stella, who is teaching 
in Mount Vernon; Mae, attending the State University; Clara; Ruth, who 
died December 24, '1909, when eleven years old; and Helen, Evelin and 
Mildred, at home. 

	Mr. Olston is a republican and at one time served as mayor of 
Lake Preston. He is also vice president of the school board. He is one 
of the leaders in religious circles in Lake Preston and he has been 
secretary of the local Lutheran church for twenty-seven years. For the 
same length of time he has taught in the Sunday school. He has attained 
the thirty-second degree in Masonry, belonging to the consistory at 
Aberdeen, and also has membership in the Independent Order of Odd 
Fellows and the Ancient Order of United Workmen. He has gained 
considerable wealth, owns quite a little real estate in South Dakota, 
is a stockholder in the Farmers Elevator and the Lake Preston Milling 
Company, and is president of the Security Bank of Webster, the Peoples 
State Bank of Bradley and the Esmond State Bank of Esmond. His opinion 
carries great weight in financial circles in his part of the state and 
the influence that his position and knowledge of banking give him is 
invariably used for the general prosperity and the public good.