The Ward County independent. [volume] (Minot, Ward County, N.D.) 1902-1965, 1914-08-13
ternational bank to issue the follow
ing statement:

ternational bank to issue the follow
ing statement: 6as"
The article headed "Youmans says
deal was framed to take away his
bank" in Saturdays Optic Reporter,
compels US to break a silence which we
have maintained in the bank matter up
to this time for the sole purpose of
shielding Mr.. Youmans. 1,l.. .
The following are facts:
Mr.. Youmans' difficulty did not start
with any labor troubles in 1918, but
dates back to 1912 when Hon. Oliver
Knudson was State Examiner, which
the records will show, and the liquida-
tion of his bank at that time was pro-
posed. He was requested to remove
certain undesirable loans. He stated
to the Department that loans objected
to had been taken out, but he simply
substituted loans more undesirable
than those removed.
Instead of the "12 hours notice to
make good" he had the better part of
year. When the deputy bank exam
iner discovered the real character of
the substituted loans which Mr.. You
mans held to protect depositors he in
formed the State Examiner, Hon. S. G.
Severtson, who came up and demand
ed the immediate removal of the "Ex-
cessive Loans" as Mr.. Youmans pre-
fers to call them, and that the cash be
put in for them. AS matter of fact
the loans mentioned were not "exces-
sive loans" but fake loans.
Mr.. Youmans told the late Mr..
Roach he was in trouble and Mcssrs
R. E, Barron and S. J. Rasmussen
went to the bank Monday morning,
Oct. 18, 1913, at the request of Mr..
Roach, to examine the securities with
view to loaning Mr.. Youmans the
necessary money demanded by the
State Examiner, so that Mr.. Youmans'
bank might remain open, but found SO
much worthless paper that they simp-
ly could not help him out and so re-
ported to Mr.. Roach. When, later in
the week, it became evident that Mr..
Youmans could not save his bank from
a crash which would mean receiver
ship for the bank, with its attendant
loss to depositors, consisting largely of
laboring men and children; the dis
grace Of a bank failure in Minot; the
ruin of Mr.. Youmans, as a last resort
the men who Mr.. Youmans prefers to
call conspirators stepped into the
breach-to the great satisfaction of
Mr.. Youmans-and evolved plan by
which the bank was re-opened Mon
day, October 25th, depositors protect
ed and Mr.. Youmans saved, by putting
up the cash needed, taking out the bad
loans and placing the bank on abso-
lutely secure footing. We will let the
Banking Department furnish the de-
tails.
Mr.. Youmans says that in the fall Of
1912 Messrs. r. e. Barron and S. ]. .
Rasmussen tried to buy a controlling
interest in the bank. He says: "They
Offered mea$25, POI for IT'S shares Of
the stock, which was at price Of
$I87.5G per share. I declined to sell
tke 178ESharese for less than SIG, ,400.0 90
Or $780, per share" That statement
is wholly false, No such proposition
was ever made.
owe are ready to show the proofs, at
any time when properly called on to
do so, to show that every act of ours
relative to Mr.. Youmans' bank, was in
the interests of Mr.. Youmans and his
bank, and the city Of Minot, and that
no just criticism of those acts is war
ranted by the facts. This statement
is made because of the newspaper ar
ticle above referred to, which amounts
practically to an indictment of the
most substantial business concerns of
our city and of the men who have been
in control of them for many years,
and because such publication reflects
upon the entire business community of
III Mso4% se 1a %hAco
reasons we cannot afford to allow
such unwarranted publications to go
unchallenged.
Dated at Minot, North Dakota, this
11th day of August, 1914.
JAMES JOHNSON.
S. J. RASMUSSEN.
r. E. BARRON.
H. E. BYORUM.