The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1917-04-17

FINANCES
INVOLVED?

RumorS that the Nonpartisan league
or North Dakota was attempting to
turn its poSt-dated checks. received
nom members at the time OF joining,
INTO cash through the medium Of a
Minneapolis company have presented a
public mystery. says The Minneapolis
The league stories grew around the
receipt hy business men in Minneapolis
or communication on stationery Of the
Real Estate Mortgage Bond company.
$50 security building. i'm which glow
ing orer OF North Dakota papers Sc
cured among other things by post
dated checks was made to investors
The offer follows:
We have for sale $4,000 worth Of
nrSt-clasS well-secured North Dakota
paper. denominations OF $1,000 each at
per cent, maturity from December
IA. 1917, TO January Is. 1918. Each
$1,000 note is secured by ten notes Of
800 each given by good North Dakota
farmers and all are due from October
TO December I. There are additional
securities of 81. $50 worth of post-dated
checks. dated to be cashed from
August to December 1, the average
amount OF each check being approxim
ately S12. On each OF these checks. ten
cents exchange will be allowed in adj
dition to the actual cost of collection.
Early Collection Urged.
To the parties who buy this paper
we desire them to use their best means
IN sending these checks and notes
through the proper channels for collec-
ton as fast as they become due and
apply the receipts thereof to the one
principal note OF $1,000. The principal
note given by a million dollar cor
poration Of which $3.50, 900 is paid and
they have no liabilities outside of this
issue OF corporation notes From every
standpoint, this is an excellent invest
ment and win stand investigation from
top to bottom. If you are interested
and would like to have us submit you
an Offering, let us know at once Very
respectfully, Real Estate Mortgage
Bond company. (signedl E. E. Dryden,
general manager.
The top Of the letterhead bears the
name OF E b. Kenenc. president. and
James -Manahan, vice-preSident. The
latter viii be remembered for his ac-
tivity as attorney for the Nonpartisan
league.
Now the plot thickens. The letter
having stated the post-dated checks
were of an approximate average of
$l2, it was recalled that $12 repre-
scented the size OF the checks Of new
members to the Nonpartisan league
after the prospective member had paid
over 81 cash to the promoter who won
him to the cause. Post-dated checks
become invalid when the parties sigma
tory to them overdraw their accounts.
They also become worthless if the
sisners notify the banks to stop pay
ment.
Mr.. Dryden was seen. He explained
the money from the sale of the paper
was being raised for the league ex-
change. q financial institution" Mr..
Manahan said the money was for no
such organization. Both denied 1t had
any connection with the Nonpartisan
league.
Mr.. Kenefic, who lives in wabasha,
Mimi, was called on the long distance
telephone. He said he had not been
connected with the company for sew
eral months and that he understood
the company itself had ceased to exist.
He declared the organization while he
was in it had nothing to do with the
league. He said the issue was not put
out during his incumbency. He as
serted, however. he understood it was
for some political organization in
North Dakota.
Other Two Were Out.
Again the office OF the bond COM
pany was appealed to. The questioner
was Informed that Mr.. Kenefic was
president OF the company, but that
Mr.. Manahan and Mr.. Doyle had left.
Mr.. Dryden was located at the office of
the Farmers National Livestock COM
pany, All Plymouth building, but was
out when the reporter called. The
bond company asserted the sale of Da-
kota paper was a private transaction
with Mr.. Dryden and that the COM
pany had had no connection with it.
In the meantime the public Is left
to figure out the riddle. Mr.. Keneflc
said ne is not president of the bond
company. The bond company Office
said he is.
Mr.. Dryden said the money was for
a league exchange" but Mr.. Manahan
said it was not.
Mr.. Dryden said the money was for
a financial institution" Mr.. Kenefic
said he understood it to be for some
North Dakota political organization"
And again the additional security for
the attractive farm paper, which was
denied to have any connection with
the Nonpartisan league. consisted of
post dated checks of the same amount
as those checks paid over by new
members of the league.