Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1918-07-30
BANKERS JOIN
IN EFFORT TO
SAVE BIG CROP
D. H.jUgland of Knox Bank
Alleged to Have Forged
Papers for 100000.

Bismarck. N. D., July 3o.-That the
Liabilities Of the D. H. Ugland State
bank at Knox include $3.50, 900 in
Forged paper was n Of the discov-
cries made at a meeting of a score or
more Minnesota bank creditors held
IN Minneapolis on Saturday, reported
State Examiner j. r. Waters, upon
his return to Bismarck. This bad pa
per, says the examiner. is widely dis
resota. The heaviest creditor as to
this class Of liabilities holds $4,000
worth OF forged notes. it is alleged.
The State Bank Of Commerce is said
to be the only Minneapolis bank in
volved.
An unique banking agreement was
reached at the Minneapolis conference
when on suggestion Of Examiner Wa
tiers the bank creditors voluntarily as
sessed themselves on the basis Of
liabilities a sum Of $1,000 which will
be used to harvest an 5000 acre crop
on tire Ugland farms at Knox, whose
estimated value is $3.50, 900. This fund
will hire harvest hands, supply feed
and materials and attend to the mark
citing of the crop which consists Of
1000 acres of rye, 1900 acres Of
wheat, 1000 acres Of oats, 400 acres
OF flax and 400 acres Of barley. With
the exception of 1000 acres Of rye
damaged by hail, all the grain is in
good condition. Examiner Waters in
addressing the bankers impressed up
on them the need for immediate ac-
ton and they promptly followed his
suggestion, by declaring an assessment
and turning over their checks before
the close Of the meeting. M. H.
Shure Of Fargo has been named trus-
tee for the creditors. and Examiner
Waters will apply to the courts for the
appointment of a receiver for the
bank and other Ugland property.
The liabilities as listed by the state
examiner are:
Mortgages on 1920 acres Of
tano ..$24e,0O0
deposit zoo, o o
Bank shortage ............ 10000
Incidental liabilities ........ 10000
Total .;4s5.ooo
The assets are:
14,200 acres Of land at
$22.5O 600
Nine elevators at Sc, 00O..... $4,000
Estimated crop from 5000
acres 100000
Bills receivable and accounts
parity verified ............ $4,000
Personal property ....:..... $4,000
Town property ............. 10000
4Odl ..$066,VVV
Shrewd Scheme Used. &
It is alleged that in disposing Of
this forged paper original farmers
notes were duplicated. When prospec-
tive purchasers inquired from the To-
cal register Of deeds they were ad-
vised that the note which they,.he-
lieved they held was registered, il Is
claimed. In one instance, it is report
ed, the purchaser Of one of these
notes went to Knox to investigate,
produced the alleged forgery, and the
man whose name was signed to it
identified it as his. 1t is alleged, how
ever. hat it later developed that sew
eral other copies Of the same note
had been distributed among various
small banks in minnesota.
Upland, who has been out Of the
state. is expected to return today 70
assist the banking department in
Strengthening out this muddle. The
Knox state bank is a small Institution,
with but $4,000 capital stock and
with only $4,000 in deposits. The
bank was closed several weeks ago by
the state examiner, previous to the
date upon which the state guaranty
deposit act took effect.