The Sisseton weekly standard. (Sisseton, Roberts County, S.D.) 1892-1929, 1919-10-24

Examiner y. E. Lofthus for the man.
ner in which he has handled the af
fairs of the bank while in his charge
and we are especially pleased to note
that large number of loans have
been paid in full, while others have
ccilection is being carried on with dill
igence and every effort made to con-
serves and preserve the rights of all
persons interested as we'll as the
Stockholders and officers of the bank
FARMERS CHECKS GOOD
Collection of loans proceeded dur
ing only the last six days, since Bank
Examiner Lofthus took charge of the
bank. While Halldorson was in charge
as pretended received no effort was
made to collect loans.
An affidavit by President II. j.
Hagen, Vive President N. G. Eggen
and Cashier P. r. Sherman of the
| bank shows that individual loans, in
which the Nonpartisan league was in
no way interested, have reduced
S35, ,555.92.
Loans made on notes to the United
Consumers Stores have been reduced
by payment of $53, 900 showing that
these loans are made ON excellent
securities and are really collectible.
Loans made on post-dated checks
OF the Nonpa rtisan league, the audit
company points out, are not excessive:
loans and the report of the Audit
Bureau of Circulation shows tina.
they are worth S5 cents on the dollar
The Equitable Audit company says
''These loans are fully secured and
it is a good and safe business for this
bank"
Loans of the League exchange and
Publishers National Service bureau
are listed as Excessive but fully sc.
cured.'
The total collateral held by the
Scandinavian-Am bank, as is
shown in a report by Bank Examiner
Lofthus, is nearly two and ona-half
times the amount of it's loans.
Under the method of calculating &c.
serve requirements applied by the
state banking department for years
the bank has reserves far in excess
OF requirements.A few loans appear
to have been made in excess of the
amount that the bank was allowed by
sia-a to ioe.-.@ts u single sndi si,i,lala OF
corporation, but steps are being TAX
en- to reduce these loans. In any event
the presence of excess loans does not
give legal warrant for the closing Of
a bank.
II appears from the Equitable Au-
dit company report that there was not
the slightest excuse for closing the
bank, except that by doing so the
enemies OF the Nonpartisan League
hoped to cripple it financially.
LEAGUERs TO MEET
They have failed in this attempt
as is evidenced by the stream of mon
ey chat in flowing into League head
quarters in payment of posi- dated
checks ahead of the time that they
are due. The depositors in the Scan
dinavian- American bank have also
been reassured as a result of the
searching investigation into the
banks s affairs and it is predicted that
thousands of dollars in new accounts
will come into the bank as soon as It
is reopened.
AT Fargo, October 21, the farmers
of the League will voice their opinion
of the attempt to wreck the League
through bank -wrecking program.
Plans are peing made for series of
automobile parades from various
points in North Dakota to Fargo
President A. C. Townley of the Non
partisan league and Governor Lynn
j.. Frazier are among the speakers on
the program for the Fargo meeting
and one of the biggest and most en-
thusiastic rallies in the history of The
League is anticipated.
PRESBYTERIAN
Morning Worship 1O.3O