The weekly times-record. (Valley City, N.D.) 1912-1922, 1919-10-30
Ten Squad Of Bank Stock
Seller !. In The Field

+. AS fruit of their intensive drive for
stock subscriptions and deposits in
trust" for the Scandinavian American
bank of Fargo, the inner circle of the
Nonpartisan league has produced
Subscriptions to 168 shares of stock.
Deposits aggregating $25,OOO.
The disappointment of the league
leaders, who sought to put over their
entire proposition at the league rally
? in Fargo Tuesday, called to face the
leagues "gravest crisis so the inner
circle told the farmers, is reflected in
the fact that according to VIM. Lem
ke's own statement, only $25, 1000 was
depoited with o. E. Lofthus, the state
bank examiner, and that only $4,000
was collected by 10 squads of slick
stock statesmen who worked among
the league members during the Tues
day celebration.
The men who are expected to put
up the money with which to finance
the league leaders through another
few months have gone back to the
farms, and the 10 squads of smooth
sellers of bank stock have followed
them, seeking to convince them that
it is up to them to put their money in
the Scandinavian American bank at
the rate Of $21O for shares of stock in
the bank, the actual par value Of
which, at the present time, even in
the event that the solvency Of the
bank is established, is about $120.
The biggest sum turned in by any
of the squads of stock sellers was
that of the H. L. Richardson crew.
Their total sales during the day, and
they work increasingly through
Tuesday, that night and Wednesday,
when many league members still
we're in the city, netted $4,000 for
the league.
The slick stock statesmen are al
ready in the field. Their method of
operation is that employed by the
league leaders in putting over others
Of their projects. ..
They go into a certain township,
and there they get the support of the
local township henchman.
This farmer, the "come on, as he
is termed by the stock statesmen and
the league leaders, makes the rounds
with the stock sellers.
They approach the farmer known
to have money, and the stock sales
men get ntheir work. At the proper
moment they call attention to the
fact that the prospects" neighbor-
ing farmer has invested. The neigh
boring farmer probably will produce
a receipt to show that it is fact,
and he will add few words of COM
mendation for the plan.
Convinced, the farmer prospect
puts his name ON the dotted line, and
,,rc,I11noo-fho y,oocS co,eu !,
When the township is thoroughly,
canvassed, and the stock sellers COM
plete their work, they share their
farmer = the henchman whom they
used to convince the buyer of stock
that the project is @. K, and that it
should be supported.
The henchman, or "come on farm
er, as the league leaders have come
to dub him in their own parlance.
makes a nice, fat commission out Of
thedeal, at the expense Of his neigh
bors and the stock statesmen are on
their way, well enriched by the oper-
atoms.
According to the form of contract
employed, $21 900 is to be collected
from the farmers to cover the "ex-
pense" of organization. This is at the
rate of So on each share of stock
sold, and while that sum is specifi-
cally included as part of the purchase
price, and designated as "expense"
money, it also is asserted in the con-
tract that no commissions are al
lowed.
The fact is, of course, that stock
statesmen employed by the league are
paid commissions, and that the COM
missions must come out Of the farm
err who buys the stock.
In the Tuesday rally, A. C. Town.
ley made a frenzied appeal to the
farmers to give him their financial
support. He went at the proposition
in Just the manner that we indicated
he would. i. 49, @...-...-
Time after time, during the after
noon and early evening, Mr.. Townley
and his speakers, both inside and
outside Of the auditorium, pleaded
that it was not i"shake down"
meeting, but when 1880 o'clock came,
and the money still was not forth
coming, the league president went
down to the front of the stage, and
with his toes out over the edge of
tilc pAG1LAOLA AO 0FPSoASN w OAS~
farmers for money with which Ito
save the league"
In the afternoon, when Mr.. Town
ley proposed an hours intermission
for selling stock, the meeting was
broken up: the farmers left the hall,
and the speech that Governor Fra
zier was scheduled to make after the
stock selling campaign had been
completed, had to be deferred until
evening. /
All sham, however, was abandoned
at the evening rally, and Mr.. Town
ley got to the point-cash. He plead
ed for it with all his might, and the
farmers put S25, 900 into the hands of
o. E. Lofthus, accepting Mr. Lemke's
statement as correct, and they sub
scribed for only 168 shares of the |
bank stock, which is significant in
view Of the fact that the league lead
ers have put 2,700 shares Of the
stock on the market, and that ten
gangs Of the slickest peddlers Of
stock ever called together by Mr..
Townley were engaged in a terrific