The Ward County independent. [volume] (Minot, Ward County, N.D.) 1902-1965, 1919-10-09

certain list of overdrafts amounting
to approximately $757.O5. That said
bank Immediately complied with said
request, and that no other criticisms,
suggestions or faults were found with
the financial condition of said bank at
that time, except the usual sugges-
tions which were in process Of adj
justment."
Sherman asserts further that ION
Sept. 81, 1919, one Albert Sheets, as
sistant attorney general, came into
the bank and said that he had come to
look over some of the affairs Of the
bank at the request of one William
LANCER and one Thomas Hall. He was
then asked if there was anything spec
ial he wanted to see, but answered, mo,
there isn't, only a sort Of general
examination and intimated that he
would like to look over the collaterals.
Affiant got the collaterals and Sheets
and Deputy Examiner Halldorson be-
gan to ask questions about the Con-
suners' United Stores and farmers
collateral generally, and made no in
quiry about any other matters. There
was with Mr.. Sheets and Mr.. Halldor-
son one w. s. Lauder, who was also
especially Interesting himself in the
accounts of the Consumers United
Stores company and other farmers or
CARNATIONS and their notes and collat-
eral. Later Mr.. Sheets and Deputy
Bank Examiner Halldorson wanted to
know more about the notes and collat-
erals of farmers and farmers organ
izations."
On the day that the bank was closed,
Sherman says that a girl, sent by
the Scandinavian American bank to
the Merchants National bank, the
clearing house, "came back about 11:3O
o'clock saying that they refused to
clear the items and did not tell he1
why. Before she came back there was
a move by the other banks to deplete
our currency by demanding cash fol
clearing items" Continuing, Sherman
says: "All the banks, in apparent
concert, demanded cash and we were
compelled to demand cash on our items
and make demand on one other bank
| for $4,000, but said bank refused anC
said it only had $4,000 in cash."
There is a supporting affidavit filed
bv members of the board of directors
H. J. Hagen, N. G. Eggen, Lars Chris
tianson, H. L. Bolley J. F. Holmes
| Emil y. I1cdUldHu anu 0PuA SSOtL
Dell. The names of Directors H. H
| Aaker and O. K. Hanson do not ap
pear.
Still another affidavit is by Myrol
;, w. Thatcher, of st. Paul, an account
ant. He discusses five financial state
ments made by the bank, and from al
examination Of these he says tn
l banks reserve was actually in excess
of the legal requirements on the day
it was being especially examined.
I Mr.. Thatcher says post dated check
will pay out IS per cent OF their fac
value.
Sturgeon O'Dell, Nonpartisa
league lecturer, and director OF tn
. bank, makes a separate affidavit, sup
porting the authenticity of statement
! Of the banks condition placed befor
4 Thatcher.
!. Axel Stfom, manager Of the. Non
partisan league, makes an affidavit
saving that post dated checks pa
: out IS per cent of their face value.
. The final affidavit is that of M. +
Friedman, who says that he is a dc
, positor in the bank, and he relate
making call at the bank subsequer
to it's being closed, when he says h
:. informed teller that he would b
back Gin two or three weeks to d
: some more business with you." Fl
) quotes Receiver Halldorson as sayln
u that the bank may not be reonened.