The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1919-10-04
WARRANTS0UT
FOR ARREST OF
BANK OFFICERS
States Attorney Green of Cass
County Asks Apprehension
of Hagen and Sherman
DIRECTORS WOULD REOPEN
Ask Temporary Receiver Haldor.
son for Requirements-He
Says 'Put Up the Money"

L Warrants were issued at Fargo to-
day on complaint of States Attorney
Green of Cass county for the arrest
of President II. j. Hagen and Cashier
P. R. Sherman of the Scandinavian
American bank, whom Green charges
with responsibility for the condition
which resulted Thursday in the clos
ing Of this institution by the state
banking board.
The warrants were issued shortly
before 2 o'clock on complaint of P. E..
Haldorson, deputy state bank exam
lner and temporary receiver, who al
leges that the officers exhibited to the
state bank examiners false statements
as to the actual condition of the bank
for the purpose of concealing it's al
legged insolvency.
DIRECTORS WOULD REOPEN
Fargo, N. D., Oct. 4.-Representa-
tives of the board of directors of the
Scandinavian-American bank of Fargo
have called on Receiver P. E. Haldor-
son for statement of requirements
that would have to be met to obtain
the return to them Of control Of the
bank, it was said today.
They were informed that it would
be necessary for them to put up the
cash necessary to meet the banks OBJ
legation today.
Directors Liability
Direct liability ......... 1891 ,21O 80
Joint liability ............ 9,964.OO
Endorsers ................ 21,O76.57
OVerdraft ..........., 1867
By "direct liability" is meant
notes of the directors given to
the Scandinavian-American bank
on loans; under the "joint liabil-
ity" clause is included debts due
the bank for which certain in
dividual directors are jointly
liable with others; the third item
includes notes endorsed by indi-
vidual directors, while the fourth
item is the overdraft of an indi-
vidual member of the board Of
directors.
Spurgeon Odell, a Nonpartisan
league lecturer who came to North
Dakota from southern Minnesota, is
the only active Nonpartisan league
employe on the board Of directors Of
the Scandinavian-American bank of
Fargo which was closed yesterday by
the state banking board.
Mr.. Odell, according to the state
ment listing directors, holds in his
own name 10 shares of the capital
stock Of the bank. He has been in the
institution only since the retirement
last March of John Hastings, former
financial agent of the Nonpartisan
league, who stepped out of the bank at
the time of the Valley City bank deal,
with which he was identified, and in
connection with which he received con-
siderable notoriety.
So far as known, Mr.. Odell had no
active part in the management of the
bank, the active management of the
institution being in the hands of Hal
vor j. Hagen, the president, and P. R.
Sherman, the cashier.
The report of the bank examiners
as to the liability of the officers and
directors of the bank discloses that
there have been only two meetings of
the board Of directors within calen-
dar year.
Directors Inactive
The directors discount committee,
consisting Of Directors Christianson,
Bolley, Headland and Eggen, accord
ing to the report of the examiners,
has been totally inactive.