The Oakes times. [volume] (Oakes, N.D.) 1906-current, 1919-10-30
CAPITAL NEWS. Letter
:sy EARLE II. rosrsv,n

son, the oldest deputy on the state
examiners. force, and who had served
in this capacity since the time Of
Governor John Burke. was discharged
last Saturday by State sExaminef o.
e. Lofthus. The letter Of dismissal
was written in Fargo. and It read:
"This is to notify you that you are
this day hereby discharged as deputy
state examiner.
THE part you took in the attempt
of wrecking the Scandinavian.Ameri-
can Bank convinces me that you are
not worthy to hold any position Of
public trust or honor, You have been
altogether too willing tool Of those
who criminally attempted to wreck
this bank, If not an active participant
therein.-O. E. Lofthus, State Exam
iner."
Halldorson was one of the two dep
uty examiners who. under the direc-
tion of the state banking board made
an inspection. of the Scandinavian
American Banks books the last of
September. AS result Of their re-
port, which declared that the bank
had made more than $743,Oo0 in ex-
cessive loans, and that In their opin-
ion the institution was clearly insol-
vent, the Fargo bank was closed by
order Of the banking board Oct. End.
and Halldorson was installed as tenn
porary receiver. o. E. Engemoen, who
had Joined with Halldorson in making
the examination and in signing the
report, made an affidavit when the
matter came before the supreme
court two weeks ago to the effect
that he knew little or nothing of the
contents Of the report when he signed
it. The ire Of the Nonpartisan League
chiefs was concentrated from the
first on Halldorson, and his dis
missal was generally expected.
The Fargo bank opened Saturday
morning within fourteen hours after
a divided supreme court had declared
1t sanitary institution, from the
standpoint of sound banking and safe
ffnanciering. Power to reopen the in
stitution was vested in Examiner Lof-
thus by the three league members Of
the supreme court who signed the ma
jority opinion. Lofthus had Joined
with William Lemke Of the league
headquarters and the Scandinavian
American Bank and its officials in pc
titioning the supreme court to inter-
vene and save the bank.
The Courier-News, President Town
ley's principal newspaper organ in
this state. declares that "Messrs. Ha-
gen. Lofthus. William Lemke and 9TH
ers connected with the bank case
were kept busy the entire. afternoon
receiving the congratulations of the
patrons Of the bank and numerous
other friends"
Mr. Lofthus makes another state
ment irshahalf se aisss Hsgan.y yownleY
bank: f'F .sT~s; ~
"The people Of Fargo evidently take
no stock in Langer's charges against
the bank, Judging from the faith
shown by the institution today. They
apparently have become thoroughly
convinced that the closing Of this
bank was nothing but dastardly po.
litical trick, and such is the fact.
1.-THE scandinavian-American is and
was one Of the strongest banks in the
state. There was no valid excuse for
closing It. It was criminal act. a
blow which was intended to destroy
the farmers banks Of the state. It is
to be hoped that the guilty ones may
be brought to time and get their Just
punishment"
Then President H. J. Hagen, author
of the letter in which President A. c.
Townley Of the National Nonpartisan
League was asked to make good his
promise to loan the bank $500, 900 of
the public funds Of the state of North
Dakota. Gin order that we may be
saved from the fear of embarrass-
ment and disgrace" which the banks
financing of Townley and his enter
prises had brought very close. accord
ing to Mr.. Hagen. has something to
say:
'"rhey (referrfng to the farmers)
"have shown that in crisis they are
willing to make sacrifices to protect
their credit. They resent the un'"-
full assault of the attorney general of
North Dakota, who they know is
nothing more or less than willin"
tool Of the monopolistic interest with
In and without the state.r
Although the supreme court
postdated checks to be first class col
lateral, negotiable to the same extent
as any other bill Of exchange. "pav-
able at some future date" President
Hagen would appear to have some
doubts. as he advises a prospective
customer that 'sThe .postdated =,
are. being paid, and our hank today is
In the best possible financial condi-
tlon." He also states that ut is our
plan to get individual deposits from
the farmers throughout North Da-
kota. 80 that no assault can be made
upon It by the bank wreckers in the
future"
Absolutely convinced Of the crook.
edness Of Boss Townley and the in.
iauitous possibilities Of the Order Of
the Post Dated Check. one thousand
farmers Of Steele county have repu-
dated the management Of the Nom
partisan League and have rebuked
the supreme court OF North Dakota