The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1919-02-13
BANKING GAME
PR0FITABLBT0
!. THE. INSIDERS. u /
Jack Hastings, Former Deputy
State Fire Marshal and
Others Pocket Nice Bit

chasing a North Dakota national bank,
converting it into state banking in
stitution, recognizing it. increasing its
capital stock on the hope of big state
deposits and in five days time picking
off an easy $4,000 commission on the
deal was the accomplishment Of Non
partisan league chieftains in the pur
chase Of the American National bank
now the American Exchange bank of
this city,.
Il William Olson. former state deputy
fire marshal under Fl. l.. Reade, was
one of the promoters. Mr. Olson sought
the office of secretary of state on the
democratic ticket and. also has been
n candidate for the office Of sheriff of
Barnes county. He was unsuccessful
both times. Assisting in the promotion
were J. ]. Hastings of Fargo, who has
had meteoric career since joining
league circles, and Louis NOltimier, for
NOR vice president of the Bank of Val
ley City, of which Mr. Olson was one
ofIthe llirectors.G MIR Olson was elected
president Of the American Exchange
bank Of Valley City and J. j. Hast
ings. vice president. at n meeting Ut
the stockholders and the directors held
4 week ago.
FIGURES NOT PUBLICLY KNOWN
The four men closed the deal ap-
proximatcly two weeks ago for the
purchase of the American National
bank ut Valley City, which had a cap
ttal Of $4,000 and surplus Of SIC, 1000.
The bank was purchased from James
Grady, former vice president, and II.
CHI r..
holders. The amount paid is not known.
The hope of big deposits OF state funds,
which could be loaned out at very
comfortable profit, was the big induce
ment to prospective buyers Of stock in
the new bank. ..s.-...
Two thousand shares of stock were
placed on the market and were Of
fered at 1925 share; 800 to 90 10
the capital stock; $15. to the surplus
and ID per cent to promotion fees,
thereby making capital of 500 900 !;
$50, 900 surplus and $4,000 commits
sion to the promoters for the work
which, it is said,5 was completed in
five days. Whether the promoters
made any other profit or not is not
known. IT,. J. g.. +
Farmers signed the subscription list
as freely as they sign league candi-
dates petition for some political office.
In some cases the farmers gave their
notes for the stock and the whole deal
was completed without the promoters
being compelled to leave their office to
canvas for subscribers. The promoters
in advancing arguments in defense of
the new league bank, declared the bank
mo To N 70 ut e
per cent the first year, and the fol-
lowing year at 5 per cent. vet the note
which the farmer gave was to be han
died at 8 per cent.
II In making a report OH converting
Of the American National bank into
the American Exchange bank. or. from
a national into state institution. ]. J.
Hastings said 1t proves that the farm
ers Of Barnes county favor the new
state banking laws. Hr. Hastings also
approves the new laws.
NO LEAGUE FOR MICHIGAN.
Marquette, Mich, Feb. 13.-Report!
that several farmers organizations o.
Michigan, which have been at odd,
for some time. might combine into I
general agricultural force, developed
| reports tnat the organizations ml3n
become affiliated with the 'Nationa
Eonpartisan league This rumor ha,
been denied by w. s. Ewing, STATE
representative from the first distric
Of aMrquette county. Ewing is on
Of the leaders of a movement to com
bine the farmers organizations.
mo Sonpartisan league could b
formed in this state said Ewine
"Michigan's economic interests ar,
too diverse"
Ewing, however, has approved com
OF the plans which the Nonpartisa
league leaders in North Dakota "
carrying out. The terminal elevate
combination Is one which he hiss il
dorsed. He believes that the farm
ers' organizations OF the state ma
b4 united III an effort to obtain legi
lalion along this line In Michigan.
"MAdlemen now get something III
MEN II
Keep your kl3les dry cleaned, psessl
and rspGlfe4. Only experts
II ua8MW013.