The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1919-10-04


the banking board follows:
U. S. SISAL TRUST
Whereas, 1t has come to the knowl-
edge of the Banking Board that the
United States Sisal Trust, common
law corporation, organized under the
laws of Massachusetts, of which J. r.
Waters, Of Bismarck, formerly Public
Examiner of this state, and at present
manager of the Bank of North Dakota,
is the President and
Whereas, 1t has come to the notice
OF this Board that the United States
Slsal Trust, by j. R. Waters, was a
heavy borrower at the Scandinavian-
American Bank, Of Fargo, now IN the
hands of receiver, and that such loan
was not secured in any way, and
Whereas, The said United States
Sisal Trust procured from the Bank
ing Board, acting as Blue Sky Com
mission, temporary permit, author
izing them to solicit sales Of their
capital stock or debentures throughout
the State of North Dakota pending an
investigation to be made by Mr.. Lof-
thus, the Public Examiner, of the com
pany's project in Florida, all Of which
appears at this time to be detrimental
to, the best interests Of those who may
be induced to buy the securities of the
said Sisal Trust,
Therefore, Be it resolved, that the
temporary permit issued to the United
States Sisal Trust, under date of .....
........ authorizing them to solicit
sales of its stocks or debentures in
this state, be withdrawn and cancelled
by notice under this date, given y to
said J. r. Waters, by the Public Exam
iner, acting as Secretary of the Bank
ing Board, and that said notice to Mr..
J. r. Waters be made by registered
mail, and that the return receipt he
recorded in the office Of the Public EX-
aminer in permanent record, and
such receipt be reported to the State
Banking Board at its next special or
regular meeting after the receipt there
of, and spread upon the permanent
minutes of this board.
Aye-Langer and Hall.
Nay-Frazier.
J. r. Waters
WueIcdS, IL udS Guile W Lut huONl"2
edge of the State Banking Board that
during the administration Of J. R. Wa-s
ters as Bank Examiner of the State Of
North Dakota, which terminated few
weeks ago. the Scandinavian-American
Bank of Fargo was repeatedly given
advance information as to the time
when the Deputy Bank Examiners
would examine said bank; and
Whereas, all of this was done by the
said I. r. Waters without knowledge
on the part of certain members of the
Banking Board, and this knowledge
coming as it does Immediately sub
sequent to the closing of the bank, by
order of this Board, causes the mem
bers thereof much concern and emlslr-
rassment, and it appearing that the
public should have some explanation as
to why the condition of this banks af-
fairs was not made known to this
Board, and a receiver appointed
months ago;
Now, Therefore, Be it resolved, That
the members of this Board placed upon
its minutes Of today an explicit denial
Iof any prior knowledge of the un-
toward condition of the Scandinavian
American Bank. or it's insolvency, prior
to the receiving of the report of the
special examination made by the Bank
Examiners, under the direction of the
Attorney General, and that Mr.. LANCER
be requested to give copies of this re-
solution, or the gist thereof, to the
public press, SO that the people of TIE
state may know that the members Of
this Board have not connived at per-
mitting an insolvent, quasi-public In
stitution to continue in business and
accept public moneys.
Aye-Langer and Hall.
Nay-Frazier.