The Wolf Point herald., 1920-12-30
BANK AT PLENTYWO0D
CLOSED BY EXAMINERS
Rumors Indicate Reasons Other Than
Money String Big
County Deposits

=
| County State Bank failed Saturday.
The State Bank examiners arrived
in Plentywood, coming from Scobey
last Friday afternoon and commenc-
ed examining the books of that bank
and at 1000 O'Clock Saturday morn
; ing, after a number of people had
made quite heavy deposits, the ex-
aminers put up sign written on the
bank stationery, in the glass of the
door with the information run
Short of Money, Bank Closed for To-
day." but with no signature on the
notice.
The news spread rapidly about
town, but most people did not worry,
: thinking that the reserve had run low
and that by Monday morning cur
rency would be on hand and that the
bank would open again for business.
In the meantime the widest sort
of rumors were set afioat and before
night it was claimed that the condl-
ton of the bank was very serious.
The fact of the closing of the bank
simply dunafounded the people be-
cause of the fact that the ink was
hardly yet dry on articles published
in the press of the state by Bank Ex-
aminer McGraw stating that the
banks of the state were in splendid
condition and that the total reserve
of the banks in the state had increas-
ed over two millions of dollars, and
because of the fact that the banks of
Sheridan county had only been eX-
amined about month ago, every
body in Sheridan county was resting
easy, having implicit faith in the
state bank department
Hundreds of local people have
their all in the closed bank, and the
failure of that institution has cast a
dark cloud over the holiday season in
Sheridan county. The closing of the
Sheridan County State Bank came as
thunderbolt out of clear sky as I
that institution was considered one
of the strongest banks in eastern
Montana.
Depositors VIII Be Paid
It was announced by employees of
the bank Wednesday that 7. L. Beis-
eker, president of the bank Of Fes-
sender, N. D., telegraphed that he
would personally see to it that all the
depositars would be paid off in full.
1t is rumored that the bank has
been looted and that the books and
records of the bank have been al
tered and falsifed to disguise the un-
lawful transactions. 1t is rumored
that while the county has S265,O00
on deposit in the closed bank, the ex-
aminers discovered that the bank
books showed that there was only
s75. 900 credited to the county in the
bank. II
McGraw Arrives
The conditions existing are so SER
ious that State Bank Examiner Nc
Graw himself came to Plentywood
Wednesday morning on the train to
take persoRai charge Qf the bank n
While it is claimed that the bank
will be re-organized by officers of the
,ank, this is generally doubted by
he general public because Of the
tringent financial conditions of the II
ountry generally. Il
County Badly Involved II
1t also seems that the sinking fund II
f Sheridan county is badly involved II
S it is alleged that 1866, 900 of that
und is in that bank. 1t is reported II
hat the county bank held surety II
ond for the closed bank in the sum II
{ $125,0 900 and a personal bond III
igned by T. L. Beiseker and L. G. III
eidler in the sum of $50, 1000, and II
econd bond in the same amount II
gned by the same parties and a III
lird bond in the sum of $4,000 III
led in October signed by 7. L. Beis- m
1er and Cashier C. J. Beiseker, II
hich was supposed to be a tempor- |
" bond for use during the flush III
ason. 1t is alleged that the bonds III
en- are in for a loss, and it is rum III
ed that County Treasurer Movius Il
I'd his bondsmen are also legally re- III
ionsible because of the fact that ne HI
IS violated the law in placing the
Mount of money that he has in one
nix, and it is also claimed on good II
thority that the county commits /
,ners and the county attorney are H
50 jointly liable for any loss that Il
= county may sustain by reason OF II
cir neglect in complying with the
V and in seeing that the law is com
ed with
1t seems very likely at this time
It the county deposits are perfect
safe, and that the county will sus-
n no loss. III
Warrants For Arrest III