The Ward County independent., 1921-02-24
JAMES JOHNSON RECALLSEARLY
BANKING DAYS IN CITY; MONEY
SHIFTED WHEN BANKSEXAMINED

James Johnson, prominent Minot at
torney-banker and Ward county pio-
neer, was in reminiscent mood the
other morning when he visited our
sanctum. The stories of early Ward
county days by our pioneers are al
ways intensely interesting and no one
tells them better than "Jim," who has
a very retentive memory and who
leaves out no details. Some of the
dubious business practices of the
perfect form today, but it must be
remembered that the pioneers made
many of their own laws, or at least
interpreted such laws as were on the
statutes to fit the occasion.
Mr.. johnson, whose law offices are
located in the building on South Main
street which was the first home of
the Bank Of Minot and the First Ma
tiOnal Bank, was one of the first Mi
not bankers. E. Ashley Mears, who
has long since gone to his reward, was
the president of the Bank of Minot.
James johnson was vice president,
and Ashley E. Mears, son of the
president, was the cashier.
The Bank of Minot and the First
National Bank were operated at the
same time in the same building and
had the same officers and stockhold-
ers. Money was taken out of the
Bank Of Minot to finance the First
National Bank. Little attention was
paid to examining North Dakota
banks in those days. When the ex-
aminer would start out on his exam
ination at Leeds, for instance, immed-
lately after the examination, cash was
carried bp fast horses to Devils Lake.
After the examination at the Lake,
the money would be sent ahead of
the examiner to Rugby, Towner, and
finally would arrive in Minot. A little
money in those days would go a
long ways and helped out many per-
ilous banking situation.
Fred Medhurst, who later was
cashier of the First National Bank,
absconded with all the available funds,
about $4,000, and was never located.
It was reported that he went to Win
nipeg.
Mr. Johnson did not like the way
Mears and his son ran the bank, SO got
out before the crash came. Mears'
son, whenever needing extra spending
money, is said to have taken out the
money and then made out chattel
mortgages on property that never ex-
listed, signing fictitious names. When
Mr.. johnson finally quit the banks, he
Van Brunt drill that had been taken
in on mortgage, hauling it to his
farm at Burlington one evening, be-
hind his buggy, drawn by his faithful
old bay mare.
An attorney from Troy, N. Y,
named Blair, became interested in the
First National Bank and he was shorn
of his fleece in good shape by H. F.
Salyards and others who were later
interested in the bank. Blair lost
about $4,000 in the institution.
Before the First National Bank
failed, Salyards, Arnold and Page be-
came interested in the institution. The
First National built the block now oc-
cupied by the Second National Bank,
which was named the Great Northern
Bank when it was first organized
E. Ashley Mears was very energetic
and great dreamer. He had vision
that there were millions to be made
in sheep. He organized the United
States Sheep Co., sold $25O,0O0 worth
of stock. Several trainloads of scabby
sheep were shipped in from Montana
and many suffered severe losses. Olaf
A. Olson had bought $1,000 worth of
stock in the bank at this time, which
afforded him considerable education
in the subject of Profits and Losses.
Jack Carter, who has been guard at
the state. penitentiary for great
many years, engaged in the banking
business with Lewis Bros. in the early
days. Their bank was located on the
corner in an old building on the pres
ent site of the Scandinavian-American
Bank. Their bank failed later.
Sam Paige, an early banker, was a
real sport. He had about the fastest
horse in Ward county. The old timers
had big Fourth Of July celebration
at No Mans Land at Burlington.
Paige had a stiff leg and presented an
unusual spectacle as he raced around
the track. Jim johnson had taken his
work teams out and built a good
track. Ed Kelley was manager Of the
races. Money was scarce and Kelley
had only $40 for all of the races. A
large crowd had gathered and had to
be amused. Paige's horse could easily
have won, but the money would soon
have been exhausted, so Kelly made
him trot over many Of the heats for
alleged irregularities. Martin Jacob
son owned some good horses in those