The Devils Lake world. (Devils Lake, N.D.) 1920-1982, 1921-03-16

respect to these loans by experts IN
banking, men who have spent years In
examining banks in the state, who sayi
it ia In ideally good condition with
respect to security on the loans made"
Charge Of Favoritism
Complete Failure
Referring to the criticism Of the
house committee regarding redeposits
Of the Bank Of North Dakota in the
Observation-Disclosures bank Of Fargo,
the committee finds:
1.-THE effort Of course has been made
to link the name of the Bank Of North
Dakota with the Scandinavian-Ameri.
can bank because it always has been
the target Of politicians, and was again
attacked By the political investigating
committee.
'sThere was positive proof over the
signed signature Of ]. r. Waters, the
man who says he was driven out Of
the Bank Of North Dakota or com.
PEELED to resign. to the effect that he
himself had ordered the redeposits
made in tho Observation-Disclosures
bank that they all. were made within
a period Of forty-hvs days following
the opening Of the Bank of North Da.
,kota, and some Of them were made be-
fore the Bank Of North Dakota opened
BY checks actually drawn BY ]. R.
! Waters himself."
Waters had testified before the
house committee he never had made
any redeposits In the Scandinavian
American bank. but had criticized the
administration Of the state bank for
having done 20.
1T 10 clearly evident" the report
continues" that since no redeposits
have been made since the expiration Of
that period Of forty-nye days, that no
n Il responsible for the size Of that
redeposit except J. r. Waters, the man
who o is trying to assist in destroy
ing the Bank Of North Dakota, and
who, under the law creating the bank,
had At that time entire authority and
control Of ths bank"
Waters was, ousted from the man
axerahip Of the Bank Of North Dakota
BY the Industrial commission.
Criticisms Of ether redeposits =
other banks were investiEated By the
committxs., It was shown that Twin
, City banks have sums Ia those lnstits-
lions a. large or larger than the Bank
| Of North Dakota; and that the state
bank has the protection Of the guar
anty fund law.
There has been no evidence Of any
kind to show that the Bank Of North
Dakota has Withdrawn funds and de-
posted money in other banks In any
a~ppreciable amounts other than those
In which the funds originated the
report finds, with the exception Of
: dYsts banks called the Jurgen Olson
string Of banks, and undisputed testi-
eu,onysapd the house records show that
=. Il. Waters il responsible for having
placed those redeposits.
with all the zeal Of political fanat
icism urging them on, the ablest at
tOrneys that could be hired aud the
ablest accountants that could be OBJ
tained have been unable to find in the
hank of North Dakota = single note or
Obligation, either direct to the bank OF
as collateral. from the Consumers
United Stores company, the Nonpar-
tisan League, the League Exchange;
the Publishers National Service Blu
reau, the Coarier-News or any other
so-called league enterprise.
..Likewise, they have been unable to
snnd any notes BY any Of the managers
q employees Of the league Institutions
which can In auy manner be inter-
+ TIE J, STAT