The weekly times-record. (Valley City, N.D.) 1912-1922, 1921-07-07

paid. Forum. a.,
DIRECTORS WHO DON'T. DIRECT
Whatever the outcome of the Brin-
ton trial as far as Mr.. Binton is
concerned, may be, it. has at least
convicted Messrs. Frazier, Hagan
and Lemke of being dummy direc-
| tors p.
Mr.. John N. Hagan, one of the three
directors Of the Bank of North Dako-
ia, which had at one time $35,000,00
of the peoples money, and which, has
lost more than 100000 Of it in
bankrupt banks, frankly admitted on
the witness stand that he was ION so
many boards he didn't know much
about the affairs of the bank except
what he learned through the employees
conducting it," AZ 1llt&I&r 70
Mr.. Hagan is a very naive gentle
man on the witness stand. It may be
recalled that he once admitted under
! oath that he violated the law by max
| ing a loan of state funds to himself
because he didn't know any better, and
was ignorant of the fact that it was
against the law. Now he admits
knowing little about the affairs Of the
biggest financial institution Of the
state Of which he is one of the three
directors. T.. 2a .a3i n II"
Just what does Mr.. Hagan know
that qualities him to hold his job ?
ISN'T he a little bit too ignorant of his
luties as state official to be entrust-
ID with them much longer? Hadn't
! We better put in a director who will
direct, and not fgurehead? !.
Or take the case Of 'Director"
Lemke. He admits holding the ma
jority of the stock of the Consumers
Stores company, but in spite of the
fact that he bought and paid for the
shares himself. he says he "heldl it in
trust for the farmers" While he
"held it in trust" the company col
lected and spent more than a million
dollars from the farmers. then went
into bankruptcy and Mr.. Lemke kept
his crust" by turning the bankrupt
company over to the farmers who
were permitted to pay it's debts. And
Director" Lemke admits tina he
didn't take any particular interest in
the affairs Of the company. William
is too careless with other peoples
money to be trusted with director
ship of the Bank of North Dakota.
And Director" Frazier, bless his
simple innocence, didn't know much Of
anything about the affairs of the Bank
of North Dakota. He never knew of
anything wrong" at the bank. and he
got most of his information" from
Cathro, McAneney and Johanson, all
employees. If directors of private
banks got all their information from
their employees. it would make bank
looting a delightfully."- simple opera
ton. The governor is far too simple
minded to be trusted as director any
onger.
Does anyone wonder why the fihan-
cial affairs Of this state are in the
mess they are in. with three such "di-
rectors" as these? 4
Isn't it about time we voted in
three new directors who will direct?
Whatever happens to Mr.. Brinton
his trial has at least proved that
much.-Forum. &
Speaking at Fargo night before
last Gov. Preus Of Minnesota, said:
"The first American colonist came
here mostly to enjoy religious and po-
litical liberty; those also came later
largely because the United States Of
fered them better opportunity to ac-
quire, hold and develop private prop
ertv. This was the principal motive
which brought most of these settlers in
the northwest to this country. Some Of
these settlers and their descendants
have in recent years been attracted by
tn doctrine Of socialists. Yet ! am
sure that if they understand what
these doctrines mean they will find
that socialism will take away the very
things for which they came to the
United States. The fundamental
principal Of socialism collective owner
ship and management Of the wealth Of
the earth and it's industries. Without
any reward to those who supply the
means of production. The commun-
lists manifesto usually called the
Bible Of socialism. proclaimed the
abolition of property in lands and the
abolition Of all rights Of inheritance,
The congressional platform Of the So
cialist party in 1918 declared for the
retention by the national, state and loA
cal government of all land by them
and the continuous requirement Of
other land by reclamation, purchase,