The Ward County independent., 1922-11-30
PORTER SAYS GUARANTEE FUND
COMMISSION RECElVESTHE FULL
BENEFIT OF BANK ASSETS SALE
Editor Ward County Independent.
Dear Mr.. Editor:

Dear Mr.. Editor:
1t isn't often that we break into
print and would not at this time, were
it not for the fact that people who
are not acquainted with the gentle
man and not familiar with foreclosure
sales, might possibly think that ex-
Senator Mostad is a man of some i'm
portance and accustomed to writing
the truth.
Under the circumstances, however,
it is not fair to my associates on the
Guaranty Fund Commission, to per-
nit his communication published in
your valuable paper to go without
comment. The Guaranty Fund Com
mission is composed Of Gov. Nestos,
Mr.. c. B. Mcmillan of Hannah, North
Dakota, an appointee of Gov. Nestos,
Gilbert Semingson, State Examiner,
Mr.. S. G. Severtson, former State Ex-
aminer under Gov. Hanna and the un-
dersigned, and these gentlemen are
men of at least ordinary intelligence,
were aware of what was going on and
would hardly permit one of their men,
bers to take advantage of the situa-
ton in the manner suggested by
friend Mostad.
However, Thorwald has good rea-
sons to feel peeved and somewhat dis
gruntled over the situation. His ac-
ceptance of the Receivership of the
Sawyer State Bank, is evidence that
he believes the only qualifications
necessary are to be able to control a
few votes and draw his salary. From
the time of the closing Of the bank
until his removal by the State Bank
ing Board in the spring of 1922, less
than one year, the expenses were
more than $4,000, and while we have,
not made careful examination, we
are informed that Thorwald, during
that time, collected possibly $500 and
renewed one note.
The Banking Board removed him in
the spring of 1922, but he didn't ap-
prove of their actions and made q
fuss, the matter much later was taken
before Judge J. c. Lowe and he up
held the Banking Board, and Thorwald
wasn't satisfied then, so he took the
matter up before Judge Moellring,
who also decided against him. In the
meantime, however, foreclosure of the
collateral mentioned in Thorwald's
article had been commenced and for
the reason that those most interested
in the bank did not want Thorwald to
handle the paper. He was obstreper-
Gus and evidently imagined that Re-
ceiver appointed by Gov. Frazier and
o. E. I4ofthus was larger than mere
Nestos administra ton and the Courts
had not at that time shown him some
thing about the law.
The collateral which he sets out so
elaborately is mostly good, being on
honest, well-to-do farmers who take
pride in paying their debts whenever
crops and prices will permit, and the
fact that it was bid in for small
amount merely indicates that there
were no other bidders. There is suf
ficient after the Bills Payable are
taken care of to pay Thorwad's salary
and expenses for several years, and
much Of it is so good that it would
have required very little effort upon
his part to collect it.
Now, Thorwald made lot Of mis-
takes in his statement. We wouldn't
use harsher term for we sympathize
with him in his bereavement, the cut
ting off, during the first year Of it's
young life, of a perfectly good $1,000
per day salary. We might enumerate
these mistakes as follows:
The Guaranty Fund Commission re-
ceives the full benefit Of the fore
closure for the purpose of paying de-
positors of the bank and the North
ern Trust Co. now holds the paper in
Trust for the Guaranty Fund Com
mission.
The deficiency judgment VS.. O. A.
Saastad has been satisfied.
The Northern Trust Co. does not
own any stock in the Scandinavian
American bank nor does any Of its
stockholders, and the writer owns no
stock in the Northern Trust Co.
The writer represented the Guar
anyt Fund Commission in all this
transaction.
Yours very truly,
ID D0pTEP