The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1923-04-06
Minnesota Loan and Trust Company Protested Draft for Sec
ond Payment When Presented By County Treasurer
Olson-Amount Due About $28,OOO
'ES TO ANSWER LETTER ABOUT THE MATTER

The Minnesota Loan & Trust Com
pany Of Minneapolis last week pro-
tested the payment of the Second
Beiseker note, in the sum of S24,236.
and interest in the sum Of about $12,-
100000, the second of the ten notes
given to Sheridan County in the
spring of 1922, in settlement to the
county for the sum of $240,000 which
was on deposit in the Sheridan Coun-
ty State Bank at the time that bank
went to the wall in December 1920,
payable one note annually for a per-
iod of ten years. The bank is the
property of 7. L. Beiseker Of Fessen-
den.
The excuse given by the Minnesota
Loan & Trust Company for the pro-
testing of the note is that the prop
erty placed in trust with that insti-
tuition for the payment of these notes,
has so shrunken IN value that there
is not sufficient money in the trust to
meet the calls upon it.
T. L. Beiseker has refused to ans
wer any letter sent to him; refusing
to even answer registered letters.
This huge amount of money was
deposited in that bank in the fall and
during the tax collections of 1920,
when Rex MOviuS was county treas
urer and J. ]. Gunther was county
attorney and Matl1ins and TimmOns
and Tyler constituted the board of
county commissions. When that bank
went to the wall there was on depOs-
it in the same the sum of over $780,,
600, only about $4,000 of which was
covered by surety bonds in solvent
bonding houses, and this sum was c0i-
lected leaving over S230,000 which
was secured mostly by personal
bonds, on which 7. L. Beiseker, G. j.
Beiseker and Leo Zeidler were sure
ties. The last bond in the sum of
$4,000 was not properly signed nor
was it correct in form, but it was ap-
proved by the county attorney and all
Of the board of county commission
ers.
Wheeler & Baldwin and Vollum
were employed by the county to set
tie this matter and almost two years
Of negotiation, Beiseker finally made
settlement with ten notes payable one
a year for ten years with interest in
Ol6 SUlu Ol . p per CCuJ, SuppOSCu 10
have been guaranteed by the Mime
sofa Loan and Trust Company, and
made settlement finally for the first
note. The second notes was due Janu-
.ary first last, but Beiseker did not
pay. His contract provided for 80
days grace and before the grace was
up, Treasurer Olson had the note pre-
sented and it was protested and re-
turned to Sheridan county, the latter
part of last week.
The matter has been placed in the
hands of County Attorney Erickson.
Wheeler & Baldwin and Vollum
have been notified and it is expected
that they will take steps towards col
lection Immediately. Wheeler, how
ever, is in Europe, but it is likely that
Baldwin will act at once.
Sen. Wheeler has given out that he
has taken the matter up with the
United States Department of Justice
and that he expects to get actor
there. It is understood that actor
in the Federal Court will be brought
against the Beisekers as the attor.
neys are convinced that no justice
can be secured in the district court
in northeastern Montana.