The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1923-09-14
DEPOSITORS AGAIN THE VICTIM OF A CLOSING OF
LIE BElSEkER BANK IN THIS CTTY-FEELINC is
kONNlNG HIGH BY DEPOSITORS WHO HAVE
BEEN STUNG SECOND TIME BY THIS HSTTTU-
ZION
Y DEPOSITS ARE SECURED BY WARRANT
Several Thousands of Dollars Again Taken Out of Circulation
In FIentywood-Busness Is Hard Hit BY ManipuIations
Of The Besekers In This CITY

Wednesday noon the Sheridan Coun-
ty State Bank was again closed. the
familiar sign being placed on the
door: CLOSED for Reorganization.
Bank Examiners have been in Plen-
tywood for the past few days and after
checking up the Sheridan County
State Bank evidently decided that the
institution was net in first class shape
and ordered the same closed up.
The Sheridan County State Bank
was re-Opened for business Nav 1st.
1922 after having been closed since
Dec. 10, 1920, and was considered to be
in first class condition at that time, the
old paper being supposed to have been
taken out, but leaving the bank with
clean slate. 1t was reported at the
time of the reopening of the Sheridan
County State Bank that that institu-
tion was starting its new business
without a dollar of borrowed money
of any kind whatsoever.
The officers elected at that time
were: I. l.. Beiseker of Fessenden, N.
D., president; w. A. Dennison of
North Dakota, acting cashier; Oscar
Gullickson of Plentywood, assistant
cashier, and Miss E. NJ. Hunter of An
telope, teller.
A great deal of confidence was
shown in the bank as reorganized and
depositOrs placed S11,000 in the bank
the first day and continued to show
their confidence in the institution by
placing more deposits as the days
went by.
And now, the bank has closed again,
financially embarrassing old depositors
as we'll as new. Business in Plentv-
wood has received a serious check,
and many families have been serious
ly Inconvenience by this sudden and
unexpected stOppage of their savings.
just how serious this holding up of
the depositors money has affected the
general public it is not known, but
from accounts current on the streets
of Plentywood, many a life savings
has become a matter of question on
account Of the closing of this bank
which was trusted to the fullest ex-
tent by its depositors.
Many depOsitors who had been stung
by the Sheridan County Bank when it
closed the first time again placed their
money IN the institution thinking thRt
with clean slate the bank would not
be closed again for at least many
years. These depositors are venting
their wrath with a vengeance on the
head Of the Beisekers, and it is indeed
a crying shame.
With the closing of the Sheridan
County State Bank, the people are
beginning to wonder what protection
they have in cases of this kind An
institution opens up for business be-
ing supposed to be financial sound
having been gone over by the State
Banking Department and in little
over a year closes its doors again,
carrying with it another bunch of de-
pOsitOrs, who even though they re-
ceive the full amount of the money
they have deposited in the bank will
be seriously Inconvenience. And the
fear of losing a life-savings is not a
matter to be considered in an Off-hand
way.
The county had $4,000 in the bank
when it closed last spring, which was
secured by the same amount of war
rants and government bonds held in
County Treasurer Olson's office. Mr..
Olson then drew $4,000 which brought
the amount down to $1,000, but the
security still remained the same. Lat
er Mr.. Olson drew draft on the Sher-
idan County State Bank for $1,000,
but it has not been cashed to the
knowledge of the County Treasurer's
office. According to these figures the
county has $1,000 in the closed insti-
tuition with $4,000 of warrants and
bonds to secure the same,
leaving Sheridan County on the right
side Of the ledger this time.