The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1925-02-06
County Enters Into New
Agreement With Trust Co.
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<ASA CCAAACA4~ w ALAA 4 4 OSG ~
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of which tgust estate Sheridan CoCn-
ty was to be paid the amount of de-
posits in the Sheridan County State
Bank amounting to more than S211,-
10000, which funds were place there
in 1920 by Rex MOvius in connection
with the looting episode. perpetrated
upon this county at that time by the
Beisekers, Movius, Matkin and Tim
mons. After considering the mat
ter from the facts submitted by coun-
sci, the commissioners decided that it
was a case of either accepting these
lands and warrants or to charge the
whole S211, 10000 off the books. IN
der this new agreement the county
may realize from so to 20 per cent
of the amount due it depending on
the trend of the land values during
the merit five years.
The property to be turned over to
Sheridan county includes un-en-
numbered farm lands located in Dan
iels, Hill, Roosevelt and Sheridan
counties, Montana, and in Mckenzie,
McHenry, Mclean, Mountrail, Pierce,
Sheridan, Ward, Wells, Williams,
Burke and Divide counties, North Da-
kota, of a total value of S8O,2O0.O0
and encountered farm land equities
valued at $81, 100000, and Sheridan
County warrants of a par value of
S8,355.70. The trustees are to exc
cute and deliver to Sheridan County
d warranty deed to all of the above
real estate and it in turn will handle
I1the property itself instead of leaving
it to the trustees of the tSust estate
of which 7. L. Beiseker is one.
LeSUeur showed that during the
past year, one of the most prosperous
we have had in 10 years, the trustees
in operating the estate lost more
than S40,000.00, and that if this was
to continue, it would be valueless in
five CIR six years. That the trustees
drew huge sums from the estate for
fees and even larger sums as ex-
penses' etc. He pointed out that it
would operate the same way as the
closed banks in Montana, which ex-
perience has shown that after three
or four years of receiverships. the
fees and salaries of the receivers had
absorbed ali its assets with the pos
slble exceptions of to 10 per cent.
LeSu1lr further pointed out that the
big Minneapolis Banks were prefer
red creditors under the trust agree
ment and that after they had received
what they claimed, there would be
nothing left for Sheridan county
Under the conditions, he urged the
commissioners to take what thew
could get at this time and manage
the property themselves.
The commissioners also instructed
the County Treasurer to Iiouidata all
securities held by him on account of
funds deposited in the Sheridan Col.n-
ty State Bank after it re-opened IN
1871 and to apply proceeds thereof in
iilQuldaung the amount dIe the coun-
W on the deposit and to apply the
Dalance on a certain Certificate of
Deposit held by the county treasurer
which was turned back to the coun- |
ty by Rex Movius in 1921 amount
ing to S7,634.08. Deputy County
treasurer T0rstenson reported the
next morning that after liouid9tino
the securities he found that the nrin-
clpal and the interest was sufficient /
to wipe out the deposit in the hank I
amounting to S7,170.53 together with I
interest on the same since 1922 and I
Jhat he had en0Fgh left over to ~ I
qudate the principal of the Movius
Y. u. amounting to S7,634.O8 and
Chat after applying all of the pro-
ceeds OF the securities it was found
That the entire claim of the county
including the c. D. was Houidatad
with the exception of about 81 600 loo
accrued interest on the Movius Ger
ltlcate of Deposit.
Inns proves the soundness of the
9ollcy Of the Farmers county treas
lfer who insisted on good and suf-
lclent securities from all banks and
n TINS case he not only recovered the
mount deposited by the county after !
ne bank reopened, but also recovered
learly SSOOO.00 Of moneys which had
zen emDEezzled and deposited in the
ank and which was later turned ov-
I IN the form of a c. D. Had this {
'recautlon not been taken. not a men t
y would have been realized on tba i
(. u. the deposit would also have |
cen lost had he accepted personal {
onds. Pc 'Oii''i t
The commissioners also adontino . I
ollcy refusing TO accept any per
onal bonds as security for county I
eposlts as they had noted that {
ouhIy funds are not properly safe
udIueu Oy that form of security. {