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BANK COMMISSIONER SUES JAFET LINDEBERG FOR CASH SAN FRANCISCO, March 26Bank Commissioner Hay, of the state of Washington, has filed suit in the federal court here to compel Jafet Lindeberg and Erik O. Lindblom to return to the receiver of the defunct Scandinavian American Bank, of Tacoma, the sum of $464,951, said to be due the bank on promisory notes given by the two defendants.
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Grand Jury Inquiry of Bank Failure Demanded TACOMA, Jan. 19.-Prosecuting Attorney W. D. Askren, today asked the Superior Court to call a Grand Jury investigation of charges of gross mismanagement of the affairs of the Scandinavian American Bank of Ta coma, which closed its doors Monday owing to several thousand depositors and having only relatively small assets. The Court indicated that it would comply with the prosecutor's request if evidence is produced ind cating criminal acts in connection with the bank's failure. Other Tacoma banks have announced that money would be advanced depositors in the defunct institution and no run on other banks is anticipated.
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# Bank President Is # Out on $20,000 Bail Ole S. Larson, former president of the Scandinavian-American Bank of Tacoma, which recently was placed in the hands of a receiver, was released from the Tacoma jail Saturday on $20,000 bonds. Larson is under grand jury indictment for alleged misappropriation of the bank's funds.
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Lindeberg, Lindblom Sued To Recover Bank's Funds SAN FRANCISCO, March 28.The Bank Commission of the State of Washington has filed suit in the Federal Court here to compel Jafet Lindeberg and Erik O. Lindblom, directors of the defunct Scandinavian-American Bank of Tacoma, to return to the receiver of the bank a total of $464,951 alleged to be due on promissory notes.
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SUE FOR RETURN OF MON San Fracisco. March 28.-A suit has been started against Jafat Lindeberg and Erik O. Lindblom for a return of $46,495 with interest which is due the receiver of the Scandinavian-American Bank of Tacoma. This suit has been filed in the United States district court by C. E. Hay the bank commissioner of Washington. Lindblom's part is one hundred and twenty one thousand dollars.
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Sues For $464,951 Claimed Due Bank SAN FRANCISCO. March 28.-A suit to compel Jafet Lindeberg and Erik O. Lindblom, Alaska, Tacoma and San Francisco capitalists, to return a total of $464,951 said to be due, with interest, to the receiver of the candinavian-American Bank of Tacoma, was filed in the United States district court here today by C. E. Hay, bank commissioner for the state of Washington. Lindeberg, a former director of the bank, is under indictment in connection with its closing and his extradition to Tacoma is being sought. The funds were in the form of promissory notes from the bank, according to Hay's complaint.
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LARSON GETS TERM IN PEN Tacoma Bank President Must Serve Time TACOMA, June 13.-Ole Larson, president of the defunct Scandinavian-American bank, was given two sentences of from three to ten years in the state penitentiary, following his conviction on two separate charges of borrowing $10,000 and $6,000 from the bank without proper resolution of the board of directors. The two sentences are to run concurrently. Larson's lawyer told the court that unless Larson is operated on immediately he will die within six months. Notice of appeal to the supreme court was given. Larson's counsel argued that the bank president was not responsible for the bank's collapse, that he had been made the goat. Judge William D. Askren replied that while Larson's conviction may have been due to a certain technicality, nevertheless it was due to failure to observe the statutes that the smash came. The judge told him in effect that if Larson was "the goat," the 12,000 depositors who entrusted their funds to him were also "goats," or victims. Sixteen of the 24 indictments on which Larson was held were dismissed.
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Seattle, July 1.-The Scandinavian American Bank of this city suspended this morning, owing depositors about eleven million dollars. The closing of the bank followed a meeting of the directors this morning, at which the decisive action was taken. A run has been in progress on the Seattle bank since the fail ure of the Tacoma ScandmavianAmerican Bank, which it originally founded as a branch. John H. Duke, supervisor of State banking, took charge of the institution this morning.. It is the opinion of conservative bankers that the closed con-
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The bank was a member of the federal reserve system, the Seattle Clearing House association and the Washington State Bank Depositors' Guaranty fund. Shrinkage of values during the last year and a half and recent abnormal deposit decreases were given by John P. Duke, state supervisor of banking, as reasons for suspension. Failure of the Scandinavian-American bank of Tacoma several months ago was believed to have been responsible to a large extent for the withdrawal of deposits. The institutions were not connected when the Tacoma bank failed but for a long time had been closely allied. Following the action of the directors in suspending, Supervisor Duke issued a statement in which he absolved the present management from blame and declared that "credit is due it for its earnest and untiring efforts to protect the interests of the depositors and carry the bank over its troubles."
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TUESDAY (TELEGRAPHIC) BELIEVED SCANDINAVIAN AMERICAN BANK WILL PAY NEARLY FULL Seattle, July 5--It is the opinion of conservative bankers that the closed Scandinavian-American bank of Seattle will in time pay up nearly in full. The bank suspended owing depositors about eleven million dollars. The action was decided upon at a meeting of the directors. A run had been in progress on the bank since the failure of the Scandinavian--American Bank of Tacoma, which it originally founded as a branch. John H. Duke. Supervisor of State Banking is in charge of the institution.
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SEEK TO REGAIN BANK DEPOSITS Last Day" Claims Against Scandinavian in Court Whether last day depositors In the BcandinavianAmerican bank of No. aftle, which closed Its doors June 30, 1921, are entitled to have their deposits refunded, or whether all money taken in on the last day may be considered assets of the institution by the state banking supervisor, was to be decided Monday by Superior Judge C. H. Neal. Evidence in a suit brought against the Beandinavian-American bank of Seattle and J. P. Duke, state bank. ing supervisor, by the Washington Shoe Manufacturing company, was being presented to the court. Four teen other claims have been assigned to the Washington Shoe Manufacturing company for the purpose of the test case. Ralph 8. Stacy, vice president of the Union National bank. and prestdent of the Scandinavian-American bank of Seattle at the time of its failure, admitted on the stand that deposits were accepted on June 30, 1921, in the hope that the bank could be saved: but in case negotia tions fell thru, he testified, such deposits were placed in separate envelopes and were not entered on the books, so that they might be returned. Stacy said that failure of the Scandinavian-American bank of Tacoma started a run on the Seattle institution, which resulted in $3. 500,000 being withdrawn. J. 8. Lane, for 25 years cashier of
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Lindeberg to Turn Over Property, Suits Dropped TACOMA, June 6.-Judge Card has signed an order directing the received of the defunet ScandinavianAmerican Bank of Tacoma to accept the offer of Jafet Lindeberg, who the receiver stated is practically penniless. Lindeberg, whom the receiver sued on notes totaling $350,000, offered to turn over his remaining property if the suits were dropped.
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CLAIMS BE PAID AT AN EARLY DATE SAYS UAIJ RECEIVER SEATTLE DEPOSITORS GET 55 PER CENT AND TACOMANS 45 PER CENT TACOMA, June 30.-The claims of the defunct Scandinavian American Bank of Tacoma and Seattle, against Jafet Linderberg, amounting to some $223,000 will be paid at an early date, according to a statement made by Forbes P. Haskel, jr., receiver for the Tacoma institution. The money will be divided 55 per cent to Seattle and 45 per cent to Tacoma, the payments being distributed over a period of three years.
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THREE YEARS TO PAY CLAIMS, DEFUNCT BANK Tacoma, June 29-Claims of the Defunct Scandinavian American banks of Seattle and Tacoma against Jafet Lindeberg amounting to $223,000 will be paid at an early date according to a statement made by Forbes P. Haskell Jr., Receiver of the Tacoma institution. The money will be divided 55 per cent to Seattle and 45 per cent to Tacoma. Payments to be distrib uted over a period of three years.
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Tacoma, June 30. .-The claims of the defunct Scandinavian American Bank of Tacoma and Seattle against Jafet Lindeberg, amounting to $223,000, will be paid at an early date. according to a statement made by Forbes ₽. Hassel, Jr., receiver of the Tacoma institution. The money will be divided as follows: 55 per cent to Seattle, 45 per cent to Tacoma. The payments will be distributed over a period of three years.
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NOME DEPOSITORS RECEIVE DIVIDENDS FROM DEFUNCT TACOMA BANK Nome depositors in the Scandinavian American Bank of Tacoma, which suspended payments two years ago were the recipients of ten per cent dividend checks which arrived in the last mail. This is the fifth ten per cent dividend paid by this bank since being taken over by the banking board of the State of Washington for liquidation.
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DISPENSES WITH BANK ATTORNEYS (By Associated Press) Olympia, May Fixing their fees as attorneys in the liquidation of the Scandinavian-Americar bank, Tacoma, at the amount they had already received as salary, State Superintendent of Banking Johnson notified Guy Kelley and Thomas McMahon that their services would be dispensed with at the end of the month.