First National Bank (Rugby, ND)

View Charter #6341 on SPMC View balance sheet

Episode Information

Episode UID: 634101271
Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 63410 national
Charter Number: 6341
Start Date: November 27, 1905
Location: Rugby, North Dakota (48.369, -99.996)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: f090f233bfde26b8

Response Measures

Full suspension, Books examined

Other: Comptroller-appointed receivership (receiver George W. Swords) and subsequent receiver-managed dividends to creditors.

Receivership Details

Depositor recovery rate: 42.0%
Date receivership started: 1909-01-04
Date receivership terminated: 1919-10-31
OCC cause of failure: Fraud
Share of assets assessed as good: 43.9%
Share of assets assessed as doubtful: 26.5%
Share of assets assessed as worthless: 29.6%

Description

A 1905 run tied to an embezzlement arrest preceded the bank's 1909 closing and receivership; causal link plausible but not fully documented.

Events (4)

1. July 17, 1902 Chartered

Source: historical_nic

2. November 27, 1905 Run

Cause: Bank Specific Adverse Info
Cause Details: Cashier Andy Jones was arrested on a charge of embezzling $1,400, triggering withdrawals.
Measures: Bank examiner investigation was reported (Bank Examiner Chapman to investigate).
Newspaper Excerpt: This turn of the wheel has caused a run on Jones' bank, and the Minot Optic says Bank Examiner Chapman will make an investigation of the bank's affairs.
Source: newspapers

3. January 4, 1909 Receivership

Source: historical_nic

4. January 4, 1909 Receivership

Newspaper Excerpt: The First National bank of Rugby, N. D., closed its doors today by order of its own directors and the comptroller of currency has appointed George W. Swords as receiver.
Source: newspapers

Newspaper Articles (21)

1. November 27, 1905 Bismarck Daily Tribune Bismarck, ND

Article from Bismarck Daily Tribune, November 27, 1905

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H. O. T. at Rugby. All kinds of trouble at Rugby seems to have grown out of the fued between State's Attorney Whittemore and Andy Jones, mayor of the city and cashier of the First National bank. It is said Jones tried and failed to have Whittemore disbarred and in retaliation Whittemore has had Jones arrested on a charge of embezzling $1,400 from the Northwestern Land company. This turn of the wheel has caused a run on Jones' bank, and the Minot Optic says Bank Examiner Chapman will make an investigation of the bank's affairs. Warm times are looked for in Rugby.

2. January 4, 1909 The Evening Times Grand Forks, ND

Article from The Evening Times, January 4, 1909

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RUGBY BANK IS CLOSED Washington, Jan. 4.-The First National bank of Rugby, N. D., closed its doors today by order of its own directors and the comptroller of currency has appointed George W. Swords as receiver.

3. January 5, 1909 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, January 5, 1909

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SMALL BANK FAILS. Washington, Jan. 4.-The First National bank of Rugby, N. D., closed its doors today and the comptroller of the currency has appointed a receiver. The bank has acapital stock of $25,000 and deposits to the amount of $219,460.

4. January 5, 1909 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, January 5, 1909

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NORTH DAKOTA BANK FAILS. Washington. Jan. 4.-The First National bank of Rugby, N. D., closed Its doors today and the comptroller of the currency has appointed a receiver. The bank has a capital stock of $25,000 and deposits to the amount of $249,460.

5. January 6, 1909 Norwich Bulletin Norwich, CT

Article from Norwich Bulletin, January 6, 1909

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Condensed Telegrams Five Persons Were Injured in holiday coasting accidents at Tuxedo: William Stellenwerf, a race track plunger, committed suicide by firing both barrels of a shotgun into his head. Guglielmo Ferrero, lecturing at Columbia university, depicted Nero and St. Paul as collaborators," and denied Nero set fire to Rome. The First National Bank at Rugby, N. D., has been closed by its directors, its deposits amounting to $249,468, with a capital of but $25,000. Columbia University Has Given the degree doctor of letters to Signor Gugleilmo Ferrero, an Italian historian, lecturing in this country. Secret Service Men at Chicago are hunting a widow in green" who has been running a blackmailing game, with wealthy. persons as the victims. A Special Examination of the affairs of the bankrupt firm of A. Boqth & Company of Chicago has been asked to account for $692,374 not shown on the books. Richard Croker, as the guest of Andrew Freedman, left New York Monday morning for Palm Beach, where he will remain three months at Mr. Freedman's cottage. Four Persons Were Badly Hurt in a gas explosion in a house at New Martinsville, W. Va., occupied by J. H. Bridgeman and G. C. Garrett, the house being wrecked. Hattie Forsyth, a Broadway, New York, show girl, who said she is to be married this month, said it was not to "Tony" Drexel, the young son of A. J. Drexel, of Philadelphia. Walter McGreal, 20, and Hazel Hall, 17. left their homes in Brooklyn on Christmas day and are supposed to have elpped. Mrs. Hall employed detectives to track the couple. Triplets Were Born to Mr. and Mrs. Walter Fortune at their home. 158 Farrington street, Flushing, Queens. Monday. This is the third set of triplets born in Flushing within a year. The Dinner, Ball and Reception at which Miss Marjorie Gould will be formally /introduced to society on Thursday night is expected to be one of the most lavish affairs ever seen in New York society. Richard Canfield, who moved into the handsome residence, 9 East 55th street, nearly three years ago, has suddenly closed the house. stored the costly furnishings and sailed for Europe. Signs were nailed up Monday announcing that the house is for rent. Charles G. Wridgeway. president and manager and director of the Peerless Motor Car company, at 202 West 41st street, New York. and living at 413 Convent avenue, was arrested in his home Monday evening on the complaint of his wife, who charged him with assaulting her.

6. January 7, 1909 The Ward County Independent Minot, ND

Article from The Ward County Independent, January 7, 1909

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Rugby Bank Closes Andy Jones Bank at Rugby in Hands of Receiver G.W.Swords-Maybe in Bad Shape— Jones Out of Town ago. Jones is a man of powerful The First National bank of Rugby friends and powerful enemies, and whose president is tht famous Andy while some assert that the bank is Jones, closed its doors Monday in bad straits, the depositors do not morning shortly after the cashier seem to be worrying, and hope the had opened for business. Several bank will pay out dollar for dollar. deposits had been received before George W. Swords of this city the doors were closed and the ashas gone to Rugby as Receiver of sistant cashier, without placing a the defunct institution. notice on the door, went home. Mr. Judge N. Davis is now visiting Jones, we understand, was out. of relatives in Pennsylvania and Dethe city at the time. The bank examiner visited Rugby a few days leware.

7. January 7, 1909 Bismarck Daily Tribune Bismarck, ND

Article from Bismarck Daily Tribune, January 7, 1909

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BANK CLOSES ITS DOORS. Failure of First National Bank at Rugby, No Surprise to Officials. Washington, Jan. 5.-The First National bank of Rugby, N. D., closed its doors today by order of its own directors and the controller of the currency has apointed Geo. S. Swords as receiver. The bank has a capital of $25,000 and deposits to the amount of $249,468. It was in trouble some months ago, and its failure is no surprise to the treasury officials.

8. January 12, 1909 Wausau Pilot Wausau, WI

Article from Wausau Pilot, January 12, 1909

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North Dakota Bank Closes. The First National Bank of Rugby, N. D., closed by order of its own directors and the comptroller of the currency. has appointed George W. Swords as receiver. The bank has a capital of $25,000 and deposits of $249,468.

9. January 14, 1909 Wood County Reporter Wisconsin Rapids, WI

Article from Wood County Reporter, January 14, 1909

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North Dakota Bank Closes. The First National Bank of Rugby, N. D., closed by order of its own directors and the comptroller of the currency, has appointed George W. Swords as receiver. The bank has a capital of $25,000 and deposits of $249,468.

10. January 14, 1909 Emmons County Record Linton, Williamsport, ND

Article from Emmons County Record, January 14, 1909

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been completed. Mott.-N. P. surveyors are still at work in this vicinity Fargo-Fargo gets the meeting of the state veterinary association Jan. 61 XIS 102 Waller months in jail for assaulting the town marshal. auo serienced ssog man from twenty to thirty years in the pen for robbery Washburn.-There were sixteen criminal and more than 100 civil actions on the calendar мои 10 dequinu telephone lines have been constructed lately south of here. Flasher.-This place is to have two banks, articles for the incorporation of both having been filed Jamestown.-Bailey Fuller is reported to have the finest water in the state in a spring on his farm-near here Rugby.-The county division strug gles in Ward county were such that one man near Stanley became insane over the affair. Jamestown.-A man and woman left the city mysteriously leaving their baby 19 days old, to be taken care of by the county North Dakota has about reach the limit on the organization of new counties until some of the largest of the present ones can be divided Monango.-The Journal tells about e JOAO Supq8y иэш OM) getting chewed up-one on the finger and the other on the snoot The public market day at Mott, Saturday attracted the biggest crowd ever gathered in the town, with pos sibly a Fourth of July exception, and the business men want some more. Devils Lake-Senator Hansbrough, who has been ill at Asbury hospital, SIMOIS sp Physicians and hospital attendants have strong hopes for his complete recovery He is still very weak. however, and it will be some time before he can leave the hospital Grand Forks.-In only ten counties in the state were new superintendents of schools elected. In thirty-two counties the officials were re-elected and in two others superintendents who had formerly held the positions some years ago were chosen. Jamestown. Arrangements have practically been completed for the engagement of P. J. McClory to as sist the state's attorney in the prose cution in the case of the state against W S. Howard for the murder of A. jo couple B here 10 the Thonas "I months ago. Rugby -The Balfour Coal Mining company has been or ganized out in Ward county with an authorized capital of $500,000 Among the incorporators are a couple of mine operators from Missouri and an elevator JO 118 eleverors 18 SUMO that шлу which are handling coal Rugby.-The affairs of the First National bank, of which Andy Jones, was cashier. are in a bad tangle according to information received in Grand Forks last evening The doors of the bank were closed by Dr I. M McBride assistant cashier, act ing upon order of the directors and the comptroller of the currency has appointed George W. Swords, of Minot as receiver. Maxbass disastrous fire which started by the explosion of a gasoline lamp in the dining room of the City restaurant. in which several persons were sitting broke out Friday night The City hotel, restaurant a barber shop and a rooming flat were totally destroyed A butcher shop and a pool room were badly damaged. The Renville Mercantile Co.'s big store was saved after hard work Fargo.-A personal check for $1,000 for the relief of the Italian earth quake sufferers was forwarded by Rt. Rev John Shanley, bishop of the Catholic church of North Dakota, to the National Red Cross society. He also ordered that a special collection be taken simultaneously in every Catholic church in North Dakota on Jan 17. Other churches are taking like action to aid the earthquake sufferers Dunseith.-The Magnet prints a photograph of a street scene in Dunseith taken the day before Thanks giving. Windows and doors were open and people were out without coats, and ladies with white dresses The climatic effect is decidedly sum mery. Light clothing has been quite comfortable in any week since that time, but just at present a fur coat seems to be more in keeping with the conditions. Taylor.-The Farmers State bank which was recently incorporated has just completed a brick building and expects to be ready for business soon after the first of the year Devils Lake.-It is probable that Mrs. Wright will be tried here on the charge of murdering her adopted daughter-and no change of venue will be taken as was planned Russell.-A child of Emil Luedtke was playing with & cat when the feline sprang at the youngster and inflicted painful scratches that may STATE up result Oakes.-Oakes is to have a new hotel this year The plans call for an L shaped building 50x110 feet, three stories and basement, containing 50 rooms. The hotel will be known as the New Argyle. Minot.-Judge Goss certainly hand оцм Connoy Puttip 01 package E pe

11. August 20, 1909 The Fargo Forum and Daily Republican Fargo, ND

Article from The Fargo Forum and Daily Republican, August 20, 1909

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Government Sleuths, After Search of Six Months, Run to Earth Absconding Cashier of First National Bank of Rugby and Head of Barton State Bank. WILL BE BROUGHT TO N. DAKOTA Details of Capture of Dakota's Frenzied Financier Are Meagre, But Federal Officials Here Are Assured That the Defaulter Is in Arms of the Law. While Jones will be prosecuted for Andy Jones, North Dakota's frendeals in connection with the First Nazied financier, is under arrest. The tional bank at Rugby being the only Rugby banker who is credited with matter in which the federal officials promoting the most astounding deals in the history of the state, has been have jurisdiction, his bond floating in connection with the "sheep ranch" is grappled by the strong arm of the fedsaid to have cost eastern and middle eral authorities. state capitalists thousands of dollars. After being traced for six months The last heard of Jones was at Minby secret service men and detectives, neapolis the first week in January Andy Jones, ex-cashier of the First when he drew a check of $7,000 on the National bank of Rugby, N. D., president of the First State bank of BarFirst National bank of Rugby. At that time he dropped out of sight. The ton, N. D., and promoter of the "Jones doors of the bank closed and on Jan. 4, sheep industry," was yesterday placed George W. Swards of Grinnell, Ia., who under arrest and is now held in jail in was in North Dakota closing up the Texas, awaiting an order or removal affairs of the Minot National bank, was to North Dakota where he will be forcappointed receiver. One dividend of ed to answer for what is considered 25 per cent WS recently paid on deone of the most collosal frauds ever posits. disclosed. Very shortly after the failure of the Nothing but the mere statement that Rugby bank, the First State bank of Jones had been apprehended and was Barton, N. D., of which Jones was under arrest, were received here late president, failed and Walter Dohney yesterday afternoon. While federal was appointed receiver. officials have been scored for not laying Federal indictments were returned hands on this man, they have been against Jones by the last U. S. grand steadily at work, not to cease until jury and bench warrants issued for their efforts were crowned with suchis arrest. cess.

12. November 23, 1909 Bismarck Daily Tribune Bismarck, ND

Article from Bismarck Daily Tribune, November 23, 1909

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The annual report of the state treasurer's office for the year ending October 31, 1909, was submitted to Governor Burke Saturday afternoon by State Treasurer Bickford, and to those interested in the finanacial af: fairs of the commonwealth, it furnish es many items of interest in a detailed and concise form, which is a marked improvement over the financial reports heretofore published by the state departments and institutions. The form adopted by State Treasurer Bickford gives a detailed statement of the income and disburse. ments of the state treasury, that of the income being shown under a separarate heading with the various subdivisions, while the expenditures are shown under fifty-five different headings and subdivisions. The form in which the report is presented is one approved of by up-to-date financiers and expert accountants, and while it does not take as much room in the printed book as the old form, its several items are before the reader in such a way as to be clearly understood by the laymen who must necessarily have more than an ordinary knowledge of the affairs. The report shows that the cash transactions during the year November 1, 1908, to November 1, 1909, amounted to $5,170,916.29. The cash receipts during the periol was $4,588,010.70, as compared with $2,259,668.84 for the previous period; an increase of $1,011,937.28. The report shows that the interest on deposits of state funds in the various banks during the past year. a The net increase of $15,042.03. amount received as interest on deposits for the previous period being $28,087.78, as compared with $43,129.81 collected during Mr. Bickford's first year in office. The increase is accounted for by there having been a larger general cash balance on deposit and also owing to the fact that a more careful and rigid check was kept by Mr. Bickford on the interest due from the various banks. Mr. Bickford's report shows that there is due from suspended banks the sum of $22,265.90, of which $12,113.46 is due from the First National Bank of Rugby, and $10,152.44 from the State Bank of Barton. This amount is not now available, but suits are pending in the district court looking to the collection of this money from the bondsmen who became sureties for the bank. The state has already realized a dividend of 25 per rent from the Rugby bank, which reduces the original balance of $16,. 151.14 to the present amount. Mr. Bickford's report shows the bonded indebtedness of the state to be $1,151,300. The report of a predecessor in office for the year 1908 gives the bonded indebtedness in the sum of $692.300, overlooking an indebtedness of $459,000 for which the state is responsible and on which it pays interest at the rate of 4 per cent per annum out of the various funds. Mr. Bickford shows that all of the bonded indebtedness is held by the common school funds of the state except bonds amounting to $324,600, which are held by eastern investors, the interest on same being paid semiannual through the Chemical National Bank of New York City, at an expense of $16.23. There is considerable speculation on the part of persons interested in

13. February 2, 1910 Bismarck Daily Tribune Bismarck, ND

Article from Bismarck Daily Tribune, February 2, 1910

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REPORT OF STATE TREASURER Year Ending October 31, 1909. TREASURY DEPARTMENT, STATE OF NORTH DAKOTA TREASURER'S OFFICE Bismarck, November 1, 1909. To His Excellency, John Burke, Governor of North Dakota. Sir :-In accordance with requirements of law, I have the honor to submit herewith my annual report of the financial transactions of the State for the period ending October 31, 1909. In compiling the within report I have made a marked departure from the form of previous reports and in addition included a complete itemized statement of Income and Expenditures for the past twelve months. The total cash transactions of this office for the past fiscal year exceeds the previous one by $1,011,937.28 as shown by the following tables: TOTAL CASH RECEIPTS AND PAYMENTS. $ 799,310.17 Cash on hand November 1, 1907 3,259,668.84 Receipts $4,058,979.01 Total $3,476,073.42 Payments 582,905.59 Cash on hand November 1, 1908 $4,058,979.01 Total $ 582,905.59 Cash on hand November 1, 1908 4,588,010.70 Receipts $5,170,916.29 Total $3,676,053.37 Payments 1,494,862.92 Cash on hand November 1, 1909 $5,170,916.29 Total INTEREST ON STATE BALANCES. Interest on deposit of state funds in the various state depositaries during the past year shows a gain from $28,087.78 to $43,129.81, a net increase of $15,042.03. This is accounted for inasmuch as the average cash balance has been larger for the past year and also owing to the fact that a more careful and rigid check has been kept of the interest due from the several banks. SUSPENDED BANKS. This report shows a cash balance of $12,113.36 due from the First National Bank, Rugby, North Dakota and $10,152.44 from the Barton State Bank, Barton, North Dakota. These are the state balances still remaining in the above suspended banks, and said balances are not now available. Action has been brought against the several sureties on the bonds of these banks, and the action is now pending before the district court. The state has realized a dividend of twenty-five per centum, from the Rugby bank, said balance having been reduced from $16,151,14 to the present amount of $12,113.36. SECURITIES. At the present time the securities held by this office amount to $5,163,967.85 an increase of $805,555.00 over those held a year ago. This is the amount of the permanent fund of the common schools and state institutions, which has been invested by the Board of University and School Lands, and the interest accruing therefrom is converted to the use of the different institutions and common schools. Included in the above securities is $802,367.85, which has been loaned on the farming property of the state; an increase of $236,655.00 for the past twelve months. The first list given below shows the amount of securities held by the different institutions of the state, while the second table shows the nature of those held by the common schools. The common school investment amounts to $4,056,817.85 and the

14. August 24, 1910 Norwich Bulletin Norwich, CT

Article from Norwich Bulletin, August 24, 1910

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Bank Creditors Get Second Dividend. Washington, August 23-A second dividend of fifteen per cent. has been allowed to the creditors of the First National Bank of Ruhby, N. D., by the comptroller of the currency, making a total of forty per cent. allowed since the bank went into the hands of e receiver January, 4. 1908

15. August 24, 1910 Bismarck Daily Tribune Bismarck, ND

Article from Bismarck Daily Tribune, August 24, 1910

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15 PER CENT FOR :N. D. CREDITORS Washington, Aug. 23-Asceodn divisdend of 15 per cent has been allowed to the creditors of the First National Bank, of Rugby, N. D., by the comptroller of currency, making a tatol of forty per cent allowed since the bank went into the hands of a receiver on June 4, 1908.

16. August 25, 1910 The Fargo Forum and Daily Republican Fargo, ND

Article from The Fargo Forum and Daily Republican, August 25, 1910

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THE RUGBY BANK CREDITORS GAIN Washington, Aug. 25.-A second dividend of 15 per cent has been al.. lowed to the creditors of the First National bank of Rugby, N. D., by the comptroller of currency, making a total of 40 per cent allowed since the bank went into the hands of a receiver on Jan. 4., 1908.

17. August 26, 1910 Ladysmith News-Budget Ladysmith, WI

Article from Ladysmith News-Budget, August 26, 1910

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Rugby Bank Creditors Gain. Washington, Aug. 25.-A second dividend of 15 per cent has been allowed to the creditors of the First National Bank of Rugby N. D., by the comptroller of currency, making a total of 40 per cent allowed since the bank went into the hands of a receiver on Jan. 4, 1908.

18. August 27, 1910 The Irish Standard Minneapolis, Saint Paul, MN

Article from The Irish Standard, August 27, 1910

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Rugby Bank Creditors Gain. Washington, Aug. 25.-A second dividend of 15 per cent has been allowed to the creditors of the First National Bank of Rugby N. D., by the comptroller of currency, making a total of 40 per cent allowed since the bank went into the hands of a receiver on Jan. 4, 1908.

19. August 16, 1911 Bismarck Daily Tribune Bismarck, ND

Article from Bismarck Daily Tribune, August 16, 1911

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SOME HISTORY OF RUGBY BANK FAILURE The First National Bank of Rugby became insolvent on January 4, 1909. At the time of its insolvency the bank was designated as a depositary of state funds in the amount of $10,000. On the day its doors was closed there was on diposit in the bank $16,147.12. The following bonds had been furnished by the bank as security for the deposits of the state: Federal Union Surety Company $10,000, Fidelity and Deposit Company of Maryland $5,000, American Bonding Company $8,000, and a personal bond for $10,000. A bond of the United States Fidelity and Guaranty Company was also deemed security for the deposits. Suits were instituted against the United States Fidelity and Company and Federal Union Surety Company, and the Fidelity and Deposit Company of Maryland to recover the entire amount of deposits in the bank at the time of its insolvency. Between the time that the affairs of the bank went into the Lands of its receiver and the time the cases were tried the receiver paid $6,460.45 in dividends. The cases were tried in April 1911, before Hon. S. L. Nuchols, Judge of the 12th Judicial District, sitting for Hon. W. H. Winchester, and it was held that the sureties of the bank were not responsible for the full amount of $16,147.12, but only to the extent of $10,000, which was legally on deposit in the bank at the time of its failure, and further held that the state was not entitled to apply the entire amount paid in dividends to the payment of the excess over $10,000, and that the amount paid in dividends should be apportioned between the state and the sureties, so that the entire liability of the sureties, after applying the share of dividends paid, was $6,645. Judgement was rendered for this amount against the Federal Union Surety Company and the Fidelity and Deposit Company of Maryland. The balance remaining unpaid with interest at the date of the entry of judgement. July 18, 1911, is approximately $4,000.

20. August 25, 1911 Devils Lake Weekly World Devils Lake, ND

Article from Devils Lake Weekly World, August 25, 1911

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MATTER WITH REFERENCE TO ANDY JONES INSTITUTION TO BLAME. BANK WAS DESIGNATED AS A DEPOSITORY OF NORTH DAKOTA STATE MONEY. Bonding Company Failed to Make Good the Loss of State Money Which Was on Deposit in Bank-Matter Has Been in Court Several Times— Bond Company restrained. Bismarck, N. D., Aug. 18.-On the strength of information from the United States treasury department at Washington Insurance Commissioner Taylor has suspended the Federal Surety Company of Indianapolis, Ind., from doing business in North Dakota until the demands of the federal government have been complied with. The letter from Washington states that the company has been ordered to suspend operations until a full investigation of its affairs may be made. The Federal Union is on the bonds of some county officers of North Dakota and is used by banks to secure the deposit of state funds. It had in risks in this state, according to its 1910 statement $57,500, and it collected in premiums $287.50. The state now has a judgment against the Federal Union Surety Co., on an indemnity bond for the defunct Rugby bank. Unless its matters can be speedily adjusted the company will be forced to the wall, and the bonds held in this state will be greatly weakened. It is highly probable that the state authorities will require new bonds as sureties where the distressed company is involved. The president of the Federal Union Surety company is Winfield F. Durbin, an ex-governor of Indiana and a man reputed to be worth a half million. The directors are men of large means and experience in business affairs and just how far the company is involved a federal examination will disclose. In the meantime no more business can be legally solicited in North Dakota by the company. The action is taken as a result of the affair of the First National Bank of Rugby, which became insolvent on January 4, 1909. At the time of its insolvency the bank was designated as a depository of state funds in the amount of $10,000. On the day its doors were closed there was on deposit in the bank $16,147.12. The following bonds had been furnished by the bank as security for the deposits of the state: Federal Union Surety Company $10,000, Fidelity and Deposit Company of Maryland $5,000, American Bonding Company $8,000, and a personal bond of $10,000. A bond of the United States Fidelity and Guaranty Company was also deemed security for the deposits. Suits were instituted against the

21. December 12, 1914 Grand Forks Daily Herald Grand Forks, ND

Article from Grand Forks Daily Herald, December 12, 1914

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BIENNIAL REPORT SHOWS EXPENSES Gunder Olson Tells of Condition of North Dakota Treasury. Bismarck, N. D., Dec. 12-Gunder Olson in his biennial report to the legislature shows that during the past two years the state has paid off $250,000 in bonds, some of them due in 1921 and running from that date to as late as 1926. The report also shows that there is a balance due from the defunct First National bank at Rugby of $3,066.29, this being an item that came to the office from a former administration and which has been cut down some during the past two years as adjustments have been made. The same condition exists as to the Barton State bank with the figures $1,522.87 at the time the report was made. The Medina State bank, the only bank to suspend business in the state during the period, which has not since opened its doors for business had a shortage of $1,394.01, but this amount had been paid by the bonding company by which the state was insured, a short time after the report was published, or to be exact on July 9. so the state did not lose by that failure. In his suggestions to the legislature as to amendment to the laws, Treasurer Olson states that he believes the bonds sold by the state should be of larger denomination as this will save a vast amount of labor not only in the treasurer's office but in the offices of the district town or county, and he alSO believes the county treasurers should be required to send in the interest collected on farm loans the same date it is received.