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State Bank Examiner Has Charge Of Knox Bank Fargo. N. D., July 15.-The state bank examiner has taken charge of the Security State Bank at Knox, and is administering its affairs. Indications are today that the affairs will be adjusted and bar the necessity for appointing a receiver, according to official advices. The bank. has deposits of about $32,000, and R. M. Stangler, special agent of the state banking department. is in charge. D. H. Ugland is the directing officer of the bank.
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STATE BANK EXAMINER HAS CHARGE OF KNOX BANK Fargo, N. D., July 15.-The state bank examiner has taken charge of the Security State Bank at Knox, and is administering its affairs. Indications are today that the affairs will be adjusted and bar the necessity for appointing a receiver, according to official alvices. The bank has deposits of about $32,000, and R. M. Strangler, special agent of the state banking department is in charge. D. H. Ugland is the directing officer of the bank.
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UGLAND OUT UNDER BONDS Defaulting Cashier of Knox Bank Furnishes $7,500 for His Release. Knox, N. D., Aug. 2.-D. H. Ugland, cashier to the Security State bank, recently closed by the state bank examiner, today furnished $7,500 bonds for his release pending a hearing on the charge of falsifying the bank records. He was arrested on his return to Knox from St. Paul, Minn., where he attended a conference of creditors several days ago. W. H. Shure, trustee of Fargo, announced today that preliminary investigation revealed that Ugland had crop interests worth between $160,000 and $170,000, clear of debt, that will go a long way toward covering any shortages that the bank inquiry may develop. Bismarck, N. D., Aug. 3.-Major J. R. Waters, state examiner, is in Knox investigating affairs connected with the defunct State bank of Knox, for which he will ask a receiver. While the bank's liabilities run very high, including about $160,000 worth of bad notes, the state examiner's office hopes by careful management to reduce the actual loss to a comparatively small amount.
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STATE BANKS SHOW INCREASE During the Year Resources Have Increased Over $7,000,000. Bismarck, N. D., Aug. 17.-The state examiner's department has just issued an abstract, of comparative statement of the financial condition of state banks and trust companies in North Dakota reporting for calls at the close of business on June 20, 1917, and May 10, 1918, with the call of June 29, 1918. The figures for the call for report of condition of banks and trust companies as of June 29, 1918, just compiled, show that the resources of the state banks of North Dakota have maintained their usual steady forward growth despite the withdrawing strain on reserves by reason of the concurrence in government issues of Liberty Loans, War Savings Stamps, Thrift stamps, certificates of indebtedness, Red Cross, etc., and the tax paying period at the end of the fiscal year. During the past year the resources have made a steady growth of $7,073,378.50. The financial condition of North 19 Dakota state banks is the best in the history of the state. On account of the very careful and rigid business supervision and the careful and thorough investigation of each individual bank by the state depositors' guaranty fund commission preliminary to issuing certificates of admittance under this guaranty for bank deposits, each bank admitted has undergone a thorough scrutiny and has been forced to make a complete financial and business house-cleaning of all undesirable assets, business deals and practices. This action has placed the banks in better condition than 'they have been in their history. This will be thoroughly understood when you learn that over $2,000,0001 of assets which\ were considered undesirable and questionable by the depositors' guaranty fund commission, was ordered charged out of the banks. This has been a heavy strain on the assets and profits of the banks in a new and growing state like North Dakota. The banks now fully understand the wisdom of the men who are supervising the work under this act, and the great value of the act itself to the depositor, the banks and the state, and are helping to put their whole united force for the forward drive for its success. On account of the work of the commission, the Rolette county bank at St. John and the Security bank at Knox, N. D., had to be closed and their affairs will be liquidated. In a grain growing state like North Dakota, deposits show a decline at this time of the year, but in spite of this expectation and the unsettled business condition, the examiner's report shows an increase over the call of June 20. 1917, of $3,000,000. The total cash reserve at the low period has maintained its usual high level and has fluctuated very little. Bills payable have increased $2,000.000 over the last call but we find that the larger portion of this is high class securities discounted with the Federal Reserve bank.
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$150,000 CropTo Cut Losses Of Creditors Creditors of the Security State bank at Knox, N. D., closed six weeks ago by the state bank examiner who found shortages aggregating more than $100,000 and caused the arrest of D. H. Ugeland, cashier, probably will not suffer heavy loss, according to Atty. W. H. Shure, Fargo, trustee for the creditors, who returned to Fargo Monday night from Devils Lake where hearing for the appointment of a receiver was held before Judge C. W. Buttz Wednesday. "Lands owned by the bank have crops worth $150,000," said Mr. Shure today, "and while there may be some shrinkage, the money received will plug a big hole."
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KNOX BANKER GIVEN PAROLE D. H. Ugland, After Serving 9 Months of 5 Year Term, is Back Home. Bismarck, N. D., Sept. 15.-David H. Ugland, the Knox, N. D., banker, who pleaded. guilty to committing a series of felonies and was sentenced to five years in the state penitentiary, has been released after serving less than nine months, Ugland was given his freedom this week under an order of the state board of experts, controlled by the Frazier administration. Ugland has already left the state prison, and is at Knox, the scene of his sensational operations which involved forgeries to the extent of over $200,000. Admitted Three Charges. On Dec. 17, 1918. in the district court at Devils Lake, David Ugland pleaded guilty to three specific charges, and he was sentenced to three years on one charge, to three years, six months, on another charge, and to five years on the third charge, the sences to run concurrently. By the terms of his sentence, the period of imprisonment began on Dec. 17, 1918, and he stepped out of the doors of the prison on Sept. 10, 1919, less than nine months of his sentence completed. Back to Knox. Ugland went immediately back to Knox, the scene of his financial operations, by which the Security Bank of Knox was wrecked. Ugland was cashier of that bank, and it was his operations that made it necessary for J. R. Waters, as bank examiner, to close the institution. R. M. Stangler was appointed receiver. In addition to the forgeries and embezzlement by Ugland with reference to the Security Bank of Knox. to which he pleaded guilty, he also negotiated and sold to bankers in North Dakota and Minnesota approximately $200,000 worth of forged notes. The Specific Charges. The specific charges on which Ugland was sentenced to the penitentiary were embezzlement, for which he was sentenced to three years; for knowingly accepting money for deposit in an insolvent bank while being cashier of the bank, and of falsification of records, for which he was sentenced to five years in prison.
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KNOX BANKER FELL AND BROKE NOSE IN MINOT David H. Ugland, Who Has Just Been Paroled After Spending Nine Months in Prison, Was Seriously Injured Sunday. David H. Ugland, the Knox, N. D., banker who was paroled after serving nine months of a five year sentence for committing a series of felonies, to which charge he entered a plea of guilty, was quite seriously injured in Minot Sunday, when he fell while walking down the stairs at the Waverly hotel, fracturing his nose. A surgeon was called at once and the fracture reduced, but it will be some time before he will be able to leave the city. Ugland's sensational operations involved forgeries to the extent of over $200,000. On Dec. 17, 1918, in the district court at Devils Lake, David Ugland pleaded guilty to three specific charges, and he was sentenced to three years on one charge, to three years and six months on another, and to five years on the third charge, the sentences to run concurrently. By the terms of his sentences, the period of imprisonment began on Dec. 17, 1918, and he stepped out of the doors of the prison on Sept. 19, 1919, less than nine months of his sentence completed. Ugland went immediately back to Knox, the scene of his financial operations, by which the Security Bank of Knox was wrecked. Ugland was cashier of that bank, and it was his operations that made it necessary for J. R. Waters, as bank examiner, to close the institution. R. M. Stangler was appointed receiver. In addition to the forgeries and embezzlement by Ugland with reference to the Security Bank of Knox to which he pleaded guilty, he also negotiated and sold to bankers in North Dakota and Minnesota approximately $200,000 worth of forged notes. The specific charges on which Ugland was sentenced to the penitentiary were embezzlement, for which he was sentenced to three years; for knowingly accepting money for deposit in an insolvent bank while being cashier of the bank and knowing of such insolvency; and of falsification of records, for which he was sentenced to five years in prison.