12468. Minot National Bank (Minot, ND)

View Charter #6315 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
6315
Charter Number
6315
Start Date
September 18, 1905
Location
Minot, North Dakota (48.233, -101.296)

Metadata

Model
gpt-5-mini
Short Digest
be23327f

Response Measures

Full suspension, Books examined

Other: Receiver appointed and later replacement; criminal prosecution of president for false reports/embezzlement.

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1905-09-19
Date receivership terminated
1913-02-17
OCC cause of failure
Fraud
Share of assets assessed as good
58.2%
Share of assets assessed as doubtful
32.3%
Share of assets assessed as worthless
9.5%

Description

Multiple articles (Sept 19–20, 1905) report a small run precipitated by rumors and disclosure of excessive/unreliable loans; bank failed to open Sept 19 and was closed by order of the Comptroller and placed in receivership. The institution did not reopen; receiver appointed and president later arrested/convicted.

Events (6)
1. June 23, 1902 Chartered
Source
historical_nic
2. September 18, 1905 Run
Cause
Bank Specific Adverse Info
Cause Details
Rumors and depositor withdrawals triggered by disclosure/knowledge of excessive and unreliable loans and a reserve below statutory requirements.
Measures
None recorded beyond precautionary closing the next day.
Newspaper Excerpt
Rumors of financial trouble started a small run on the bank yesterday.
Source
newspapers
3. September 19, 1905 Receivership
Source
historical_nic
4. September 19, 1905 Suspension
Cause
Government Action
Cause Details
Closed by order of the Comptroller of the Currency after examination revealed reserve below statutory requirements and problematic loans.
Newspaper Excerpt
The Minot National bank failed to open its doors for business today, and a notice posted on the door reads: 'Closed pending the action of the controller of the currency.'
Source
newspapers
5. September 20, 1905 Receivership
Newspaper Excerpt
F. B. Chapman, the bank examiner, has been appointed receiver. ... The Minot National Bank was closed by the order of the comptroller of the currency Tuesday morning. Washington, Sept. 19.-The August 25th statement of the suspended Minot National bank ... showed ... deposits ... Bank Examiner F. B. Chapman has been made receiver and will take immediate charge of the bank. United States Controller Ridgeley has appointed Attorney George W. Swords ... receiver of the Minot National bank at Minot, N. D. Later articles show receiver Swords active and suits filed by the receiver (1906).
Source
newspapers
6. September 26, 1905 Other
Newspaper Excerpt
President J. A. Erickson of the Minot National bank, now in the hands of a receiver, was arrested today on a warrant charging him with making a false report to the comptroller of the currency.
Source
newspapers

Newspaper Articles (21)
1. September 19, 1905 The Minneapolis Journal Minneapolis, MN
Article from The Minneapolis Journal, September 19, 1905

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MINOT NATIONAL CLOSES ITS DOORS Deposits Amounting to $115,000 Are Expected to Be Returned in Full. Special to The Journal. Minot, N. D., Sept. 19.-The Minot National bank failed to open its doors for business today, and a notice posted on the door reads: Closed pending the action of the controller of the currency.' For several weeks there have been rumors that the bank was in financial trouble, based on excessive and unreliable loans. The announcement is made semi-officially that the bank's reserve is considerably below the statutory requirements, but there is something like $16,000 credited to the reserve funds. Some time ago, SO report says, the directors called President Erickson's attention to the loans being made and instructed him to be a little more prudent. Report says he continued making the objectionable loans, and about a week ago A. F. Slocum, a director, was made temporary president, presumably for a period pending the closing of a deal by which Joseph Roach and others connected with the Second National bank were to get a controlling interest in the Minot National. It is thought that while this deal was in progress it was discovered that the bank's reserve was below the legal® mark and the negotiations were held in abeyance. Rumors of financial trouble started a small run on the bank yesterday. This, in all probability, would have developed into a rush today and the closing of the institution was deemed prudent. The last statement showed the bank's deposit to be $115,000. It was capitaized at $500,000. The chief stockholders are J. A. and B. Erickson, Clarence Parker, A. F. Slocum and David Lloyd. The report of the closing of the Minot National started a run by the timid on the Second National and Union National bank today. All depositors were paid promptly. The belief prevails that the Minot National will pay out dollar for dollar.

2. September 19, 1905 The Minneapolis Journal Minneapolis, MN
Article from The Minneapolis Journal, September 19, 1905

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MINOT NATIONAL CLOSES ITS DOORS Deposits Amounting to $115,000 Are Expected to Be Returned in Full. Special to The Journal. Minot, N. D., Sept. 19.-The Minot National bank failed to open its doors for business today, and a notice posted on the door reads: 'Closed pending the action of the controller of the currency. For several weeks there have been rumors that the bank was in financial trouble, based on excessive and unreliable loans. The announcement is made semi-officially that the bank's reserve is considerably below the statutory requirements, but there is something like $16,000 credited to the reserve funds. Some time ago, SO report says, the directors called President Erickson's attention to the loans being made and instructed him to be a little more prudent. Report says he continued making the objectionable loans, and about a week ago A. F. Slocum, a director, was made temporary president, presumably for a period pending the closing of a deal by which Joseph Roach and others connected with the Second National bank were to get a controlling interest in the Minot National. It is thought that while this deal was in progress it was discovered that the bank's reserve was below the legal, mark and the negotiations were held in abeyance. Rumors of financial trouble started a small run on the bank yesterday. This, in all probability, would have developed into a rush today and the closing of the institution was deemed prudent. The last statement showed the bank's deposit to be $115,000. It was capitaized at $500,000. The chief stockholders are J. A. and B. Erickson, Clarence Parker, A. F. Slocum and David Lloyd. The report of the closing of the Minot National started a run by the timid on the Second National and Union National bank today. All depositors were paid promptly. The belief prevails that the Minot National will pay out dollar for dollar.

3. September 20, 1905 The Ward County Independent Minot, ND
Article from The Ward County Independent, September 20, 1905

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CLOSING OF MINOT NATIONAL BANK. CONTINUED FROM FIRST PAGE held a meeting at the bank last night. They declare that they are considering two propositions either of which to allow all depositors to be paid up dollar for dollar. The INDEPENDENT hopes that the bank will be able to do this. The stockholders in that event would lose the amount of their stock. D. J. Lloyd one of the stockholders owned 1500 shares of stock for which he paid $1.25 per share. In addition to this, about six weeks ago he gave J. A. Erickson his personal note for $2,500 and this is also charged to him in the bank. F. B. Chapman, the bank examiner, has been appointed receiver. The depositors' committee declare that they will take steps to enjoin him in the U. S. court. The depositors are very hopeful of securing their money or at least 75 per cent of it They are not in favor of a receiver's being appointed, but may have signed up a petition agreeing to leave their deposits remain in the bank for a period of four months in order to give a new management the chance to get in the collections. The depositors' committee is composed of Judge Palda, D. C. Greenleaf, Arthur LeSueur, J. E. McKoane, James Briggs and Peter Ehr. Directors Erickson and Lloyd are in favor of the proposition given above. The business of the bank has been good and most of the paper the bank holds is good. An effort was made to weather it until the fall collections came due when there would have been no trouble. There have been some rumors concerning the shaky condition of the bank for sometime, and naturally the deposits dwindled down somewhat and a good many took the trouble to take

4. September 20, 1905 The Ward County Independent Minot, ND
Article from The Ward County Independent, September 20, 1905

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MINOT NATIONAL BANK CLOSED BY ORDER COMPTROLLER One of Minot's Prominent Financial InstituBe tions Is Closed-Receiver May Appointed-Depositors are Hopeful of SecurVice-Pres ing Nearly all of Their Money Parker States on Cents 75 That the Dollar May Be Paid. The Minot National Bank was The vice-president of the insticlosed by the order of the comptution, C. H. Parker, informed the INDEPENDENT that he was troller of the currency Tuesday morning. When depositors atone of the heavy losers, sinking tempted to open the door of something like $15,000 in the that financial institution Tueswreck. He believes, however, that when the receiver has been day morning they were confronted with the sign on the door, appointed and the books exam"This bank is closed awaiting ined the bank will be able to pay the order of the controllor of the 75 cents on the dollar. The INDEPENDENT does not know how currency. " true this is, however. Mr. ParkHard-working farmers, careworn business men, and men and er owned 2,000 shares of stock women of all walks of life, are when the crash came, but a short naturally feeling a little blue totime previous to this owned day on account of the financial 7,500 shares of stock. Only disaster of the bank. The denine months ago he bought posits have been exceptionally much stock, paying $1.25 for it. A. P. Slocum. the druggist, one large. In the statement published less than two weeks ago of the stockholders, owned 1,000 shares of stock. the amount of paper and cash on deposit amounted to $115,An attempt was made by the 000, so Pres. Erickson swore, directors to get Mr. Erickson to sell his stock in the institution according to the best of his to Mr. A. J. Brunner. an old time knowledge. Mr. Erickson was prostrated banker, but when Mr. Brunner examined the books he shook over the trouble and all day his head and refused to have Tuesday kept to his room at the Leland. Farmers who had deanything to do with the institution. Then a Mr. Briggs, a posits in the institution heard the rumor that all was not as it banker from South St. Paul was should be, and came in from sent for, with a view of selling their work to find that it was all stock in the institution, but like too true. Mr. Brunner he looked askanse

5. September 20, 1905 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, September 20, 1905

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DAKOTA BANK GOES BROKE First National of Minot Closed Awaiting the Action of Comptroller of Currency. Minot, N. D., Sept. 19.-The Minot National bank failed to open its doors for business this morning. A notice posted on the door réad: "Closed pending the action of the comptroller of the currency." The announcement is made semi-officially that the bank's reserve is considerably below the statutory requirements. Some time ago it is reported the directors called attention of President Erickson to the extensive loans being made and instructed him to be more prudent. Rumors of financial trouble started a small run on the bank yesterday, which in all probability would have developed into a rush today, and the closing of the institution was deemed prudent. The last statement showed the bank's deposits to be $115,000. The report of the closing of the Minot National started a little run by the timid on the Second National and Union National banks this morning. All checks were paid promptly. The belief prevails that the Minot National will pay out dollar for dollar. Washington, Sept. 19.-The August 25th statement of the suspended Minot National bank of Minot, N. D., showed that the loans and discounts were $124,208; cash and cash items, $11,941; capital, $25,000; deposits, $104,998.

6. September 21, 1905 The Alaska Prospector Valdez, AK
Article from The Alaska Prospector, September 21, 1905

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Indians at the battle of the Little Big Horn, at which the entire Custer command was massacred, and the Indian who actually killed Custer, died here to-day. Seoul, Sept. 18-Aliee Roosevelt and Secretary Taft are to visit the Korean ruler tomorrow. Great preparations are being made for the event. Edinboro, Sept. 19-Sir Thomas Lipton, the wealthy Irish yachtsman, was thrown from his horse to-day while passing before King Edward, who was reviewing the troops, and was badly kicked in the face. He was badly cut but received no fatal injuries. New York, Sept. 19-Pani Morton to-day made public the fact that three-quirters of a million of the Equitable Life Insurance Co's. funds have been lost in bad loans. The loss was on worthless railroad and land securities in Utah and Colorado. Tokyo, Sept. 19-In auditing the Japanese war bills it develops that there has been considerable robbing of the government by various officials. Three naval paymasters are known to have stolen $175,000. Their names have not been disclosed, but it is announced that an example will be made of them that will be a warning to their fellows. Manila, Sept. 19-The bandit chief Felizaro. who has given the government so much trouble lately, was surrounded by the troops at Bayangas and his men captured. Felizaro jumped over a cliff to escape capture and was killed by the fall. Seattle, Sept. 19-H. W. Dennison. the legal advisor of the Japanese envoys at the peace conference, with secretaries Yamaza and Ochaia, arrived to-day from New York. They are taking the peace treaty to the Mikado. Yamaza will explain the treaty to the Mikado in the absence of Komura. St. Louis, Sept. 19-James Ballo, the agent of the Carr street Italian bank which suspended a week ago. was found this morning murdered in a room in the Itaiiac quarter. It is believed that the deed was done by his angered countrymen. Minot. N. D. Sept. 19-The Minot National bank suspended payment this morning after a slight run. Its reserve was below the required amount. Salt Lake, Sept 10-The county authorities refuse to allow the fight to come off which was scheduled between John Wilkes and Güs Ruhlin for next Tuesday.

7. September 21, 1905 Bismarck Daily Tribune Bismarck, ND
Article from Bismarck Daily Tribune, September 21, 1905

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Minot Bank Closed. The Minot National Bank closed its doors Tuesday. It is said bad loans are responsible for the closing of the bank. Bank Examiner F. B. Chapman has been made receiver and will take immediate charge of the bank. The last report of the bank, Aug. 25, 1905, is as follows: Resources-Loans and discounts, $124,208; overdrafts, $8,860; U. S. bonds, $12,500; stocks, securities, etc., $4,896; real estate $11,774; due from banks and bankers, $6,243; expenses, $6,126; cash and cash items, $11,941; redemption fund, $625; total $187,177. Liabilities-Capital, $25,000; surplus and profits, $6,753; circulation, $12,500; due to banks and bankers, $12,925; deposits, $104,998; bills payable, $25,000. Total, $187,177.

8. September 22, 1905 Washington Standard Olympia, WA
Article from Washington Standard, September 22, 1905

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ANOTHER bank has suspended, the Minot National Bank, of Minot, North Dakota.

9. September 26, 1905 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, September 26, 1905

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Bank President Arrested. Minot, North Dakota, Sept. 26.President J. A. Erickson of the Minot National bank, now in the hands of a receiver, was arrested today on a warrant charging him with making a false report to the comptroller of the currency.

10. September 28, 1905 Courier Democrat Langdon, ND
Article from Courier Democrat, September 28, 1905

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NORTH DAKOTA NEWS ITEMS OF A week FROM VARIOUS PARTS OF THE STATE. Minot National Bank Forced to Sus. pend Operations as a Result of Making Loans That Are Said to Be Unreliable. The Minot National bank failed to open its doors for business one day last week and a notice posted on the door read: "Closed pending the action of the controller of the currency." For several weeks there have been rumors that the bank was in financial trouble, based on excessive and unreli. able loans. The announcement is made semi-officially that the bank's reserve is considerably below the statutory requirements, but there is something like $16,000 credited to the reserve funds. Some time ago, so report says, the directors called President Erickson's attention to the loans being made and instructed him to be a little more prudent. Report says he continued making the objectionable loans, and A. F. Slocum, a director, was made temporary president, presumably for a period pending the closing of a deal by which Joseph Roach and others connected with the Second National bank were to get a controlling interest in the Minot National. It is thought that while this deal was in progress it was discovered that the bank's reserve was below the legal mark and the negotiations were held in abeyance. Rumors of financial trouble started a small run on the bank the day before it closed. F. B. Chapman, national bank examiner, has been appointed receiver. The statement of the total resources and liabilities of the bank at the date of its last report of condition, Aug. 25, 1905, shows that the total resources on that date were $187,177 and the liabilities exactly the same. The belief prevails that the Minot National will pay out dollar for dollar.

11. September 28, 1905 The Plymouth Tribune Plymouth, IN
Article from The Plymouth Tribune, September 28, 1905

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WESTERN. Two men were seriously hurt and two others slightly injured when a scaffold fell in the public library building in Chicago. Dr. W. R. Harper, president of the University of Chicago, again submitted to an operation and friends fear the outcome. George M. Cook, formerly editor of the Marietta, Ohio, Leader, committed suicide by drowning in the Muskingum river. Rain-in-the-Face, the noted Sioux Indian chief, who fired the shot which killed Gen. Custer, died on the Standing Rock reservation in South Dakota. Tobies Sepano of Butte, Mont., shot his wife, from whom he had separated five times, and then cut his throat from ear to ear, dying in a few moments. H. F. Blanchard, an expert from the Agricultural Department at Washington, will conduct experiments designed to increase the gluten in California wheat. Fifty persons were injured when the tent of Ringling Brothers' circus was blown down at Maryville, Mo., imprisoning 15,000 spectators under the canvas. Henry Maiwurm of Chicago was elected president and M. J. McCarthy of Chicago secretary of the State Protective Liquor Dealers' Association at Peoria. The supreme lodge of the Knights and Ladies of Honor in session at Indianapo lis, adopted a new insurance policy of $250, and elected officers for the coming year. O. C. Barber will build in Akron, O., a $500,000 church fashioned after the Madeleine in Paris. It will be one of the finest structures of the kind in the country. A. D. Souteia and Frank Meyer were drowned at St. Louis when a barge in which they were crossing the Mississippi river capsized. Four other passengers escaped. Harry Van Waringa, a musician, was shot and dangerously wounded by a highwayman in the wholesale district in Kansas City. Van Waringa fought in the Boer war. Canton Lucas No. 3 of Toledo, Ohio, won the $500 prize in the competitive drill at the annual communication of the sovereign lodges of the Odd Fellows in Philadelphia.. William Kaster of Chicago became the husband the other evening of Miss Cecilia Bearman of St. Joseph, Mo. Two brothers of Kaster are husbands of two sisters of the bride. George Ford, who is believed to be insane, cremated his wife and three children in Madison, Ind., by setting fire to the house in which they were asleep. All four perished in the flames. Gov. Hanly, in a public speech at Hamilton, Ind., declared that former Auditor Sherrick is a common gambler, and that speculation, gaming and drinking made him a defaulter. The Secretary of the Interior has ordered the withdrawal from entry of 300,000 acres of land in the Roswell, N. M., land district on account of the Carlsbad irrigation project. Calvin L. Davis, a soldier in the Philippines, has been pardoned from the Missouri penitentiary by John McKinley, acting Governor. Davis was sentenced on a charge of robbing a Chinese doctor. The Bank of Norstrand, Minn., a private institution, of which A. W. Norton is president, has closed its doors. The bank is capitalized at $10,000. It is not connected with any other bank in the State. A mob of 10,000 clamored before the doors of the banking house of Schiff & Co., 503 Jefferson street, Chicago, when a run on the institution was started by a rumor that Schiff was a bankrupt and had fled. The dead body of Joseph Ballo, an Italian, was found by St. Louis police with one deep stab wound, indicating murder. Catolito Duco and Frank Buffa, two Italians, were arrested, charged with the crime. The Minot National Bank in Minot, N. D., failed to open its doors for busi ness the other morning. Excessive and unreliable loans are given as the cause

12. September 29, 1905 Emmons County Record Linton, Williamsport, ND
Article from Emmons County Record, September 29, 1905

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ITEMS OF A WEEK FROM VARIOUS PARTS OF THE STATE. Minot National Bank Forced to Sus. pend Operations as a Result of Making Loans That Are Said to Be Unreliable. The Minot National bank failed to open its doors for business one day last week and a notice posted on the door read: "Closed pending the action of the controller of the currency." For several weeks there eve been financial rumors that the bank was trouble, based on excessive and unreliable loans. The announcement is made semi-officially that the bank's reserve is considerably below the statutory requirements, but there is something like $16,000 credited to the reserve funds. Some time ago, so report says, the directors called President Erickson's attention to the loans being made and instructed him to be a little more prudent. Report says he continued making the objectionable loans, and A. F. Slocum, a director, was made temporary president, presumably for a period pending the closing of a deal by which Joseph Roach and others connected with the Second National bank were to get a controlling interest in the Minot National. It is thought that while this deal was in progress it was discovered that the bank's reserve was below the legal mark and the negotiations were held in abeyance. Rumors of financial trouble started a small run on the bank the day before it closed. F. B. Chapman, national bank examiner, has been appointed receiver. The statement of the total resources and liabilities of the bank at the date of its last report of condition, Aug. 25, 1905, shows that the total resources on that date were $187,177 and the liabilities exactly the same. The belief prevails that the Minot National will pay out dollar for dollar.

13. September 29, 1905 Devils Lake Inter-Ocean Devils Lake, ND
Article from Devils Lake Inter-Ocean, September 29, 1905

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Minot Banker Is Arrested The Minot National bank closed its doors Friday of last week. For some time there had been doubts as to its soundness, and the day prior to the closing several depositors withdrew their money causing a m Id run on the institution. A large number were ready to take the same CO.T30 when the bank open u ne following morning, but at opening time a card in the windo announced that the bank

14. October 6, 1905 Emmons County Record Linton, Williamsport, ND
Article from Emmons County Record, October 6, 1905

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NORTH DAKOTA NEWS ITEMS OF A WEEK FROM VARIOUS PARTS OF THE STATE. President Erickson of the Minot Na. tional Bank Arrested on Charge of Making False Report to Currency Comptroller. President J. A. Erickson of the Minot National bank, now in the hands of a receiver, was arrested last week by Deputy United States Marshal Valentine on a warrant sworn out in the federal court charging him with making a false report to the comptroller of the currency. Erickson was taken before United States Commissioner Blaisdel in Minot. He waived examination and was held to the federal grand jury in the sum of $10,000. It is thought Erickson will be able to get bond. As stated in recent dispaches that last statement of the bank made on Aug. 25 shows it was short over $16,000. The statement claimed to have been falsified, was signed by President J. A. Erickson, Cashier Ole Erickson and Directors Slocum and Lloyd. It is believed that the cashier and the two directors mentioned will be, placed under arrest. Frank Chapman, national bank examiner, has been appointed a permanent receiver of the Minot National bank. From information at hand the belief prevails that the depositors will not receive more than 40 cents on the dollar. The arrest of Erickson occasioned no surprise, as it has been expected for a number of days. The former bank president has no property in the county and intimate friends claim he is practically penniless.

15. October 25, 1905 The Ward County Independent Minot, ND
Article from The Ward County Independent, October 25, 1905

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When the Minot National bank failed, Ward county had on deposit therein $15,000 fully covered by a bond from the United States Security Company of New York. When the county decided to start action against the bond company, the bond was nowhere to be found, and although a diligent search has been made by the county auditor, the bank's receiver and the county commissioners, it has not yet been found. The Independent has so far passed no opinion on the matter, but believes that there was an inexcusable carelessness on the part of somebody. If the bond is not found, it means that Ward county is a loser of several thousands of dollars, and we taxpayers will stand good for it. Of course, the bond may be found, but it looks dubious at the present time.

16. November 21, 1905 The Minneapolis Journal Minneapolis, MN
Article from The Minneapolis Journal, November 21, 1905

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SWORDS IS RECEIVER Iowa Attorney to Take Charge of Minot Bank's Affairs. IOWA CITY, IOWA.-United States Controller Ridgeley has appointed Attorney George W. Swords of this city receiver of the Minot National bank at Minot. N. D. He is now receiver of the National bank at Grinnell.

17. January 13, 1906 The Grenada Sentinel Grenada, MS
Article from The Grenada Sentinel, January 13, 1906

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Business Failures Jan. 3-First national bank of Faribault, Minn., closed; receiver appointed. 9-Brott cotton mills, Massachusetts, capital $1,200,000. 27-Standard Rope & Twine Co., N. Y., for $12,000,000. 29-Pan-American bank, Chicago; assets $17,200, liabilities $75,900. Mar. 5-Arnold Brewing Co., Saulte St. Marie, Mich.; liabilities $85,000; assets $65,000. 7-Coe Co., Minneapolis; liabilities, $200,000. Apr. 3--Ladoga, Ind., bank; assets $80,000, liabilities $109,000. 24-Canton, O., state bank closes Lexington, Okla., First national bank fails. 26-Barberton, O., First national bank Jun. 2-Ladysmith, Wis., First national bank closed. 19-Fyfe & Munson, Chicago, placed in receiver's hands. 23-Vicksburg, Mich., exchange bank. 26-Knight, Donnelly & Co., Chicago. 28-Terre Haute, Ind., national bank closed doors. Jul. 5-Spring Valley, Ill., and Toluca, III, national banks close. 6-Hagerstown, Ind., Commercial bank; liabilities, $125,000. 19-Spring Valley, O., bank closes. 20-City national bank, Kansas City, Mo. Aug. 3-West Liberty, Ky., bank closes. 21-Western bank, Louisville, Ky.; due to overloans. Sep. 19-Minot, S. D., national bank closes doors. Oct. 6-Peoria (III.) national bank closes because of Dougherty indictments. Nov. 1-Kingfisher (Okla.) national bank closed by comptroller of currency. Dec. 18-John R. Walsh's three banks in Ch'cago. Chicago National, Home Savings and Equitable company in liquidation. Local clearing house guarantees payment of $26,000,000. Public and private accounts involved. 27-Merchants Trust company, American Savings bank and Mechanics Savings bank, Memphis, Tenn., close doors; first named in liquidation.

18. April 13, 1906 The Bottineau Courant Bottineau, ND
Article from The Bottineau Courant, April 13, 1906

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The reciever of the defunct Minot National Bank announces to the depositors that a dividend is a waiting them.

19. August 10, 1906 The Fargo Forum and Daily Republican Fargo, ND
Article from The Fargo Forum and Daily Republican, August 10, 1906

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SUE THE DIRECTORS RECEIVER OF MINOT BANK GETS BUSY. Action Started in the U. S. Court to Recover Money Taken From the Defunct Bank-Other Bankers Are the Defendants. Minot, N. D., Aug. 10.-Suit has been ed in the United States circuit / he district by Receiver G. W. Swo defunct Minot National bank aga society E. B. Page, Leeds; C. T. Studness and A. H. Nultimier, both of Churchs Ferry, to recover $2,500 each, which the complaint alleges they knowingly took from the funds of the bank in payment for stock sóld to J. A. Erickson, former president of the defunct bank. The receiver is represented by Attorney John E. Greene and Greenleaf & Leighton of this city and the firm of Fairall, Swords & Smunt of Iowa City, Ia. All three of the defendants are well known bankers of the state, and were formerly directors and stockholders of the Minot National bank. The complaint alleges that the defendants each sóld J. A. Erickson 200 shares of the bank stock, the value of which was $100 per share. The transaction occurred in October, 1904, at which time Erickson was acting as cashier of the Minot National bank and the complaint further alleges that the defendants knew that Erickson did not have the money of his own with which to pay for the stock and that they allowed him to corruptly take the money from the funds of the bank, knowing at the time that he was robbing the depositors of the money they received.

20. August 23, 1906 The Ward County Independent Minot, ND
Article from The Ward County Independent, August 23, 1906

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# JAKE ERICKSON # IS CHIEF COOK Former Minot Bank President Has Quite an Easy Time at Sioux Falls Penitentiary— Will be Brot to Fargo as a Witness in October. Geo. W. Swords, receiver of the Minot National Bank, has re- turned from the penitentiary at Sioux Falls, S. D., where he con- ferred with J. A. Erickson, former president of the bank, who is now serving a term of five years for embezzlement of the bank's funds. Mr. Swords gained some valuable information from M. Erickson which will be used in case against three of the for- mer directors, who, it is claimed induced Erickson to buy stock knowing at the time that Erickson did not have the money to pay for the stock. Mr. Swords will attempt to recover this money, and stands a good show of doing so. Erickson will be brot to Fargo in October as a witness in the case. Mr. Swords states that Erickson looks fat and well. He is now chief cook at the penitentiary and has some privileges. He has to arise at six o'clock every morning, superintend the preparation of the morning meal, then has little to do until towards eleven o'clock, when the noon day meal is prepared. Un- like most of the other prisoners, he has the right to remain up at night until ten o'clock. It is believed that Erickson's friends will make a strong effort

21. December 13, 1906 The Ward County Independent Minot, ND
Article from The Ward County Independent, December 13, 1906

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JAKE ERICKSON BEFORE THE GRAND JURY Former President of Minot National Bank is Taken From the Penitentiary at Sioux Falls to Grand Forks to Testify Against Former Officials. The federal grand jury convened Grand Forks Monday morning. One of the principal witnesses before the jury is J. A. Erickson, former president of the defunct Minot National bank who is serving five years in the penitentiary at Sioux Falls, S. Dak., for sending false reports to the comptroller of currency regarding the condition of the bank. Erickson was brot from the pênitentiary to Grand Forks by Deputy United States Marshall Gill Stout and while in Grand Forks will be detained at the Dacotah hotel. Erickson seems very quiet and does not seem inclined to talk to anyone. That he is" a changed man by his year's imprisonment is apparent and that "Jake" will lead a far different life when once more breathing free air, is believed by everyone. In fact, he has written his friends more than once that he has done wrong and that he intends leading a different kind of a life in the future. Just what Erickson will testify to is not known, but it is certain that he is a witness in a case against some of the former officers of the bank. Its a fact that Erickson was sold stock in the bank when he did not have the money to pay for it, and he paid some of the old stockholders depositors, money for the stock, his note of the money. giving place personal As in the the notes were worthless, the depositors lost considerable money and for this reason mainly Erickson was sent to prison. Many believe that Erickson is notnearly SO guilty as the men who sold him the stock, for they must have known at the time that they took the money that they were aiding Erickson to become a criminal. George W. Swords, the receiver of the defunct bank, recently started suits against three of the men who sold Erickson the stock. Mr. Swords has great hopes in refunding much of this money thru the means of the suits and if he does so, he hopes to give the depositors a big dividend in a short time.