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a certain list of overdrafts amounting to approximately $757.05. That said bank immediately complied with said request, and that no other criticisms, suggestions or faults were found with the financial condition of said bank at that time, except the usual sugges- tions which were in process of ad- justment." Sherman asserts further that "on Sept. 27, 1919, one Albert Sheets, as- sistant attorney general, came into the bank and said that he had come to look over some of the affairs of the bank at the request of one William Langer and one Thomas Hall. He was then asked if there was anything spec- ial he wanted to see, but answered, 'no, there isn't, only a sort of a general examination,' and intimated that he would like to look over the collaterals. Affiant got the collaterals and Sheets and Deputy Examiner Halldorson be- gan to ask questions about the Con- sumers' United Stores and farmers' collateral generally, and made no in- quiry about any other matters. There was with Mr. Sheets and Mr. Halldor- son one W. S. Lauder, who was also especialy interesting himself in the acounts of the Consumers' United Stores company and other farmers' or- ganizations and their notes and collat- eral. Later Mr. Sheets and Deputy Bank Examiner Halldorson wanted to know more about the notes and collat- erals of farmers and farmers' organ- izations." On the day that the bank was closed, Sherman says that a girl, sent by the Scandinavian American bank to the Merchants' National bank, the clearing house, "came back about 11:30 o'clock saving that they refused to clear the items and did not tell her why. Before she came back there was a move by the other banks to deplete our currency by demanding cash for clearing items." Continuing, Sherman says: "All the banks, in apparent concert, demanded cash and we were compelled to demand cash on our items and make a demand on one other bank for $6,500, but said bank refused and said it only had $4,000 in cash." There is a supporting affidavit filed by members of the board of directors H. J. Hagen, N. G. Eggen, Lars Chris- tianson, H. L. Bolley, J. F. Holmes Emil J. Headland and Spurgeon O'- Dell. The names of Directors H. H. Aaker and O. K. Hanson do not ap- pear. Still another affidavit is by Myron W. Thatcher, of St. Paul, an account- ant. He discusses five financial state- ments made by the bank, and from an examination of these he says the bank's reserve was actually in excess of the legal requirements on the days it was being especially examined. Mr. Thatcher says post dated checks will pay out 85 per cent of their face value. Spurgeon O'Dell, a Nonpartisan league lecturer, and a director of the bank, makes a separate affidavit, sup- porting the authenticity of statements of the bank's condition placed before Thatcher. Axel Stfom, manager of the Non- partisan league, makes an affidavit saying that post dated checks pay out 85 per cent of their face value. The final affidavit is that of M. R. Friedman, who says that he is a de- positor in the bank, and he relates making a call at the bank subsequent to its being closed, when he says he informed a teller that he would be back "in two or three weeks to do some more business with you." He quotes Receiver Halldorson as saying that the bank may not be reopened.
