1.
June 12, 1923
The Bismarck Tribune
Bismarck, Mandan, ND
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WILLISTON BANK SUSPENDS Williston, N. D., June 12. ---- Depleted reserve today was given as the cause for the voluntary closing this morning of the Williams County State Bank of this city. The business of the bank was temporarily suspended by the board of directors. President L. J. Rodman of the institution said this afternoon. to enable officers to bring more capital into the bank. Reorganization work already is under way, Mr. Rodman said, but it is difficult to say at this time whether reopening will be effected and if so not the amount of loss that will be sustained by depositors.
2.
June 14, 1923
The Wolf Point Herald
Wolf Point, MT
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RUMOR SAYS WILLISTON BANK IS CLOSED There is a rumor current around town today that the Williams County State Bank of Williston did not open its doors yesterday morning, but The Herald is not in possession of any of the facts concerning the matter, and does not know whether or not this is merely a temporary suspension.
3.
July 2, 1923
The Bismarck Tribune
Bismarck, Mandan, ND
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WOULD OPEN BANK AGAIN Party of Williston Men Seek Aid from State Officials A party of Williston men, here in the interest of the Williams County State Bank, which they hope may be reopened, received word while here that stockholders in Williston had pledged $75,000 in the refinancing plan for the bank. The party, including Sheriff Carl Erickson of Williams county; Robert Ruteledge, deputy; Earl Swinley, county treasurer, interviewed Attorney-General G. F. Shafer, State Examiner, Gilbert Semingson and C. R. Green, manager of the Bank of North Dak., with a view of seeking assistance in preventing appointment of a permanent receiver. They said that Judge Moellring of district court had named a receiver on Friday. Previously the bank had been in the hands of a deputy examiner. State officials are favorable toward reopening of the bank if a satisfactory plan can be worked out, it was said.
4.
July 27, 1923
The Bismarck Tribune
Bismarck, Mandan, ND
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DEPUTY'S TRIAL FOR, CONTEMPT TO BE SOON Minot, N. D., July 27.-A second continuance until, Sept. 4 09113 was ordered by Judge George H. Moellring in district court Tuesday in the hearing on an order to show cause why R. S. See, deputy state bank examiner, should not be cited for contempt of court for resistance to an order of the court issued June 28, appointing George B. Everson as temporary receiver of the Williams County State bank of Williston. During the meantime interrogatories dealing with the case will be submitted to Judge Moellring. It is the contention of counsel for See, that the court did not have jurisdiction to issue a restraining order preventing See from interfering with the receivership. The assets of the institution are being checked and other details are being considered and belief has been expressed in some quarters that the bank may again engage in business, Judge Moellring said yesterday.
5.
July 30, 1923
The Bismarck Tribune
Bismarck, Mandan, ND
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BANK CASE TO JUDGE COOLEY Will Decide Controversy Over Williston Bank Controversy over the receivership of the Williams County State Bank, which closed its doors recently has been shifted by the supreme court to the jurisdiction of Judge Charles M. Cooley by the supreme court. The action was taken upon petition of Attorney General George F. Shefer, in behalf of the state banking board. The supreme court order states that since the administration of a closed bank is involved and District Judge Cooley was appointed, under the new law of the legislature effective July 1, to administer affairs of closed banks the subject matter is transferred to him for appropriate action. The petition was made with a view of reinstating R. S. See, deputy bank examiner, in charge of the bank. District Judge Moellring had named a receiver. The supreme court action is viewed as relieving Judge Moellring of any further jurisdiction in the case.
6.
August 14, 1923
The Bismarck Tribune
Bismarck, Mandan, ND
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Unbankable Papers Amount to $400,000 Williston, N. D., Aug. 14.-A report prepared by Receiver George B. Everson of the Williams County State bank on the liabilities and assets of the institution, for presentation to the district court, states that there is the sum of approximately $400,000 which the receiver considers unbankable paper. This paper, in, the opinion of those making the appraisal of the assests is practically worthless. No mention of irregularities in the operation of the bank is made in the examiner's report. One proposal given to effect reopening of the bank is for all depositors to agree to leave 60 per cent of their deposits. in the bank for three years. The. balance of 40 per cent, it is proposed, would be underwritten by the guaranty fund commission and paid by them sooner or later.
7.
January 26, 1925
The Bismarck Tribune
Bismarck, Mandan, ND
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GUARANTYFUND NOW MILLION AUDITORS SAY Amount Available on October 31 of $806,898.24 Supplemented by Payments 32 BANKS NATIONALIZE This Many Take Out National Charters Since Guaranty Law Is Effective "In our opinion the Depositors Guaranty fund has been properly accounted for on its records, and that all disbursements are consistent and in order and properly authorized and authenticated." This is the statement made by the Temple, Brissman Co., certified publie accountants at the conclusion of their audit report of the depositors guaranty fund made as of October 31, 1924. The report shows that on Oct. 31, last. the amount available for the purposes for which the fund was created was $806,898.24. This is exclusive of $204,661 due from closed banks in the state on deposits and assessments. No figures are given however as to the total liability of the fund to depositors in closed banks, this being beyond the province of the examination. Total Expenses The total expenses of the commission since its inception in 1917 to the date of the audit was $78,801.19. Of this $37,848.79 has been paid from legislative appropriation and the remaining $40,952 from the assessment fund. On October 31, 1924 the commission had on deposit in closed banks $112,966.29. A supplementary report shows that since the date of the audit $18,901.55 has been withdrawn. These deposits are divided among 16 closed institutions, the largest amount in any one bank being $21,398.39 in the defunct Williams County State Bank at Williston. There was also $21,515.26 on deposit in banks which were on the special deposit list on October 31, but of this $15,773.88 has been withdrawn since that date. Closed banks which still hold deposits of the guaranty fund are the Clyde State Bank, Bank of Cogswell, Farmers Bank of Dunn County, Dunn Center; Farmers State Bank of East Fairview, Sawyer State Bank, Williston State Bank, Farmers Bank of Garrison, State Bank of Grenora, Farmers Bank, Hampden; Security State Bank of Hanks, State Bank of Maxbass, Farmers State Bank of Nome, Farmers State Bank of Rawson, Farmers Bank of Ray, Farmers and Merchants State Bank of Sherwood, Tolley State Bank, Farmers State Bank of Watford City, Williams County State Bank of Williston. There was also due from these closed banks $89,303 on assessments to the guaranty fund, but $34,625 of this has been remitted by the state receiver since the date of the audit. In addition to these obligations there is the sum of $2,341.99 listed as notes receivable. These notes represent loans made to the receiver of the Farmers' and Merchants Bank of Robinson for receivership expenses. Intervene In Affairs It is shown in the audit report that the commission has intervened in the affairs of a number of closed banks in order to protect its interests. Some of these were as follows: The Sawyer State Bank had pledged collateral to secure certain loans. (Continued on page 4)
8.
April 15, 1925
The Bismarck Tribune
Bismarck, Mandan, ND
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COURT TO PASS ON RIGHT TO PLEDGE ASSETS E. T. Conmy, appearing for L. R. Baird, receiver of closed banks, has asked the supreme court to determine whether a state bank in North Dakota has the right to pledge its assets to secure a general deposit. Mr. Conmy has intervened in the case of the City of Williston against N. B. Ludowese as city treasurer of IV. he }: V. of Dahita and Williams County State Bank. Mr. Conmy stated that the general receiver is confronted by more than a score of cases where banks had pledged assets to secure general accounts. In some, after a bond was given, collateral was used to secure the deposits. The court is informed in the brief that there is no statutory power for banks to pledge assets to borrow money and any power, if it exists. would be implied by the nature of the business.
9.
October 21, 1925
The Bismarck Tribune
Bismarck, Mandan, ND
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Judge Will Take Case Against Banks Under Advisement Minot, N. D., Oct. 21.-(P)-Judge John C. Lowe of Minot yesterday expected to take under advisement actions brought by L. R. Baird. as receiver of the Williams County State Bank of Williston, and by Williams county against various banking institutions and individuals in Minnesota and North Dakota seeking recovery of assets and resources amounting to approximately $1,500,000. Judge Lowe said that he would decide the case by November 7, two days prior to the opening of a district court term at Williston. The defendants, which include banks in Minneapolis, St. Paul and Northfield, Minn.; Buffalo, N. Y., and Minot, all contend that the service of summons and complaints upon them was not legal. Arguments will be concluded late today.
10.
February 11, 1926
Great Falls Tribune
Great Falls, MT
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CITY'S CLAIMS AGAINST BANK UPHELD IN N.D.
Williston Is Victor in Controversy Over Property Given to Secure Deposit
Special to The Tribune. Williston, N. D., Feb. 10.-By a decision of the North Dakota supreme court, the city of Williston has established its rights to certain property pledged by the Williams County State bank to secure a deposit of $17,580.23 made about two months before the bank closed, the decision being a confirmation of the decision by Judge Moellring when the case was tried in district court here two years ago, and will make possible for the city to realize in full on its claim, which, with accumulated interest, amounts to about $21,000. The sum in litigation was deposited in the Williams County State bank on April 14. 1923, by city treasurer, who took deeds to certain real estate owned by the bank to secure himself. as the city already had on deposit much as could be legally placed in the bank under the bonds which it was able to furnish. Later. when the bank sought to borrow $50.000 from the Bank North Dakota to enable it to business, the bank mortgaged this property as security for such When the bank closed on July 12, 1923. the city claimed the property security for its deposited funds. and this claim was contested by the Bank of North Dakota. The city's contentions were upheld Judge Moellring's decision from which Bank of North Dakota appealed. The case was argued before the supreme court last April, and at the request of the court the case was re-argued as between the city and the Bank North Dakota. eliminating arguments of intervenors which had entered into the first hearing. and this re-argument was held September 11, 1925. The property involved in the litigation is the building in which is located the Williston Savings and Loan assoand the premises occupied by the Hagen company, both which also pledged to the Bank of North Dakota. The city's security also consists of other items in which the Bank of North Dakota has no interest. and the total value of this security is believed to be well in excess of the city's claim. The opinion of the court was written by District Judge Pugh, sat in the case as a substitute for Chief Justice and was concurred in by all the other members of the except Justice Johnson, who filed a dissenting opinion.
AT LAND BANK MEETING Special to The Tribune. S. McCormack left Tuesday for Spokane to attend meeting of the federal land bank. Mr. McCormack was recently appointed vice president of the land bank and also retains his place on the board of directors.
11.
April 17, 1926
The Bismarck Tribune
Bismarck, Mandan, ND
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Guaranty Fund Body Takes No Action on Proposal of Banks No action was taken by the state guaranty fund commission on a proposal by numerous banks, creditors of the closed Williams County State Bank of Williston, whereby the banks would turn over to the state receiver of closed banks assets now held by them in return for the promise of the guaranty fund commission not to prosecute any action against them in connection with the bank's affairs. Although no formal expression was made by the guaranty fund commission it was indicated that they did not consider the offer substantial enough to warrant its acceptance. The guaranty fund commission has contended that the banks in question, located in Minot. Duluth, Buffalo, N. Y., and the Twin Cities were trustees for the Williams County State Bank at the time it closed and had been for some time prior to its closing. As such trustees, it is claimed, they were responsible for the safety of deposits made while they acted in that capacity. A statement of the case by state officials shows that the banks loaned money to the Williston institution in an effort to tide it over and otherwise aided it in its unsuccessful fight for existence. The proposal of the banks was to turn over to the receiver part of the assets turned over to them by the Williams County state bank as secu-
12.
August 26, 1926
The Bismarck Tribune
Bismarck, Mandan, ND
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Baird Files Suit in Williston Case Minneapolis, Aug. 26-(AP)-L. R. Baird, receiver for the Williams County State Bank of Williston. N. D., field suit in Henepin county district court today against menry A. Thoeny of Glencoe and C. O. Lundquist of Minneapolis as administrators of the estate of Harry L. Simons of Williston, in which recovery of approximately $150,000 in bank collateral is sought. The complaint alleges that Simons and other creditors of the bank obtained from the stockholders and directors of the bank a trust agreement "with the intent to gain control of the bank." The trust agreement, it is alleged,
13.
May 17, 1927
Morning Pioneer
Mandan, ND
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IN MAKERS WITN PLANE SPLIT
WEEK OF SEARCH BANK RECEIVER BODIES OF FAILS TO REVEAL IN SUES WILLISTON FOUND DEAD TO PILOTS FOR NOTES CLUES AUTOMOBILE CITY AN
Angeles, May vice president and secretary of the Discount Corporation California, local concern and believed to be Margie stenographer, were found shot death in an automobile in front of the residence here today. The first surmise by police that Pike shot Powell and then killed Miss The bodies found by taxicab driver. Persons residing in the house they heard two shots late last nigh Miss Pike had written saying: "If anything happens to me notify my grandparents, Mr. and Mrs. Roberts, Lawrence, "Threats have been made against "My mind is in whirl. enclosing blank check. My bank account now totals
BRINGS ACTION BASED ON WILDROSE BANK DECISION Bismarck, N. 17 (AP) -Suit for an accounting by the city of Williston, of the proceedings of property taken over by from the Williams county state that institution closed, has been instituted by R. Baird, state bank receiver, Baird said here today. The city of WIIliston also is asked to turn over to the the value of notes, estimated at $4,500, given by the bank to the city to secure de. posit of city funds. The sult predicated upon the supreme court decision in the Wildrose Bank case in which held that banks may not pledge their assets to secure deposits of public funds.
ONLY HOPE IS THAT COLI AND NUNGRESSER WERE FOUND BY FISHERS
Yank Pilots and Levine at Odds
BELLANCE PLANE MAY BE WITH DRAWN FROM THE PARIS FLIGHT
New May week search, hope and rumors, the world today knows only as much of the fate that has befallen Captain Charles Nungesser and Francols Coll did on Monday week ago, when the intrepid French aviators failed to reach New York on their nonstor flight from Paris. But the search goes on. The bleak shores of New Foundland continued be combed for some trace of the Nungesser plane in response to severreports that sound of an airplane parts of the island on that foggy Monday morning, but far no definite word has come from any of the coastal villages. The search will be continued until every and cove the island has been visited. The principal remaining hope today was that the White Bird was forced descend off the Grand Banks and that Nungesser and Coli were picked up by some fishing vessel. In such an event It would be matter of days before any word could be received. Open Break Near New York, May 17 open break Lloyd Bertaud, navigator of the Bellanca monoplane Col. umbia and Charles Levine, chief backer of its flight pro ject threatened today to eliminate the plane from the triple dash to Paris. Bertaud's lawyer, Clarence W. Nutt, issued statement charging Levine deliberately delaying the take-off of the Columbia order to allow Commander Richard Byrd's Fok monoplane America, and Captain Charles Lindbergh's Ryan monoplane, Spirit of Louis, to get away first. This, he asserted, would provide an excuse for cancelation of the Bel lanca's Meanwhile, continued unfavorable weather caused further postpone ments of the contemplated flights. In. dications were that none of the contenders would attempt hop-off before Thursday and by that time was thought Byrd will completed his load tests and be ready for the Paris jump. Byrd's pilot for the flight has been as Bert Acosta who recentmade the world's flight record of more than 51 hours the Bellanca plane with Clarence Cham
14.
May 17, 1927
The Bismarck Tribune
Bismarck, ND
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Baird Starts Suit Against Williston for an the City by Williston of erty taken over from liams County State bank that institution closed, been Instituted by Baird, state Baird here today. The City of also asked notes, estimated $4,500, the bank secure deposit city funds. The suit predicated upon the supreme court the bank case in which that banks may not pledge their secure deposits public funds.
15.
May 24, 1927
Morning Pioneer
Mandan, ND
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BAIRD NOW ASKS PROPERTY HELD BY WILLISTON
ACTION TO QUIET TITLE IS AFTERMATH OF COURT DECISION Bismarck, N D., May 23.-(AP).What the supreme court meant by its decision in the Wildrose bank case, or at least the application to be made of the principle laid down to that de cision, probably will be determined in suits pending or prospective, in con nection with the affairs of the Wil liams County State Bank of Williston.
After deliberating for more than a year and inviting attorneys to reargue certain points involved, the supreme court decided the Wildrose bank case in an opinion which held that banks may not pledge their assets to secure public deposits It is that principle which lies at the bottom of the dis pute over the affairs of the Williston institution. Before the bank closed It gave the city of Williston deeds to certain property in the city of Williston and cer tain notes as security for a deposit of public money Later the Bank of North Dakota was given a mortgage on the same property When the Wil. liams County State Bank closed the Bank of North Dakota and City of Williston became involved in a law. suit to see which should get the property and the courts held that the city had the best claim. Now L. R. Baird, as state bank receiver is contending, in view of the Wildrose decision, that the claim of the City of Williston is illegal and that title of the property should revert to him as the administrator of the bank's affairs. If his claim is upheld the property will be listed among the bank's assets and used to pay the accounts of its creditors. The contemplated action would be one to quiet title to the Williston property and force the city to give an account of the rents it has received from it while in the city's hands.
16.
May 24, 1927
Morning Pioneer
Mandan, ND
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BAIRD NOW ASKS PROPERTY HELD BY WILLISTON
ACTION TO QUIET TITLE IS AF TERMATH OF COURT DECISION
Bismarck, N. D., May 23.-(AP) What the supreme court meant by its decision in the Wildrose bank case, or at least the application to be made of the principle laid down to that decision, probably will be determined in suits, pending or prospective in con nection with the affairs of the Williams County State Bank of WillisAfter deliberating for more than a year and inviting attorneys to reargue certain points involved, the supreme court decided the Wildrose bank case in an opinion which held that banks may not pledge their assets to secure public deposits It is that principle which lies at the bottom of the dis pute over the affairs of the Williston institution Before the bank closed it gave the city of Williston deeds to certain property in the city of Williston and certain notes as security for a deposit of public money Later the Bank of North Dakota was given a mortgage on the same property When the Williams County State Bank closed the Bank of North Dakota and City of Williston became involved in a law suit to see which should get the property and the courts held that the city had the best claim. Now L. R. Baird, as state bank receiver, is contending, in view of the Wildrose decision, that the claim of the City of Williston is illegal and that title of the property should revert to him as the administrator of the bank's affairs If his claim is up held the property will be listed among the bank' assets and used to pay the accounts of its creditors. The contemplated action would be one to quiet title to the Williston property and force the city to give an account of the rents it has received from it while in the city's hands.
17.
May 24, 1927
Grand Forks Herald
Grand Forks, ND
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BANK CASE IMPORTANT
Baird's Suit Against City Of Williston Involves Big Principle
What the supreme court meant by its decision in the Wildrose bank case, or at least the application to be made of the principle laid down in that probably will be determined in suits, pending or prospective, in connection with the affairs the Williams County State Bank of Williston. After deliberating for more than year and inviting attorneys to reargue points the supreme decided the Wildrose bank case an opinion which that pledge their sets deposits that which lies at the bot. of the over the affairs of the Williaton institution. Gave City Deeds
Before bank closed it gave the city deeds to certain property in the of Williston and certain notes as security for deposit of public money Later the Bank North Dakota was given mortgage property. When Williams County State Bank closed the Bank of North Da kota and City of Williston became involved lawsuit which should get the and the courts that the city had the best Now L. R. Baird, as state bank recelver. is contending in view of the that the claim the City of Williston illegal and that title of the property should revert to as of the bank affairs. If his claim held the property among the bank's assets and used to pay the of its The contemplated action would be one to quiet title to Williston and the city to give an account of the receiv ed from while in the city's hands.
18.
May 24, 1927
The Bismarck Tribune
Bismarck, Mandan, ND
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PROPERTY HELD BY WILLISTON BEING SOUGHT Baird Says City's Claim Is Illegal in View of Decision in Wildrose Case What the supreme court meant by its decision in the Wildrose bank case, or at least the application to be made of the principle laid down in that decision, probably will be determined in suits, pending or prospective, in connection with the affairs of the Williams County State Bank of Williston. After deliberating for more than a year and inviting attorneys to reargue certain points involved, the supreme court decided the Wildrose bank case in an opinion which held that banks may not pledge their assets to secure public deposits. It is that principle which lies at the bottom of the dispute over the affairs of the Williston institution. Gave City Notes Before the bank closed it gave the city of Williston deeds to certain property in the city of Williston and certain notes as security for a deposit of public money. Later the Bank of North Dakota was given a mortgage on the same property. When the Williams County State Bank closed the Bank of North Dakota and city of Williston became involved in a lawsuit to see which should get the property and the courts held that the city had the best claim. Now L. R. Baird, as state receiver, is contending, in view of the Wildrose decision, that the claim of the city of Williston is illegal and that title of the property should revert to him as the administrator of the bank's affairs. If his claim is upheld the property will be listed among the bank's assets and used to pay the accounts of its creditors. The contemplated action would be one to quiet title to the Williston property and force the city to give an account of the rents it has received from it while in the city's hands.
19.
October 17, 1927
Morning Pioneer
Mandan, ND
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BAIRD, BANK RECEIVER, WINS DEPOSITORS
IMPORTANT DECISION HANDED CANNOT PREFER CREDITORS Bismarck, Oct. Thousands dollars will be added the asse:3 closed banks the decision the supreme today in the case of Baird of the Williams County State bank the National Bank of Williston Although the amount involved in suit was only the principle of law applied by court receiver power to collect many items for the benefit of creditors of the closed banks which he In the decision the court held that banking corporation differs from the ordinary commercial corporation in that it has no right to prefer its creditors. Previous decisions, bearing the powers of corporations gener ally had held that corporations had such right under the common law The decision re-affirmed the general ruling as to the right of a corporation prefer its creditors but held that banking corporations fall into dif ferent classification because of their nature and the statutes their operation to the records reviewed in the decision, the First National Bank collected from the First State Bank in cash to cóver per which had accepted from the bank for clearance The action taken after the national bank ficials learned that the state bank would re-open its doors but before the public knew the state bank had become insolvent, the records show Baird receiver, that the First National bank had been placed in the position preferred credit and had brought suit to recover the money. The appealed by the fendant from the Williams county which overruled the demurrer complaint