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BANK'S SHORTAGE NEARLY $100,000 Bristol, S. D., Nov. 16.-Developments today indicated that the shortage in the account of the First National bank of Bristol will reach $100,000. The bank was placed in the hands of a bank receiver today. Cashier Torgus Strandness, who left here two weeks ago, has not been located.
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Washington, November 16.-The Russian embassy issued a statement tonight declaring that neither the embassy nor any of its officials was connected with the purchasing of supplies in the United States for the Russian government. Denver, November 6.-The annual report of the Colorado and Southern Railroad company for the fiscal year ending June 30 last, made public today, shows an increase in net earnings of $602,932 over the previous year and an increase in gross earnings of $867,778. The company operates 1968 miles of railroad in Colorado, Wyoming, New Mexico and Texas. Washington, November 16.-Russia has lifted its embargo on the exportation of furs, which has held up shipments valued at millions of dollars consigned to the United States, according to a dispatch from Commercial Attache Baker at Petrograd, made public today by the department of commerce. Bristol, S. D., November 16.-A shortage that may reach $100,000 is said to have been found in the accounts of the First National Bank of Bristol. The bank was placed in the hands of a bank examiner yesterday. Torgus Strandness, cashier, left here two weeks ago and has not been located. Sylvania, Ga., November 16.-The Citizens and Screven County bank, a state institution here, with a capital of approximately $60,000, suspended business today. A notice signed by the directors said that the suspension was caused by the "stringency of the times," and that it would be only temporary. All depositors, it added, will be paid in full. There was no further statement of its condition. Its affairs have been placed in the hands of state authorities. W. J. Walker is president of the bank. El Paso, Tex:, November 16.-The Liberty Bell, on its return journey to Philadelphia from the Panama-Pacific exposition at San Francisco, arrived here today from Deming, N. M.; and departed for Marfa, Tex. New York, November 16.-It was learned today that some six or eight London banks will participate in the new commercial credits ,merican bankers purpose to extend to British financial interests. The minimum of these operations already has been fixed at $50,000,000, but that sum may be expanded to $300,000,000. Cables that have recently passed between here and London and the strength of sterling exchange indicate that negotia-
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open in a few days. Butler. S. D., Nov. 18.-The Farmers' State bank, of Butler, was closed "for repairs" yesterday, the suspension being due to the closing of the First National bank at Bristol. Torgus Strandness, missing cashier of the Bristol bank, is president of the Butler institution. His son, Ted Strandness, is cashier here. Deputy Examiner C. J. London, of Watertown, has been placed in charge of the suspended Butler bank. Ted Strandness, the 26-year-old son of the missing Bristol cashier, was given a severe grilling by E. W. Fiske, assistant district attorney, and is said to have told of his father's plunging operations on the board of trade, dating back over a period of several years. It is claimed that the shortages of Strandness had been known to other officers of the bank for several months and that they had been relying upon Strandness' claim that he would adjust matters. Strandness is about 60 years of age and-has a wife and seven or eight children. For the past year he has been separated from Mrs. Strandness and has been living alone at the bank. His daughter, Clara Strandness, and a son were employed in the bank at Bristol, and it is alleged they were cognizant of the way their father was handling the bank's finances. Investigations at Bristol lead examiners to believe that Strandness has lost fully $100,000 in speculation on the board of trade, which amount he took from the bank, it is alleged, by making false entries on the bank's books covering certificates of deposits. In one instance, it is alleged, $10,000 was deposited by a customer of the bank in certificates of deposit. The bank's books were made to show but $300 having been deposited. Following is a statement of the bank's condition, September 1: Capital, $25,000; surplus and profits, $6,000; circulation, $25,000; individual deposits, $225,000; bank deposits, $25,000; loans and discounts. $200,000; discounts, $200,000; United States bonds, $26,000; state and municipal bonds. $45,000; due in bank, $4,000; cash and exchange, $30,000. The Bristol bank was a member of the Minneapolis reserve bank, and is the first national bank in South Dakota to go into an. examiner's hands in many years. Cashier Strandness, of Bristol, left two weeks ago for the Twin cities, where he wrote from the Golden West hotel, Minneapolis, that physicians there advised him to go to Rochester, Minn., for consultation as to his health. He did not go to Rochester. and United States officials are looking for him in eastern states.
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BANK'S SHORTAGE NEARLY $100,000 Bristol, S. D., Nov. 16.-Developments today indicated that the shortage in the account of the First National bank of Bristol will reach $100,000. The bank was placed in the hands of a bank receiver today. Cashier Torgus Strandness, who left here two weeks ago, has not been located.
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STRANDNESS LOCATED BY FEDERAL OFFICERS, IS CLAIM Aberdeen, S. D., Nov. 20.-Federal officials have located the place where Torgus Strandness, the missing cashier of the Bristol institution, is hiding, and his arrest is expected shortly. He is said to be in an eastern state. Among municipal monies carried by the Bristoly bank was $5,000 deposited with that institution by the treasurer of Day county, Ole T. Strandness, not related to the cashier of the defunct institution. That amount is guaranteed by a personal bond signed for the most part by stockholders of the bank. After an examination lasting a day and a half of the books of the Farmers' State bank, of Butler, which institution was closed yesterday as the result of the failure of the First National bank, of Bristol, the state banking department is said to have declared that no irregularities have been found, and so far as is known, the bank is in a solvent condition. i STURGIS-That the municipal saloon established here last July is a paying investment is indicated by the report of the committee of business men conducting it. It is run by a company of incorporated stockholders who at the outset gave their notes for $3,500, all of which has been paid off, together with all other indebtedness, and the company now has a clear profit of $4,000, consisting of stock, unused Iicense money, cash in bank and city warrants. The company estimates that in two years the city indebtedness will be reduced by $25,000. DALLAS-A special election has been called for December 1, at which the proposition of issuing bonds in the sum of $4,000 for the purchase by the city of the local electric light system, which now belongs to private parties, will be submitted to the voters. SPRINGFIELD-The commercial club of this city was host at a banquet for the bands of Tyndall and Springfield As guests of honor there were invited also the mayors of Tyndall, Scotland, Avon and Tabor, and the representatives of the commercial clubs and the editors of the newspapers of the towns of Bon Homme county.
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BRISTOL CASHIER IS MISSING WITH FUNDS AND BANK IS CLOSED Claimed Shortage Will Be Made Up Soon and That Bank Will Resume Business. Bristol. S. D., Nov. 18.-The First National bank of Bristol has been closed by the federal banking department and the affairs of the institution. for the present, are in the hands of Examiner Thomas H. Campbell. Formal announcement has been made that the bank's suspension is due to defalcations involving the officers of the bank. The suspended bank is capitalized at $25,000 and the book deposits amount to $291,000. G. A. Bemitt is president of the institution and Torgus Strandness is cashier. About two weeks ago Strandness left here in an automobile, deserted the car out in the country and dropped out of sight. Relatives of the missing man and the other bank officers at first thought Strandness had been the victime of an abduction, but this notion was dissipated by the evidence of an acquaintance, who saw and talked with him on a train. Assuming that Strandness had left voluntarily, the bank directors called for an examination and learned, it is said, that Strandness had been plundering the bank's cash and manipulating the records during the past year. It is claimed depositors will not lose and that the bank stockholders will make up Strandness' raids on the capital stock, and resume business at an early date.
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STRANDNESS LOCATED BY FEDERAL OFFICERS, IS CLAIM Aberdeen, S. D., Nov. 20.-Federal officials have located the place where Torgus Strandness, the missing cashier of the Bristol institution, is hiding, and his arrest is expected shortly. He is said to be in an eastern state. Among municipal monies carried by the Bristoly bank was $5,000 deposited with that institution by the treasurer of Day county, Ole T. Strandness, not related to the cashier of the defunct institution. That amount is guaranteed by a personal bond signed for the most part by stockholders of the bank After an examination lasting a day and a half of the books of the Farmers' State bank, of Butler, which institution was closed yesterday as the result of the failure of the First National bank, of Bristol, the state banking department is said to have declared that no irregularities have been found and so far as is known, the bank is in a solvent condition. i STURGIS-That the municipal saloon established here last July is a paying investment is indicated by the report of the committee of business men conducting it. It is run by a company of incorporated stockholders who at the outset gave their notes for $3,500, all of which has been paid off, together with all other indebtedness, and the company now has a clear profit of $4,000, consisting of stock, unused II: cense money, cash in bank and city war. rants. The company estimates that in two years the city indebtedness will be reduced by $26,000. DALLAS-A special election has beer called for December 1, at which the prop. osition of Issuing bonds in the sum of $4,000 for the purchase by the city of the local electric light system, which now belongs to private parties, will be submit. ted to the voters. SPRINGFIELD-The commercial club of this city was host at a banquet for the bands of Tyndall and Springfield. A1 guests of honor there were invited also the mayors of Tyndall, Scotland, Avor and Tabor, and the representatives of the commercial clubs and the editors of the newspapers of the towns of Bon Homme county.
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STRANDNESS LOCATED BY FEDERAL OFFICERS, IS CLAIM Aberdeen, S. D., Nov. 20.-Federal officials have located the place where Torgus Strandness, the missing cashier of the Bristol institution, is hiding, and his arrest is expected shortly. He is said to be in an eastern state. Among municipal monies carried by the Bristoly bank was $5,000 deposited with that institution by the treasurer of Day county, Ole T. Strandness, not related to the cashier of the defunct institution. That amount is guaranteed by a personal bond signed for the most part by stockholders of the bank. After an examination lasting a day and a half of the books of the Farmers' State bank, of Butler, which institution was closed yesterday as the result of the failure of the First National bank, of Bristol, the state banking départment is said to have declared that no irregularities have been found and so far as is known, the bank is ir a solvent condition. STURGIS-That the municipal saloon established here last July is a paying investment is indicated by the report of the committee of business men conducting it. It is run by a company of incorporated stockholders who at the outset gave their notes for $3,500, all of which has been paid off, together with all other indebtedness, and the company now has a clear profil of $4,000, consisting of stock, unused 11. cense money, cash in bank and city warrants. The company estimates that in two years the city indebtedness will be reduced by $25,000. DALLAS-A special election has been called for December 1, at which the prop. osition of issuing bonds in the sum of $4,000 for the purchase by the city of the local electric light system, which now be. longs to private parties, will be submit ted to the voters. SPRINGFIELD-The commercial club of this city was host at a banquet for the bands of Tyndall and Springfield, As guests of honor there were invited alse the mayors of Tyndall, Scotland, Avor and Tabor, and the representatives of the commercial clubs and the editors of the newspapers of the towns of Bon Homme county.
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MAKING UP SHORTAGE Failed. Bristol Bank Recovers $30,000 from Strandness. Aberdeen, Dec. 2.-The First National bank of Bristol, which is now in the hands of a federal bank examiner. has received about $30,000 worth of property through transfer to the bank by Ted Strandness, son of Torgus Strandness, defaulting cashier, of equities in 1,040 acres of land, together with several lots in Bristol and assignments of notes and mortgages against land in Day and Clark counties. These assignments were filed at Webster. The amount of shortage is still understood to be hovering between $65,000 and $100,000. Torgus Strandness has not as yet been arrested, but a Milbank paper asserts that the missing cashier is at Philadelphia with Rev. Father Charles Sass, formerly a Catholic priest at Bristol.
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BRISTOL BANK NATIONAL BANK EXAMINER SAYS ACTUAL AMOUNT OF DEFALCATION IS NOT KNOWN. Aberdeen, Dec. 10.-T. H. Campbell, of Huron, national bank examiner for South Dakota, in an interview said that all statements concerning the extent of the defalcation in connection with the First National bank at Bristol, and the amount of the loss are either illfounded rumors or the personal opinion of persons not in a position to know anything about the matter, and that little definite news could be given out, either by himself or by others in the banking business until an official statement is authorized by the comptroller of the treasury at Washington. "At present," said Mr. Campbell, "my department is trying to reorganize the bank. They are a great way from completing their work and there is a vast amount of detail matters yet to be attended to. If they succeed in this reorganization, depositors will probably suffer but little loss. "There are all kinds of stories afloat about how things were run before the crisis came, and how they stand now. These are mostly rumors without foundation except in the imagination of some person, and are often out of all reason. Many of the reports originate with people who are financially interested in the bank and who have given out opinions formed purely from personal deductions. There have been no official statements of any kind so far." Asked regarding rumors that the whereabouts of Torgus Strandness, the missing cashier, was known to the authorities, Examiner Campbell said he would give much to know where Strandness was, but he did not know.
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SUPREME COURT IN NUMBER OF DECISIONS Pierre, S. D., Sept. 9.-The Supreme court rendered the following opinions: Per curiam, case of board of supervisors of Brookfield township, McCook county, vs. Sam Jorgenson, defendant and appellant; affirmed. Austin Western Road Machine Co., vs. Henry E. Owen, appellant, Butte county trial court affirmed. N. B. Jackley, vs. Bessie B. Robinson and Helen Baker, appellant, trial court of Hughes county affirmed. Frank H. Johnson, receiver for First National bank of Bristol. appellant, vs. Mrs. P. Peterson, Day county trial court affirmed.
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SUPREME COURT IN NUMBER OF DECISIONS Pierre, S. D., Sept. 9.-The Supreme court rendered the following opinions: Per curiam, case of board of supervisors of Brookfield township, McCook county, vs. Sam Jorgenson, defendant and appellant; affirmed. Austin Western Road Machine Co., vs. Henry E. Owen, appellant, Butte county trial court affirmed. N. B. Jackley, vs. Bessie B. Robinson and Helen Baker, appellant, trial court of Hughes county affirmed. Frank H. Johnson, receiver for First National bank of Bristol. appellant, vs. Mrs. P. Peterson, Day county trial court affirmed.
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# DIRECTORS SUED RECEIVER OF BRISTOL BANK ASKS FOR LARGE SUM. Sioux Falls, May 3.--Charging a failure of attention to duty, Frank N. Johnson, receiver of the defunct First National bank of Bristol, has commenced action for damages amounting to more than $100,000 against the former directors of the institution. The arguments were heard before Judge J. D. Elliott in the United States district court and the case taken under advisement. The failure of the bank occurred several years ago when, it was alleged, the cashier absconded with a large portion of the available funds. The bank then went into the hands of the receiver with a total of more than $100,000 coming to the depositors and others. It recently developed, in the opinion of the plaintiff, that the failure of the institution might have been due to inattention of the directors to their duties. The failure of the bank several years ago came as a great surprise to the depositors. It was apparently in a flourishing condition when suddenly, following an investigation by the national bank examiner, a contrary state of affairs was found to exist. Considerable agitation ensued and the defunct bank was unable to make settlement.
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DIRECTORS OF DEFUNCT bank ARE SUED Sloux Falls, S.D., May 3.-Charging a failure of attention to duty, Frank N. Johnson, receiver of the defunct First National bank, of Bristol, has commenced action for damages amounting to more than $100,000 against the former directors of the institution. The arguments were heard before Judge J. D. Ellifott in the United States district court and the case taken under advisement. The failure of the bank occurred several years ago, when it was alleged the cashier absconded with a large portion of the available funds.
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DIRECTORS OF DEFUNCT BANK ARE SUED Sioux Falls, S. D., May 3.-Charging a failure of attention to duty, Frank N. Johnson, receiver of the defunct First National bank, of Bristol, has commenced action for damages amounting to more than $100,000 against the former directors of the institution. The arguments were heard before Judge J. D. Elliiott in the United States district court and the case taken under advisement. The failure of the bank occurred several years ago, when it was alleged the eashier absconded with a large por. tion of the available funds.