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JOURGEN OLSON BANKS CLOSED IN ILLINOIS Cashier Charged With Embezzlement; Worthless Paper Found is Charge. Dubuque, Iowa, Oct. 17.-L. N. Kopland, cashier of the Hanover Union State bank, arrested at Davis Junction, III., charged with embezzlement of bank funds. estimated at $125,000, was taken from a train at Davis Junction last night. Fearing violence, the prisoner was taken overland by automobile to Galena, Ill. W. W. Calhoun. state bank examiner, declared today the examination is practically over and that so far the discrepancies amount to $135,000. The bank is closed and a temporary receiver will be appointed tomorrow. N. D. Paper in Bank. Rockford, III., Oct. 17.-Jourgen Olson, reputed principal stockholder in the Hanover Union State bank. is interested in a string of banks in North Dakota, Illinois. Minnesota, Indiana and Michigan. according to a story received here from Hanover over the long distance telephone. Among the Hanover Union State's assets, it is indicated, are $36,000 in North Dakota paper. Figureheads for Olson. Springfield, Ill., Oct. 17.-Naming cashiers of both the Bardolph State bank and the Hanover Union State bank as "figureheads for Jourgen Olson" of Minot, N. D., State Auditor Andrew Russel this afternoon announced he had closed both institutions and had appointed temporary receivers. Allege Paper Worthless. Estimates of the state auditor indicate that more than $200,000 worth of worthless paper is in Illinois, as a result of the operations of Olson. Leo N. Kopland, cashier of the Hanover Union State bank. arrested at Davis Junction last night. disappeared while bank examiners were checking his accounts Friday. The bank was closed immediately afterward. Cashier W. J. Woolever of the Bart dolph State bank, whose institution was closed last Monday, according to : the state auditor. has made a clean breast of his.irregularities. Both he and Kopland, the state auditor's examiners said. had no real financial , interest in the banks but acted as 1 representatives of Olson. were at his command and were paid a salary by him. Bank examiners who made previous checks of the two banks, failed to detect the worthless paper, as it had all the earmarks of bona fide bank notes. Paid To Olson. According to the explanation of Cashier Woolever, notes of the Bardolph State bank were sent from St. Paul by Mr. Olson, with signatures of the farmers/owning land. Money on notes was paid Oleon, he said. Union National bank of Macomb. has been appointed receiver of the Bardolph bank and J. A. Speer. cashier of Hanover State bank. has been apointed receiver for Hanover Union State bank. Owns Banks in N.D. Jourgen Olson referred to in the above dispatches is a banker remiding He owns a string banks of Minot in in Minot. the vicinity which of favored were among the banks especially with deposits by the Bank of North Dakota Although served with a subpoena to appear before the committee of the house of representatives which investigated the Bank of North Dakota last winter he failed to appear.
