Minot National Bank (Minot, ND)

Article Text

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.

Article Text

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.

Article Text

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

Article Text

RECEIVER APPOINTED

Washington, Sept. 19.-The announcement of the closing of Minot National Bank of Minot, N. D., was made today by Comptroller of Currency. F. B. Chapman, national bank examiner, has been apointed receiver.

Article Text

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.

Article Text

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.

Article Text

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.

Article Text

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

Article Text

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.

Article Text

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.

Article Text

OUR BANKING SYSTEM

The Minot National bank has closed its doors and the comproller of the treasury has appointed National Bank Examiner Chapman receiver of the defunct institution. Current reports says the depositors will receive 80 cents on the dollar. There is nothing sensational in the story of the failure, but the fact that so many national banks are closing their doors would indicat e that a new system of banking should be adopted by the government. National Bank Examiners are usually men of high integrity and able and experienced bankers, but it would seem that where bank officers SO desire. their books can be made to show a safe condition when in fact the bank is not able to meet its obligations, and that this condition can be brought about between the visits of the examiner. Nothing short of daily reports made to the examiner would avoid this danger, and even that would be liable to show many false entries in case such were necessary to hide the bank's shortage. It is in fact, a ques: tion of men rather than system that make banking safe or unsafe today.

Article Text

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

Article Text

census. The Minot National Bank has closed its doors, and National Bank examiner Chapman has been appointed receiver of the defunct institution. Report says that the depositors will receive 80 cents on the dollar.

Article Text

MINOT, NORTH DAKOTA

the use of the Government. Government plans were made for a building that would be large enough to last for that purpose for five years, and yet this building is already found to be almost inadequate, although less than one year old. Two of the largest and strongest banks in the United States are kept busy, and two more are planned at the present time. Mention has been made in these columns of the recent failure in this City of the Minot National Bank. This might, erroneously be supposed by some persons to be indications that Minot is on the wane. But, the failure of the Minot National Bank was in no wise due to inactivity of the City of Miuot, or the County of Ward, but solely to mismanagement on the part of its own officers. In the recent investigation by the United States Court, the president of the bank stated that the affairs of the intstitution had been left solely in his care, and then he pleaded guilty to having embezzled the funds of the bank, and is now serving his sentence there for in the United States Prison, while the enterprising depositors are making an effort to again put the bank "on its feet" if not indeed to reopen it for business.

Every commercial line is well represented in the City at the present time. The small general store of olden times has become the large departmentstore. New stores in almost every line are opening up almost daily. The only drawback being the inability of contractors to keep enough buildings on hand for the proper opening of business men who desire to cast their lot with this hustling city. Two daily newspapers supply the people with news, and the Independent does its best to be a weekly welcome visitor. All these papers are well patronized by merchants, lawyers, real estate men and the business world generally.

Perhaps the fairest indication of what is going on in Minot is obtained from the Railroads. During the season of the year 1904, the Great Northern Railroad did a freight business in Minot amounting to $300,000, and a passenger business amounting to $180,000 or about $1500 for every work day in the year. No figures can be obtained from the Soo Railroad, but doubtless that road has been treated practically as well by Minot. And then, it must be remembered that the business for the year 1905 is far in excess of the year 1904: so that these railroads are having much to handle the business forced upon them. These two transcontinental lines give the city a ready opening into the world from all directions, unless possibly the south, and a road will be constructed directly south from Minot within the next few months. About 75 to 100 passenger cars run through Minot daily on these two roads, but it would be practically impossible to estimate the freight business.

As the population has trebled in the past year, so have its buildings increased rapidly. Real estate has gone up in price rapidly. During the past five years it is doubtful if a single tenement house has been erected that has not been rented before the roof was on. Tenants are glad to pay rent in advance in this hustling city, for the enterprising find no trouble to earn enough to pay. During the present year, at least 600 good, substantial residences have been constructed and yet no house is vacant. All contractors in the City at the present time are as busy as they can be, and all are hunting for mechanics and laborers. Present prospects indicate that they will be busy all winter. Yet, when the Great Northern Railroad Company began investigations to see whether they should move their railroad shops to the City this fall or not, they decided to wait till next spring, as there were not sufficient residences in the City for the men to

Article Text

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.

Article Text

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. -Ladoga, Ind., bank; assets $80,000 liabilities $109,000. 24-Canton, O. state bank closes Lexing. ton Okla., First national bank falls, 26-Barberton O., First national bank Jun, -Ladysmith, Wis., First national bank closed. 9-Fyfe & Munson, Chicago, placed in re celver's hands, 23-Vicksburg, Mich., exchange bank. 26-Knight, Donnelly H Co., Chicago, 28-Terre Haute, Ind., national bank closed doors. Jul. 5-Spring Valley, III., and Toluea, 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 tc overloans. Sep. 19-Minot, B. 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,

Article Text

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, Ill., 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.

Article Text

25 Per Cent Dividend

The Independent has been in. formed that a 25 per cent dividend has been declared by the Minot National Bank receiver. The checks will arrive in a few days. This is only a beginning.

Article Text

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

Article Text

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

Article Text

JURY DELVES INTO MINOT BANK CASE

ERICKSON, EX-PRESIDENT, TAKEN FROM PRISON TO TESTIFY.

Receiver of the Bank Has Started Suits Against Three Men Who Sold the Property to Erickson, and Responsibility of the Failure May Be Shifted in Whole or in Part.

Special to The Journal. Grand Forks, N. D., Dec. 10.—A federal grand jury was convened in the government building here this morning. The most important witness to be examined is J. A. Erickson, former president of the defunct Minot National bank, who is now serving five years at Sioux Falls, having pleaded guilty to a violation of the banking laws.

Friends of Erickson have contended that he was innocent, and that the men who sold him the bank stock were the responsible ones. G. W. Swords, receiver of the bank, recently started suits against the three men who sold Erickson the bank, and he is also here as a witness before the grand jury. It will not be surprising if the jury is in session all week, and some sensational developments may result.

The last criminal case tried in the federal court was that of Peter and Joseph Meyers, father and son, charged with perjury in connection with witnessing a final proof for a neighbor, an old woman 80 years old. They were found guilty and were sentenced to fifteen days each in the Stark county jail and fined $5 each.

J. M. Halvorson, who confessed to stealing the gold taken from the Aneta station the night it was destroyed by fire, pleaded guilty when arraigned before Judge Fisk, and was sentenced to eighteen months in the penitentiary.

Stalwart Wing Working Hard.

With the convening of the state legislature less than a month away, hard work is being done by the machine or stalwart wing of the republican party to organize both branches. The house delegation is a mixed one, with about seventeen democrats and the remainder republicans, about evenly divided between insurgents and stalwarts. This indicates that the insurgents and democrats will be able to control the lower house.

The senate is just about evenly divided between stalwart republicans and insurgent republicans and democrats, with the stalwarts perhaps a few votes shy of a majority. The hard work is being done in hope of whipping the insurgent members into line, thus making the senate safely republican. There is some talk of an organized effort being made to hold up the appointments of the new governor, but this is hardly thought probable in the face of the fact that the senate is not in shape to pass any measure over his veto, and that there are few members but have something to present in the shape of an appropriation measure.

A. P. Peake, Valley City, will probably be supported by the insurgent republicans and democrats for speaker, while Frank B. Chapman, now national bank examiner, will have the support of the McKenzie republicans.

Annual Debate Arranged.

The University of Manitoba has selected the subject for the annual debate with the University of North Dakota, which will be held in this city some time in February. The question: "Resolved, That the single-tax system of taxation should replace the present plan of taxation in America."

America is taken to mean the United States and Canada and real estate tax is involved. The University of North Dakota will choose sides.

Either Lauder or Ellsworth.

Some of the friends of Judge W. S. Lauder of Wahpeton are urging his appointment to the supreme bench to succeed Associate Justice Engerud, whose resignation will reach the governor soon. S. E. Ellsworth, Jamestown, is also spoken of, and there is every probability that the honor will go to either one or the other.

Article Text

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.

Article Text

EDITORIAL

Too Late to Classify.

Receiver Swords of the defunct Minot national bank came over to interview the Independent on Tuesday in regard to a "few quotations" the editor printed in last weeks issue, and while he admitted that he told some things, he also denies having said others. Of course, as usual, the man who wrote it had left for "Chicago" and was not there to be licked, but the other man promised to be good.

Just what particular part in the article which was "coated" we are unable to state at this time, but it was evidently a question of "misplaced" quotation points, by one of the proof readers, and overlooked by the officiating editor. However, as Mr. Swords does not deny having told our representative something, we are willing to admit that the news hunter guessed the rest, and are willing to bet that the guess was right, and he had a "scoop" on the Optic, who afterwards tried to gain the confidence of the receiver, but could not make it, and then hollered "Fake!" How sensational. The Optic should publish an historical account of bank receiving life in Minot, it might make a 'scoop' on the Independent.