Bank closure in 1921

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Bank closure in 1921 - IN "'J^JSfigr"*' DBNnts According * dispatch...
IN "'J^JSfigr"*' DBNnts According * dispatch from MtflOt, Jf, D., iut night, Jourgen Otfftn dtnfet that he hdlds a ma- Otfftn dtnfet that he hdlds a jority lflt«r*it in the stock of the UnHMl gltta Bank of Manovef, in., which pHa etOMd this week by the *tet« talking department, following th« disappearance of Its cashier, L>. N. Koajjlftnd. "the. batik is capitalized at $25,000," Mr. Olson aald, "and I held only f 8,000 worth of stock, The re- mtittdtt 1« held by residents in Han- of if," ,<••• Dental Collnslon Mr, Olson said ' that the closed H*nov« bank carried not more than 115,000 in North Dakota paper. He denied charge* of collttftlon in placer any llli- not* bank, and declared he never had Any interest In the Bardolph Institution, closed some time ago. , "life*?* "Old North Dakota paper *for twenty years," he said, "and nobody has ever lost a cent through my transactions." Denial May Bo Technical Hanover, III., Oct, ID. — Replying to a .request from the Hanover Journal for a statement concerning the affaira of the Hanover tjnlon State bank, whose chaslcr, L. N, Koepland, Is under arrest charged With embezzlement of mQre than $1*0,000, Jourgen Olson repled that he would issue one as soon as he had a compute report from the state examiner. Mr. Olson further said that he would send two attorneys and a representative to Hanover and that "everything would be taken care of." Just what Mr. Olson meant by "everything would ba taken care of" is a matter of conjecture among the puzzled and angry depositors of the closed bank. • Technically, it is slad Here, Olson wag not the principal. owner of the bank, the Stock being in the name of' the cashier, L. N. Koepland, now in Jail at Galena. But it is declared that Olson gave a check by whlcvh he acquired the interest of one of the ladies in the bank and that the check which paid for the- property en which the new bank building wan erected was also .drawn by him on one of his North Dakota banks. Cash Shortage $70,980 ' W. W. Cfalhoun, of the state auditor's department, who has made - the examination -int othe bank's affairs, said today that the shortage- is. ,*76,»80 and that out of a total of , $75,000 In bonds and securities left , for safe keeping $71,150 is missing. What has become of these bonds and securities haa not developed. Cashier Koepland, who had little funds on his person when arrested on a train at Davis Junction yeat^r. day, \s : said to have declared that the people got excited too quickly and that the bank would pay out dollar for dollar: No such result appears te> be looked fpr, however, by atiy of the depositors. Koepland has had little to say since he was locked up. Koepland Kept "Incommunicado" Galena, 111., Oct. 19. — -Information charging L. N. Koepland, cashier of the Union State bank at Hanover, 111., with embezzlement of $120,000, wan filed today by John Eadle, pr«»ldent of the bank. Koepland wM rushed to the Galena Jail from Savanna... following his arrest at Davis Junction, A preliminary hearing is being arranged 4 for Koepland, pending which Galena officials have refused to allow any one to communicate with him,

Clipped from
  1. Freeport Journal-Standard,
  2. 19 Oct 1921, Wed,
  3. Page 9

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