The Bismarck tribune., 1919-04-14

system OF operation Wnlcn WOul
banking business of the state.
Early Criticism. y
In view Of the early criticism Of the
Hunk Of North Dakota plan. Satur-
days conference was conceded by
everyone to have been remarkably
harmonious. There was very free
discussion Of the various objections
which had been raised to the plan
Manager J. r. Waters set Some doubts
ut rest when he flatly declared that
the Nonpartisan league was not in the
banking game: that the Bank of North
Dakota was not league institution,
ard that in spite Of reports to the
contrary the Nonparisan league owned
l'Obnnks in North Dakota. He declared.
further. that it was not the intention
of the; league to establish bank in
each cOuny. as n member Of the Bank
Of North Dakota, as had. Manager
Waters stated. been rumored.
Governor Frazier and Commissioner
1tagAn commented upon the fact that
REPORTS tending TO damage the credit
Of the state Of North Dakot,, had been
circulated lin other states in cOnnec-
tionrwith the Bank Of North Dakota.
The bad impression. created intention-'
ally or through misintrepretatiOn or
the reports emanating from North Da-,
kOta and North DakOtans, was as det-
rimental to the banking interests in
North Dakota as to the Bank Of North
Dakota. Anything injurious to the
credit and good name Of the state.
said the commissioners, must adversely
affect every branch Of business in the
state. se.
!. p. Baker Endorses Bank.
The bankers concurrcd in these sen
tfments, and expressed the opinion that
the truth about the Bank Of North Da-
kota scheme should be promulgated
through a publicity committee Of the
bankers themselves, and that the
facts should be spread broadcast over
the country. :.
Capt I. p. Baker one Of the Oldest
dcrsed the Bank of North Dakota
idea, declaring this parent institution.
with ITS two million capital and many
millions more in resources would
strengthen the credit Of the whole state
and make 1t easier for every hank to
borrow the money needed in the devel-
onment Of North Dakota He saw
nc reason why the banks should not
operate in complete. harmony with the
mother bank, and he expressed con-
fidence in the success of the plan.
T. Remington, Favors Bank.
p. G. Remington. president Of the
City National bank, declared, he had
favored the institution from the first.
and declared his belief that the. bank
would bolster up the credit Of the state
and serve as convenient clearing house
for all state banks. B. &c. Marks. vice
president Of the City National and
secretary of the Bismarck clearing
house association. stated that this or
ganization had rendered it's support to
the Industrial commission the day fol-
lowing the passage of the act creating
the bank and had invited the bank
to become a member of he Bismarck
association.
J. II. Killing. cashier Of the First Ma
{ tional bank. of New Salem. declared
tina. in his community there was an
Impression that the money needed 70 !.
financing the farmers of the Slope
would be cut off unless the banks cor
\, t.nued their connections with the larg.,
city banks He believed this convic-
tion could be overcome through gen
c:al understanding that the Bank Of
North Dakota could and would carry
deposits wherever they we're necessary
to establish credit for this bank and
member institutions.
The representative Of state bank
which is member Of the federal re-
serve bank at st. Paul brought up the
question Of carrying reserves In both
this hank and the Bank Of North Da-
k0ta. He declared that for the pres.
ent Mt least it seemed advisable to con
tinue cOnectiOns with the reserve bank
In St Paul. stating he would he glad
later to transfer this reserve to the
Rank Of North Dakota should il
seem assured, of success. He sug.
gcsted that in view OF the fact that
many other banks might be in the
SAME position it would be wise tC
make the reserve to be carried in the
Rank Of North Dakota small. He he
lieved that in this event many national
banks would be glad to come in. He
also thought bankers should know
whether the Bank Of North Dakota in
tended to pdy interest on reserve de
poeits.
W. i. Richards, president OF the
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