The weekly times-record. (Valley City, N.D.) 1912-1922, 1919-03-06
each $125 subscribed, 500 being for
capital stock, SIS for surplus and $40
for commission.

capital stock, SIS for surplus and $40
for commission.
No Final Action
At the present time the banking
board has taken no final action on
the deal. It is waiting to receive
from J. R. Waters the Financial
statement" of John Hastings listed
as an officer in the American Ex-
change bank, such. statement, how
ever probably will not be necessary,
for the indications are that forces
from within have been moving with
rapidity and precision and that John
Hastings and Thomas Allan Box are
to be no longer factors in the bank
ing game in North Dakota.
Hastings is going to St. Paul, to
be connected with the national head
quarters of the Nonpartisan league.
Box, he Of the $3.50 state owned
meals and who Travelled at state ex-
pense during a portion Of the time
he. was engaged in the organization
of the banks for personal profit,
probably will no longer be associated
with the league activities in North
Dakota. :
Hastings has resigned the vice
presidency Of the Scandinavian Am
erican bank of Fargo. Hhe has not
been reelected an officer Of the
PeoplesState bank of Grand Forks,
and he is said to be dropping out of
other banks in which he has appeared
as an officer. Tom and John are
headed for the "exit" sign while Gov
ernor Frazier and Bank Examiner
Waters are Sitting on the lid" out
here in Bismarck, denying to the pub
lie facts relative to the operation of
the fallen Wallingford.
Following is copy of one of the
resolutions passed by the banking
board: -
"Whereas it has come to the no.
tice of the members of the State
Banking Board that scores of pro-
moters and stock statesmen are tray
cling over the state representing to
prospective purchasers that the
stock they are offering sendorsed by
the members of the State Banking
Board or by the state administration,
and
Whereas it has come to the notice
of the members Of the state banking
board that because of these represen-
tations and largely on the claim that
such associations are fostered and en-
couraged by the state administration
or some political party or faction, and
| Whereas certain influential men,
bers, employed, hangers-on of both
political and non-political organiza-
tions have, for profit to themselves
permitted their names to be taken
as sponsors for such associations
schemes and promiscuous promo
tions and .|&
! Whereas many of the securities
| offered are wholly speculative in ma
ture, having but little or no real
merit or value or feasibility Of plan
upon which to base practical going
business and whereas, many of our
people are investing their money in
such stock and enterprises, and
Whereas such speculative secur.
tiles are being sold in this state in
violation of what is known as ou1
Blue Sky Law, therefore.
''Be it resolved that the Secretary
of the State Banking Board, be re-
quested to call the attention of all
prosecuting attorneys in the state to
the provisions of Chapter 81, Session
Laws 1915, and to section 1868, Of the
compiled laws of 1913, and
"Be it further resolved, that the
States Attorney publish notice of
this resolution in each of the news
papers published in their respective
counties to the end that the public
generally may be warned against the
Vaccinations and false representa-
tions made by the boards of corpora
tion sponsors now infesting our state.
(Signed) .-, .s'
Lynn j. Frazier, Governor.
William LANCER, Attorney Gen.
Thomas Hall, Sec'y. of State"