The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1919-04-17
STATE BANKERS
TO COOP PERATE
McFADDEN OF FARGO HEADS
COMMITTEE TO CONFER WITH
COMMISSION


sentative bankers from all parts Of the
state met with the industrial comrris-
sion this afternoon at Governor Fra
zier's Invitation to discusa the Dro-
posed plan of operation for the Bank
Of North Dakota. At the conclusion
Of the meeting all promised their en-
ergetic cooperation for making the
state bank a success as a business in
stitution and a committee Of five bank
ers headed by w. C. MacFadden Of
Fargo, secretary of the North Dako-
to Bankers association was named to
confer with the industrial commission
and Manager ]. r Waters in de5erm,a-
ing the policy Of the institution and
the rules under which the bank will
operate. The others members Of the
committee are F. w. Cathro Of Botti-
neau, ]. J. Nearing of jamestown, /.
P. Baker of Bismarck and Samuel Tor
gerson Of Grand Forks.
In addressing the conference Gov
ernor Frazier said to the bankers:
Cooperation Needed
"The state of North Dakota is go
ing into the banking business and the
industrial commission feels that it
needs the cooperation and advice of
the bankers Of the state in it's new
undertaking. The financial interests
of the state are fundamentally para
mount to any other for without credit
and integrity none other could exist.
We want the cooperation Of the bank
ing fraternity and that's why we have
called you here"
Several of the bankers had come
to the meeting fearing that there
might have been some fouut.ation to
the wild rumors circulated in certain
newspapers regarding the effect the
Bank of North Dakota wou.l have
toward private business. Whcl Gov
ernor Frazier and Manager Waters
assured them that the policy of The
commission was to build up industry
and strengthen business conditions
rather than to disturb and tear down,
there was a noticeable enthusiasm
manifested. ....
To Help, Not Disturb
The remotest fear Of any tendency
to disturb business conditions jn any
section Of the state was robbed when
the bankers were told that the policy
Of the industrial commission and the
bank management in connection with
the public funds, required by law to
be deposited in the Bank of North Pa
kota, would be to Immediately rede-
posit in athe Bank Of North Dakota,
would be to Immediately redeposit
these funds in the member banks in
the localities from which the funds
originated.
Further confidence was also gained
when the manager assured the con-
ference that the policy Of the COM
mission was to get away from the
one man bank idea. He announced
that the institution would be divided
ia various coordinate branches such
as departments for bonding, farm
loans, rediscounting, auditing, public
ity and statistics, the heads Of which
are to form board Of governors. In
keeping with the most substantial
modern banking methods the board
Of governors Of which the bank mana
eer is to be chairman viii determine
the attitude Of the institution on the
various problems that may arise un-
der the supervision Of the industrial
commission.
Bankers In Sympathy
Governor Frazier, J. n. Hagan'
commission Of agriculture and labor
and Manager Waters were given the
: assurance BY the bankers present that
they were heartily in sympathy with
the bank movement and assured the
commission Of their hearty co-opera-
tion in making the institution bust
ness success on the plan as outlined
Among the various suggestions Of
fered BY the bankers IN reference g
many Of the details in connection with
the operation Of the state bank # was
suggested that an organized publicity
effort Be made to counteract the raise
impressions which have been circuat-
cd concerning the states credit BY I'M
friendly newspapers. I
urcu school,, NOTES