The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1920-12-22
FINANCE BOARD
PLAN IN DETAIL
IS AGREED UPON
Capital Stock Is One Million Dol
lars-Headquarters in
y Fargo
CATHRO ON THE BOARD
Organization to Start Out-Of-
State Marketing of Secur-

Fargo N. D., Dec. 22.-OSpecial to
The Tribune e)--Detailed plans for the
incorporation Of bankers finance
corporation, with a capital stock Of
one million dollars, was perfected in
a meeting in Fargo late yesterday of
the special committee of bankers.
A prospectus, which is being pre-
pared today, says formal organization
of corporation will take place in Far
go on Wednesday, January 5.
The first board Of directors fol-
lows: ~
e. J. Weiser, Fargo; P. Beckwith,
Fargo; Geo. Hollister, Fargo; O. S.
Hanson, Grand Forks; Ed. Pierce,
Sheldon; ]. j. Earley, Valley City;
J. X. Nerling, Jamestown; G.. IS. New
berry, Darlington; +. w. Cathro, Bis
marck; M. r.. Porter. 'Minot; C. ].
Lord, Cando; J.~P. Ness, Mandan;
L. r. Baird, Dickinson; w. c. Nc
Dwell, Marion: j. M. Kelley, Devils
Lake; w. F. Hanks, Powers Lake.
r. 7. Kretchmar, Ventura.
Headquarters in Fargo
Headquarters will be in Fargo The
prospectus points out that there is
about five million dollars worth of
unpledged farm mortgages and about
five million dollars worth Of war
rants of political subdivisions of state
in hands Of the. Bank of North Da-
.iOta.
The finance corporation is formed
primarily to seek a market out Of the
1tate for warrants and real estate
mortgages of North Dakota.
STOP WORK ON MILL, ELEVATOR
r. b. BlakemOTe, manager OF the
State Home builders association plan
ned to present the plan, which ne says
is agreed upon in Bismarck, to con-
tinue work on houses under cOnstruc-
ton in Fargo which are near COM
pletion Mr. Blakemore, praising Bis
marck workers on houses, said they
had agreed to finish the houses which
~ uearly f.n4sned and to accept
their pay when the state can pay
" The Industrial commission has
adopted a resolution disseminating
wark on the Grand Forks mill and ell
evator by the end of the week. Lack
Of funds is given as the cause. II the
S6.2C0,OCO bonds which the Bank OF
North Dakota Offers for sale are
sold, the work will be continued.
The resolution of the commission
follows:
The Resolution
"Whereas, The financial situation
is such that it appears that until
further funds to be used in the con-
structon work Of the Mill and Ele-
vator association at Grand Forks can
be secured from the sale of mill and
elevator bonds that the work on said
enterprise should be discontinued,
particularly in view Of the present
cold weather which interferes more
or less with the economical prosecu-
ti0n of the said enterprise, be 1t
therefore,
"Resolved That the construction
work on the said Grand Forks mill
and elevator be discontinued at the
close OF the present week or as soon
thereafter as practicable, consider
ing the nature Of the enterprise,
pending the further order of the COM
mission, and that the secretary be
and he is hereby instructed to lmme-
diately communicated with the Fegles
Construction company, the Charles l..
pillsbury company and Mr.. Fl. 0.
Paulson with the view to dlscontln-
uance of this work at the earliest
possible moment, and that shippers
of material be instructed to dlscon-
tlnue the making Of further ship
ments until further notice, and that
the Charles l.. Pillsbury company be
instructed to take up with the varl-
Gus shippers the matter Of securing
a delay for further shipments, ana
that during the suspension of opera
tions only such employees as are nee
essary to act as watchmen to pro
tect the property both day and nlgnt'
including the representative OF the
commission, be retained,