Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1920-12-07
STAT||E|'BANKERS
- q -
COOPERATE II:
WITHIN. D. BANK
Determined That There Will
+ Be No Repeal of In
n itiated Laws. \
Farmers May Be Asked to
Market 10 Per Cent Of
Grain to Pay Debts.
(By STAFF Correspondents )

(By 'Stah .Correspondent.)
Bismarck, N. D., Dec. 7.-Willing-
ness to cooperate with the Bank of
North Dakota and the state admins
tration in all efforts to relieve the
present financial condition of the state
but equal detern1ination that there
should be no repeal Of the initiated
laws approved by the people at the
last election was the general attitude
Of the 400 North Dakota bankers who
gathered here today for the confer
encef called by o. e. Lofthus. state
bank examiner. This was made plain
during the morning when a number
of informal conferences were held,
notably one at the Rex theater at
which some 800, bankers were present,
and at which the-Y keynote of the
bankers position at the meeting this
afternoon was struck by Wesley Nc
Dowell of Marion, f. J. Weiser Of
Fargo. and other speakers.
| At this session Mr.. Weiser ANNOUNCE
ed that at meeting of principal bank
ers of Minneapolis last Saturday a
promise had been given him that the
stand squarely behind every solvent
bank in North Dakota. y ~
f! A committee consisting of one rep
resentative of the bankers, the Bank
! of North Dakota and the state admin
lstration was at work during the noon
hour preparing report on the situa-
tion to be presented to the conference
when it opened this afternoon. -
Expect Complete Report.
AS result Of this conference and
others at which Governor Frazier,
Fred Cathro, manager Of the Bank OF
! North Dakota, Mr.. Lofthus, William
i14emkes and other officials were present
1t was made plain that the bankers
are going into the conference this att
lernoon with the expectation that the
Bank of North DakotaF3wflf lay ita
-satardg on the table and giy g iaotii.
] fairs. including its own deposits lin
the bankers are expected to- pledge
cooperation with, the state bank In.
/ cluding an effort to sell the bonds OF
the bank, and take steps to insure the
providing of funds for the completion
Of the Mil and Elevator at Grand
Forks and other state projects now ac-
tually under way. It Is possible that
some pooling agreement is being
worked outsby which money obtained
from Minneapolis and other financial
centers may be distributed where II
will be the most needed. and the com
bined credit Of the bankers Of the
4 state used to obtain such funds.
r Resolutions urging farmers to sell
1 at least 10 per cent of their wheat in
order to pay off part of their indebted.
ness may also be introduced.
n y Meeting Open to Pubic. &.
II The conference this afternoon wa:
scheduled to open at 2:30 o'clock in
4 4 >I oE ~ ~~%~ -
itol. It will be open to the press and
public. @
The chief feature Of the morning
was the general conference of the
bankers. held at the Rex theater. II
followed a conference of Mr.. Nc
Dowell and other leading bankers with
the state officials.
Mr.. Weiser presided at the meeting
and opened it with an address in
be forgotten on this occasion and that
all should work together for the good
Of the state.
He declared that it was absolutely
necessary that the funds necessary tc
complete the state mill and elevator
at Grand Forks should be provided
and that the bankers Of the state mus,
n get behind the project and take steps
to sell the bonds necessary.
He suggested the formation of a
pooling association along the lines in
dicated and said that he had made II
very clear to the state officials tina,
the bankers must know the exac,
situation in every county of the state
regarding deposits, loans. etc, OF the
Bank Of North Dakota in order thai
intelligent action, might be taken. .
J. Weiser of Fargo urged optimism
in the present situation and gave the
substance OF his interview with the
Minneapolis bankers at which the
promise OF assistance for North Da.
kota had been given
L. - 80 ,nA