Jamestown weekly alert. [volume] (Jamestown, Stutsman County, D.T. [N.D.]) 1882-1925, 1920-11-25
MISSOURI SLOR
BANK.E'RSAcl'I[O ! Fl !
PREVENT CRISIS
Make Suggestion. Tended to
Protect Small Baiks Of
Western Part Of Stee and
at Same Time Aid nk Of
NJ


There was meeting held here yes
terday, of group of bankers from
the Missouri Slope, attended also by
few other representatives OF the
banking business from other parts
of the state. Nearly $50 bankers
and country treasurers were in at
tendance and the action taken was
unanimous.
The facts were revealed that in
the western part of the state tha
smaller banks will be unable to re-
turn the deposits made in them by
the Bank of North Dakota, owing to
the fact that crops have been poor
for several years and farmers de-
clined to sell their grain from the
1920 crop. at the present prices.
Some ten days ago the bank .of
North Dakota sent out notice of an
intention to withdraw the funds re-
deposited in all the state banks.
This notice prompted the meeting.
as If this withdrawal was made 1T
would cripple the smaller banks Ia
the western part of the state. The
banks in the eastern part are not
affected. ~.
1t is stated that In the Third cons
gressional district. which is the
western part Of the state, approxt-
mately more than one million dol-.
lars have been re-deposited by the
bank of North Dakota, -->than--the,
bank has received in public funds
from the respective counties in that
district. That in districts No. and
2 there is more money deposited in
the Bank Of North Dakota than has
been redeposited in the banks OF
those Districts.
A committee of nine was appoint
ed from the western group Of banks.
adding to the committee all the
county treasurer's present at the
meeting to confer with the bank CT
North Dakota. The committee also,
was authorized to wire all the banks
in the district to cooperate with the,
county treasurers, and ask them to-
consent not to withdraw funds from
the bank of North Dakota except as
absolutely necessary on Dec. when
the inflated law pfoviding- for re-.
turn Of the funds to the various
counties and cities goes into effect.
on condition that the bank of North:
Dakota will not withdraw it's depoy-
its in other districts, and that the.
other various counties will agree not
to withdraw the public funds and
embarrass the bank of North Dako-
ia.
In other words the action of tho
bankers was intended to aid the
Bank of North Dakota as we'll 2s
the smaller banks, which have re-
loaned state deposits to farmers and
are unable to realize upon them ct
the present time.
officials OF the Bank of North Da-
kota were invited to attend the.
meeting but no one was present. The
matter is now put squarely up the
bank Of North Dakota and it is ex-
pected that the committee will be-
informed of its decision in the course
Of the next day Or two.
Just what position the Bank of North
Dakota is in, to return the public
funds to the various counties, and
just what value and amount the Sc
curities represent in the matter Of
loans made by the state bank, and
the redepository banks, is not known
More information on this subject is
expected soon when the eexamina-
ton Of the bank is made by the state
| examiners board.