Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1920-12-14

Another Appeal to Farmers
to Help BY Selling Part
Of Crop.
(By STAFF Correspondent
Fargo. N. D., Dec. 14.-Reports on
ana other assets available for pooling
purposes to assist the banks of North
Dakota over the present period OF
financial depression are being con-
sidered by the special finance commit
tee of the State Bankers association
IN session here today. E
An effort is being made TO perfect
plans for the organization of cor
poration or other body to take charge
OF this proposed pool, and to arrange
for the marketing Of the assets found
available. as other possible relief
measures which may suggest them-
selves are also being discussed by the
committee. At noon today members
or the committee stated that while all
plans were still in decidedly nebu-9
| ious condition the situation appears to
besclearing up to some extent. and
that there was good prospect or a
working basis being reached. The
committee will probably go to Bis
marck either Wednesday or Thursday
10 confer with the committee APP
pointed at the joint conference OF
bankers and state officials held last
week. which was empowered to take
such steps as might seem adyisab Bile
to carry out the program then adopt
cd. Inc membership OF the two COM
mlttees overlaps to some extent f..
w. Cathro. manager Of the Bank Of
! ring with the members of the BaSkE
ers association committee.
Survey is Made y
A careful survey Of the securities
available for pooling PURPOSES has
been made in each congressional dis
! trict of the state and the results OF
these are being taken up at today =
meeting. The question of the sale Of
| state bonds which was agreed to at
the Bismarck conference will also be
| taken up before the session comes to
| a close.
| The meeting of the committee be-
gan at 1890 O'clock this morning and
Is being continued this afternoon. The
members sofYthe comnAttee present
are::a II. p. Brekwifh. E. aJ.ssWeiser.
4 George Ulster and W. C. Macfadden5
| n,
.tQ,. s. Manson of Grand Forks. VI sssT-et
IS B. Draws Many Bankers.
4, The meeting of the COMMITTEES has
draws a number Of the bankers Of the
! state to Fargo besides the committee.
1 members. Among them are Fred
/ Cathro, director general of the Bank
of North Dakota, and Wesley Me-
/ Doweil of Marion. director Of the;
| Ninth district federal reserve bank.
L hu. j,,c i
: from Minneapolis He states that
there is a decided improvement. IN
conditions there. between eight and ten
million dollars of liQuidation having
been accomplished during the last
week or two.
1 Anxious to Aid North DRkotn.
There is no question of the will.
=ingness of the Twin City bankers to
stand behind North Dakota. I sold
mortgages there in about ten MIN
utes. This would seem to be pretty
| encourag ng,". declared Mr.. Mcdowell.
/ E. j. Weiser, president OF the First
National bank Of Fargo. has sent out
a circular letter. to the bankers Of the
state urging that general effort be
made to persuade the farmers to sell
part of their grain in order to bring
about some permanent relief in the
| present situation. He points out that
in the final analysis liquidation can
come from one source and ono only,
namely the marketing of portion of
/ the crop which is still on the farms.
The letter says in part:
! ''Surely we must admit the right OF
every farmer to endeavor to sell his
! crop at the best price he can obtain
| for it, and we hope the market will
in the end justify him for holding it
for so long, but in any event there ex-
| lists at this time strained credit con-
Edition in this state for which he is in
i a large measure responsible, which,
/ cannot go on indefinitely and which
1 has caused our bankers great deal
isof worry and sacrifice. 4
From various sources we learn
/ that there is approximately thirty-fivei
million bushels of wheat above seed
! grains. y
!, ..If 20 per cent of this was mar,
keted it would work no great hard
/ ship on the farmers even IL the price
/ should later advance. which is by no
means certain. On the other hand, it
would bring to the banks OF the state
the relief which they need. Our sug Z
gestion is this: That you have q
meeting in your town OF the directors
Of your banks with some of the lead
ling farmers. men who are fair and
are leaders in their communities and
tell them frankly what the banks have
done and are doing for them. how
! your interests are Identical and how
impossible it is to 60 along constantly
| expanding and borrowing more money
4 and ask them as friends and casfonK-
ers Of yours to sell a portion Of their:
grain, pay their interest, and part
OF the principal Of their notes ana
you in turn will renew the balance 80
that they may carry the remainder
4 ~ thoir r,rn,, until <B,o y,v.3<a ts