The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1920-12-16
Two Phases Outlined by Special
Committee Following Con-
ference Here
TO MOBILIZE WARRANTS
Sale of Them Through Finance
Corporation and Sale of
Products Planned

North Dakota is ready to be put
into effect today.
The program, the result of the
state officials-bankers confer
ence, a special committee of the
executive council of the bankers
association and state officials,
was decided upon at a meeting
yesterday afternoon in this city
in which the state officials-bank-
ers' conference special commit
tee, state officials not members
of the committee and G. H. .'Hol-
lister, president of the Northern
Trust Company of Fargo, repre-
sentative of the special commit
tee of the executive council of
the state bankers association,
participated.
The program, as stated by Mr.. Hol-
lister, includes two definite phases.
They are
l.
poration with every member bank
Of the bankers association as
stOckholder.
2. Orderly marketing Of the
agricultural products Of North
Dakota at the rate of 10 per cent
every month
THE program is the result Of all the
conferences, which have brought
home to us the fact that we've got
to begin at home to raise money 70
take care Of ourselves" said Mr.. Hol-
lister. "You can't go out and get
money in any magical way; you've
got to start at home"
Mr.. Hollister, as spokesman for the
committee, and others, are optimistic
over conditions in the state.
/ Have Buck Fever
"A Chicago financial representa-
tive told me the other day that this
state has nothing the matter with it
but buck fever" said Mr.. HOllister.
I'VE have nothing, like the problems
states to the south and east of US
have"
The first phase of the program
agreed upon contemplates the carry
ing out Of the North Dakota finance
corporation agreed upon at Fargo
Tuesday by the bankers committee.
The capital stock will be $1,O0O,O00.
Each bank that is ajmember a Of the
bankers association, which includes
practically every institution in the
state, is expected to subscribe stock
proportionate with its resources.
sTo make the plan a success every
bank must have a share" said Mr..
Ilollister, "but the agency thus Gre
ated is to be used only in emerg-
cncies.''
Mobilize Warrants
The first endeavOr of this corpora
ton, he said, would be to mobilize
the school and county warrants and
lind market for them, the banks
to guarantee the genuineness and lc.
gality of the warrants. A survey has
shown that there are about $5,OOO,-
900 of these warrants in the banks
of the state. If market can be found
for them reasonably soon, great re-
lief will DE afforded, Mr.. Holliste-
said. Tn same procedure is to be fol-
lowed with respect to farm mort
cages. 1t is estimated the banks hold
about $5,000,0O0 of these.
In addition this phase of the pro-
gram contemplates the bankers COM
mittee cooperating with the Bank of
North Dakota and Industrial commits
sion in disposing of $6,200,000 Of
bonds. At a meeting of the indus.
trial commission yesterday afternoon
the commission had before it about
25 inquiries regarding the bonds, in
response to an offer Of sale sent to
financial houses. This indicates, Of
ficials believe, that they will be mar
teted soon.
Second Phase
The second phase Of the program,
which includes the orderly marketing
of products, contemplates that the
farmers of the state be asked to staff
at once to market products at the
rate of not less than 10 per cent 4
month.
1t is reasonably estimated that
there are $6000O,O00 to $75O0O,000
worth Of unsold products, including
grain, cattle, etc. on the farms OF
the state it was stated. Figures of
the statistican Of the commissioner
Of agriculture and labor indicate that
so per cent of the 1920 wheat crop
is still on the farms.
Governor Frazier will issue a let
ter which is expected to be addressed
to the people Of the state. The en-
tire situation is to be reviewed by
the Governor
Wisconsin Plan
There is nothing exceptional in
the plan proposed, Mr.. Hollister said.
Practically the same plan was agreed
upon in Wisconsin. he said. The sit
uatiOn with regard to credits which
North Dakota is facing also is faced
by other states in the middle west, but
in more pronounced degree than in
North Dakota, it is said.
The meeting yesterday here included
the attendance of members of the
special committee of the bankers
state officials conference. F. w.
Cathro, manager Of the Bank of North
Dakota. was named chairman Of that
committee Other members who were
here included William Lemke, AttOr-
i