The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1920-11-27
FARMERS RAISE
$4,000; ASSURE
BANKS SAFETY
Action of DOnnybrOok Farmers
indication Faith in In
stitutiOn
SITUATION IS NOT BAD
Banking Board Finds Nothing
for People of State to Wor-
ry About Unduly

Donnybrook, y. d., Nov. e.
Two hundred and fifty farmers
meeting here late yesterday to
discuss the closing OF the DOnny.
brook State bank due to depleted
reserves adopted resolutions ex.
pressing confidence in the SINGER
ity and business integrity of the
officers of the bank and
pledged $4,000 to make certain
the reOpening of the institution.
There is nothing in the banking
situation of the state to cause any
alarm to the people of the state, in
the opinion of the banking board, ac
cording to Thomas Hall, who express
ed this sentiment of the board fol-
lowing a meeting held last evening.
The meeting Of the board was
brief Reports on the situation anl
methods Of handling it were given
by 0. e. Lofthus, state bank examin.
er. Mr.. LOfthus course was approv-
ed
The situation which North Dakota
faces is not confined to the borders
OF the state, but is reported in all
agricultural states. 1t is a part of
the period Of readjustment which has
drawn financial lines taught in all
sections Of the country, and is en-
HANGED by crop failures in some sec
TONS
Most Of the banks will be reopened,
in the opinion of Mr.. Hall, and some
other state officials hold the same
views.
We're it not for the fact that pol
itics had entered so strongly in the
situation it would be only ripple in
the states business affairs, according
to leading bankers. Very little loss
will be sustained by the stockholders
in the Is banks which have closed.
they say.
Leading Bismarck bankers declare
that any bank which has conducted it's
business properly can get all the
financial assistance necessary if the
effect of the initiated law causes sud-
den withdrawals of cash from their
bank: A meeting OF the executive
council Of the state bankers associa-
ton Will be held in Fargo on Nov 80,
at which time the situation will be
thoroughly canvassed
On the one hand there is still today
a movement among many Nonparti-
sans, to which the officials most vital
ly concerned in the present situation
have not subscribed, to force bankers
to ask the Governor to call special
session Of the Legislature to repeal the
initiated law. The propaganda has
gained no response.
On the other hand there are persons
who are making charges that the sit
uation is being used in an effort to
discredit the Bank of North Dakota
and state officials.
0. E. Lofthus, state examiner, took
bune over a statement he gave as to
the causes Of the present situation.
The headline, which was initiated
law held not cause was not correct
heading of the contents Of his state
ment, he said, and was using for poll
tical purposes his unbiased view Of
the situation.
Two banks closed late yesterday.
They were the State Bank Of Rhame,
and the Farmers and Merchants
Bank of Sherwood. This brought the
number of failures to 15.
No drafts have been sent out OF
the Bank of North Dakota withdraw
ing money from local banks in an
ticipation of Withdrawals upon the
Bank of North Dakota, it was said at
the bank today.
While it was reported from Grand
Forks that the board of commission
Continued on Page Three)