Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1920-12-22
Bankers Find Solution For
North Dakota Financial
Problem Will Subscribe
For Stock-Twin Cities
Endorse Plan To. Attract
Eastern Capital.

Fargo. n. D.. Dec. 22.-Dctailcd
plans for tho incorporation of the
Bankers Financial corporation
I with a capital of ono million dol
lars was perfected at a meeting,
tate yesterday. at the special com.
mittCG OF bankers.
The prospectus which is being
prepared today, says formal or
SanizatiOn of the corporation will
take place In Fargo on Weakness
day. January 5.
The first board of directors fol-
lows: IL. j. Wciscr. Fargo; H. IL
Bcekwith, Fargo: Geo. Hollister.
Fargo: o.. S. Hanson. Grand
Forks; Ed. Pierce. Sheldon: j.. j.
Early, Valley City: j. Nicrling.
Jamestown; g.. S. Ncwbcrry. Car
ringtnn: L. w. Cathro. Bismarck;
VI. r.. Porter. Minot: e. j. Lord.
Cando: j. p. Ness. Mandan: Il. II.
Baird. Dickinson: W. G. Mellow :
Lake: W. f. Hanks. Powers Lake;
r. T.. krctchmar. Ventura.
The headquarters will be in
Fargo. ,
The prospectus points out that
- 10 lONVAO hNS ! AASAAAlS
worth OF unplcdsed farm mort
cages and about five million dol
lars worth OF warrants of politics
~ subdivisions CT the state in tho
hands of the banks Of North Da-
kota. 1t was pointed out that the
corporation unqucstiOnably will
be able to place IL large amount Of
North Dakota securities in the
eastern market. and as Il step in
that direction. l.. J.. Weiser and
George HOLSTER left Fargo last
night for New York city to lay
tho. plan of action before eastern
bankers. 4
Oh lining the prospectus Tor til
Finance Corporation. Il mi
lion dollar institution planned to al
Dakota in weathering tn
threatened financial stringency. an OF
ganiZation committee met at Farg
yesterday. where the. first movemer
was launched to bring naturalization
to C. l.. Lord of Cando. VIII
arrived in Grand Forks last night er
route to- his home from the meetin.
The special committee. appointe
by the executive council Of the Mort
Dakota Bankers Association to aid
financing many banks Of the stat
owe the financial crisis. is compose
of George II. Ho.lister, Ed. Pierce.
j. We!ser. +. w. Cathro. j. j. Nierlini
II. p. Beckwith and w. c. MacFaddel
In the, report to be made to the pa
ent organization they state that it h;
been definitely ascertainrd that thel
are many banks in the state that al
solvent and we'll managed, but who:
reserves have been depleted and the
+ still faced by many prospecti7
withdra walls. They Lave used the
credit to the limit with their Nor,
Dakota and Twin City correspondent
but they still have ample assets
cntitle them TO further credit if SUE
credit could be sbtained.
1t has also been ascertained by IL
committee that tho banks of the sta
arc carrying about five millions
dollars of township. school distri
and other municipal warrants, al
about an equal amount Of. unpledg'
farm mortgages. all of which furni'
il desirable basis of credit if the su
ply of money "a be found.
A delegation Of the committee vi
tied Twin City bankers and found tn
they were willing to do %everythi1
possible to help the situation. A re
rnsontative was also sent to %intervie
New York financiers. marking Il
first tim. that bankers there ha;
eyer been sounded GU on prospect
heavy credits % North Dakota. Ban