Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-02-17
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S0@O oo~AAo ~ ~ - VI AS W.
SiStanta
NEGOTIATIONS OFF
AL negotiations for the st%raighten-
ing out Of the states finances along
the lines tentatively agreed on at the
Minneapolis conference have been
abandoned. Definite information to
this effect comes from Minneapolis,
where the banking interests that have
been considering the sale of North
ter looking the ground over carefully,
to wash their hands of the whole at
fair. They are convinced that there
is too much Of the political element
involved in the situation to make
these securities desirable investments
for themselves or their clients, and
the loose and irresponsible manner
in which the finances Of the state have
been handled discredits the state and
it's securities. A further considera-
ton is that they do not wish to be
placed in the position Of debating
to the state how it shall manage its
affairs, a point on which there has
been much insistence in the Socialist
press. Therefore, they are definitely
out Of the market for North Dakota
securities, and, 81 far as they are
concerned, the state may fry it's own
fat.
There Is no logical eos on which
exception can be taken to this deci-
sion. The Minneapolis banks are the
custodians Of other peoples funds.
| What owner of those funds is there
who will not say that the decision is
wise and right? The eastern banks
do not need this investment, and do
not desire 1t. The only possible in
terest that outside banks have in the
subject Is their desire to protect the
interests Of a territory with which
they have close business relations. In
this they have already gone as far
as prudence will allow.
Aside from the bankers end of the
case the situation appears to be that
Mr.. Townley has again been unable
to swing into line In support Of a pro-
gram approved by him men for whose
political existence he is responsible
and who have heretofore been entire
ly ~subservient to him. Two months
ago bankers of the state offered t.
assist in the sale of state bonds II
the state itself would create condi'
tons which would make the bond.
marketable. The offer was rejected
with a grand show of indignation.
Two weeks ago Mr.. Townley visited
Bismarck and urged that the condi
tons be accepted Is the only means
of preventing disaster to the politica
structure Of which he is the head
But during the absence Of the bos'
on his mission to Kansas and Nebras
ka several of his former lieutenant
had got out OF bounds, and they re
fused to get back onto the reserva
ton. Mr.. Townley's advice va,
spurned. Townley made a further ct
fort at the Minneapolis conference
and seemed to have achieved a partia
success. But again he was unsuccess
full when he returned to Bismarck
and the situation LIS now just wher
it was weeks ago, except that the rev
Citations which are being made ever:
day in the investigation OF the stat
industries makes matters wors 70
the state administration forces.
As nearly ~ CAT be judged at thi
distance Townley and Lemke hav
definitely parted company. Townle
would be willing to yield much in or
der to save q part Of tho pol1tico
business structure which he has in
spired, az ven q small part, remain
ing intact, could be used ,e6ectivel
in campaign work in distant statel
Lemke is closer to the center OF thine
in this state. He is familiar wit
the details, al his former boss canne
be. He may realize that It 10 foil
to think of saving anything whe
there il nothing to save-when thez
are no two parts Of the combinatio
that will hold together.
!, BODYBUILDING DE LUXE
After a good many weeks Of effor
lin which the stuff was peddled ab0y