The weekly times-record. (Valley City, N.D.) 1912-1922, 1921-02-17

L,
PEARS TO BE SOON THING OF THE PAST PAST
LEAGUE BANK AT FARGO CLOSES ITS DOORS
TO-DAY. ~ - -"
Unofficial reports received late today state that
agreement has been reached.
Fargo N. d., Feb 14-Rep0rts from Bismarck lndl-
cate that reorganization of the State Bank into farm
loan bank may be affected through mutual oe
spite the fact that the administration officials refused to
express opinion such thing. Gov. Lynn FRAZER
today stated the United Press the telephone that
the reorganization agreement mad not oee MADE ou r.
fused to commit himself to whether such an agreement
may be reached.
United Press dispatches from Bismarck indicate the
dsinerested parties expect compromise John N. Ha-
gan and H. A. Paddock representing the industrial COM
mission had been in the Twin Cities negotiating tor the
sale of the bonds and had filtered back to Bis
marck that they had agreed to compromise with the
Twin City bankers.
Some league legislators however, still clinging to
the no-compromse stand and heard these reports with
keen interest.
Mr. Hagan returned to Bismarck today but refused
statement He denied that there had been any break in
league forces and ntmated that everything had been har
mOniOuS.
amount that it not able to meet its current demands
given by L. c. Reep of the state banking examiners
office for the closing of the Bank
of Fargo holder of large redeposs of the State Bank
and financial hacker of the nonpartsan league in North
Dakota. It is known that there heavy run on the
bank Thursday and Friday This, in the opinion OF Mr.
Bank in which the Scandinavian American Bank had been
frequently mentioned Closing Of the bank was deter
mined on yesterday when O. E. Lofthus state bank
aminer met here with officers of the bank.
Minneapolis, Feb 14-The industrial commission of
North Dakota today faced the necessity of selling $600O
900 worth of bonds in order to the state owned bank
sound financial basis Representatives conferred with
bankers here today effort to dispose Of much OF
the issue possible H. E. Paddock said he believed at
least some Of the bonds would be sold here.
Meantime the industrial commission and leaders of
the league administration being forced to back on
its industrial program in the state
The Scandinavian American Bank at Fargo, largest
holder of public redposts in the sate closed its doors
today Directors told the United Press the bank
able to meet obligations at this time because of the nan
cal stringency and huge Withdrawals which they said
had forced the bank to close temporarily pending read
ustment Of the situation The state bank examiner start
ed to work on the books today
Reports from Bismarck indicate opponents of the
league who succeeded in passing measure last November
permitting county officials to withdraw public funds from
the state owned bank there willing to compromise on
solution of the financial situation
high official of the V. A. in Bismarck told the
United Press correspondent that they anxious to set
tie the financial situation in npoitcal manner.
The federal reserve bank of the Ninth Federal Re-
District does not look askance upon the financial Sit
United Press the federal bank is oanng to North
Dakota banking institutions "from time to time"
1--WE feel that our loans are protected by unquestion
able securities The state of North Dakota is of the
weahiest in the nation Its outstanding bonds are only
an insignificant percentage Of its resources,
He said foolish to talk of the state government
being bankrupt.
E. T. Quamme president of the St. Paul federal land
bank said that the financial situation in North Dakota is
not serious.
"North Dakota has more per capita wealth in re-
sources than any other state because of it's comparatively
small population said Quamme. "There may be tenn
porary financial muddle but the people will be all right
as soon as it is Strengthened out
BOARD BUCKS ROADS WAGE ACTION ~
Chicago, Feb 1ERight Of the railroads to arbitrarily
reduce wages of employees denied by the federal rail
road board in decision today The ruling contained