Arizona republican., 1921-02-15
D|SRUP PT|ON IF.
 NORTH DkkOT \
 NON-P AR TjtsAN LEAGUE TERMS ] .OF H UGE | | AN
Mid West Bankers Willing 7 To Absorb $6, GOO, 900 Bond Issue For North Da- kota State Bank. If Pro- posals Accepted
IRepubIican A. P. Leased wirel

MINNEAPOLIS, Minn., Feb. H. North Dakota state officials, seeking to float six million dollars in state bonds, Chicago bankers that the issues will be absorbed if the Bank of North Da- kota is. liquidated and other state owned industries curtatled.
 This proposition, it was declared to- night by some of the interested bank CTS, now is under consideration by the North Dakota officials. including the state industrial commission, which has charge of the execution of the in dustrial problem in the state.
 Published reports that the state of ficials and Isaders of the Non partisan league had intimated possible accept ance of these terms resulted in state ment from H. A, Paddock, secretary of the industrial committee denying any agreement to abandon any part of the farmers program" in North Dakota.
 Bankers and the North Dakota of ficials who were in conference here yesterday and today. were reucent in reference to the bankers proposal, but from an apparently authentic source it was learned that virtual disruption of North Dalxota's industrial program" was the basis of the bankers terms.
 
 would be curtailed under these terms, the State Bank of North Dakota re- organized as rural credit system, the Home Builders association discontinued and the use of money from bonds de- nied to the Non partisan league or any of its enterprises.
 "These bonds, if sold" MT. Paddock declared in his statement. twill provide money for the use of the Bank of North fD sx.1s x-s< .v,x9 there are very good prospects that we will be successful in which event the critical situation we have experienced will have been surmounted.
 Statements in Minneapolis papers that there has been an agreement to abandon the Farmers program in North Dakota are false There has been no such agreement and there could be no such agreement. Only the 1egisla- ture could make an agreement that would commit the farmers of Nortf Dakota in regard to their program. Under the terms only the state mil | and elevator at Grand Forks, only partly constructed, would continue al under original plans for the state ownership program. Work on this pro- ! ject was halted in December due tC l lack of state funds.
 Financing of the North Dakota sit. uation would call for the purchase by l Minneapolis and Chicago bankers O l six million dollars of the 17,000,000 il state bonds issued by the North Da. kota industrial commission.
 l Besides Secretary Paddock of tn, l industrial commission, North Dakots was represented in yesterdays confer. ences with the bankers by J. N. Hasan commissioner of agriculture and labo and a member of the industrial com 1 mission, and L. P. McAneny directo of credits of the Bank of North Dakota
 Commissioner Hagan returned t, Bismarck last night and 1t was under l stood he was to present the bankers proposition to a caucus of the Non partisan league members of the Nortl Dakota legislature.
 1 The North Dakota senate is con
 trolled by the Non- partisan league fac | tion by one vote-25 to 24. while tn house is controlled by the independen {COntinl1ed on Page Twol