Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-06-29

OF receivers ,or the banking depart
ment, all under the guaranty law. Some
of these banks, I am informed, Will
reopen, while others will be unable
to do SO. and II. is safe to assume that
there will be a loss. Now. all state
banks have assumed this liability, but
have practically nothing to say re-
garding the receiverships or the wind
ing up Of the affairs of these defunct
institutions, excepting that House Bill
No. 1877 passed at the last session OF
the legislature, makes it imperative
that the governor shall appoint all fu-
ture members of the guaranty fund
commission from a list of nine names,
which names shall be selected by the
state bankers, or those effected by the
law.
1t would seem that some legislation
should be devised and enacted under
which state bankers in a fair manner,
would, with some degree Of authority.
be permitted to investigate and assist
the banking board and guaranty fund
commission in the handling of these
most important matters concerning
failed or CLOSED banks.
Banking Legislation.
An especially strong legislative com
mittee was appointed this year, which
was at all times active during the leg
assisted by members of our associa-
ton and active bankers. serving on
the house and senate banking commit
tees. Numerous bills were taken to
Bismarck: some were introduced. and
later withdrawn in order to allow the
committee on banking to introduce
similar bills. However, the same OBJ
ject was accomplished. The follow
ing legislation, affecting banks and
bankers. was passed:
House Bill No. 212-Bank depoa-
tory law.
House Bill No. 151-Depositor's
guaranty commission.
House Bill No. 147-Bank examin-
alton fees.
House Bill No. 4S-Rank robbery.
House Bill No. 4e-Supervision of
receivers.
Senate Bill No. 1s1-Renewal notes.
Senate Bill No. 11-Unlawful OBJ
legation in writing.
A rural credits law and several 9TH
ers were also introduced but failed in
passage.
This Is a fitting time to thank you,
AAo AOl tLc oplSlbu1u IG.
Spouse made to the request for sub
scriptions to the capital stock of the
proposed bankers finance corpora
ton. Nearly $500, 900 was subscribed
by local members. The organization
was postponed for the reason that it
was impossible to secure the necessary
legislation covering public funds. as
the principal security for the proposed
issues of debentures, were bonds and
warrants of counties, cities, townships,
school districts and state hail.
The committee in charge was active.
Conferences were held in the Twin Cit
les and Chicago and we also had rep
resentatives visit New York city. Our
Twin City friends were interested. and
we believe would have considered the
purchase of a considerable block of
these debentures. provided proper leg
islation had been forthcoming as was
needed. Chicago and New York were
not interested simply because Of the
existing condition of the money mar
ket all over the country, and there was
such as we had to offer in those mon
ey centers.
Corporation Needed.
There is no question in my mind but
that a corporation of this nature is
needed and would be a big help to
our financial interests, and of untold
benefit to the state in general. I do
not believe that this proposition
should be dropped entirely but that a
committee should be appointed at this
convention to consider further the
such time as a market for the securi-
ties could be created and the neces-
sary legislation be forthcoming.
More interest was shown by North
Dakota bankers in the group meetings
held this year, than in past years. At
the Z meetings held the attendance
was more than 1907 better than ever
before, which shows that the bankers
are realizing the value of getting to-
gether at these group meetings, talk
ing over their problems and gaining
the benefit Of each others experience,
as we'll as listening to the programs
prepared.
are beginning to see the
wisdom of inviting their directors. and
their merchant Ind farmer customers
to these meetings. in order that they
may be better informed as to the &C
tivities along financial lines in their
various communities. The programs
have gotten away from the old idea
of long. set speeches, and are develop
ing more,into short talks and around
SoO1c u1oCUoolV.lS OH OdIlhl1lS pIODlGHlS
n general local conditions.
This year the Federal Reserve bank
at Minneapolis, realizing the value of
these meetings. had able representa-
tives present at each meeting who
gave talks, led discussions and an
swered questions regarding the activi-
ties of the baak-what they were do
ing and what they could do for our
state. Mr.. Curtis Mosher, assistant
federal reserve agent. was present at
most of the meetings. and his ad-
dresses were timely and created no
little interest. Governor Young made
his initial visit to North Dakota in
May and was present at the group
meeting held at Marion, while B. V.
Moore, a North Dakota product and
now cashier of the Federal Reserve
bank at Minneapolis. was also in at
tendance at several meetings.
Twin City and Duluth banks were
represented at all of the meetings,
which more than shows the interest
taken by these financial institutions
in our state and its progress. Repre-
s%entatives from the transcontinental
railway lines attended all of the meet
ings =, and also a representative from
the state immigration department,
bringing to each meeting a message
relative to the best method of encour-
aging immigration into North Dakota.
Representatives Of the state associa-
ton were also present. and had con-
siderable to say regarding this years
activities OF the state association.
The Country Banker.
The meetings this year were held
in some of the smaller towns, and
the interest shown by the local com
mittees in doing their part to make
the meetings interesting, including
the ladies who prepared delicious din
ners and helped provide entertainment
was truly remarkable, which only
G0eS To shoW that q GOOD cram. -ao*