Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1921-02-15
BANKS TO BUY
N. D. BONDS IF
N.P.L. CURBED
Proposition Under Con-
sideration by State Of
.ficials, Say Minneapol-
is Financiers; Is Denied
by Townleyites.

40 AAA~AAA~A~Ao - AZ - 0AAA>>>
by Townleyites.
Minneapolis, Feb. 14.-North Da-
kota state officials, seeking to float
$6,OOO,OOO in state bonds, have been
assured by a group of Minneapolis
and Chicago bankers that the issue
will be absorbed if the Bank of North
Dakota is liquidated and other state
owned industries curtailed.
This proposition, it was declared
here Monday night by some of the
interested bankers, now is under con-
sideration by the North Dakota Off
cials, including the state industrial
commission, which has charge of the
execution of the industrial program
in that state.
Continue Farmers Program.
Published reports that the state Of
ficials and leaders of the Nonpartisan
league had intimated possible accept
formal statement from III. A. Paddock,
secretary of the industrial commission,
denying any agreement to abandon
any part Of the farmers program" in
North Dakota.
Bankers and the North Dakota Off
Gals, who were in conference here
Sunday and Monday, were reticient in
reference to the bankers proposal
but from an apparently authentic
source it was learned Monday night
that virtual disruption Of North Da-
kota's now famous industrial pro-
gram" was the basis of the bankers
terms.
Curtail Industrial Commission.
Powers Of the industrial commission
would be curtailed under these terms,
the state Bank of North Dakota re-
organized as a rural credits institu-
ton, the Home Builders association
discontinued and use of the money
obtained from bonds denied to Non
partisan league or any of its enter
prises.
Under the terms, only the state
mills and elevator at Grand Forks,
only partly constructed, would con-
tinue as under original plans of the
state ownership program. Work on
this project was halted in December
due to lack of state funds.
Financing of the North Dakota sit
uation would call for the purchase by
Minneapolis and Chicago banking in
terests of $6O0O.OOO Of the $1,000
thorized by the North Dakota indus
trial commission.
Go Over TechnicaIities.
In order to be prepared to carry
out their proposal in event it is ap-
proved by the North Dakota legisla-
ture, the bankers interested conferred
here Monday and Sunday night. 1t
was indicated the conferences simply
had to do with technical details of their
end of the proposition.
Besides Secretary Paddock, of the
industrial commission. North Dakota
was represented in Sundays confer
ences with the bankers by John n
and labor and member of the indus
trial commission, and l.. P. McAneney,
director of credits of the Bank of
North Dakota.
Commissioner Hagan returned to
Bismarck Sunday night, and it was un-
derstood here that he was to present
the bankers proposition to a caucus
of the Nonpartisan league members Of
theNorth Dakota legislature. On the
outcome Of this caucus will depend
largely future action in the case.
N. p. L. soLoNs HOLD
SECRET CAUCUS ON LOAN
Bismarck. n. D., Feb. 14.-Contrary
to expectations, the proposal Of Twin
Cities and Chicago bankers for solu-
ton of the financial difficulties in
North Dakota. was not presented to
the caucus of Nonpartisan league men,
bers here tonight.
The caucus was more of q social
nature than business session and the
proposal was not considered. the lea
que legislators playing host to num-
Der of Nonpartisan women who are
meeting here.
While declining to predict what ac-
tion the caucus might take, several
Lieut., Gov. Howard Wood, declared
the league would not accept the terms
laid down by the bankers.
Far From Compromise
"If the reports of the compromise
from Minneapolis are true, we are
further from compromise than ever"
Lieut.. Gov. Wood declared. '"The
proposed final cleanup of state indus
tries is not acceptable to the league.
1--WE were prepared to abide with
the lIllLIdteu law ana llquluaLe the DAHk
of North Dakota to a rural credits
bank, also to serve as the financial
agency of the state industries, and
liquidate it only SO far as it serves
as bankers bank, but to have it
possible to accept public deposits Of
banks who wish to make them"
Some Agreement Is Hope
Walter Maddox. Of Montreal, Non
partisan floor leader, said he hoped
some compromise agreement could be
reached. but not along the lines re-
ported from Minneapolis.
]. N. Hagan. commissioner OF agri-
culture and labor and as member of
the state industrial commission, one Of
the conferees at Minneapolis Sunday.
said Monday night:
'"There has been no compromise and
cannot be until the independents and
n both houses of the
approve of it."