The circle banner. [volume] (Circle, Mont.) 1914-1939, 1924-03-14
TO REHABILITATE
/. SUSPENDED BANKS
FIRST AID OF AGRICULTURAL
FINANCE CORPORATION TO
GO TO FAILED BANKS
Where Institutions Are of Reason
able Degree of Solvency; Assist
ance Said to be Forthcoming Inn
mediately.

Re-establishment of suspended
banks at Lewistown, of the Security
State bank of Havre, and of sus-
pended solvent banks in other parts
| of the state will be the immediate OBJ
| jective of the Agricultural Finance
Corporation in Montana, with atten-
ton to be given in due season to the
assistance of men engaged in various
| lines of agriculture.
Announcement to that effect was
made by Sam Stephenson, chairman
of the corporations Montana COM
mittee, upon his return from Minnea-
polls, where he attended the confer
| ence called by G. 7. Jaffray to form
ulate plans for applying the organi-
cations program in the northwest.
Mr.. Stephenson's announcement was
confirmation of the report received
last week that major aim of the
corporation would be to re-establish
suspended solvent banks where such
action could be consistently taken.
Immediate Action
Mr.. Stephenson anticipates imme-
date action by the corporation and
he finds encouragement in the fact
that Twin City men who compose the
central body of the organization are
determined to make of it an instru-
ment of genuine relief. In a pre-
pared statement, Mr.. Stephenson
thus set out the aims of the corpora
ton:
"I have just returned from Mimi
eapolis, where I attended meeting
called by C. L. Jaffray, chairman of
the board of directors of the recently
organized Agricultural Finance cor
poration.
81 was greatly pleased to learn of
the progress that has been made in
perfecting a working organization.
The executive committee, upon whom
the work will largely fall, is made
up of executive heads of the various
Twin City banks, all of whom I know
personally to be men who do not UNI
dertake job without intending to
do their work effectively.
Plans Perfected
"Plans have been perfected where
by assistance will be given forthwith |
to various solvent banks in the north
west that find themselves in need of
assistance at the present time; and
within the very near future the as
sistance of this corporation will be
extended to the establishment of |
banking facilities at various import
ant points in the Dakotas and in Mon
tana where solvent banks have been
to suspend.
ST am quite certain that immediate
attention will be given to the re-es-
of banks at Lewistown
and of the Security State bank of
Havre, as we'll as certain banks in
eastern Montana.
''While this $10,00O,000 corpora
ion is not to be looked upon in any
sense as a charitable organization, it
S quite apparent that the men who
lave taken the responsibility of its
management intend to expend the
80, 100000 for the relief of the sit
lation here in the northwest, and
hat if the S10,000,000 is not suffi-
,ient to do the work, that they in
end to call upon the War Finance {
for such further funds
IS shall be necessary and they have
,een assured that the War Finance
will have as much as
100, 100000 available for the work.
Stop Suspension
"There is an evident determine
ion upon the part of the men in con-
roll of the management of this cor :
oration to stop the suspension of :
olvent banks in Minnesota, North =
Dakota, South Dakota and Montana, :
nd to forthwith undertake the work +
f re-establishing all worthy and ne +
essary banks that have heretofore r
+
"There was a full attendance of :
he bank committeeman from the
tate of Montana, made up of H. G.
-eith of Kalispell; H. G.. Robinson, n
Ialta; Sam McKennan, Helena; A. Il
!. Jacobs, Missoula; w. E. Waldron, a
filings. Also, o. S. Warden of this +
Ity, representing the business men, r
nd w. l.. Stockton of Gallatin coun- +,
2, representing the farmers. 1 am e
Il