The Wolf Point herald. (Wolf Point, Mont.) 1913-1940, 1924-03-13
TO REHABILITATE
SUSPENDED BANKS
FIRST AID OF AGRICULTURAL
FINANCE CORPORATION TO
GO TO FAILED BANKS
Where Institutions Are of Reason
able Degree of SoIvency; Assist
ance Said to be Forthcoming I'm
mediately.

Re-establishment of suspended
banks at Lewistown, of the Securit,
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 C. T. Jaffray to form
ulate plans for applying the organi-
cations program in the northwest.
Mr.. Stephenson's announcement was
a confirmation of the report received
last week that a major aim of the
corporation would be to r~e-establish
suspended solvent banks where such
action could be consistently taken.
Immediate Action
MI. Stephenson anticipates imme-
diate 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:
ST have just returned from Mimi
eapolis, where l attended a meeting
called by G. l.. Jaffray, chairman of
the board of directors of the recently
organized Agricultural Finance cor
poration.
"I 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 a 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 re-establishment of
banking facilities at various import
ant points in the Dakotas and in Mon
tana where solvent banks have been
compelled to suspend.
"I am quite certain that immediate
attention will be given to the re-es-
adjustment of banks at Lewistown
and of the Security State bank of
Havre, as well as certain banks in
eastern Montana.
while this 100000 600 corpora
ton is not to be looked upon in any
as a charitable organization, it
is quite apparent that the men who
have taken the responsibility of it's
management intend to expend the
$40, 100000 for the relief of the sit
uation here in the northwest, and
if the 100000 is not suffi-
Gent to do the work, that they in
end to call upon the War Finance {
corporation for such further funds
Is shall be necessary and they have
been assured that the War Finance
corporation will have as much as
S100,000,000 available for the work. '
Stop Suspension '
(
'fThere is an evident determine {
ion upon the part of the men in con-
rol of the management of this cor :
,oration to stop the suspension of :
iolvent banks in Minnesota, North =
Dakota, South Dakota and Montana, :
nd to forthwith undertake the work {
# re-establishing all worthy and ne !
essary banks that have heretofore =
uspended. !
"There was a full attendance of :
he bank committeeman from the :
tate of Montana, made up of H. c..
Keith of Kalispell; H. G. Robinson, n
1alta; Sam McKennan, Helena; A. !,
!. Jacobs, Missoula; w. E. Waldron, q
Billings. Also, 0. S. Warden of this +
ity, representing the business men, =
nd w. L. Stockton of Gallatin coun- =
representing the farmers I am :