The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1929-08-22

All OII1CefS NOT Named
Executives of the new corporation
announced today follow:
Chairman Of the board OF directors,
G. T. Jaffray. Minneapolis. former
president Of the First National bank
IN Minneapolis and now president of
the Minneapolis, st. Paul &, Sault ste.
Marie railway: president, George H.
Prince. st. Paul, chairman OF the
First National Bank Of st. Paul: vice
presidents, Lyman E. Wakefield and
Richard G. Lilly. presidents respec-
lively Of the First National ~,nk in
Minneapolis and the First Ma ional
bank Of st. Paul; vice presiden, and
general manager. Paul j. Leeman.
vice president Of the First National
bank Of Minneapolis.
Under the new arrangement, "a
banks, l8 Of which are in Minnesota,
will be under the control Of the hold
ing company. Included in this total
are the II banks controlled by The
First Bank Stock Investment COM
pany.
Largest In Northwest
Resources in excess of $34l 600 900
will be controlled by The First Bank
Stock Corporation which constitutes
the largest financial group in the
northwest.
Colonel Little said today in an
nounctng the plans. The formation
Of The First Bank Stock Corporation
Is q further and important develop
ment Of the policy Of group banking
which has spread SO rapidly in the
northwest in the past six months.
The joint action Of the North Da-
kota and Montana banks with the
Twin City banks in forming this COR
poration will make for closer coopera.
tion than has ever before existed be-
tween the financial interests Of the
ninth federal reserve district.
will Meet Every Need
From purely banking standpoint
the move means the creation of an
organization capable Of meeting every
legitimate financial need OF the
northwest. It is q further step to-
ward strengthening and stabilizing
the banking structure of the territory
with q sound basis for public conf
dence. It means expeditions financial
service and ample credit and deposit
facilities at points where they are
most needed. All the indications point
to distinct advantages in the up
building Of this territory and the con-
structive employment Of its extra
ordinary natural resources.
Directors Of all banks affiliating
with the group will retain qualifying
shares of stock of their respective
banks. while each bank will continue
its own corporate existence and iden-
tity under strong local management.
Depositors will gain the advantage Of
the combined strength and ability
represented In the new group, without
losing the valued personal contacts
they now enjoy.
THE North Dakota and Montana
banks have had correspondent rela-
tions Of long standing with the First
National banks Of st. Paul and MIN
neapolis. The cordial relations ex-
isting between the organizing banks,
their mutual familiarity with sectional
and common problems and their
united effort to contribute to the
progress Of the territory promise well
for the success Of the undertaking. -
the colonel declared.
Unltes An IntereSts
John y. Ryan. chairman Of the
board Of the Anaconda Copper Min
Ing company, and . stockholder Of
the four Montana banks. WAS inter-
viewed early this week ct Houghton,
Michigan.
Careful consideration Of the pos
abilities involved Ia the plans for
forming the First Bank Stock CORPORA
tion," said Mr.. Ryan. indicates that
the liberalization Of interests
brought about by centralized manage
ment Of financial institutions deal
ing with mining. numbering and pow
er interests on the one hand and with
agricultural. manufacturing and dis
tributing interests on the other hand
means = sound foundation for north.
western finance and closer coopera.
tion between al the Interests making
up th. eccncmic structure Of this SIC.
|tien. oecoadly. ths gsographical =