Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1930-08-28
FOR STRONG
RURAL BANKS
Pine County Bankers Go On
Record Against the
Chain System.
Enthusiastic and Well At
tended Meeting Held
at Sandstone.

The annual convention OF the Pine
County Bankers association held at
the Hotel Madison in Sandstone Sat-
urday evening, was the largest at
tended meeting in the history of this
association, and it was also a very
enthusiastic meeting
John Rausch of the State Bank of
Lastrup, Mimi, gave a very valuable
and interesting talk on why the banks
located in rural districts should main
tain independence from the chain and
branch banking system. John Myers,
secretary of the Minneapolis Council
of Agriculture also spoke interesting
ly and informatively along the same
lines.
The bankers organization in Pine
county is a live group, and much
progress has been made during the
past few years for the benefit of both
the customers and the banks through
this organization.
The total assets of all the banks Of
the county as compiled by Secretary
H. E. Shafer on June 80, 1880 was
S3,075,739.36 and the total deposits
was S2,650,64S.S2.
Sam Gjertson of the First National
Bank, Sandstone, was elected presi-
dent for the ensuing year; H. E. Sha-
| fer of the First State Bank of Finlay-
son, was elected vice president; and
A. E. Eddy of the Farmers & Mer-
chants State Bank, Hinckley, was
chosen secretary-treasurer
A resolution condemning centraliza-
ton of wealth through group and
branch banking was adopted by the
Pine County Bankers association and
signed by H. E. Shafer, secretary, at
their meeting Saturday evening in the
following form:
| Resolution.
WHEREAS, There appears to be
a concerted effort on the part of our
larger banking institutions to CEN
tralize and control the wealth of this
state and nation; and by so doing
create a money monopoly, not for the
best interests of our rural farming
communities;
AND WHEREAS, The group banks
of this state and other large financial
interests, who apparently control our
metropolitan press, have used undue
and unethical methods Of propaganda
in an effort to destroy the confidence
of the public in the home owned inde-
pendent country bank with an appar-
ent intent to force the home owned
bank out of business;
AND WHEREAS, Many of the large
banking interests of this state and
nation, supported by the Comptroller
of the Currency and the Governor OF
the Federal Reserve board Of Wash
ington, have advocated legislation
legalizing branch banking, and our
Commissioner of Banks proposes to
recommend to the next legislature a
branch bank law permitting branch
banking;
NOW THEREFORE, BE 1T RE-
SOLVED, That we here assembled.
having given serious thought and con-
sideration to the situation confronting
the independent country banker, and
our rural communities, and having
full confidence that the rural COM
munities will be best served through
local owned banks, managed by local
board of directors and officers, who
use the funds of the bank legitimate
ly for the development of their COM
munity; we do strongly condemn the
Capitalization of wealth, through
group or branch banking, or any other
form;
FURTHER, That we consider the
press propaganda as published from
time to time by the large city papers.
tending to destroy the confidence OF
the public in our home owned indie
pendent country banks, as vicious I'M
fair and unethical.
i FURTHER, That we view with
. alarm the growth of the present group
systems, and il continued along the
lines indicated. branch banking will
r be generally introduced, as advocated
: by the Comptroller Of the Currency
, and the Governor Of the Federal Re-
t serve board of Washington, or our
, State Commissioner OF Banks. We dc
believe i'm the principles Of the indie
2 pendent Bankers Association. as a
' strong medium To combat this menace
We do hereby pledge our sincere and
D honest efforts to cooperate with the
e Independent bankers OF this state and
D nation, that we may sustain our vii
D lagos and rural communities, so es-
c sential to the growth. prosperity and
e happiness of our state and nation.
! Heard over the telephone: Hello!
lie fbis vor reaIIy1" "Yes / got out