The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1931-02-23
Minority Reports
Favored by House
In Bitter Battles
tc..otinued ,rnm mage one,

In Bitter Battles
CONTINUED from page one'
ing indefinite postponement Of House
Bill 305 and one of the two members
on the minority committee report
against House Bill BOG.
SWEET opened the argument by stat
ing the bills under consideration were
far-reaching and vitality concerned ev-
cry citizen in the state in the mat
ter of buying and selling securities.
SWEET warned the legislative body to
proceed slowly AMI deliberate care
fully on the provisions of the bills,
which he stated were being rushed
through"
Twichell Offers Defense
Twichell stated the measures were
regulatory acts which would bring the
sale of all securities under careful
scrutiny and the jurisdiction Of state
officials. He stated the bills had the
approval of the attorney general.
James Morris; Gov. George F. Shafer,
and Secretary of State Robert Byrne.
Halvorson objected to the bill regu-
lating and prescribing fees for invest
ment companies on the ground 1t
created a maze Of red tape" The
Ward county man said If q change
was necessary. the present securities
| commission should be made q one
man commission which would enable
persons to transact business with 1t
quickly. The present three-man COM
mission, made up of Ahe governor
! secretary of state and attorney gen.
eral, was labeled unsatisfactory by
Halvorson. "They have other mat
tiers to attend to-" HalvOrson said
land often are out of town when one
wishes to deal with them. The pres
ent system of holding meetings about
every 60 days is a hardship on mer
in this business. The office Shoule
be such that business could be trans
acted any or every day."
Halvorson Gid not reply to a quer!
made by Twichell if tho bill was sat
isfactory to him in other respects
Twichell said the measure was aimee
to make this business a conservative
one, free from ''~wildcatters and high
pressure statesmen"
Some of these investment agent
are far worse than book-agentS, ant
book-agents Lave sold me stuff tina
I didn't want" he said.
SWEET stated: "The banking law
proposed for North Dakota and nov
before. this legislature are written b.
the chain banks, who are trying Z
control the sale of securities e tn
entire United States. If these bill
had been introduced from west Q
the river, l might look with less sus
picion upon them, but coming fror
where they do, they must receive care
full consideration. The provisions g
these bills are drawn so as to restrlc
sales of securities by all except on
type of private enterprise" he said
:. Denies "Chain" Charge
Twichell denied that chain bank
had anything to do with the propose
legislation. He named Roy Johnso
of. Casselton, a member of the bank
ing code commission which drafte
the several banking bills introduce
in the legislature, as a farmer.
Colonel G. F. Mudgett is the onl
one of the seven members of the CON
mission ever connected with a chat
institution and he only for fol
! months" Twichell asserted. Nudge
now is manager of the Bank of Mort
, Dakota.
The banks, Twichell insisted, ha
: furnished all of the opposition he ha
S heard of with regard to the bills an
the banking commission found thel
difficult to work with in many in
! stances.
Cox said he had not read the bill
prior to their consideration but it We
! evident on their face that it was leg
!! islation intended to protect a few an
I drive the rest of the investment deal
erS from the state.
THE proposal to prohibit any ager
y from selling securities unless he WORK
on a salary is absurd" Cox declares
"A good salesman will not work ur
der any other conditions. Whel
would insurance companies be an
how would they do business if the
$ had to pay their solicitors on a sa
T airy basis? The bills should (
killed." he said.
o Roll call was taken and the 81
q voted for indefinite postponemen
"a to IL. SWEET moved the "clinchel
: motion.
. Halvorson attacked the proposal
license only those statesmen workir
on a straight salary as an act Whlc
e would actually jeopardize the secur
ties themselves. Salary on a con
mission basis is necessary, he declare
due to the fluctuating value of secur
+ ties and the narrow margin of prof
: on which they are sold. This woul
hardly be possible on a straight sa
airy basis, he stated.
Sees Great Injustice
q What justice is there in compelllr
a company to compensate its en-
ployes on a straight salary basis
Halvorson asked. IAN employer al
employee should be permitted to con
to any agreement they might desl
with respect to payment for services
Fred Mau of Ransom, also vehen
! entity attacked the bill restricting tt
sale of securities by only those worl
y ing on a straight salary. The bill WI
s voted for indefinite postponement.
s to 40, and SWEET also moved tt
q "clincher" motion on it.
' The "~sacredness' Of the bridge fur
e was discussed with great gusto by Il
Y. members when the bill, introduced
y Bishop of Stark and Wilson of Slor
4 proposing building of the bridge
Slope county over the Little Nilsson
/ river, was under consideration.
5 M. H. Lynch of Richland, chairms
IS of the committee on highways al
bridges, led a majority group whl'
! recommended indefinite postponeme
of the measure. He held the fund III
been created for bridges over the MI
souri, river and boundary streams. I'll
g bridge proposed is completely in Slol
. county and is not entitled to brid
money more than any other county
le the state, Lynch declared. W.
d Flanagan of Stutsman uphelC Lyme
: stating his county had 10 large bridg