4e6ac400None
Click image to open full size in new tab
Northern Banks Close In Panic By Associated Press) FARGO, N. D., Nov. 26.--Two more North Dakota banks closed their doors today as the result of depleted reserves, bringing the total which have shut down in the past two weeks to 15. Those closed today are the Farmers' and Merchants' Bank of Sherwood and the Farmers' State Bank of Rhame.
Click image to open full size in new tab
FARGO,, N. D., Nov. 27-Two more North Dakota banks, the Farmers and Merchants, at Sherwood, and the Farmers State, at Rhame, have been closed because of their depleted reserves, making a total of fifteen banks closed for that reason within a period of two weeks. Financial conditions throughout the state have been considerably upset by the suspensions and it is feared that the heavy withdrawal of deposits from other banks will cause additional suspensions.
Click image to open full size in new tab
DAKOTA BANKS TO REOPEN Member of Banking Board Thinks Majority Will Get Outside Assistance. BISMARCK, N. D., November 27.After a session of the state banking board, no announcement as to any action decided upon in regard to the financial situation in North Dakota was given out. "There is nothing alarming in the situation," said one member of the banking board. "The great majority of the banks will have all aid necessary from out-of-town connections and most of the failed banks will be Conditions even if as many alarming reopened. will as not fifteen be more small banks close temporarily." Negotiations between bankers of the state and the officials of the Bank of North Dakota to alleviate the situation which may arise next week when the initiated law permitting withdrawal of public deposits from the Bank of North Dakota becomes effective are at a standstill. The bankers of the state demand a special session of the legislature to repeal the présent banking law, while officers of the Bank of North Dakota, explaining they have not sufficient assurances to change their positions, say they to withdraw banks in from may have country anticipation large treasuries. sums of withdrawals by local declare they assurances from a State given bankers majority have been of the treasuries that they will not withdraw the funds, and that therefore the situation will be little affected by the initiated law. The list of closed banks was increased to fifteen yesterday, with the announcement of the suspension of the Farmers' State Bank of Rhame, in Bowman county. and the Farmers and Merchants' Bank of Sherwood, in Renville county. The closing of state banks at this to to a time ing collections is owing withdrawals point where exceed- the reserves have become depleted, according to O. E. Lofthus, state bank examiner. "The primary cause is the sudden drop in prices of grain and stock to a point where, if sold now, wi. be be a severe loss to the producer, and he refuses to sell," he said. SUSTAINED SLIDE
Click image to open full size in new tab
PLAN BANK REOPENING. North Dakotans Act in Interest of Suspended Institution. BISMARCK, N. D., December 1.Steps to reopen the Farmers' State Bank of Rhame, Boman county, one of the eighteen state banks closed because of depleted reserves, have been taken by bank officials and farmers in that vicinity, it is announced. An organization similar to those used for war fund drives was created and teams sent to various districts to obtain pledges totaling $50,000 from farmers, who will be asked to sell part of their grain holdings and other products to provide the necessaary cash. The Fortuna State Bank, in Divide county. and the Merchants' Bank of Coggswell, suspended operations yesterday.
Click image to open full size in new tab
FARMERS GIVE BANK SUPPORT IN BOWMAN CO. Quick Campaign to Guarantee Funds for Bank's Reopening Is Decided Upon Farmers and business men of Bowman county have joined in a plan to essare the early reopening of the Farmers State Bank of Rhame. which was closed because of a depleted re serve. The organization effected at : meeting held to consider the situaion assured President Bruce of the bank that they would / raise $50,000 for the bank. Committees were named at the meeting, and the territory 111 Bowman county served by the bank was divided as had been done during a war drive. "Teams" were selected rom among the farmers and they started a canvass of the territory assigned to them. Three of them came o Bismarck to interview state offiials and inform them of their plans. They do not want a receiver named or the bank. Alfred Anderson, one of those who ame to Bismarck, said that two men olunteered to put in the bank $3,000 and $2,000 respectively as soon as it 3 reopened. The statement of Cashier Will Shaw of the bank convinced the armers that this bank is affected by he depreciation of farm products rices, but that with cash it is sound. lany of the farmers agreed to disose of products at a sacrifice to prouce their apportionment" of the honey needed. State Treasurer Obert Olson delared that the state treasury balance will increase with the payment of taxes after today. There now is a balance of about $3,500,000, he said. Prompt payment of taxes may be urged in various local communities by officials and this money would go into banks where it may be used to good advantage.
Click image to open full size in new tab
WILL REOPEN BANK AT RHAME Plans Made to Raise $50,000 to Replenish Depleted Reserve. Bismarck, N. D., Dec. 1.-Farmers and business men of Bowman county have joined in a plan to assure the early reopening of the Farmers' State Bank of Rhame, which was closed because of a depleted reserve. The organization, effected at a meeting hold to consider the situation, assured President Bruce of the bank that they would raise $50,000 for the bank. Committees were named at the meeting. and the territory in Bowman county served by the bank was divided as had been done during a war drive. Teams were selected from among the farmers and they started a canvass of the territory assigned to them. Three of them came to Bismarck to interview state officials and inform them of their plans. They do not want a receiver named for the bank. Alfred Anderson, one of those who came to Bismarck, said that two men volunteered to put in the bank $3,000 and $2,000, respectively, as soon as it is reopened. The statement of Cashier Will Shaw of the bank convinced the farmers that this bank is affected by the depreciation of farm products prices, but that with cash it is sound. Many of the farmers agreed to dispose of products at a sacrifice to produce their apportionment of the money needed. State Treasurer Obert Olson declared that the state treasury balance will increase with the payment of taxes after today. There now is a balance of about $3,500,000, he said. Prompt payment of taxes is to be urged in various local communities by officials, it is said here, and this money would go into banks where it may be used to good advantage.