Clipped From Fairbanks Daily News-Miner

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 - He an his he all State Approves Six Banks For...
He an his he all State Approves Six Banks For Additional Sale Money JUNEAU (AP) - Seven of Alaska's 13 banks will not receive any more money from the state's oil lease sales until they promise to "inject money into . the economy," according to George Morrison, Alaska commissioner of revenue. The state got $900 million at the September lease sale. And within a week, §50 million had boen doposilcd in banks in Alaska. They were given the money despite the fact that they pay lower interest than the state cart get with investments elsewhere. But the idea was to stimulate the economy. Another $25 million was promised by mid-October, and yet another $25 million in January. But, Morrison said Wednesday, "the second distribution was delayed lo give the state time to analyze the effectiveness of the state deposits." The 33 banks were asked to tell how they were using the $50 million. Morrison said six "complied with the intent to inject money into the economy." But two simply did not answer, and the other, five said they were unable to place the money in loans. The, commissioner estimated that the six loaned 70 per cent of their share of the money, with the remainder tied up because of the requirement of 100 per cent collateral for state deposits. These six got $34.5 million of the original $50 million, and will get $19,590,000 Thursday. The six, and the amounts they'll receive, are: National Bank of Alaska, 59,355,000; First National of Andiorage, $7.8 million; Alaska National of Fairbanks, $1,275,000; First National of Ketehikan, $600,000; B.M. Behrends of Juneau, $450,000, and Bank of Petersburg, S200,- 000. Commenting on the banks which are not getting money Thursday, Morrison said, "you find various degrees of sophistication in all areas and (his is especially true in Alaska. Some are able to arrange their reserve and collateral reqiiire- ALL THE SAMETO HIM LEBANON, Ky. (AP) — In viewing Ihe Nativity scene at his church, four-year-old Sammy Osbourne told his grandmother, Mrs. Henry Smith, the following: "That's Mary, that's Joseph and that's the Baby Jesus." Then pointing to the Magi trio, the child added, "And those are the three Wise Guys." ments, others are not" The commissioner answered "yes" when asked if the inability to utilize the state funds was essentially a management problem. Some bankers have argued that they can't .fully use the money because it is in five-year time deposits, and so can't be used for 20-year loans. Morrison commented: "This is the First time in Alaska's history that they have received five-year deposits from the state. Always before they were able lo work quite well with six- month and one-year deposits." Hi SIT 2nd 452-2103 In the Heart of Downtown Fairbanks

Clipped from
  1. Fairbanks Daily News-Miner,
  2. 05 Dec 1969, Fri,
  3. Page 20

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