Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1911-08-12
Ranking STORIES
T0LDBY MEMBERS Of
EQUALIZATION BOARD


No one would ever suspect trol
their attitude towards each other tina
there is political differences OF pre-
no,1nced character between tine men
hers of the state board OF equalization
These gentlemen appear like nap
nv family in their official relations
their whole aim seeming to be to d
exact Justice to all in the fixing o
property assessments. Always goo'
humorad. the board members at odl
times find much sport in Joking eacl
other -
The other day, during lul in tn
proceedings the question OF banking
came up.
"You ought to be familiar with thi'
subject said Supt. of Agriculture I'LL
breath, turning to State Treas. olson
"having Lad experience in the DanK
ing business -
mot l." answered the guardian o.
the state finances. Il never owned
dollars worth of bank stock in my
life" which seemed to be a revelation
to the other board members who re
garded the big treasurer as the
tanker of the company.
mo. sir!" declared Mr.. Olson, 1.-The
<earest l ever came to being banker
was many years ago when / loaned
my note to a company OF gentlemen
who were organizing a bank and MAD
to show a certain amount OF assets
to secure a charter. After the bank
was organized my note was returned
10 me without interest. l may add
this happened may years ago when
even did not consider my note worth
anything"
When the laugh died down, and
banks being in mind, Gov. Burke told
of a unique experience of his own.
many years ago in a certain northern
town where he then lived.
I'm early days in Dakota banks
were not very substantial instit1l-
TONS" said the governor. To illus
trate, he told an experience he had.
"There were two banks in our
town." he said, land neither were
very strong. One afteroon a banker
came into my office and declared ne
would have to raise $50 before 4
O'Clock that evening.
"'Well, why don't you get 1t out OF
your own bank?' l asked him. He
made this explanation. We lack that
much of having any money on hand.
The other bank has draft. on us OF
$50 for collection and If it is not cared
for before the banks close it will be
protested and we cannot stand that. "
Il was dumbfounded," said the gov
ernor.
"But you raised the money for him.
didn't you?" asked State Auditor
Brightbill.
"Oh, yes" answered the chief ex.
ecutive of North Dakota, II did not
have the money SO just went down
and borrowed it from the other bank"
While on the subject, Attorney
General Miller told of an experience
he once had.
II had to raise $500 and did not
care to bother about borrowing it so
concluded to hawk a five hundred
dollar mortgage held against quar-
ter section of land. The mortgage
was drawing eight per cent and l was
paying ten so aimed to sell the thing
and save two per cent. Tine mortgage
had two years to run so took it to
a money bags in the town who had a
lot of cash in the bank yielding him
only four per cent. Here l said to
him, is a five hundred dollar mort
gage earning eight per cent. The
bank is paying you four and you can
%ho IN iru
The fellow said he did not think the
security was as good as the bank.
Alright I told him, I will prove to
you that it is, and this l proceeded to
do by going down to the bank where
he had his money and borrowed the
$500. Returning, l shook tae bills in
his face. There's the money you had
in the bank. told him, and what Sc
curity has the bank for it now, and
what security have your It frighten-
ed the fellow and think changed his
mind somewhat on the security of
banks in those days. Of course that
was long time ago when $500 looked
bigger to mo than the state house
does today"
State Auditor Brightbill then told
of a circumstance in a little town
where the trains reached it only two
or three times a week. The farmers
came in, sold their products, gathered
up what money there was in the town
bank, the merchants checking out all
the available cash and there was no
way to get any in until the train ar
rived. The bankers canvassed the
town and borrowed all the money to
be had in order to be able to meet
the exigenceies should another farm
er's check come in for payment.
Commissioners of Agriculture Gil
breath had just started on a good
story when the auditor of an obscure
county came in to complain of the
assessment placed on melodeons in
his county and the board went back
to its tiresome grind.