The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1913-02-28
GOVERNOR Hanna
IN favor OF It
Approves Senator McDow-
ellis Bill, Which Makes
Such Provision. ~
1T OPENS WAY FOR
FEDERAL ASSISTANCE
Under S. b. 1873, State Banks Given
Authority to Invest Great Amount
in Real Estate-Panama.P Pacific
Measure may be Brought Up.
tBy H. D. Paulson.) }

Bismarck. N. D., Feb. 2s.-Legal-
izatfon of county aid for the better
farming movement is provided in e.n-
ate bill No. 233. introduced by Sena-
tor Wesley c. Mcdowell Of La,Moure
county. and which has received tho
approval of Governor Hanna.
Under this measure county COM
tax up to one mill on all properties,
the funds, derived therefrom to bs
used in the employment of experts
who will engage in the work of pro-
noting diversified farming. This will
open the way to the making of a con-
tract by counties with the North Da-
kota Better Farming association, such
as has already been done in many
counties.
AS provision for the securing Of
such action by commissioners where
the latter are unwilling to take tho
step. it is prescribed that upon tho
petition of twenty-five per cent Of the
voters of county, that the action
shall be taken.
Opens Way to Federal Aid.
Another big feature in connection
with this legislation is found in the
fact that it opens the way to federal
aid for the movement in North Dakota.
Recently officials of the North Dakota
Better Farming association took up
the matter of securing federal aid, and
the department of agriculture was
not entirely willing to grant such aid
as long as there was no provision un-
der which the state or counties took
any share of the burden. With this
law the Better Farming association
officials believe they will be able to
go to the department again and Sc.
cure favorable action
Invest More Money in Real Estate.
Under S. b. 1913. also introduced by
Mr. Mcdowell, and which has been
approved by the governor, state banks
are given authority to invest great
oae er amount in rea! estate leans. The
present law provides that they may
invest only one half of their capital
stock and surplus in real estate loans,
while the law, as amended, gives the
banking houses authority to invest
twenty-five per cent of their loans and
discounts in real estate.
The effect of this measure will be
the use of more North Dakota money
In real estate loans. In the case of a
bank with $4,000 capital. 1t is en-
powered to invest but $4,000 of that
amount in real estate loans. with
$4,000 in loans and discounts, the
amount opened for real setate loans
is increased to $12,50O.
Another banking measure that has
been passed by both branches relates
to the investment by banks in building
and fixtures. This bill was introduced
by Representative Hedalen, and it
graduates the amount that may be so
invested. The old law allowed thirty
per cent. Under the new measure a
bank with a capital of $4,000 NAV
invest forty per cent in building and
fixtures; bank with $4,000 may in
vest S5 per cent. and bank with
$4,000 may invest thirty per cent.
The law has been approved by the
governor.
Member Must be Secretary.
Under S. s. 221, passed by the sen.
ate yesterday. provision is made un-
der which one of the members of the
state tax commission must act in the
capacity of secretary Previously pro-
vision had been made for a secretary.
but that berth is disposed of, and an
annual expense account Of $4,000 ia
allowed by the measure, which. Of
course, still needs the approval Of the
house.
Board Wanted Blind Asylum Moved.
The report by the senate state af-