The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1913-02-27
CONTINUED on page s.
NCOntInueQ on page 81
STATE BONDING
BILL IS PASSED
Creates Department Under
Insurance Commissioner
Goes to Gov. Hanna.
(By II. d. Paulson \

Bismarck. N. D., Feb. 27.-Th,
cnarge that bonding companies hat
formed trust or trade agreement un.
aer which the counties We're beinf
neid up" for greater premium thar
the bonds are actually worth. was re.
sponsible for the passage by the house
Yesterday of S. B. 1855. which now goe.
to t., Governor Hanna for his signature
me Dill creates state bonding de.
partment to be conducted under the
direction Of the commissioner of in.
surance.
Senator Ellingson of Steel county
ts responsible for the passage Of the
measure. and he compiled and pre-.
sented to the committees Of both
houses a set Of reasons why the bill
should be passed. In this statement
he sets forth the bids that had been
rendered for bonds in several counties
comparing the offers for the 1913 and
1914 bonds as against the offers for
1912.
In 1911 Senator Ellingson's state
ment showed that rates had varied
from 10 cents to SO cents per 500.
One exhibit by the author Of the
bill was on the bonds required by Bur-
leigh county, there being eleven COM
panies bidding, and all Of them SUBJ
mitting the same bid. $s2S.50. In
1911. the low bid was $3.50.
Steele County Shows Advance.
He submits a statement from Steele
1910 the county paid a total of $492.50
for its bonds. totalling $4,000; in
1911 and 1912 1t paid $435 for bonds.
$435. and in 1918 and 1914 it
pays $S26.50 for bonds. totalling $112,-
900.
Defalcations Small.
Making statement of the compan-
les interested in bonding in this state,
he shows that the total receipts were
$l32.42S.2S in 1911 and 1912. with
gross losses Of $95,3S6.52 paid during
the same period.
Still another statement shows that
the average bonding bill CT each coun-
~ in 1913 is $S16. or total of $40.-
500 for the fifty counties that make
up the state. The rate Is IS cents per
Revenue Under the Bill.
Under the bill that has Just been
passed. Senator Ellingson estimates
$93, 10000 in bonds being taken by the
at u rate Of SO cents per
800 will be $23.250: for assessors.
1900 all told. will, $500 bonds being
provided at a cost Of $3.50. the in
come will be $4,000: for 1S0 town or
village treasurers. the income is fig
ured at 5000: for thirty-three cities.
with $4,000 bonds each. an income Of
$1,000 is estimated: from so indepcn-
dent school districts ar income Of ST.
500 is anticipated. and from so public
with $4,000 bond each
an income Of $?.500 is anticipated.
The total income for two years is es-
at $37.17O. Compulsory pat
ronagc Of the department Is provided.
In addition. 100 school district
treasurers and 1000 township treas
urers may take advantage Of the state
which would increase the
$4,000 more. From all sourc-
es the income is placed at $5S.17O.
The total defalcations in the past
six years have been $54,500; the rev.
enue for the same period Is $223.O.0.
optional. and $349.02O compulsory.
The expense for the period Is estimat-
ed at $4,000. leaving q profit in six
years Of $274,120.
From the attorney general a rul-
Ing has been secured to the effect
that the bill complies with the con-
Wisconsin operates a de-
partmGat on much the same basis as
this bill is drawn.