The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1913-12-19

and incidentally protects the banks
interests. He remains the friend of
that family and their acquaintance
forever. Quite differently will they
look upon the banke who advised the
father to borrow so he could hand his
widow a mortgage.
The banker is In the very best posi-
ton to spread the gospel of saving,
and we have with us tonight many
bankers engaged in this noble work.
Life protection is the one saving &C
count that Is felt nation wide.
paupers are impossible where insur-
ance exists. The best investment in
the world might double itself without
a chance of losing by tomorrow, but
should death occur a life policy will
repay from so to 100 fold the amount
invested and should you live out your
expectancy, your money Will be repaid
with interest. Is it safe? 1t is twenty
four years since an old line life com
pany has failed. This was before their
investments were subject to stringent
state supervision. Out of 256 legal
reserve companies operating in the
United States, not another has failed
since then.
The first life company began bust
ness in this country 1855 years ago and
from that date to this less than $40
Of 1 per cent Of the combined legal
reserve held at this time has been lost
through failures or otherwise.
Age n patronage is no special
indication of strength. Assets in pro-
portion to liabilities is the true test,
over which our company has a greater
margin than either the oldest or larg-
est company in America. On account
Of the splendid work Of our agency
force and kind cooperation Of bank
crs. many OF whom are present, we
will again make a splendid showing
and one which will exceed the good
record we made last year.
Present to Hughes.
Louis Hart Of the agency force, then
introduced A. c. Berg of Towner,
whom ne named the Chauncey Depew
Of the force. In a speech which did
great credit to himself and the agency
force, Mr.. Berg presented to Col. Thos.
Hughes, manager Of agencies, a very
handsome n massive davenport as
a tribute Of respect and admiration
for the man who has so efficiently
managed the company's field work,
the work which brings results.
Colonel Hughes responded with a
short speech, in which he sincerely
thanked the giVers for their remem-
brance of him and assured them Of his
high appreciation Of the gift and the
motive which prompted it.
Alex Stern, city commissions of fl
nance, was then called upon and talk
ed of the financial condition Of the
municipality and of the commissions
plans for the future. In part Mr..
Stern said:
Mr.. Stern's Address.
GTrH Jfco,,rcSr ~ tLo 1,,oc+io. 80 Gno-
cial development, I am inclined to
broaden the subject by including in it
the financial development Of the city
of Fargo Of which, owing to the posi-
ton I occupy on the city commission,
/ am familiar.
Speaking in a general sense, the
future prospects of the financial con-
dition Of the city of Fargo are in bet
ter shape than they have been in
many years past, not because the city
owes any less money than a few
months ago. but because the present
CITY commission have taken it upon
themselves to administer the financial
liabilities of the city and prepared for
the payment thereof by a budget sys-
tenn, which IL continued and carried
out for a number Of years, will event
ually pay off all Of the obligations of
the city.
] had any. criticism to. offer re-
gard1ng the past financing Of the city.
Il would say that the trouble has been
due to the fact that the obligations of
the city have not been looked square
5iy in the face and preparation has not
been made for their payment. Any
business land the city is only to be
treated as a business concetn) would
fail If they permitted their financial
Operations to continue. very long In
the sltp-shod manner in which they
have been carried on in the city Of
Fargo. ~
There are only three ways in which
the city can figure money to pay it's
first, the most familiar one
of direct taxation; second. licenses,
and third, fines, mostly in the police
court.
t'The present city commission, when
At went into power. found that for
many years past little attention had
paid TO keeping the separate i'm
proyennent funds and many other
funds OF the city distinct and apart
from the general funds and that be-
PAUSE of this careless interrningling of
the money received, Ii was hard to
find ont exactly what the city owed
90 any particular obligation -