Jamestown weekly alert. [volume] (Jamestown, Stutsman County, D.T. [N.D.]) 1882-1925, 1919-01-23
THREE BICBlLLS
ARE ENDORSED IN
LEAGUES CAUCUS
Measure t. Permit Two Mil
lion in Bonds For Bank,
codify Mining Laws, Up
held.

uelQs gs.
Bismarck, Jan. 31.-Bills provid
ing for the issuance of $2,000,000
in bonds to create the capital of the
Bank of North Dakota, establishing
schedule of equitable rates for in
tra-state freight transportation and
regulating the operation of coal
mines by a coal mining inspector
were unanimously indorsed by the
Nonprtisan league caucus last night
and will be introduced in the house
probably this afternoon by the COM
mittee on state afafirs
The bonding act provides for issu-
ance of the $2,00O,OOO in bonds to
be prepared. by the state treasurer
and executed by the governor, and
then delivered to the industrial COM
mission for negotiation. Proceeds
from the sale of the bonds are to
constitute the capital of the Ban'
of North Dakota. The bonds are to
be issued in denominations of from
IS to $1,000 payable not less than
10 years nor more than 80 years.
The interest rate is not to exceed
six per cent. The terms of the
bonds, as to valus of denominations,
periods of maturity and rates of in
terest. are to be fixed by the COVER
nor within the limitations of the
act.
Interest on the bonds is to be paid
out of the earnings Of the bank,
which shall from time to time de-
posit sufficient funds in the state
treasury to meet such interest. Fail
ing the ability Of the bank to meet
payment of interest. the board Of
equalization shall levy a tax to pro-
vide for whatevers interest is due.
The bill authorizes the approp ropriations
Of 4 peo to carry ont the proyis-
fons of ths act. An smsr rssnrlccy srlc clause
fss attached to the bill.
.2, I. 4 Wipe Out Determinations.
All unfair discrimination practic-
ed in the, past ~ the railroad COM
panies operating in North Dakota
are completely wiped out by the pro-
vision Of the freight rate bill which
was discussed at length in the can
Gus. The general effect of the meas:
ure is to reduce rates on freight
within the state to q level with those
in Minnesota. The new rates are
graduated on distances from five
miles to 400 miles and are applied
to 20 different classes of commodi-,
ties. In edition ITO the 10 classes
under the interstate commerce COM.
mission schedule known as western
classification, No. 55, to more with
the commodities each included are
created by the act. The additional
ones are known as 18th class, 18th
class and so on up to- goth class.
Rates are based on 100 pounds and
are stabulated for each five miles.
By way of illustration, the 18th
class includes wheat, corn, rye, oats,
barley, alfalfa, wheat flour, corn
flour, and SO other grains and their
products. To ship 100 pounds Of
any. any commodity in this class five
miles the cost under the new sched-
ule is 4.S cents, 10 miles 40 cents;
rs miles So cents; SO miles 81
cents; 100 miles 7.S cents; 200 miles
9:6 cents; $50 miles 1912 cents; 800
miles 10. 9 cents; 400 miles u cents.
The rates are graduated fpr each 8
miles at about the rates Of one-tenth
cent increase.
The rates for the classes for five
mile haul OF 100 pounds are 18th
class 4.S cents; 18th 2 cents; 18th