The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1919-05-23
BANK or DAKOTA
MAKES. ITS FIRST. !.
CASAsDEP0SlTS
Reserve Funds Received From
Two State Institutions by
Reserve Agent Here
BOND ISSUES DIRECTED
BOND ISSUES DIRECTED

The Bank of North Dakota received
its first actual deposits Yesterday
when two state banks made their in
itial reserve deposits with this institu-
tion. The combined sum. which was
not great, was deposited by the Bank
of North Dakota in one Of the local
banks last night. While the Hank of
North, Dakota is in it's new quarters,
It's vaults and safes have not yet been
installed. and tile Institution is not
prepared to keep currency on hand.
Reports from cuStOuianS Of public
funds called upon by Director General
7GathfO for a statement as to the coii-
ditions of3thcse funassas of May II are
coming in ut the rate Of 400, to- 800
daily. No compilation Of these re-
turns has yet been attempted. When
it is made it is expected to reveal
some. very interesting statistics. as
North Dakota has never before been in
position to make an accurate survey
of the public funds in custody of the
state, counties. townships. school dis
tricts, municipalities aud other public
corporations. The closest estimate
has placed the average aggregate of
these funds at $27,O00.OOO Within Il
few days the Bank of North Dakota
will be in position to report definitely
on this subject.
George II. Hollster. president of the
Northern Trust Co. of Fargo, was here
today in conference with Director Cen
eral CathrO in response to Il letter
from the latter dealing with the form
of bond which the Bank Of North Oak
Ota will require from national banks
Which become Repositories for public
funds During the last year or two,
under a ruling Of the present admins
tration, only state banks have been
used as Repositories Tor the funds or
North Dakota. Local public corpora
tlons, however, have continued to, iiSc
national as well as state banks and
the national institutions whose de-,
pOsits are not guaranteed Under the
state guaranty act. as are those OF
state banks, have furnished surety
bonds to corporations making the de-
posits. The Bank of North Dakota
plans to place national banks on par
ity with state banks as depOstaries for
all public funds, and the bonds which
the national banks formerly have fur
nished the local corporation making
the deposits. hereafter will run to the
Bank of North Dakota.
The industrial commission this week
resolved to isue five percent bonds
nf f10 80 Nru H. H.
following denominations: LOCO Is
year bonds Of $1,000: 1000 ten-year
bonds Of $500: 1000 ten-year bonds of
500; 1000 ten-year bonds Of $50.
These bonds will be issued by State
Treasurer Olson as of July /, 1919,
from which date they will bear inter-
est.
l.. p. McAneney. former first deputy
bank examiner. and Roy NJ. Halliday,
formerly clerk in the state examiners
office were voted salaries of $4,000
per annum as deputy director of cred
its and deputy director of publicity.
respectively. All deputy directors will
receive this stipend Of $3.50 per month
tellers will get $3.50, bookkcepers $125
500; clerks, $S3.333,
and janitors $50.
The bank has now contracted for Il
majority of it's fixtures. In the mean
time the staff of about dozen. al
leady on duty at the Missouri Valley
Motor Go. building. is using such
office devices as could be
picked up about the capital The new
fixtures will not be of the usual bank
type, but more of counting room de-
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