Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1919-05-08
.MlAINYDEl|'I u 7,
OF ESTATE BANK
AREplsCUSsE ]
Advisory Board and Othefs
Have Much to- Consider III.
New Organizations

B%iArnarck, N. D., May s.-ThsS ad:
visory committee of North Dakota
bankers which is, to coiiaborate with
1.-The North Dakota industrial commits
sion and the officials of the Bank: of
North Dakota in working out 4 plan
OF operation and policies for this In
stttution will meet at the capitol at 2
2 O'clock Saturday afternoon. Notices
OF the meeting were mailed out last
evening by Secretary Morris Of the
Industrial commission to members OF
the committee. who are W. C.. Mac
Fadden, secretary Of the North Da-
kota Bankers association: Samuel
Torgerson Of Grand Forks: j.. j.
Nierling Of Jamestowareaptain I. p.
Baker Of Bismarck and +. W.. Ca
thro ofB ottineau. who was named
his selection as director 6f the/Bank
Of North Dakota.
Bond Issues Directed.
Governor Frazier. as chairman of
the Industrial commission; Yesterday
determined the denomination, 81 the
Bank OF North Dakota bonds, their
date of maturity and the interest ratio
to % paid. The bonds are to be is.
sued in denominations Of $50, 500
and $1,000, and the rate of interest ID
to be S per cent. The $50, 800 and
$500 bonds will mature JulyN1, 1929;
and those Of the higher denominations
July l, 1934.
The American Bank Note company
is now printing the bonds. which will
be delivered inside Of three weeks. An
issue Of $4,000 to $500. GOODWILL be
made as >soon as the bonds are re-
and will be offered for sale in
North Dakota, to the banks. and ITO
individual investors. The bank Off
Gals reported yesterday a healthy de-
nand for these bonds from BANKS
reported, had offered 102 per cent for
a bond of the $1,000 denomination,
and another had offered 1O1.
The bonds will bear interest from
July 1, 1919. They will be. exempt
from state, county >xand> municipal
taxes of all kinds and are guaranteed
by the state of North Dakota, whose
present assessed valuation is estimat-
ed at $1,000, O0O. 900. Many farmers
have written in bidding for Bond No.
l, which they wish to retain as a SOU
lyenir Of The New Day. in North
Dakota.
The bank bonds will be the first of
the s~l7,000,p0O worth Of securities au-
thoriZed by the 18th assembly to fin
ance the /Nonpartisan league indus
trial program to be sold. 1t is not
necessary that any Of these bonds be
sold to enable the Bank of North Da-
kota to begin operations. AS soon
as they are authorized and turned
will constitute the $4,000. 900 capital
which the law, requires this institution
to have,tapd the bank may then open
for business. NJ
The regular meeting of the indus
trial commission is being he6 GthN aft.
ernoon. and bids are beirk \opened
for Safes, furnishings. blanks and 9th.
er equipment for the banking house,
which is to be opened as soon as pos
souri, Valley Motor company build.
Ing on Main street. which the indus
trial commission has leased as tenn
porary quarters. The Bank Of North
Dakota act authorizes the Institution
to invest not more than 5000, OO0,s or
10 per cent of its capital. Nina per.
manent bank home. -
Director F. w. Cathro. IN c~onsulta-
ton with North Dakota bankers, has
formulated a general plan Of opera
ton for the Bank of North Dakota
which will be submitted to the indus.
trial commission for its approval this
afternoon and which will be discussed
with the especial committee, of the
State Bankers association Saturday
afternoon. Bankers over the state
generally are reported to he Offering
the industrial commission and the
Bank of North Dakota officials help
full cooperation. Two of the moot
points to be determined at the con-,
ference saturday are~ whether the
Bank OF North Dakota. with the spe.
privileges which the legislature
has conferred upon it. Is to enter into
competition with private institutions.
for commercial accounts and whether
the public funds for which the bank
is to become depositorX-are to be re.
from local hanks. .El