The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1919-05-08
STATE BANKERS
TO MEET DAKOTA
BANK OFFICIALS
Committee Named to Frame Pol.
icies for New Institution
Coming Saturday
BONDS WILL PAY FIVE PCT,
Interest Rate Announced by In.
dustrial Commission-Buy-
ing Equipment Today ?

The ADVISOR committee of North
Dakota bankers which is to collaborate
with the North Dakota Industrial COM
mission and the officials of the Bank
of North Dakota in working out plan
of operation and policies for this III.
stitution, will meet at the capitol at
. o'clock Saturday evening. Notices
of the meeting We're mailed out last
evening by Secretary Morris of the
Industrial commission to members of
the committee who are w. G. Mac
Fadden, secretary of the North Da-
kota Bankers association: Samuel
Torgerscn of Grand Torks.sJ. ]. Nier-
ling of Jamestown Capt. I. P. baker,
of Bismarck and F..AW.. 'Cathro Of
Rottineau who WAS nanieu d member
Of this committee prior to his selec-
ton as director of the Bank off North
Dakota.
Bond Issues Directed. .s
Governor Frazier, as chairman Of
the industrial commission. yesterday
determined the denomination of the
Bank of North Dakota bonds. their
date Of maturity and the interest rate
to be paid The bonds are to be is
sued in denominations Of $50, $1O0,
$500 and 1900, and the rate OF inter.
est is to be five per cent. The $50.
$10O and $500 bonds will mature July
1, 1929. and those. of the higher de-
nominations July /, 1894. sEf.e
The American Bank Note Go. is now
printing theslbonds, which will be de.
livercd, inside Of three weeks. An is
sue of ,$3OO,OOO to $50O,OOO will be
made .a$esOon as the bonds are rex
ceived aAdiiWill he offered for sale in
North Dakota. Il tos the banks and to
Individual Investors : The bank 0fti1
cials reported yesterday healthy de-
mand for these, bonds from banks
within the state. One bank, it was
reported, had offered 102 per cent for
Il honJ of, the 81, 600 denomination. aud
another had offered l01.
Tie bonds will bear interest from
July J., 1919. They will be exempt
from state, county and municipal
taxes Of all kind and are guaranteed
BY the state of North Dakota. whose
present assessed Valuation is .estimat..
ed ati 81, 2O0, 0,OOO.O0o Many farmers
have written in bidding for bond NO.
+, which they wish to retain as u
souvenir of "'I'he New Day. in North
The bank bonds will be the first Of
the $17.O0O.0OO worth Of securities au-
thorized by the 10th assembly, to, f.
nance 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 over
to the manager of the bank they will
constitute the $2.OOOOOO capital which
the law requires this institution to
have. and the bank may then open for
business.
A regular meeting of the industrial
commission is being held this after
noon, and bids are being opened for
safes. furnishings. blanks g,q and other
equipment for the banking house
which the industrial commission has
leased as temporary quarters. The
Bank Of North Dakota authorizes the
institution to invest not more than
100000, or ten per cent Of its capital,
in a permanent bank home.
Director +. w. Cathro, in cOnsulta-
tion with North Dakota bankers, has
formulated a general plan Of operation
for the Bank Of North Dakota which
will be submitted to the industrial
commission for its approval this after
non and which will be discussed with
the special committee of the state
bankers association Saturday after
non. Bankers over the state generally
are reported to be offering the indus
trial commission and the Bank of
North Dakota officials helpful cooper
alton Two Of the moot points to be
determined at the conference Satur-
day are whether the Bank of North
Dakota. with the special privileges
which the legislature has conferred
upon it. is to enter into competition
with private institutions for CONNER
cial accounts and whether the public
funds for which the bank is to become
repository are to be removed from
local banks.