Sioux County pioneer. (Fort Yates, Sioux County, N.D.) 1914-1929, 1919-06-26
BANK OF n. OAK.
ABOUT TO open
Signed Bonds Being Delivered
and Sold -.. Everything
Ready for Business.

It did not take long for Thos. Hall,
secretary Of state, who was out on q
speaking tour fighting the new laws.
to get back to his desk and go to
signing the bonds for the Bank Of
North Dakota, after the Supreme
Court ordered him to do SO at once.
He was signing bonds Monday, and
the decision was handed down Satur-
day. Already there has been delivered
the first installment Of $375,OOO, $50
Of $500 each and $50 of $1,000 seach.
More will follow each day, as the
bonds are signed. State Auditor Ko-
sitzky signed u number of the bonds
before the Supreme Court handed
down Its decision, but left on a speak
ing tour with half the bonds unsigned.
He had poor luck with the speaking.
At one school house he waited for an
audience and not soul appeared.
The day before League speaker ad-
dressed crowd Of $50 in the same
neighborh0od. Kositzky was driven
and escorted around by lawyer.
Packard Showed His Ignorance
F. e. Packard, Langer's political
manager and assistant attorney gen.
eral, denounced the new bank in the
Bismarck Tribune and predicted it's
failure. One of his contentious was
that the bank will not be checked up
by the state banking board. This is
either misstatement of the law or
else pure ignorance. The law requires
the state bunk examiner to visit the
bank twice a year and inspect and
verify the assets, just as any other
state bank is visited and examined.
People Buying Bonds
There are offered to the people Of
the state half million dollars of the
bonds. They come in denominations
of $50, 500, $500 and $1,000. They
bear interest ut 5 per cent, beginning
July 1, and are exempt from state,
county and municipal taxation. They
are bringing premium of 21a per
cent, that is, 500 bond costs $1O2.5O.
Banks all over the state are subscrib-
ing for the bonds ut this premium,
and, even though the banker Is op-
posed to the farmers program, he is
not opposed to good investment pay
Ing good rate of interest and ire .
from taxation. The first citizen to
apply for bond was A. MEG. Beede,
a missionary to the Indians and re-
Gently elected county Judge of Sioux
county, and he bid 21h per cent pre-
MUM. Delay in issuing the bonds by
the action Of the secretary of state is
now ended by the Supreme Court de-
cision, which stamps the bonds legal
and constitutional and makes them
| gilt-edged securities.
Equipment for the Bank
| An immense amount of work will
be possible for the bank through the
use Of modern time-saving and eff.
cheney devices. The largest single
order Of adding machines ever mad.
in the state was placed by the bank.
The amount Of it was $1,000. Most Of
the machines are now on hand. These
will be needed to handle not only the
two million dollars that will be sold
from the bonds but the $2O,OOO,OOO
that the bank will handle in public
funds and in reserve funds of state
banks. The bank is to be q thorough
~ business institution, erected to
serve the needs and interests Of the
people Of the whole state, and made
efficient by rigid business manage
ment and conduct and by the barring
out of all political influence or color.
II you have confidence in your own
banking Institution md in tho Sto+o
and have any amount from $50 tn
$1,000 that is bringing you less than
3 per cent-and remember the inter.
est you now get is reduced by having
to pay taxes on it-you should write
to Manager ]. r. Waters or Dlrecto,
General r. w. Cathro at Bismarck
and state the size of the bond you
can use. W.