The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1919-07-18
UNSEEMLY HASTE
NOT EVIDENT IN
INDUSTRIALPLAN
League Taking Time to Put
''New Day" in Operation in
North Dakota
BANK YET LONE EXHIBIT
Financial Institution Only State
Enterprise Actually Do
ing Business
BANK YET LONE EXHIBIT

ing Business
The league cannot be charged witt
indecent haste in placing its indus
trial program in operation in Nortl
Dakota. President "A. c. Townley, ir
one OF his speeches to league legisla
tors last winter, while the league
program was unaAr consideration
predicted that the whole schemt
would be in operation within 10(
days. Considerably more than 10t
days have passed, and only the Bank
Of North Dakota is in actual opera
tion, and, as yet, it cannot be con
sidered to be really functioning.
The Bank of North Dakota now
employs 20 people and has a payroll
Of about $4,000 per year. Public
funds reported to the bank tota
about $21, 100000, and these, with the
$10,000,000 in state bonds which sup
ply the banks capital form its re
sources, which are now trifle NOR,
than $31,00O,0O0. OF the bank bond=
only 100000 to date have been solo
These bonds have gone to North Da
kota investors at $1.02 IL, a premium
of. 2 IL. Their sale has been slow
largely due. bank officials state, to
the fact that the investors held Oh
until the fate of the bank act Was
decided at the referendum election
June 26. The bank has planned tc
sell only $500,00O worth of bonds in
North Dakota How the others will
be disposed of its not known.
The Bank Staff.
The bank now has a manager, a
director general and three deputy
directors. Major James R. Waters Is
the responsible head of the whole
institution. F. w. Cathro, a Bottl
neau banker of 80 years. experience
is director general. Miss Pearl A
Benson Of Mohall is' deputy director
of the farm loan department; L. P
McAneny Of. Devils Lake.. former
deputy hank examiner, Is deputy di.
rector of credits, and Roy M. Halli'
day of Bismarck, formerly of the
state bank examiners Office, is dep
uty director of publicity and stats
tics. Each of these deputy directorS
receive $1,000, per annum.n The
manager and director general 4 re-
ceive salary OF 5000.
E. A. Snyder, who came from the
federal reserve bank at Minneapolis
is transit manager at $500 per an
mum; W. E. Robinson, a former a.
tache Of the bank examiners Office
is teller, and Mrs. Nellie S. Mari is
chief bookkeeper. In addition the
bank has four clerks, four stenogra'
piers, q guard and q janitor.
Publicity Work.
Comparatively little has been done
by the bank as yet In the form o.
advertising and publicity. 1nasnluch
as the bank is not ready to begin
making loans or to handle actual
deposits, such publicity work as has
been done to date has been in con
nection with the sale of bonds. /;
is anticipated that with the bank In
actual operation, the department Of
publicity and statistics will assume
first importance. The. bank plans
to issue at least monty general
statement Of conditions over the
state similar to the statement cir
culated by John R. Rich Of the fed
eral reserve bank. 1t is understood
that more frequent service in the
form of news stories dealing witt
the bank and its operations and with
the state and It's development will be
furnished weekly to country news
papers, and there will |oe still dif
ferent service for the city press.
The bank is not for the present
encouraging state banks to sever
their connections with reserve agents
in the Twin Cities and other points
outside of North Dakota. 1t is felt
that while the bank of North Da
kOta is in an ambryo stage, the inter
ests c. communities where money
is badly needed can best be served
by maintaining the lines of commun
ication with the bases Of supply. The
Bank of North Dakota's 100000
while it makes this by far the largest
financial institution in the state, will
not in itself suffice to meet the
states financial needs, especially al
this moment, when complete croI
failure impends in the western thirc
of the state.
Other Enterprises.
James A. McGovern of Fargo, for
merly chief deputy inspector Of
grains and grading, is manager o1
the state mill and elevator associa
ton, which will father the leagues
marketing and distributing system
This association has authority to buy
or build terminal elevators and foul
mills, warehouses, or such Other
plants as it may deem necessary fol
the marketing Of North Dakota's
food crops, and 1t may establish sell
ing agencies wherever it sees fit, In
America or in foreign countries. Tc
date Mr. McGovern has done moth
ing further than to undertake ar
investigation Of mills and elevators
with a view to buying or leasing two
or three for experimental purposes
The state does not expect to embark
upon any extensive building program
under this act before next spring al
the earliest.
Robert B. Blakemore Of Fargo
former superintendent Of the Gate
City water works, only this week
assumed his duties as manager Of
the home building association, which
is to undertake to furnish homes and
farms for its members. He has an
nounced no plans OF procedure az
yet. A hundred or more applications
for homes or farms already have
been filed. In most instances the
annlicants state that theY have or