The weekly times-record. (Valley City, N.D.) 1912-1922, 1919-10-02
STATEFL0ATS
ITS BONDS

|
$3,00O,000 bonds, $2,O00,O00 of which
represents the remaining issue of the
bank series of five per cent bonds and
the balance the real estate series of
five per cent bonds of the bank. The
price obtained by the state bank was
! par.
The sale was consummated through
the efforts Of Col. C. B. Little, presi-
dent of the First National bank of
this city, the buyers being two of the
largest bond houses in the United
States with Offices in New York and
Chicago.
The bank series will be reissued in
denominations of 1000 and the pres
ent denominations of different
amounts will be cancelled. This will
bring in outside capital to the state
which will make available at once the
entire cash capital of the Bank of
North Dakota.
Through the sale of it's $1,O0O,OO0
real estate series bonds, the bank will
be able to close large number of
real estate loans which have been held
pending the sale of these bonds.
The official statement regarding the
sale of the bonds as announced by the
Bank of North Dakota, is as follows
Col C. B. Little of Bismarck, act
ing in cooperation with syndicate
of eastern investment bankers, has
purchased for the Bank of North Da-
kota, the whole remaining issue of the
| bank series of the five per cent bonds
of the state of North Dakota, and an
additional $1,000,O00 of the real es-
tate series Of the five per cent bonds
of the state of North Dakota. The
! sale has been approved by the indus
trial commission. Notwithstanding
the extremely unsettled industrial and
financial conditions existing through
out the United States at this time, the
Bank of North Dakota, through the
efforts of Col. Little, was able to ef-
feet the sale of this large amount of
it's bonds at par, which price, taking
into consideration these adverse con-
ditions, is considered an extremely
favorable one.
In order to perfect a salable bond
on the eastern market, it has been de-
cided to reissue the bank series in
denominations of $1,000 each and tc
cancel the present denominations, and
for that reason an opportunity is tc
be offered to local investors to sur
render to the Bank of North Dakota
their present holdings. The result OF
this surrender of outstanding bonds
will be the bringing in Of new capital
from outside of the state which will
make available at once the entire cash
capital of the Bank of North Dakota
and will restore to the several locali-
| ties the cash amount of such bonds as
are now held locally.
The sale of the 100000 of rea]
estate series bonds will enable the
Bank of North Dakota to facilitate the
closing of a large amount OF, real es.
tate loans, applications for which are
now pending, and will make available
to the farmers of the state the money
to be loaned by the bank as contem-
plated by the constitutional amend
ment authorizing the issuing of these
real estate series bonds. will not
now be necessary to call in from
banks, except temporarily, any con-
siderable portion of funds for the
financing of these farm loans. The
loans can now be completed just as
rapidly as the clerical force of the
bank can handle them.
/ The Bank of North Dakota feels
that it has been extremely fortunate
in effecting this sale within eight
weeks of the opening of the doors OF
the bank for the actual transaction OF
regular business.