The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1920-05-21
CATHR0 GIVES q
FACTS ON BANK
Bulletin Summarizes History
and Achievements of Bank
in North Dakota.

blisllcs in the bank bulletin for April
an cp1tome nf the part the bank is
aying in the history Of the state. In
plthy sentences he records the con-
button of the bank to the general
.lfare.
,e Bank Of North Dakota:
. Has been going concern since
July %, 1910, when it began bust
ness;
. Has established uniform rate OF
interest Of 2 per cent for the cur.
rent funds Of public corporations
and political subdivisions Of the
state deposited in the bank, many
Of which formerly did not receive
any interest;
Has established uniform rate Of
4 per cent on the sinking funds
Of these corporations held by the
bank on their long time deposits {;
. Has distributed its deposits Of
these funds in over 500 local
banks, In such manner as to pre-
serve comparative uniformity,
juStifying them in paying Il rate
Of interest a per cent? which ex-
ccv'l> tie former rate on tluctuat-
in: balances by an amount suffi-
cirnt l." pay the operating ex-
pen>eS of the Bank Of North Da-
kOtu:
HIS established Il uniform rate Of
interest for >r'h deposits, which
is less than rusi"lnarily paid for
similar an!"nn,s, deposited tor a
definite t::ar;
Has h",n able to transfer money
from localities where money Is
mere urgent need of it to finance
AGRICULTURAL, commercial and in
luStrinl activities;
Has m"biilzed reserves from ga
country banks. and has thereby
been enabled to rc-diSc"nnt at
rates which ut presrn, Il" not cX
c.,d the rrliscuunt rates of the
Federal Reserve bank:
Has made uniform interest rates
throughout the state:
Has made the funds that belong
to all the people available to IL
nance the activities that belong
to all the people;
Has not withdrawn private or in
dividual deposits within the state
from the localities where such tle-
posits belong and are needed to
take care Of the short time re-
QuirementS Of borrowers:
Has become state clearing house
for the collection ut par Of checks
drawn on banks in North Dakota !;
and has extended its par list to
embrace Most points within the
United States;
Has made Cos farm loans. aggrc-
eating $o.14O3.Sl..7:'. and has APP
proved Il total of o>6 loans, uggrc-
eating $3,Gl3.:nN.OU;
Has reduced the average rate of
interest paid on farm loans by
more than 2la per cent Oh over
$2.UN.tNN Of loans thus far made.
cffccting II net annual saving to
borrowers of more than $IN.tNN !;
Can expand its farm loan business
aud effect further savings to the
farmers Of the state as fast as
money becomes available for that
purpose, through the sale Of
bonds or the increase Of deposits {;
Has loaned money to state cluca-
tlonal and other state institutions
pending the collection Of taxes !;
Has loaned money to state and
national banks on their rc-dis-
counted notes. on their bills pay
able and on their certificates of
dcposit-nll at a uniform rate Of
6 per cent;
Has louncd money to counties for
the purpose Of buying seed and
feed for farmers who have suf-
fercd drought losses. pending the
printing and delivery of their
bonds:
A1uN hlNNS "tilS ~ tIlS Altt NiNl
Elevator association to permit the
beginning of work on the states
elevator and milling plants. pend
Ing the printing and delivery Of
the bonds provided for that pur-
pose:
. Has made loans to the Home
Building association to- finance it's
operations until such tinm us it's
bonds are ready to- be delivered
!. Has set aside II reserve fund for
the repayment to the state Of all
costs "f operation during the or
ganiZalinn period of the bank:
. Has made net earnings over on
penScS " better than 3 per cent
per annum during the less than
nine months of operation, and has
set aside thcrrfnrm Il surplus Of
$iO.CkN and is now about to carry
another S:M.tNh' t" surplus:
;. Has created loyal organization
Of employees. givin. the state full
time and conscientious and faith
full effort.
!. Has demonstrated its value and
usefulness in the state rs Il com
pnnrni part "t the state govern
nrnt and rs permanent inStitu