Cavalier County farmers press. (Langdon, N.D.) 1920-1921, 1920-07-08

various PUBIC corporations OF the
state on deposit in the Bank of North
Dakota; over 1 100000 of this
amount is r~edeposited in banks in
North Dakota. $40 banks are carry
ing redeposits from the Bank of North
Dakota; there are 81 banks not carry
ing redeposits from the Bank of NORTH
Dakota-of this number 40 national
banks failed to file a depositary bond
or refused to receive redeposits, 81
state banks refused to receive reder
posts from the Bank of North Da-
kota, so as a matter of fact, not q,
single bank in North Dakota has been
refused redeposits by the Bank OF
North Dakota. 68S banks are carrying
a part of their reserves with the Bank
of North Dakota in the amount Of
S 3,341, 825. 4 q. PIP banks have not vet
opened accounts with the Bank of
North Dakota as a reserve bank.
Resources and Liabilities. : 4
The total resources of the bank are
as follows, as of May "a, 1920, 49,.
soO,3O4.8S.
,L AAAS ,NoSN \ 10 1ollON . .
Due to individuals out d.
side the state, apprais-
al fees, and cashiers
cheeks 226,263. Al
Due to public corpora
LOnS 22,OSS,587 40
Due to depositary banks 3,341, 1854
Capital, surplus, reserve ~
and net profits. ...... 2,163, 62s.A
Total liabilities of all
kinds ........-... 1927, $50, 3O4. IS
In regard to the statement that
"past experiments has proven that
banks organized upon such principles
have invariably been failures" it is
without foundation in fact. The Bank
of North Dakota is the first bank of
it's kind. Former so-called estate
banks were not organized under the
plan of the Bank of North Dakota
invariably part of their capital was
privately owned and the banks by rea.
son thereof catered to private bust.
ness. The fundamental principles un
derlying the organization Of former
so-called Estate banks are entirely
different from the fundamental prin.
ciples underlying the Bank Of North
Dakota. The Bank Of North Dakota
is organized upon safe and sound
principles and cannot be placed in
tSe same category as the old state
banks, because its plan of crganiza.
ton and plan of operation is entirely
different from any state bank hereto.
fore organized in this or in any other
country.
Cites Similar Banks.
State banks that have approached
| the plan of the Bank Of North Dakota
for example,: The Bank of Sweden
and the Bank Of Norway, have proven
a success. Likewise the Bank of Aus
tralia and the Bank Of New Zealand
are successful. 1t is not ven true
that all state banks IN the United
States have proven failures. The
Bank of Indiana was put out of bust
ness by the National Bank Act, and
not on account of it's unsuccessful
career, but it is too long an argument
to go into the history of state banks
in this connection. Suffice it to say
that there is no foundation in fact for
the statement as quoted above made
in the Tribune.
A healthier condition exists through
out the banks in North Dakota at the
present time, taking the state as a
unit, than could possibly have existed
had the Bank Of North Dakota not
been organized. While in some coun-
ties, in which there were fairly good
crops last fall, there is less public
funds IN deposit than. there would
have been had the Bank of North Da-
kota not been organized; nevertheless,
In many counties, particularly in the
western portion Of the state where the
crop failure was severe and serious,
an immense relief has been afforded,
not only through the placing of addi-
tOnaf funds in those counties beyond
the amount belonging to such public
corporations in such counties, but also
in stabilizing and keeping the amount
at an uniform amount, avoiding fluc.
tuations of balances and sustaining
the credit of the banks.
Grand Forks.-Frank Morris, of. this
city has been making a practice OF
calling police headquarters and asking
for an officer to be, sent to a certain
number where there was no evidence
of trouble. He found, however, that
his joke was ~reacting seriously when
he faced a local police magistrate and
was given an option of paying a fine
of $50 or serving 30 days in Jail.
Observation-Disclosures state taxes be.