The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1920-05-20
CATHRO GIVES 3
FACTS ON BANK:
Bulletin Summarizes History
and Achievements of Bank
in North Dakota.

!. w. CathrO. director general and
1ager of the Bank Of North Dakota,
fishes in the bank bulletin for April
an epitome Of the part the bank is
wing in the history of the state. In
pithy sentences he records the con-
ution of the bank to the general
fare.
Bank of North Dakota:
Has been a going concern since
July %, 1919, when it began bust
ness;
Has established q 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 a uniform rate of
4 per cent on the sinking funds
Of these corporations held by the
bank On their long time deposits;
Has distributed it's deposits of
these funds in over 500 local
banks, in such manner as to pre-
serve a comparative uniformity,
'justifying them in paying a rate
of interest q per cent? which ex-
cecds the former rate on tiuctuat-
ing balances by an amount suffi-
cient to pay the operating ex-
penses Of the Bank Of North Da-
k0ta
Has established a uniform rate of
interest for such deposits, which
is less than customarily paid for
similar amounts deposited for a
definite time.
Has been able to transfer money
from localities where money Is
easy to places where there Is
more urgent need of it to finance
agricultural, commercial and in
dustrial activities;
Has modified reserves from 6S4
country banks, and has thereby
been enabled to re-discOunt at
rates which at present do not X
coed the re-discount 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 f.
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Has not withdrawn private or in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 de-
posits belong and are needed to
take care of the short-time e
Quirements of borrowers:
Has become a state clearing house
for the collection at par of checks
drawn ON banks in North Dakota
and has extended it's par list to
embrace most points within the
United States;
Has made Cos farm loans, aggre-
eating $2.203,S1o.75, and has ap-
proved a total of 9S6 loans, aggre-
eating $3.643.;}0O 90;
Has reduced the average rate of
interest paid on farm loans by
more than 2R. per cent on Over
$2,000,O0 Of loans thus far made,
effecting Il net annual saving to
borrowers Of more than $4,000:
Can expand its farm loan business
and 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 educa-
tiOnal and other state institutions
pending the collection of taxes;
Has loaned money to state and
national banks on their re-dis-
counted notes, on their bills pay
able and on their certificates of
deposit--all at a uniform rate of
6 per cent;
Has loaned money to counties for
the purpose Of buying seed and
feed for farmers who have suf-
fered drought losses. pending the
printing and delivery of their
bonds:
Has made loans to the Mill and
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 time as it's
bonds r ready to be delivered:
Has set aside a reserve fund for
the repayment to the state of all
costs Of operation during the or
ganization period Of the bank;
Has made net earnings over ex-
penses Of better than s per cent
per annum during the less than
nine months Of operation, and has
set aside thereform a surplus OF
$4,000 and is now about to carry
another $4,000 to surplus;
Has created a loyal organization
Of employees, giving the state full
time and conscientious and faith.
full effort.
Has demonstrated its value and,
usefulness In the state a. q com.
AanonA nnxf a tho nAaA> $4,000