Cavalier County farmers press. (Langdon, N.D.) 1920-1921, 1920-05-20
CATHIRO GIVES %
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
IN epitome of the part the bank is
wing in the history of the state. In
oithy 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 Il 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 800 local
banks, in such manner as to pre-
serve u comparative uniformity,
justifying them in paying a rate
of interest a per cent? which ex-
ceeds the former rate on fluctuat-
ing balances by an amount suffi-
Gent to pay the operating eX-
penses Of the Bank of North Da-
kOta
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 ex-
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Has not withdrawn private or in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 re-
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, S12.75, and has ap-
proved a total of 9S6 loans, aggre-
eating $3,643 10000;
Has reduced the average rate of
interest paid on farm loans by
more than 2h per cent on over
100000 of loans thus far made,
effecting a net annual saving to
borrowers Of more than $4,000;
Can expand it's 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 fol-
the purpose of buying seed and
feed for farmers who have suf.
fered drought losses. pending the
printing ,and delivery of theil
bonds;
Has made loans to the Mill anC
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 its
operations until such time as its
bonds are ready to be delivered
Has set aside a reserve fund fol
the repayment to the state of al
costs of operation during the or
g%anization period Of the bank;
Has made net earnings over ex
penses of better than S per cen
per annum during the less thar
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 an,
usefulness in the state as a com
ponent part of the state govern
ment and as a permanent institu
ton.