The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1920-07-08

with the Federal Reserve bank; in.
stead of that we are carrying 81, 1885,.
SO5.45 in other banks on which we are
receiving interest at two, two and me
fourth and three per cent annually, SO
that, to repeat, it is absolutely neces.
sary that the Bank of North Dakota
carry a sufficient fund abroad to pay
it's exchanges. 1t is carrying a very
much less amount of money abroad
than was formerly done under the OLD
system. It is carrying very much less
money abroad than the necessities OF
the situation might properly warrant,
If it did not carry money in cores
pendent national or state banks, il
would be required to carry funds with
the Federal Reserve bank without in.
terest. 1t is receiving considerable
revenu on it's balances in national
and state correspondent banks, and il
is at the same time establishing credit
relations with the eastern banks that
cannot but be of value to the Bank OF
North Dakota and to it's customers in
A>ci IL 3hot - - WIN lIC IINNS'N
sites of the situation in a straight,
forward business-like manner. The
opposition themselves, if they had the
power. would not and could not
change the plan or improve upon the
method. The Tribune is Il novice il
financial affairs and makes a very
serious mistake in attempting to an
o1r1n thot u-hich II docs not opJ oor
not understand.
As to- redeposits, there has never
been a time since the organization OF
the Bank of North Dakota that the
public funds had been withdrawn from
local banks. There is owe S22,OOO.OW
of public funds now belonging to the
various public corporations of the
state on deposit in the Bank Of North
Dakota; over $16,OOO,O0 0 of this
amount is redeposited in banks in
North Dakota. $40 banks are carry.
ing redeposits from the Bank of NOrt+
Dakota there are ST banks not carry.
ing redeposits from the Bank of North
DakOta-of this number 40 nationaI
banks failed to file a %depOsitary bond
or refused to receive redeposits, 81
state banks refused to receive rede.
posits from the Bank Of North Da.
kOta, so a. a matter Of fact, not q
single bank in North Dakota has been
refused redeposits by the Bank of
North Dakota. 6SS banks are carrying
a part of their reserves with the Bank
of North Dakota in the amount of
1884, S25.44. PIP banks have not yet
opened accounts with the Bank of
North Dakota as a reserve bank.
Resources and Liabilities.
The total resources of the bank are
as follows, as of May "a, 1920, $27,.
S2O,304.SS.
The total liabilities are as follows:
Due to individuals out
side the state, apprais-
al fees, and cashiers
CHECKS
Due to public corpora
uOnS ,OS7.4S
Due to depository banks 3,341, 1854
Capital, surplus, reserve
and net profits. ...... 2,163,629.54
Total liabilities of all
kinds ............ 27,82O,3 O4.Ss
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
its kind. Former so-called estate
banks" we're 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 u n.
DERIVING 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
the same category as the old state
banks, because its plan of organiza.
ton and plan Of operation is entirely
different from any state bank hereto
fore organized In this or in n 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
q success. Likewise the Bank Of Aus
tralia and the Bank Of New Zealand
are successful. II is not eyen true,