The weekly times-record. (Valley City, N.D.) 1912-1922, 1921-12-29


=xl< tumEs-REcoRo, vAl&1. CIT,
financial status of the railways of the
country will not warrant reductions in
rates, that such reductions would re-
suit in great financial loss to them
that a loss at this time would cripple
their service and that the Gripping of
railway service would be serious
detriment to the welfare of the coun-
try. The arguments are put forth in
very good form and certainly leave
the impression that the rates now in
force cannot be reduced without dire
results to the public. but we cannot
fully agree with all they say. The
railways of the country are asking
that wages paid to their workers be
reduced before they reduce their
freight rates. In other words they
want their profits assured while the
employees still pay the higher prices
for commodities which the high
freight rates demand. After their ex-
pense has been reduced they will re-
duce the rates, whether proportion
ately or not they do not state. They
contend that the stock of the rail-
roads is held by people all over the
country and consequently any profits
which the railways derive from the
rates in force is distributed through
out the nation. That sounds good but
the fact remains that very few peo-
I ple who have to pay the high rates re-
ceive any of the dividends. Even
granting that the railways are en-
titled to a certain percentage of pro-
fit on stock which does not represent
actual money invested, we cannot see
lust why the railroads should be as
sured of a steady profit when prac-
tically every business and industry in
the country is sustaining losses as a
result of the reconstruction since the
war. Their demand for an assured
profit. when the entire public is TAX
! ing heavy loss, does not sit we'll
with said public. and we feel that the
only way for the railroads OF the coun.
try to again get in the good graces OF
the public will be for them to help IN
the reconstruction work with mater
ia reduction in their rates.
AS the new administration of the
Bank of North Dakota delves into the
business of the past, it is found that
! the past administration was more con-
cerned in loaning our money to league
friends in outside states than it was
| to the farmers of North Dakota who
SO sorely needed the money in these
times of stress and short crops. Over
| one hundred thousand dollars has been
loaned to persons in ten states outside
| of North Dakota, and $4,000 of this
| was loaned to D. j. Mcmahon, father
in-law to that great farmers con-
gresham, John M. Baer. The league
believed in taking care of it's own and
| while the farmers wives were send
| inc in their cream checks and egg
money to sustain that great newspa-
! per of the people, by the people and
| for the league leaders, the Courier
News, the bunch in control were turn
| ing down loans to deserving farmers
they were seeing to it that the league
heelers were getting we'll looked aft
er in financial way-and that is
where a lot Of money has gone to
that should be helping out the farm
ers of this state. To show that In the
loaning of the money of the bank To-
calitics and persons in favor of the
league and workers for the league Sc
cured a preference, is demonstrated
by the fact that in Burleigh county, in
which Bismarck is located, loans to
the amount of 1922, 900 were made
and in Bottineau county, the home
county of Friend Cathro, $242 900
odd dollars were loaned to the friends
of this great financial artist that has
SO we'll misrepresented the state IN
the management Of our state bank.
Barnes county, one Of the largest
counties in the state has received
about forty dollars less than four
thousand dollars in loans from the
bank. Mr.. Default, who is now IN
charge of the loan department. OF the
bank, has made out schedule Tor
loaning to the various counties OF the
state and under this new plan Barnes
county is to get SAILS, 100 as it's share
of the money to be loaned by the bank
Mr.. Default is proceeding in his re-
organization Of this department IN
| most thorough manner and when ne
GETS through with it it will not be
necessary to employ an auditing COM
mittee to find out how that depart
| ment stands-you can find it out very
easily from the records. That will be
| the difference between efficiency and
ineficiency-in other words the new
administration promises you open
books, and that is what you will get
where any and all can find out just
how the Bank Of North Dakota is nm
ancially.
Jacksonville, Dec. 81
of the Louisville COurier-JO