Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-03-21
INCREASE IS
ONLY $4,000
/ DURING MONTH.
Il -------..
Redeposits; in Banks Of State
!. Drop. $500, 1000 After
Note Payment.
FURTHER DRAIN OF ]
FUNDS is INDICATED
Another $50, 600 is Loaned to
State Institutions and
Departments.
.(Herald Special. service.)


According to the resolu-
ion passed by the Industrial
Commission opening the
Bank of North Dakota to in
dividual deposits on Feb. q,
1921, "a vast number of peo-
.ple of the state urged that
this should be done.
If such was the case this
vast number Of people has
onot made any vast amount of
deposits up to date.
The report of the Bank of
North Dakota for March Is,
1921, just made public shows
that the individual deposits
in that institution have in
creased by only about $13,-
900 since Feb. Is. This in
:ludes any deposits that may
have been made by labor .un-
ions or similar bodies as the
result of the strenuous efforts
made by Governor Frazier
and others to obtain such de-
posts, .. ..-
ia 49, -. T. :''fl s.s.So !'st,i -
Eject Of Note Payment.
The effect of the payment of the 81, ;
ooo,oeo note owed to a Chicago bank,
which was accomplished March Is, is
shown BY aadrop OF approximately
$o0O;00 0e-fffStfssN1nount of redeposite
in banks of, the state. There is, SINH
,!arSdrop in the footings of the Bank OF
North Dakota. Il
This aistsignifieant as in view Of the
receipt OF tax funds which are now
coming in the footings would naturally
be On~the upgrade If the bank were
> holding its own.g,
Drain Continues.
That there has been no stoppage OF
the drain on the resources of the state
is shown the fact that the amount
loaned to, state institutions and depart
ments has increased 100000 during
Just which institutions and depart
ments may have received this money
is not indicated by the statement,
In view of the fact that the individ-
ual deposits in the bank have been in
creased by such 81 small amount in
spite of the. strenuous campaign of ,ad
vertising publicity, personal entreaty
etc, which has been put on to secure
them. the following quotations from
the resolution opening 1t in this man.
Ter are of some interest:
Where is "VasU crowd.
Whereas, Immediately preceding
he general election in 1920 in the
campaign concerning, the initiated
public funds law, again vast number
Of the people Of the state urged tina,
the Bank of North Dakota should ac-
cept private as well as public funds
for deposit; and, l.,
Whereas, many prominent bank
ers, some of whom were members. OF
the executive committee of the bank
ers' conference of December 4, 1920
have stated that in their opinion, the
Bank Of North Dakota, at all times
should have been open and should now
be open for the reception of private
as we'll as public funds for deposit:
and,t
Whereas, at all times since the
Bank Of North Dakota was first dis
cussed in this state. constantly in
creasing number of people have urg.
emily insisted in .pFivate conversation
in public discussion, from the plat
form and in the press and by oral and
written statements to the industrial
commission as we'll as to the bank it.
self. that the Bank Of North Dakota
should receive private as we'll as pub.
lie funds for deposits; and.
Whereas. the Bank Of North Da.
kota was created by virtue Of a Law
approved by the people, who are now
emphatically demanding that it re.
ceive private deposits.
1T is therefore necessary that the
Industrial commission recognize and
accede to the demands of the people
Of the state, and that the Bank OF
North Dakota be opened to private ano
, individual deposits"