The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1921-12-19
INDUSTRY BODY
SEEKS LOAN ON
HAIL WARRANTS
Discovery Of Power Vested To
Make Loan Results in Ac-
tiOn of Commission
WOULD PAY OFF LOSSES
II Loan Can Be Floated All 1920
and 1921 Hail Warrants
Will Be Taken Up
WOULD PAY OFF LOSSES

The Industrial Commission at n meet
ing this morning, unanimously adopt-
cd resolution instructing the secre-
tary of the commission forthwith to
enter upon tn Investigation and to
negotiate with dealers in securities in
the country with the end in view Of
floating a loan upon the security Of
hail warrants in amounts sufficient to
pay the. losses incurred because Of
hail warrants by the farmers Of this
state during the year 1921"
The action was taken upon discov-
cry that power is vested in the Cont
missioner Of Insurance with assist
ance of Industrial Commission to float
a loan. Governor Nestos Attorney Cen
eral. Johnson and Commissioner of
Agriculture Kitchen, comprising the in
dustrial commission, Immediately held
a meeting to formulate a plan to un-
dertake the floating OF loan.
Resolution Of Commission.
The resolution follows:
Whereas, it appears from the rec
Ortls in the state trea surer's and state
auditors Offices ha the taxes are be-
ing paid and collected very slowly and
that, therefore, the state hail insur-
ance fund, ont of which state hail
warrants are required to be paid, is
virtually depleted and, therefore, there
are substantially no funds available in
the treasury with which to pay hail
warrants on account of losses by hail
in 1921, and
Whereas, the persons who suffered
loss by hail are In great need Of funds
with which To conduct their farming
! business and in many cases extreme
and acute suffering and privation
! threaten to befall the persons entitled
to such warrants because OF such
losses, and
Whereas, such hail warrants will
not be payable out Of funds collected
in the ordinary manner from taxation
until year or more from now, and
! Whereas, under and pursuant to'the
provisions Of Section % of Chapter
3S of the Laws of the Special Session
of the Sixteenth Legislative Assembly
Of 1919, the Commissioner OF In
surance with the assistance Of the In
dustrial Commission has the power tt
negotiate or float loan whereby the
State Hail Insurance Fund could pay
it's obligations in cash upon the Ger
tificate of the Commissioner Of lnsur
ance to the State Auditor and witt
the approval Of the Governor,
Now, Therefore, Be 1t Resolved b.
the Industrial Commission, all tn
members thereof being present ami
voting aye" that the Secretary OF tn
Industrial Commission be, and he Ii
her eby instructed, forthwith TO entel
upOIfan investigation and to negotiate
with dealers in securities in the coun
try with the end in view of floating
loan upon the security of hail war
rants in amounts sufficient to pay tn
losses incurred because OF hail s'lner
ed by the farmers OF this state durin!
the year 1921, and any losses remain
ing unpaid since 1920, such paper t
be floated at the par value OF tn
warrants so that the holders thereo
may suffer substantially no loss.
Be 1t Further Resolved that cop
of this resolution be delivered by tn
secretary to the Commissioner Of In
surance and that his cooperation D
solicited and that it be recommends
to him that he cooperate with sue
Industrial Commission in floating sue
loan for the benefit of the holders 9
hail warrants in North Dakota