The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1921-10-03
$2,000,000 OF
BONDS ARE SOLD
BANK ANNOUNCES
Bank of North Dakota Confirms
Announcement Made in East
of Bond Sales
MADE TO TOLEDO, o., FIRM
Farm Loans Again to be Made
by Bank of North Dakota,
it is Said by Cathro

The Bank of North Dakota, as fiscal
agent for the Industrial Commission,
has sold $1,5O0,00O Of J3-4 per cen:
real estate to Spitzer, Rorick and COM
pany, Toledo, Ohio. according to F. w.
Cathro, head Of the bank. The same
company has agreed to take approxi-
mately 100000 Of mill and elevator
bonds, Mr.. Cathro added.
hese sales, announcement of which
was made locally today after the bond
cCmpany's New York Office had made
announcement of the sales. They are in
addition to sales previously made by
the bank agencies which have been
maintained in Bismarck, in Chicago
and New York These sales include
about one-half million dollars mill anu
elevator bonds. The entire real es-
tate series Of $3,0O0,O0O offered is sold
except for some short maturity.
About $50O,OO0 of the mill and
elevator bonds had been sold by the
banks own agencies, Mr.. Cathro said.
The $2,0O0,00O bought by the Toledo
firm and the bonds sold by the bank
make total sales Of about $4,OOO,OOO
he said.
The Chicago and New York Offices
of the Bank of North Dakota will be
closed, according to Mi. Cathro, and
the Splitter, Rorick anu Company will
be the agency for the future sale Of
North Dakota bonds The sales of
bonds have been from the real estate
series principally and from the mill
and elevator SERIES the bank series
not being pushed, according to Mr.
Cathro.
A practically unlimited market was
opened up through the sales, it was
claimed by the bank head. The law
authorizes the issuance OF $4,000, 900
real estate bonds The farm loan de-
partment of the Bank OF North Dakota
will be opened up again as soon as it
can be put in working shape, Mr.. Ca
thro said. About one million dollars
of applications for farm loans are on
hand, having been on hand when the
bank ceased making farm loans. NJ
new appraisal will be necessary, he
said.
Mr.. Cathro said the bank would
have plenty Of funds. to make advances
to permit resumption o. work, on the
Grand Forks mill and elevator il de.
sired. H. A. Paddock seer etary OF the
Industrial Commission, said that he did
not know what action the commission.
might take, but said it might be In.
advisable to resume work on the mill
this close to winter
The bond sale department OF the
Bank Of North Dakota has made sales
in AZ states, it was said.
NEW YORK ANNOUNCEMENT.
New York. Oct. 3.-(By the Associat
ed Press. 1.-The state of North Da-
kota has won its financial fight of
more two years to dispose of it's real
estate series bonds. Tne unsold bal
ance it was announced yesterday by
the Bank of North Dakota has been
bought by Splitter, Rorick and COM
pany of New York. The bonds will be
offered for public subscription in the
usual way at $1O1 and accrued inter-
est yielding SIS per cent
A statement issued in connection
with the sale of the bonds said it |
terminatedt zone of the raost dramatic
campaigns of recent years in Wall
street. The fight began in the spring
of 1919 when the North Dakota legis-
lature then controlled by the Nonparti
san league authorized the issuance of
the bonds as means OF carrying ou'
the leagues Industrial program.