The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1921-10-13

The Bank of North Dakota is again
able, TO function fully as q result or
the sale ut $2,OOO;OOO of state bonds
to Spitzer-Rorick co. Of Toledo, one
Of the oldest and largest bond houses
IN the country. The farm loan depart
ment of the Bank of North Dakota
will resume operations ut once Man
ager IL. wv. Cathro has announced.
Construction, work on the mill and
elevator will not be started until next
spring owing to the lateness OF the
season, Secretary II. "A. Paddock
stated q few days ago.
short time ago the Bank OF
North Dakota borrowed $500, 900 from
an eastern banking institution and
prior to that it has sold about $1,000.
900 of state bonds. Thru the opera
lions of the Bank of North Dakota
almost So, 900 have been brought
into the state in the past few months.
1t is the only financial institution in
the state that is bringing money in all
the other banks have been sending it
out by the millions every month the
past year, the bank records show.
The five national banks In Fargo
alone have sent out Of the state more
than n million dollars in the past
few months and have not brot a cent
into the state. The private banks have
been forced to pay up their1loans with
the federal reserve bank and other
outside banks. Their credit is no good
any longer Tor borrowing purposes,
according TO recent developments.
With the resumption Of the lani
loan business the Bank Of North Da-
kota will come to the assistance Of
hundreds Of North Dakota farmers
whom the private bankers are now
trying to squeeze to the limit at ex-
,t~0rtfonate rates Of interest. Even the
private banks will not now dare to
demand the high rates Of interest they
have been asking since the Bank of
North Dakota was forced to discontin-
ue lending money on farms several
months ago. Directly and indirectly
the Bank Of North Dakota will save
the farmers Of North Dakota millions
in interest alone annually from now
on. 3s8 a
While the deal just now closed by
the Bank Of North Dakota is only Tor
S 100000 Of bonds IL really means
that the entire state bond issue Of
$17, OOO,O 900 has been disposed of. The
Splitter Rorick Co. has agreed to sell
all the state bonds and will from now
on act as the agent to sell all the
state bonds and will from now on act
as the agent Of the Bank Of North De-
kota for the sale of these bonds. The
branches that have been maintained
by the Bank Of North Dakota in New.
York and Chicago save been closed.
The bonds sold to the Spitzer-Ror-
lex Co. brought 1914, or more than
par value. The industrial commission
has an offer for the unsold portion
of the bank stock at the same rate but
has not accepted it as it is believed \
better offer al be had soon. This in
wolves $1,2OO,OOO Of the Bank Of North
Dakota capital stock, now owned by
the bank itself.
s'The backbone Of the Wall Street
boycott has now Been broken and we
will nave paenty Of money from now
on to put the industrial program In
thll operation said Manager Cathro
in making the announcement Of the
Splitter Rorick Co. deal. "This deal
proves that the I. v. A. politicians
have been lying right along when they
told us that the bonds were no good
and could NOT be sold. They were also.
lying when they said that the Bank