The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1921-06-22
REGISTRATION
OF. CHECKS IS
STARTED AGAIN
Bank of North Dakota Issues
Circular Letter On Its
Action
BOND MONEY IN THE BANK
All Receipts Placed in Bank
For General Use II Is :,
Stated

The Bank of North Dakota, in its
monthly statements, sets forth it,
financial condition. and announces
that the policy Of registering checks
has been resumed. The bank state
ment shows the total amount of regis
tered checks on June 16 was $1.'
873.44.
In a circular letter to bankers, coun'
ty, school, township, city and village
treasurers F. w. Cathro, .director.gen-
ersl Of the bank, informs them that
the Withdrawals from the bank have
exceeded collections by $4,000 a day
for the last six weeks, necessitating
the registration Of checks.
No state checks are registered, &C.
cording to bank oflicials. Numerous
other checks will be registered during
the next three months, it Is stated,
unless there IL a change In conditions.
Money In General Use
Money realized from bond sales Is
being put into the Bank of North Da.
kota but, according to the circular
letter, while the sale Of bonds is pro.
crossing very satisfactorily yet the
sale has not as yet reached suffi-
cient volume to supply US with funds
as rapidly as they are needed to meet
the treasurers' checks"
Bonds have been sold from the mill
and elevator series, bank series and
real estate series, the sale efforts be-
ing concentrated on the real estate
series because they bear higher rate
OF interest. 1t has been variously re.
ported that from $500, 900 to 81 ,000, 900
of bonds have been sold but a relia.
BILE figure is said to be $50O,000. The
total amount offered for sale in the
campaign which began three months
ago Is $6,500,000.
At the present rate of sale OF bonds
there is. little likelihood of work be-
ing resumed on the Grand Forks ele-
vator this summer. Officials have
adopted the policy of putting all re-
ceipts from bond sales in the Bank Of
North Dakota and using the money
generally to release frozen credits.
Until the bank is able to release a
considerable portion of the amounts
work will not be resumed on state In
dustries. The so.called frozen" cre'
dts include loans to stste industries
and institutions Of about II 200, 900;
$2,OOO,O0O in banks which will not pay.
according to the Bank Of North Da.
kota; more than $1;000,000 in closed
banks, and In real estate loans on
longtime security. 1t has been esti-
mated that it would require the sale
of practically all the bonds 01ered to
completely ease conditions.
Progress Of Sale
The bond sales Is understood to
have been going very slowly. IN the
opinion of state officials, but they be-
lieve the campaign will result in in
creased sales in the next month or
six weeks.
The circular letter to the treasur-
ers says that the Bank Of North Da-
kota has about $4,000, 900 in 200 active
banks which it cannot get. The con-
clusion Of the letter Of Mr.. Cathro Is
as follows: 80.
"The indications are that there will
soon be Q decided improvement. In
the meantime, we have the assurance
of large number Of treasurers, bank
ers and other officials that they will
cooperate with us in every possible
way. We are counting on you to do
your part towards helping to tide over
the present financial situation through
out the state, which financial situa'
ton is not confined to North Dakota
alone"