Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-07-19
|UlgP AID CHECKS
HAVE R|EA CHED
$2l5,OOO |. ]. MARK / !
Big Increase Although Bank
of N. D. Has Borrowed
$50, 900.
ONLY 900 BANKS NOW
RETAIN REDEPOSITS
Over Two-thirds Of Public
Funds Have Been With
drawn in Seven Months.

Checks amounting to s215.00o have
now been registered unpaid by the
Bank Of North Dakota in spite OF a
loan of $4,000 which the bank sue
ceeded in floating during the last
month according to the report Of F.
w. Cathro, manager, showing the
condition of the bank on July s and
made public today through the Nom
partisan league press. :
Where the bank obtained the $780,
600 loan is not known. F. w. Cathro
merely stating that the bank had
never borrowed any money in the
state of North Dakota.
Footings Drop.
The statement shows that the foot
ings of the bank fell during the month
from s11,577,o1o to s11 1,21s,65s. a
slump of s35s.351. This however is
arrived at without deducting the reg
istered checks which are carried il
the liabilities If the amount of the
registered checks were deducted from
the footings the slump would be $685.
351 for the month.
Facts VS.. Fancy.
In its article on the report, the
Fargo Courier News declares that
Nearly OF the Bank
of North Dakota deposits is now
in private banks all over the state
. either in the form of loans or
redeposits and these banks either
are unable or refuse to pay this
money back. Some Of this money
has been in the private banks
more than year and numerous
requests by the Bank of North .
Dakota. for payment have either
been ignored by these bankers or
just curtly refused"
The figures in Mr.. cati,rp's report
which the Courier News publishes
scarcely bear out this assertion, how
Loans to banks are given az
$2,0f6,S71.32 and res1eposits in
! 200 redepository banks TN North
Dakota as SASH ,491.74. making
total Of loans and redeposfts to
| banks in the state of $4,5ss;sss,
! nearly million and hnh less
| than the six million dollars
! spoken OF by the league organ
Most Banks Clear.
The redeposits, moreover fell dur
ing the month from $2,7S7.705 rede-
|! posted in 374 banks to $2,511,491 re-
deposited in 29O banks, a drop Of
! $176,2l3 for the month during which
also "a banks severed their relations
with the Bank of North Dakota.
A comparison with the report
| of the Bank OF North Dakota for
December IS, 1920, shows that in
| the last seven months the bank
! has withdrawn $4,591 ,619 of the
| S6.6OS, ,49O redeposited in sos
banks of the state at that time.
Or in other words more than two
! thirds of the states redeposits
have been called in. all retlepoSits
having been withdrawn from SIS
| banks. nearly two-thirds of the
institutions with which the Bank
Of North Dakota was doing busi-
| ness on December Is.
Which Banksc
| No intimation is given as to identity
| of the 290 banks in which accounts
are still carried. but it is a safe guess
that the Scandinavian American of
Fargo and other specially favored
! league banks are among the number.
! A further indication that this is the
situation is furnished by the fact that
the withdraw during the last month
although only amounting to s176,213.
included the total redeposits of the
/, Bank of North Dakota in "a private
! banks. Even if all Withdrawals made
during the MONTH therefore. had been
! from these banks the average redepos-
/ it's per bank would have been only
| s2,0S7.. The heavy rcdeposits. there
fore, have not yet been touched to
any extent.
Deposits Withdrawn.
Counties. school districts, ETC.,
drew. or attempted to draw. s214,se1
out of the Bank of North Dakota dur
ing the month, the report shows. How
much of these Withdrawals are repre-
hyy yo6 iofn 11 to-
dicated, however.
Income tax receipts are probably
responsible for boosting the state de-
posits $15,S25 during the month.
One of the striking features Of the
report is the reduction of the individ-
ual deposits in the Bank of North
4 Dakota from $641,065 to $542,426, a
falling off of sss,sss during the
| month, til sS
The bank statement follows:
Resources. Il 5
Bonds, United States.
state and county. S 1.976,01843
Loans to banks .,.g.s.. 2,O16,871.32
Loans to warehouse
Loans to public institu- a.
stions and departments 1,21i.o00 .0t)
Loans 9on real estate..?. 1,645,371.39
/ Interest earned (net)
/ and uncollected ...a. S 262 ,220. A
4 Furniture and fixtures. 52,365 III
4 Due from 290 depositary
4 banks in North Da- 3sSs
kota tredeposits) s. u !. 4, ,511. .491 .7A'
4 Due from correspondents
\ banks outside OF sj I'D KS ysls y
A Il North Dakota ~ 4. 61.H10s95
Cash items due from n sss is
4 banks In the state ..'. s.sz 81, ,493 .36
Cash items due from 81 IS D
the state and public
i Is corporations I. (. /. I. =. 10. Y Isl .43s 90
4 Cash on hand and cash s.3
! Continued on Page 81