Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-06-05

about. 32s5,3O2.44, and that the
amount o. moneys collected and the
papers renewed were not sufficiently
large to warrant this heavy expsNdi-
tNre and the conduct OF the receiver
sXktpe. <upnA uuch: basis. 30 foEsthe
IpNHrrp3tSeEsSf there OBSERVATION-DISCLOSURES
'dSefaAeAAiHf} the s99penses,i and insptin5
EwspuId baVes IS ny fRs bill orssuffer
the losses. wssreorgaantzed this whole
sarvtce5 by: placing groups yof these
banks in the hands OF nine different
receivers who were competent, hon
est and dependable and ready to give
toSthe state the very highest class Of
service. AS a result, ten banks that
had been closed have reopened for
business, and the whole condition in
the banking field of our state, both
among the banks that are, closed and
open, is much improved Z since Mo-
Eyenlber.
~ q believe Iemay say. SRaathont ap-
Nearing presHnptp0us, thatyrthere has
balEo- been great Improvement in the
general financial condition: ofaa9iour
;stase, in thesae0nfidence of55theas4&Sout-
side people, and in the credit Of the
state. Not that there has been any
great Hood Of money into the state,
s e 1nT S Sppon ~ sSy that. nd there re
S4lVuAu Aov0 .uOOAIAbAI WOE uOI. w
E|be expected. The investors are still
afraid Of the state. The majority
last fall vas too small, and there are
still too many of the, old appointeea
who were parties to the former. mis-
management holding public office.
and as long as they are, it will be
difficult to restore confidence fully.
More and more of, the farm loan COM
panies, however, are coming back
{KS-~&f .&~k~.E. SA~~n ~~n
ready beginning to reduce their in
forest rates. and state bonds similar
Ito the ones that were sold by the old
administration just before we went
into office: ut 6 per cent are now being
sold at less than 5 per cent interest
Bond, Sales.
The present administration had
made known the fact that, on OF
after the 18th of May, they would
sell certain bombs ofa.ithe3 state o.
North Dakota, and on, that day there
were present in the city of Bismarck
representatives Of bond houses ir
the Twin Cities, Chicago, Cincinnati
Toledo and New York. and the ad'
ministration sold the balance of. the
mill and elevator bonds; and such
Bank Of North Dakota bonds as were
/ ins salable denominations and re
ceived for those bonds a bid Of TO-
on 5 per cent basis.for&s:l08 on S l.:
lper cent bonds. As over.stwo millions
sold by the old administration at I
per lcent interest were still to be de
livered, bids on these bonds were no
accepted, and such bonds will no b,
sold until in a couple OF months wher
the money shall be needed. The saw
ing to the state by the sale of $1,000,
000Nof mill and elevator bonds at To-
for 5 1-8 per cent bonds as compared
with the sale made last fall by tn
former administration totals on
conservative basis of figures $438,
900, and the saving on the small
block Of Bank of North Dakota bond
about $4,000. 80.
at is conceded that the farm
loan bonds if now ready for deliver,
would. have been deemed more de
siyable, n would nave brought
better price than the mill II elc
vator or bank bonds, but even If w
assume that the price offered woul
have been the same. the saving to tn
taxpayers of North Dakota made b
the present administration in with
kdrawing from the provisions of tn
contract made by the Frazier ad
ministration just before going out Q
Office of four and One-haf million
OF farm loan bonds, will figure on
conservative basis to 100000, max
ing a total saving to u state {
: %$1,557,O00 by. having these bond
, sold by the present administratio
instead of permitting the sale mad
. by the old administration last fall t
stand<
Former Contracts.
. ION the same basis 1t is easy I
: figure how great the loss to the stat
of North Dakota through the sal
made by the old administration {
$l,,40O, 900 Of mill and elevator bonc
at 6 per cent, two and one-half mi
lions of farm loan bonds at . 5-4 pe
: cent and three million dollars {
! also s 800, 900 of Bank Of Mort
dakota bonds on IA basis of 5 SIS pc
cent constituting a loss to the ia,
: PAYERS Of our state by the old az
ADMINISTRATION on these bond sales I
e s1,7oQ,s2O.
8 y u. Hail Warrants.
: & when I came into ofnce I foun
. that the hail warrants OF the pa!
year had sold at discounts varying
: most cases from ten to twenty pr
i cent and even as high as fifty ps
8 cent, and that the discount sougl
: and asked in letters, circulars an
: advertisements by many Of the pul
chase of 1921 hail warrants was {
3 high as twenty per cent. II SCENE
q great injustice to those who ha
: lost their crop by hail. and in q
effort to relieve their distress and
n secure justice for them, l commence
g. campaign to reduce the discount
which was effective from the vel
: start and finally, despite the stat