Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-01-31
BLUNDERS IN
BOND MAKING
ACKNOWLEDGE

ACKNOWLEDGE
Bismarck, y. D.. Jan. 31.ASBlunders
in the preparation OF bonds for sale
by the Nonpartisan league admins
tratlon N lack OF cohesion in the
forces selling the bonds are topics re-
fsrred to in several Of the letters OF
the Bank OF North Dakota under the
former administration.
On May %, 1921, Mr.. Roylance
wrote to SpurGeon Odell in Mime
apolts regretting to say thai the legal
opinion on the bonds had not been
received and that lawyers required
further action by the industrial COM
mission. He said: 'Sa95
u san fully s. n,patiaizc with your
impatience over h delay. mistakes
and plumbers that have occurred in
connection with the preparation Of
these bonds. feel very much as you
do. but possibly IL either Of US had
been charged with the legal end. Of it
we might not have done any better.
was responsible for delay. mistakes
and plumbers, the thing to do now Is
to get matters Strengthened at tho
earliest possible moment and get the
bonds moving"
Odcl's Complaint.
The letter Of complaint Of odell said
in part: IS
when I saw Mr.. Webb last he as.
>sured me the opinion was forthcoming
az soon a. certain details were ar,
ranged as to the assignment Of mort
sake how long does it take to set
such trifies taken care Of? That
opinion would be inestimable value in
selling the bonds. Why can 1t not be
brought forth?"
II saw such delay, SC many
mistakes and %blunders in connection
with a \business transaction. If ]
cumstances /. might feel different
Senator Ladd. writing to Roylance
on May 10, 1921. expressed satisfac,
| ton at the splendid results" Of the
bond sale, and said he believed the
bond sale would be the turning point
for the league. He regarded other
things as Of importance. however, for
he continued:
Victory will rest Their with the
farmers and the industrial program
that they have undertaken tor the bet.
ternlcnt Of agricultural conditions can
60 forward but with 1t there must 60
forward, IL North Dakota is to sue
coed. in my judgment. the building
up Of scientific agriculture and di-
me for a long time that the three
things to be stretched in North Da-
kota are butter. eggs and bacon"
George T. Webb also complained Of
actions of some people in bond cam
paign and on May 10 Roylance said
in a letter to him:
l.. Recent developments here affect
.-- $500 ,~ol~$:n-e ,u,sft4 ,.&r,a -~0l, H.
Chicago and New York have made ii
plain to me that we must have q closer
understanding among ourselves, IL we
arc to succeed in the big undertaking
Of selling North Dakota bonds, Mr..
Cathro has just shown me your letter
of May 3rd, written from New York,
az well as your letter Of April. 2a, re-
Cleveland affair, with the attached
copy of letter to Mr.. LAmke. fully
appreciate your difficulties. Undoubt-
eddy some of US here have con-
trtbuted our share to your embArraas.
ment."
Banquets to Boost Sales.
Banquets was one method used in
the bond sale, according to he letter.
In Q letter to w. A. Kelly, Madison,
Wis, on August %, 1924, Roylance
said:
"since returning to the bank l have
talked with Manager and Director
General Cathro and with persons in
charge Of our bond department with
regard to our situation In Madison.
/ have asked them to arrange for a
banquet such u our people had in
Minneapolis, and If so what should he
done about paving the expenses Of
Ray McKaig Of Boise. Idaho. who
obtained a loan from the Bank OF