The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1922-01-05


a Nonp.Etissn Newspaper Owned y
BOTTINEAU. BoTTINEAU com
|CATHROlS OPINION
On BANK Of n. D.
My official connection with The
Bank Of North Dakota as Manager
and Director General has now termin-
Iated and I wish to present to the pub
lie brief statement Of my opinion
fas to the probable future operations
LOT The Bank of North Dakota and the
relation thereto that should be assum-
ed by the voters.
MY successor, Mr.. G. r. Green, Of
Cavalier is an experienced banker hav-
ling been in the banking business in
the northeastern part of the state
more than twenty-five years. He has
had wide banking experience, was
president Of the North Dakota Bank
ers Association during one of its most
trying years and is at present a
member of its Executive Council. He
is cautious, deliberate and conserv-
atiVe id regard to specific transact ctions
that come before him for decision,b hut
is progressive as TO general develop
ment and advancement. Patrons of
the Bank may be assured OF courteous
treatment and careful consideration Of
their needs and credit win be extend
ed, limited only by demands OF safety
and the ability to perform. Il
+ 1 have not been able TO discover
where any suggestion L have made
for the continuance Of the Bank or
for the method of procedure since the
new administration has been ia control
has been disregarded or 81 rejected.
There are two valuable conclusions to
be drawn therefroln he hIst is that
the general policy anl plan of opera.
tion of The Bank OF North Dakota 10
standing up against such criticism as
has been offered. The second is that
the present policy and plan will be
tried out to the entire satisfaction Of
the present administration before any
material changes are undertaken. In
view of these two conclusions every
argument that previously existed as TO
whether the public should continue to
support The. Bank of North Dakota.
continues with equal force under the
new administration. e: -. +
Upon the cessation of making farm
loans, pending the sale OF bonds to re-
imburse the Bank for loans previous
.ly made, the services of the Farm
Loana Department Director were dis
.pensed with and the force IN the Farm
Loan Department was reduced to a.
bout three persons, just enough to
handle the business of looking after
ginsa rance, receiving payments OF in
:stalfments depositing farm loans with
the State Treasurer, cleaning up sucs
loans as we were able to perfect and
the usual bookkeeping of that depart
ment and such details as required att
.tention. 4 After the sale of the bonds,
the Bank being then in a position TO
resume the making of farm loans, my
recommendation was that a number
of additional persons, including a
Farm Loan Department Director and
Deputy Farm Loan Department Direc-
tor, should be appointed so that the
work of making additional farm loans
might be carried through with expedi-
tion and dispatch. That has been done
by the new administration exactly a.
long the line of my suggestion. >.E
I had already instituted a plan OF
designating bond issues by series and
bonds were engraved in such manner
that all bonds bearing date of July !,
1921, based upon 8 per cent farm loans
on the Z per cent amortlzatlon paan M
should be designed as Serles @ A. Inc
maturity OF the Series a oonds We're
so arranged as TO be met py paymfens ys'lf
OF mortgages ON the instailn1ents plan
prior 70 the date of tne. several maIur-
tiles OF the bonds, allowing ample 6
margin Tor deferred payments. ~
per cent OF the bonds iof Series 4 VII
mature n ten years az winch tme 1l
more mo than 10 per cent sof the iarm
loans OF the Series = group should el8lo' pe !
paid. An additional 10 per cent .ot