The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1923-01-16
GUARANTYB0DY
IN CONFERENCE
lNSTATEH0USE
Rusch Resolution Asking for
Information Concerning
Banks Before Senate
READY TO REPORT
Guaranty, Fund Body Under
stood to be Prepared to
Give Information Asked

With the Rusch resolution calling
. for a complete report of the work Of
the Guaranty Fund commiss ION on
the senate calendar for passage to-
day, members of the commiss on
were assembling in Bismarck for q
meeting. Members Of the commis-
sion are NJ. r. Porter, Minot; C. B..
Mcmillan, Hannah; S. G. Severtson,
Bismarck, and the Governor and
State Examiner ex-offlcio members.
The commi ssion is expected to be
ready to lay its work before the
state senate within a'fsw days. The
Rusch resolution recited the COM
mission was ready to GO 50. but had
no authority for acting.
The matter of closed banks may
be the subject of important discus
sicn and action by the legislature.
1t has been estimated that the liza
bilities of the commission are about
$4,O00,000, and the cash on hand not
more than 100000. The maximum
income permitted under the law from
assessments of banks is about $3.50.
600. The assets of closed banks, the
amount of which cannot be estimat-
ed, will also go into the fund to
pay depositors.
The commission makes one regu-
lar assessment of member banks each
year of 1-20 Of one percent of av-
erage daily deposits. and is permit
ted to make four special assessments
Of the same amount each year. It is
now making the maximum of assess
ments permitted
There are, it is understood, 40
closed banks under the jurisdiction
of the, banking board and commits
sion. Twepty-three banks which had
closed since Nov. Is. 1920, had re-
opened.
A bill designed to facilitate efforts
OF farmers to recover for grain plac
ed in warehouses on storage tickets
and then sold by the. company was
placed before the house of repre-
sentatives by Rep. L. L. Twicheu,
Cass county. The bill carried an
emergency clause because of the
large number of such instances
which have occurred in the state in
the last year, Mr.. Twichell said.
1t is matter of common knowl-
edge the bill recites, "that during
the past year large amounts Of grain
belonging to farmers and represent
ed by storage tickets have been ap-
propriated by buyers of grain and
commission men at terminal markets,
and same is being held agains.
claims Of the owners thereof, and
large amount Of litigation is pend
ing and being contemplated, and
there is great uncertainty as to the
admissability of ordinary and .con-
venient evidence to prove the value
Without statutory rules of evil
dence, such cases must revert to-
common law rules, Mr.. Twichell said. !
This necessitates every farmer hav-
ing any grain stores joining in an
action, and 1t has heen found almost
farmer. to sue, and would provide
definitely that prices of grain at the !
impossible to establish the valu.
The bill would permit an individual
terminal and local markets should
be prima facie evidence of value.
Aside from receiving IL bills, the
house in its afternoon session COM
pleted the passage of the first bill
of the sessiOn-senate bill No. ~
by Sen. Rusch, Cass coun-
ty, providing an appropriation of
s8,250 to install mechanical stoker
in the Agricultural College. The
vote was 81 for, 2 against.
Would Cut Coal Bill.
Rep. Watt sponsoring the bill, de-
clared the coal bill of the state is
between 100000 and 100000 annu-
ally, and that if, as hoped, it can
be shown through this stoking meth
I'd that greater efficiency can be OBJ
tained from Ignite coal, that state
will save much money. Rep. .Twich-
ell, favoring the bill. said that re-
ports showed boilers in state insti-
buttons now are but from 40 to 60
per cent efficient, and that the pro-
posed apparatus has, been guaranteed
TO provide 200 per cent of normal
efficiency rating. Should this be
proved true it would be the greatest /
hing done for the Ignite coal indus
try in the state, he said.
The bill Of Rep. Hempcl, prohibit
ing the making Of crop mortgages
except in certain cases. came before !
The house agaih, and after debate was
to the judiciary committee.
Rep. Ellingson had introduced bill
which, in the opinion Of some, would
eliminate the condition at, which the !
original bill was aimed. by provid-
ing that crop mortgages. must be
made entirely separate from any
:hattel mortgage. II had been al
eged by the author that many crop
mortgages had been inserted in other
mortgages without the knowledge ct
The farmer.
!, The COMMITTEES 81 agriculture re.
ported favorably % the bill to re-
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