The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1931-01-08

ducing the state levy in 1880 for industrial bond purposes by
A complete report is not yet available on this business for
the year 1880: 49, This !, must await the :. results s"as.s. Of the, the regular g uar
in progress: When this audit is available to me, and in &C
s sssssi ses with b III f. !sr x1i s.t, r ! sssii submit ts gf e sss i detailed st Cd
report Of the transactions Of this industry for the year 1880.
for u the period up to November vent err; 50. 1880, and according to these
reports the results for 1880 will not be as satisfactory as those
Ct the met Pi 1s.s to t Ss'. state so !. fl fiss s'r: At ; ss7;s44 %s%' asts |: s s: yi.s:
bond interest and depreciation in the amount Of $~2s2.67o0s.
fact 4 that for the first time since its establishment the elevator
department shows a net Profit pro- tab above ;st opsstti ing expenses dserss;:,i in,
~chargeable to the elevator department. On November &c: 1890,
this net gain in the elevator t. de dsp arnnsam :meu IN tS;t to h IS; noes
would say that the future operations Of the elevator depart
msat ssSd,d r Tss9I + he 5 s% so.e.i nedq transit pIfl penalty " no pa0 charged !
BY the railroads is eliminated in accordance with the recent
p eGsi to be effective April i, 1881. ! am not, however, 50 op:
timi.tiic as to the he. future urs.p prospects = sf;; Of "a, m ma. aspsrtT fse mill !
can be made to pay operating expenses. including bond inter inter
est and ssR p ;s si s9sssb Sst tss{ t GSs% .t.t: ys ~Hi have wos te r: s1i:'i ss
principal Of the mill and elevator bonds in the amount Of
MY experience during the past two years has also confirmed
my opinion. long entertained. that it is unwi:e to continue the
think It would be decidedly to the benefit Of both tie bu.inss,;
Of the mill and elevator and the state TO remove this managerial
prise in tie !..1ss. Of q :. ,pi industrial dust, $ at SGs5@ o Ct d Il. %;f md ! t EI:t
vator, as well as out Of consideration for my successors in office,
you will adopt this recommendation.
Bank Of North Dakota
am glad to be able to report that the business OF the Bank
of North Dakota has progressed in a very satisfactory man.
over and above all operating expenses in the sum ~ Of s ses;ooe
t aSs' Bank das has sw pa ys1 thd ps annual 2o inte sSsso on It's capital ;asii bonds ISIS sst
up a reserve for the payment Of heavy losses sustained BY the
rsserv eu' fos the the rstifsm ssaas Of + the IL balance q d r.: capital bonds
in the sum Of 81 100000 which will be due in 1884; This brings
tanned during the years Of 1919 to 1922. This excellent show
ing of the Bank is due principally to the very conservative, e-
ficient and sound policy of operation inaueurated by the late
p Dissfs fo Gs.sGr, .i g; R. G Gss sou Il Ra asss' ts %h Bank R' Of s ess l 6so
kota has, during the past several years, confined its banking
serving as "a a depository dT Of state and municipal funds. By keep
ing out Of the he! field Of commercial aa;.s h.h bspha s9sFi.I it , hss largely acmy
mercial banks in late years, and has thus kept safe and in liquid
form at ali times the millions q public funds On deposit with it.
the farmers Of the state. It's farm loans now aggregate 1s1o1
in asT ;s 's sd 81 aft ss7' so3i in y :%s'o ut 'd% 1t %a'sa ss's ss%saa 1 ss
real estate loans, this demand again arose rapidly during 1880.
f fme some y 'a time. In fact &c the Bank s%a Of North Dakota has made
by far the largest number Of loans OF any loanlng agency now
an increase Of S. OOO,O 1000 in the real estate bond authorization.
In view Of the extraordinary demand for farm loans ms, now in
evidence, it is likely that the present authorization Will not De
sufficient to carry on the business until the next legislative SEES
sion; therefore, it would be wise to extend the authorization at
While the demand for new loans is great. fortunately the
Recently Ms't the T Bank sold real estate bonds at an interest rate
Of Az 81, which is the best sale Of North Dakota bonds ever
There is another angle to this farm loan business, however,
which is more serious: that is the quantity Of farm lands which
LnC SGdGC 10 0C4uAAAN6 NAV08u IO
The state has taken title to 254,273 acres OF land up to this
time, involving a loan investment Of So 344,513.3l It has re-
ing 1919, 2oS acres still on hand which the Bank must lease at
i isnd r IS 2 taxi e 'a 1apff w Il esg maees ths pses ss1sa ali the M more s sss
ious from the taxpayers viewpoint. The management OF the
Bank is actively pushing land sales as fast as conditions war
rant. refusing to resell !; At a loss to the state; and asa holding 1S: these t;sss
when it is / hoped that they maye be re-sold without loss to the
state.
Drake Mill
hands unsold and without prospects Of sale, except for junk or
local warehouse purposes at a normal figure. It will fall down
trial Commission the requisite authority to dispose q it?
Committee ON Sehooa Laws
legislature, a committee on the revision Of school laws was
authorized to be appointed by the Governor. This committee
was duly appointed, has completed IT, iabors and Aas filed a
report which will be submitted to you. May ! ask that you give
Teachers Insurance On! Rstirens.t Fn.A
en wmoy was '. authorized uD t to appoint a commission Of five per
sons to make an investigation Of the Teachers. Insurance and
Retirement Fund and report its findings to the Goyerpcs. This
law carried no appropriation for either the expense Of the
members Of the proposed commission or TO employ assistance IN
making such investigation. ! found IT difficult TO IND persons
without even clerical expense provided. l would advise that
this law be re-enacted and that the new Act carry q small APP
preparation payable from the Teachers Insurance ana Retire
expenses Of the commission, and to take care Of such clerical
and actuarial assistance Is may be required.
Industrial Survey
For over forty years North Dakota has been developing it,
vast and rich agricultural resources and has erected an eco
>nomic and social structure founded almost entirely upon the
have, I believe, overlooked. and to 2 large extent neglected, our
industrial resources and opportunities. As . matter Of tact.
we have enjoyed considerable industrial i Development q ne Tithi1
$~5o.Ooo,oOO. While agriculture will, undoubtedly, remain our
LEV, vii, ii time, occppy alsfee place ii our economic system
and contribute : large share to our material wealth. A consid-