The Bismarck Tribune Newspaper, February 2, 1921, Page 8

PAGE EIGHT 3 BISMARCK DAILY TRIBU: DEMPSEY BOUT CALLED OFF BY ITS PROMOTORS Heavyweight Champion An- nounces Indefinite Rostpone- ment of Fight Los Angeles, Feb. 2—The 15-round bout between Dempsey, heavyweight champion, and Willard, scheduled for March 17 in New York, has been in- definitely postponed, Dempsey an- nounced today. He said he had received a telegram from New York from his manager, Jack Kearns, announcing indefinite postponement, (He said he had received no detailed reasons, but understood it was be- cause of the ruling of the boxing com- inission of New York limiting admis- sion price to $15 for seats. TO INVESTIGATE U. 8. ACTIVITIES 2. Washington, Feb. 2.-—The resolu- tion by Senator Johnson proposing investigation of Amreican activities in Siberia was reported favorably to- day by the senate foregn relations’ committee, FORD GAINS IN MICH. RECOUNT Washington, Feb. —IRecount of ballots in the Michigan senatorial election ,left Senator ‘Newberry, Re-j publican, with a plurality of 4,234 over Henry Ford. Mr. Ford made a net gain of 3,283 votes in the recount. ‘GASCARRTS’ FOR CONSTIPATION Just think! A pleasant, ‘harmless Jascaret works while you sleep and as your liver active, head clear, stomach sweet and bowels moving as regular as a clock by morning. No griping or inconvenience. 10, 25 or{ 50 cent boxes. Children love this candy cathar tle (0: | of payment, the lower the rate of in- ae W. C. MacFADDEN ISSUES STATEMENT ON SALE OF STATE: SECURITIES (Fargo, Feb. 2—The ‘North Dakota State Bankers’ association, through its secretary, W. C, Mactadden, today , issued the following statement on the subject, “Why North Dakota State! Bonds ‘Do ‘Not Sell”: “The people of the state and the northwest in general,” reads the statement, “are wondering why the bonds of the state.do not sell. The state has large resources; its products are mainly the necessities of life; the faith and integrity of ‘its people are pledged, and the present total bonded indebtedness is ridiculously small in proportion to wealth and income. “Every bond issue is based upon particular conditions as to maturity, rate, security, sinking funds and other particulars, each of which hag its relative bearing upon the desir- ability of the bond from the investors standpoint, but possibly, in state bonds, the time the bond hag to run and the details as to the control of the sinking fund are the principal features which control the rate of interest and general desirability. “In the bonds proposed by the state of North Dakota the maturity and se- curity probably would, not be ques- tioned, yet as a general rule the longer a state bond runs, with no privilege terest the investor will accept. It is the method of providing and protect- ing the sinking fund that is the weak spot in the proposed ‘North Dakota state bonds. Sinking Fund Explained, “A sinking fund is a fund set aside| from current annual or semi-annual; income for the purpose of paying the interest and principal as the items severally mature. The income from a state ts solely from taxation, there: fore, a sinking fund for an issue of state bonds is such a proportion of taxes received as will be sufficient to pay the interest on such bonds as they mature, and in addition, a pe-! riodical sum which, during ‘the years} the bond runs, will amount to the principal of the bond at its maturity, For instance, a yearly deposit of $87.19 invested at 6 per cent ‘will pay a bond’ of $1,060 bearing 6 per cent, due in twenty years; consequently, on a 20-year bond there should be pro- vided an annual setting aside from taxes of $87.19 for each $1,000 bond. Such a fund so set aside would be designated ‘bond sinking fund,’ “When the North Dakota state bonds are offered, as it is seen above, almost the first subject of inquiry is concerning) the sinking fund. Refer- ring, to the Bank of North Dakota bonds, the real estate loan and the state mill and elevator bonds, it is proposed to issue Bank of ‘North Da- kota bonds, $1,000,000, 5 per cent, due OUTUUEEROUUUNESUARHUOUEONNOOLHOHONNNRCUDONNNONENEOAUUOGEGaUANOREOOONNOREUEOOOGLOENLOOONGERECOOUOUUOUCEUUUOANNAE CUCU OE AN UH BUILDING YOUR BUSINESS PRINTING With Machinery That Has Automatic Intelligence and Correctness . Our Bindery Department can man Blank Books, Ledgers and Speci Call 31 and 32 for Our Service Department _THE BISMARCK TRIBUNE July 1, 1929, and $1,000,000 at 5 per cent due July 1,°1934; state mill and’; elevator bonds, $5,000,000 at 6 per cent, due January 1, 1941, and of the real estate series, $10,000,000 at 6 per cent, dué ten to twenty years from, date of issue. Without going into all the details of the sinking, funds at- tempted to be: created to provide for the payment of these bonds at ma- turity, we can truthfully say they are wholly inadequate and uncertain. The detail tor the segregation and control of such sinking funds as may be réAl- ized trom taxation for that purpose are not of such nature as to convince the bond houses that the funds may be available for the payment of in- terest and principal as they mature and are payable, for thé following simple and very easily understood reasons: State Bank Made Depositary. “All the funds attempted to be cre- ated as ‘sinking funds’ for the pay- ment of these bonds and interest on the same ag they become due and pay- able are required to be deposited in the Bank of North Dakota, and the Bank of North Dakota under the law creating it and the state industrial commission ‘may transfer funds (without limit) to other departments, institutions, utilities, industries, en- terprises or other business projects of the state,’ has done so already to an extent that hag weakened the entire financial structure of the state and may continue to do so under existing laws to an unlimited extent. “In the same set of laws which cre- ate the ‘Bank of ‘North Dakota and provide for the issuing of bonds to furnish the capital of the bank and finance the industrial projects. sec- tion 8 of the law providing for the issuing of the mili and elevator series of bonds; section 6 of the law pro- viding for the issuing of the real es- tate loan series, and section 4 of the law providing for the Bank of North Dakota series, are the particular sec- tions which attempt to create the necessary sinking funds, and these sections all contain these words: ‘Nothing in this act shall be construed to prevent the purchage of any said bonds with any funds;'in. the Bank of North Dakota.’ ¥ es “All of said laws also provide that nothing in any of them shall be con- strued as preventing the state treas- urer from depositing said funds in the Bank of, ‘North Dakota, ag pro- vided by law with respect to all pub- lic funds. Millions Cannot Be Marketed, “All of the foregoing, as ‘briefly as possible, shows the reason why the bonds of the state of North Dakota cannot be sold, all of which may be summarized by saying that state bonds AADOAAOUDUANADAOpUEUQUDNANOOENONUUOOQUEGCUOONUODANANDHUOGUSVNNDU0OUEOGNDb090000NQ000000000000000015140000AU000QGH00009000000 0000100001 0N000UNN0bONNTEOUOLONUDONOOGGNONDUNNNIOUOUOGONNPUDUOTEAUOOOUUbOG op ounuanduuunANOUEANHH Tribune’s New Commercial Printing and Newspaper Establishment, Yourth ‘and Thay bbe by the millions of dollars’ worth can- not be sold except’ tarough ‘the reg lar channel whichslong years of pra tical experience have: created; that the present laws @f our state and the | details of issue relative to the secur- ity and sinking funds are not satis- factory to those who make the buy- ing and selling of bonds of this char- acter their business; and the indus- trial commission refuses to agree to the proposalg of bond buyers that new legislation be spread upon the statute books . which will put -some limit on the amount of bonds to be issued for the purposes for which these bonds are issued, nor such laws as will protect the sinking funds cre- ated for the ultimate protection of their customers to whom the bonds may be sold. i “It is all a very simple, straight- forward business proposition made by ; one side and rejected by the other, leaving both sices free to go about their other business; and in making this statement the ‘North Dakota ‘State Bankers’ association again de- sires to make it plain that it is not a political organization in any sense of the word;. that it does not give a ‘whoop’ what political party is in con- trol of the state so long as the party in power does not jeopardize the en- tire financial and business structure, of the state,” : ‘GO SLOW, SAYS GEN. PERSHING TO HOUSE COM. Former Army Commander. in Europe Warns Against Un- preparedness Washington, Feb, 2.—A warning against unpreparedness was given be- fore the house naval committee today by General Pershing, who appeared to discuss world disarmament. . While approving disarmament,“he said the United States should go ahead with its present navy and army program until definite agree ment had been reached by at least five great world powers. TO WRESTLE AT_ HEBRON, FEB. 3 Mike Collins of Bismarck will go to Hebron tomorrow night to. meet Bill Ritchie of that town at the opera house. He has another match.in Aberdeen, February 12, with $200 side money wu WEDNESDAY, FEB. 2, i921 FIRE BURNS ALL |‘ NIGHT IN PRESS any” PAPER PLANT) i Wall Falls on Adjoining Garage |’ e Him Feel Like a Brand New Clashing to Basement Man. “It’s Great,” He Asserts | Jamestown, Feb. 2.—The Stutsman County Press building burned = all night last night. The south waNfeli down and crashed through the roof of the garage adjoining and clear to the basement. The cars and furniture of the gar- age had been removed. It is\ owned by the Rand Motor company. The loss is estimated at $70,000 with $60,000 insurance. “I feel as happy as a boy, now that 1 have got my health back,” said C.} \. Tiffin, 57 Wyton Place, St. Paul, ‘Minn,, a well-known mechanic em- ployed by the Government garage, “At the time I began taking Tanlac Y had guffered from indigestion for @ year, and’ my system was so badly run down there were times when 1 could hardly stay up. I was very rest- less at night and! often had smother- ing spells, when I had to get up out | FEEL AS HAPPY AS DECLARES Itt Dr. Grassick Is Again Chosen to Head Association. ‘Dr. J. Grassick of Grand Forks was re-elected president of the North Tu- berculosis association at the annual meeting which ended here-last night. Other officers chosen were: (Dr, Fannie Dunn Quaine, Bismarck, vice president. : Olut iHagen, Lawton, ‘treagurer, Carie Haugen, ‘Bismarck, secretary. Members of executive committee: Dr, A. G. Long of Grand Forks, Min- nie J. Nielson of Bismarck and Dr. G, J. LaMont of Dunseith, Debs Does Not © Want Pardon or Parole At Hands of Wilson Atlanta, Ga., Feb. . 2.—Eugene V. of bed in order to breathe. “Nothing ever helped me and 1 just kept worrying along until. finally got to taking Tanlac and five bottles have made me feel as well as I did when 1 was a boy. My stomach is in fine condition and I can eat anything may be followed by serious cold troubles; use nightly— MEASLES Debs, Socialist leader now serving a 10-year gentence in the federal priaon| want without suffering afterwards. here for violation of the espionage|! sleep good and just feel fine in law, was not “surprised nor disap-| €Very way. Tanlac has made me feel VAPO Rus pointed” over the president’s refusal| Just like a brand new man and I ‘Over 17 Million Jara Used Yearly think it is simply grand.” Tanlac is sold in Bismarck by Jo- seph \Breslow, in Driscoll by N. D. and J. H. Barette, in Wing by H. P. Ho- man, in Strasburg by Strasburg Drug. Co. Adve. ——— with an unconditonal pardon. I came for my convictions. ad'I shall not be- tray them for any paltry consideration such as a parole, I may.be in prison, but unlike the man who keeps me! here, I am not an exile from my own country. When I leave this prison I shall go unrepentant, “Senator, Capper showed the’ other day that out of four billions annual expenditures for this country 97 per cent is spent on war, the result of war and the preparation for war and that 3 per cent is spent on education ai constructive work. That's where Wi gon stands. 1 stand for construction instead of devastation.” to commute’ his sentence, according to a statement he issued t oday through his counsel, Samuel W. Cas- tleton, of Atlanta. ‘ “It was my only fear,” the state- mept said, “that I might be indebted for my liberty to Woodrow Wilgon. My record, good or bad, is at least consistent, and that is the only way it could have béén smirched,” Moat. Pitiful Figure ain History. The statement referred to the presi- dent as “the most pitiful figure in history.” ‘ “No man in public life in American history,” it said, “ever retired’ so thor- oughly discredited, scathingly re- buked, so overwhelmingly impeached and repudiated as Woodrow Wilson. Shortly ,after the November election his private secretary made a pitiful plea for him, ps that all he craved was the love 6f.the people. This plea was stamped by the American people with the one word, ‘Denied.’” After stating that he was “never in better physical condition in my life than 1 am at this hour,” the statement con- tinued: “Under Northern Lights” Featuring Virginia Faire, Leonard Clapham and Wil- liam Buckley. A Galloping romance of love and duty and the Royal Northwest ‘Mounted Police. c ,THE PICTURE YOU’VE * BEEN WAITING FOR ORPHEUM Tonight and Tomorrow WHEN YOU ASK FOR: s BUTTER . 4 NORTHERN To Serve Whole Term, “Mr, Palmer called attention to the fact that I shall be eligible to parole August 11, 1922. In answer to this, I have to say that \] shall not apply for parole, nor accept it. 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