The Bismarck Tribune Newspaper, February 28, 1921, Page 2

i “completed in those two states. PAGE TWO | - SAPIRO PLAN OF WHEAT POOL - ~ COPIED FROM FRUIT EXCHANGES Shoe Now on Other Foot—Buyers Compete With Buyers for Product Instead gf Growers With Growers for Buyer’s Trade Z By J. F. Langner | member these organizations are able The experiences of the Washington to maintain a much clcser and more and Idaho wheat growers’ association thorough touch on the world market statewide co-operative marketing or- for wheat than in any local elevator ganizations, with a centralized selling comp: or cash buyer. The associa- exchange controlled by the grower tion takes the place of the cash buy members, organized under the Sapiro and enters into transactions for plan of commodity pooling. should be growev members as lormerly did the highly interestingto the wheat farmers cash buyers. The bankeis or the Pu of the Central Western states, who are cifiie Northwest he + recognized the still struggling to arr at a satis - claims of the growers through their tory solution for the problem of mar- as tions and have grauted the: keting their product. the same credit facilities as the great It is odd that despite 40 years con- est wheat buying corporations of the tinuous ‘effort of the growers in the country. “ great wheat-producing belt. of this The plan of financing is simple: The! country to better their marketing sys- grower delivers his wneat to any eie~ tem, the first plan iat to all intents vator or warehouse in his ne:ghbor- und purposes has proved practicable héod. He takes his wheat ticket or and satisfactory, should have been con warchouse recespt over to any tucal ceived and actually put into operation banker with whom the association, is in a territory where wheat is by no doing business. At the bank the grow- means the chief crop. er draws a 90-day dratt on the asso- Plan Outlined by Sapiro ‘ciation for an amyunt — previously It was simply a case of adapting 10 stipulated between the association and wheat marketing the same fundamen- the bank. The amount—at preseut $t tal principles governing. the operation a bushel for No. 1 hard winter wheat of the great co-sperative fruit market —is based on the total quantity of the ing organizations of California. The various grades of wheat detivered by plan was outlined for the first time the farmer. The bank immediately jast July by Aaron Sapiro, general gives the grower credit for the amount counsel for more than a score of the of this draft, which is then forwarded leading California co-operative organ- to the association offices in Spokane, izations, at the grain. marketing cou- indorsed for acceptance, and returned ference called by the American Farm to the drawing bank. i Bureau federation. is : Less than a month later it was put Eligible tor Rediscount. into operation by wheat growers :« Upon acceptance: it immediately be- Washington and idaho, At the present | Comes eligible for rediscount throug’t time growers representing 15,000,000 | the Federal Reserve system. Banks in bushels of wheat have signed contracts | Washington and Idaho have rediscount | pledging their wheat to the association ed about 75 per cent of these drafts for @ period of six years and it is ex- With the Federal Reserve bank. 1 pected that before this perizd has been the wheat is sold prior to maturity of completed these two organizations wii] the drdft.the grain ticket or warehouse market 40,000,000 _ bushels;s ‘through receipt is sent over to the elevator o1 their central exchange annually. ‘The warehouse; in trust, and a bill of lad- plan has also been adopted by the ing substituted. The bank, which di wheat growers of Oregon and Montana counted the draft then collects tlie and the organizations are now being proceeds of the sale, deducts the amount due on the draft and places It can be safely stated that the only the abalance to the credit of the a8- wheat growers in the entire country sociation. It pays the association cur- who were practically untouched in the Tent interest on the amount so deduct- marketing of their wheat by the finan- ed up to the time of maturity of the cial stringency of the past six months draft. As the surplus funds in¢rease were those disposing of their crop ‘hey are distributed among the through these associations in the Pa- growers according to the amount of cific Northwest. Not only were they Wheat which the member has con- not compelled to dump their wheat at tributed to the various pools. low price levels, but the funds of the — However, banks are not permitted to Federal Reserve system were avaiiabie discount with the Federal Reserve to them through their association to a bank paper which totals more than far greater extent than was true in the twice their capital and surplus: lu case of wheat farmers in other parts rich wheat growing communities the of the country, amount of money involved in wheat” erty se ‘ transactions frequently exceeds twice ts Twe Separate Organizations the capital and surpuls of the com- The Washington and'ldaho wheat aS pined banks in the district.’ This hav- sociations are two separate statewide pened in Washington and Idaho -this Le prinieautrstunier tices fo ppt ete, amen eae EE, al £ cel ales Ct 2 xy kane) Wash. There are no locals erowing soctlon: of: the ‘county. ‘There is no competition for a market 7 Commercial Paper Issued between wheat of different districts be- with this point of saturation prac- cause all wheat is sold through a cen- tically arrived, at, George Jewett. gen- tral exchange. This is the plan know" eral manager of the two associatjons. as “commodity organization. 1n place conceived the idea of issuing conimer- of having local organizations,the entire cial paper secured by the association wheat industry of the Northwest is wheat in storage. For the first time being organized under the control ot in the history’of collective farm mar- the growers themselves. Wheat buye’s keting, a group of farmers adopted and compete with wheat buyers for the as- secured recognition for plang of finance sociation’s wheat instead of the grow- ing precisely similar to those used ‘by ers competing with each over iy the any of the great industrial corpora. buyer's trade. It is a buyer’s market. tions of the country. The assaciation Each grower in joining the associa- carries its peak load of wheat financs tion signs an iron-clad contract under ing by issuing what ig in reality short- which he sells his, wheat to the a3- time commercial paper—known locally sociation for a period of six years. The as “commodity wheat paper’ or “wheat association in turn agrees to give the gold bonds.” - grower the full re-sale price of his wheat pooled with the wheat of sim- Deposited With Trust Company, ilar grade and variety of other mem-' Grain tickets or warehouse receipts bers minus only the cost of selling. are deposited with a trust company Organized Without Capital Stock which authorized to issue six months The associations are organized with- commercial paper or notes, bearing out capital stock and are strictly non- interest at the rate of 8 per cent per profit organizations. They handle’ no annum. The notes so issued are in! wheat except that of their members. denominations of $100 $500. and $1,000: Every member has one’ Vote ‘tit the or- und are secured by one bushel. of ganization and the governing direc-. wheat for every dollar of face value. tors are growers themselves whose’ As the whcat is sold, the trust com- wheat is in the same pool as that of pany releases the warehouse receipts , the entire membership. The . sam':| and substitutes cash, so, that at the price for the same-grade and variety. end of six months, when all the notes of wheat goes to all members. ‘There| mature, the trast company. has on is no variance of price between the, hand sufficient money to take up all large grower and the small grower. As the commercial paper 0 issued. the wheat is sold, each member having —_> that grade and quality of wheat in the pools is credited with his pro | rata VILLA DIGGING UP GOLD share in theproceedg. of the sale. ® — The Wheat’ Growers’ associations of . Idaho and Washington are nothing Forme ee ist conine Coches more than huge business organizations of Buried Treasure. ‘ adopting every business principle of For several weeks past. Francisco: the greatest food distributing corpora-| Villa, former king of bandits in Mex- tions of the country, using the pres-| ico, now living the quiet life of a ent financial system, hiring the same farmer on a ranch given to him by class of business men as sales man-' the government, hus been going nbout agers, transportation managers, ware- from point to point in the state af Chi- housemen etc., and securing the same! junhua, Mexico, on mysterious visits, recognition from the financial institu- | Friends of Villa in El Paso, le- tions that great corporations are able renex:¢ 8 ME 2a eek CS to command.'They are ithe great clare he is collecting loot which he “line” wheat buying corporat’ “sf buried during the halmy days of his the Pacific Northwest but are own, banditry, hy the wheat, growers and operated by During his years of raiding Villa and for each wheat growing member. ‘tole thillions of pesos. Much of this, particularly when it was in gold coin, Takes Place of Cash Buyer Through their size and at a frac-| he buried in fsolatéd parts of Chi- huahua. tional expense to each individual Now that he has become a “gentle- ) man farmer” he is said to be: visiting | his caches one by one and removing re, His friends say he has dd many thousands of pesos and that he intends giving It back to , Sent to the voters. Help Yourself As a builder of strength or protection against weakness \} a Scott's Emulsion has stood the exacting test of time. Help your- self to renewed take Scott’s Emulsion! ‘Scott & Bowne, Bloomfield; N. J. ——— ALSO MAKERS OF ———— KI-MOIDS (Tablets or Granules) For INDIGESTION 1 20-175 / his victims, H Jack and the Bean Stalk. El- tinge Theatre, Wednesday, March 2nd. at’4 o'clock. Under: auspices of the D. A. R.“ Beulah Lignite Coal $5.50, Bear Creek Coal $12.50, Stove Wood $3.25, delivered. Wachter. Transfer Co. Phone 62 or 63. She slashed the whip across the brute’s face—from “The Scoffer” at the Eltinge tonizht. TRIBUNE WANTS — FOR FOR RESULTS | FAVORS ‘CHANGE IN CONSTITUTION Mandatory Provision. Is Made for Adequate Salaries. ALi CARRIED BY BIG MAJORITY New Constitutional Amendment Is De. clared the Most Important School Measure Adopted Since State Was Admitted: to..the Union—Statewide Minimum Salary of: $1,300 a Year! is Made Possible—Kindergarten Schools Become Part of State Sye- tem. The voters of ifornia on Noveim- ber 2, by u majority of more than U0, adopted. a constitutional amend- nent coptaining some of the most for- ward-looking educational provisions ever put into a state constitution. ‘The amendment provides that hereafter California shall contribute, out of its treasury, ‘toward the support of the public schools an amount which shall be not less than $30,per, pupil per year in wverage daily attendance In the elementary and high schools, and that the counties must raise, in addition at least $50 per pupil in average daily attendance in)the elementary schools and at least $60 per pupil in average daily attendance, athe, vel schools. It is also provigey 1 ft <hgiend- ment that all off BEEN omer contributed. by the state and 60 per: cent of the suns raised by the coun- ties must be used for the payment of teachers’ salaries, California will thus he able to establish a statewide min- imum salary of fully $1,300 a year. ‘The amendment makes the kinder- garten schogly @ part of the state school’ system, and provides for nor- mal schools and-teachets’ colleges. Proposed by Teachers. The amendment was proposed by the California ‘Teachers’ association, and the campaign for its adoption was under the direction of a commit- tee of the association, of wifich County Superintendent Mark Keppel of Los’ Angeles was chairman. The. commit- tee drafted the amendment, submitted it by initiative petition and procured its approval by the voters, The amendment was placed on the ballot through thousandy of signatures in ex: cess of the 55,007 that were needed. Into every city, town and school dis- trict. In the state the fight for the--_ “Primer. Timex soils because they warm up more eas- amenument was carried. A of Education and Scio! Finance” was printed in The Sierra. Educational News, the official organ of the asso- clation, and was, distributed through- out the state. . Nearly two million campaign cards with the slogan, “A Square Deal for Every Child,” were Hundreds of umendment. meetings were held and thousands -of automobiles carried the amendient appeal. : ‘'Yhe teachers obtained generous suppert from the press. Through funds raised by teachers, display ads, giving all the facts, were run ip the principal newspapers throughout the state. The movies took.a preminent’ part in. the campaign. Many clutié and fraternal orders co-operated. Will C. Wood, superintendent of yublic instruction, in a statement to the voters of California preceding the: election, said: The. proposed constitutional amend- nent relating to the public schools is the’ most important school measure submitted to the people of California since the first constitution was adept- ed in 1849. It is the Magna Charta of education in California. “It establishes definitely in the con- stitution, the towns, under which state, | county and school districts become pronounced in the report of the pub- | lle school. Fixes State Contribution. “It, fixes the annual state contribu- | tion for elementary schogls at $30 per pupil, which Is an increase of approx!- mately. 50, per cent. It also makes it impossible to reduce this amount ex- | cept by vote of the people. “It fixes the annual state contribu- tion for high schoo} purposes, at, $60 per pupil, which is an, increase: of 100 per cent. x “It. writes into the constitution the. provisigns of the county high school fund bill, which more than any other. law has promoted the development of high schools in CaWfornla. Is subject to repeal at any time by. the legislature. Amendment 16 makes its repeal impossible except, by vote of the people. “It writes into the constitution the provisions of the county elementary school tax law, making its repeal im- possible except by vote of the people. “It applies the principle that money. Wy school, purposes should be raised f& taxes levied according to ability to pay, and that funds thus raised shoyld be distributed to school, districts. ac- cording to, the needs ofthe children to be educated. “It will, reopen the hundreds . of schools now. closed for lack of teach- ers because of inadequate. salaries. Tt will encousage young people to en- ter our normal, schools, to prepare for teaching. It will enable us to restore the efticiency, ef the schools. “It guarantees that all the money raised by the state and 60 per cent of the money. raised by the counties for school purposes shall be used for, teaching. The money cannot be used for the construction of elaborate build- ings to satisfy. conmmunity pride at the expense of the children. It must be used for education.” Sell your cream and poultry to our ag@Mt, er ship direct to Northern Produce Co., Bis- marek. Write us tor prices on areey: ci poultry —Northem Produce ve, i, | carefully selected“as to earlii This bill; THE BISMARCK TRIBUN SUCCESS WITH CORN THE NORTHWEST Second Article : By J: G. Haney, Agri. Exten. Dept., International Harvester Co. The best. corn for planting in Mos tana is seed of a pure variety that kas beon successfully grown on your |” own or a neighbor's farm, and the longer it has been grown there and and production, the “tore valuable this variety becomes. . Only ‘acclimated, ' home-grown seed carefully preserved and tested to insure strong vitality, ' should be plaated, Shelling and Grading the Seed Corn. In planting corn it is desirable to have a unifosm number of grains per hill. After thecorn has been tested; the next step is to efully shell’ and grade the seed'so that the planter will drop uniformly, It will be‘ noticed. on examination that some ears of corn have miuc | deeper and wider grains than others, In fact, it is easy to make inree grades by shelling the cars sepirate-! ly: namely, large, middle and small kernels. In many cases two grains of the large corn will occupy 28 much space as four grains of the smaller. ‘Also, on the same ear it will be found, that the large itrecular Ins at the butt of the ear may, be two or three times us lerge as smaller grains near the tip. Hence it will be readily seen that unless this corn is graded it wii! be impossible to secure a planter that would plant a uniform number, of grains per ‘hill? However, if the ‘corn is: graded as , Shelled it- wil be impossille to sclect plates for each grade, so that a uni: form number of¢grains per hill can be planted. There are graders on the market that will do this. ‘The small hand graders are: very satisfactory and not expensive. dt is usualy ad- visable to first. shel! off a small amount at the tip' and butt of each ear. The only cbject for doirg this is to secure a uniform size of kerpela It has often been argued that by so | doing the ears of corn would finally fail to fill out at the butt and tip. However, by carefully experimenti -with this for years, the Kansas Ex: periment Station decided that there was no detriment to be feared from this operation. from the butt and from the tip and the middle of the ear for a number of years in succession at the eid of which it was impossible to tell whicu ears had been produced from grain; from the tips or middles or butts, so far as the filling out was concerned, After the butts and tips are reimov- ed the ears may be shelled, »ne at a time, either through a shellev of by hand, and the shelled grain examined carefully and the large, meditm and small grains kept in sacks by them- selves for separate planting. Preparation cf Land for Corn. As a general thing the light sandy ily in the spring, are, better adapied to corn than the low lying, heav;', wet soils. It has also been observed that They planted grains! ‘ TEST_DON'T QuESS zs 4 RAG J QaQ Beg i | | | 3GQ °: As corn is usually planted with a view to cleaning the land and con- serving moisture for a grain crop, and as this canbe done much more sati factorily if the corn is check-rowed, | ihere apparently should be. no ques- tion as to whieh of these methods tu use. For our small growing corns the rows may be put three feet six inches apartieach way. This admits of tuor- ough cultivation and allows plenty of room for the corn. On very dry land for conserving moisture, the rows | the fields that are surounded by tim- | ber or hills may mature corn when | unprotected fields will not. These things may be taken advantage of cs- pecially for growing 2 small field ‘or seed. : : There apparently is’ very ‘little dif- férence between fall or spring plow- | ing of corn, but we prefer’ fall plow: | ing! gs the corn will mature a ‘little ‘earlier. It is essential, however, that the corn be planted at the proper time _ in the spring. It would perhaps be ad- | visable to fall plow, if possible, so that the land would be ready when plant- hing time came. Fall plowing usually ;-can be worked earlier, and warms up more rapidly in the spring. ‘Corn is a crop that makes good use of available fertility, and as a gen- eral thing manure should be applied to corn land. This may be hauled at, any time during the winter or early spring, and should be evenly distribut- ed, and not so heavy but that it can be disked and harrowed so as to thoroughly mix it with the soil be- fore the land is plowed. It has been found that heavy. appli- cations of manure will “burn out” crops. In a carefully conducted ex- periment under “dry farming” condi- tions it was: found that light applica- tions of manure increased yields. Up ; to one load to each two inches of rainfall the yield increased; above this amount the yields decreased the first year. ‘Light applications of six | to eight loads per acre every second or third year would be preferable to heavier applications every- third or fourth’ year. Such light applications | can only be satisfactorily made with a good manure spreader. This reference to the use of manure in a dry climag> : is made with the expectation that it will be maintained as unnecessary and detrimental: by some good farmers, and on good, new land this may seent ' to be so. But this fertility and humus ‘is needed in the soil, and must ‘be re- turned if production is tobe maintain- ed and prolonged. A good packer of the subsurface type ‘should be used immediately fol- lowing the plow in the spring, to in- sure the soil being thoroughly com- pacted, and it should also be disked annd harrowed just before planting to | destroy any weeds that have germin- ated. As to the depth of plowing for ; corn, as a gereral rule it, is not ad- visable to spring‘plow land very much deeper than it has been’ previously | plowed. Deep plowing should be done jim the fall so that the soil has time | to weather and settle. The fall plow- ing should be worked early: in the ‘spring to conserve moisture, and again to kill weeds just ‘before plant- ing. i Planting Corn. | _'While there are a great many meth- ods of planting corn there apparently is but one that is generally used in this region, and that is surface plant ing with the corn planter. ‘These planters usually can be used as drills, or for check-rowing the corm. i , ‘Beulah Lignite Coal $5.50,) Bear Creek Coal $12.50, Stove Wood :$3.25, delivered. Wachter Transfer.Co. Phone 62 or 63. EE might be put four feet apart each way. The corn planter should be carefully examined and tested out before plant- ing time so that in case‘there are any repairs needed they may be secured before hand. Some of the seed corn that is to be planted should be put: in the boxes and-the planter set up on blocks so that it can be run, and tio number of grains dropped observed, and the proper plates’ selected for planting the different grades of corn a hand, ¥ ‘It is apparently a general practice in the;Northwest to plant more seed than..advisable. While a thick stand, of corn will doubtless give a larger yield of fodder, it wis. be observed that | the thick planted: corn will not be nearly so mature at frost time as that which is planted moderately thin. The! number of grains per hill’ would de- pend somewhat on the purpose for which this corn was grown as to whether it should be planted thick or | thin, but it is-generally conceded that | moderately thin planting of two to’ threa grains per hill will give the most satisfactory results, under ordi- nary conditions. It is probable that! in the drier sections the planting | should be thinner than in sections of more rainfall, and itis also advisable to.plant thinner on poor land than on rich or well manured land. ‘ As it is very essential that corn be planted as early as the season will permit it is very important that ‘the| planter and seed all be ready so that when the time comes there need beno delay of, a day or more in getting things ready. i H For the past eight years. we have begun planting corn ‘between the 10th) and 12th day of May, at the I. H. C. Farm, Grand Forks, ‘N.''D: and have usually finisied ‘before the 20th. The exact time, of course must be deter: | mined somewhat by the season, but it is probable that from the 10th to the; 20th of May will ordinarily be found | about the proper time for planting corn in the Montana Farmer Terri- tory. We have also noticed that ‘there, is a great deal more corn damaged ‘by the fall frost because it is not ma- | ture, than there is by the spring frosts because it was planted too early. One of the great hindrances to the suc- cessful production of corn in this re- | gion, fs that it is generally not planted until all the other spring work is com-! pleted, which often is as late as the; first of Juné. As,;we may expect frost | any time after the first of September, ' these’ ten days may mean the ditter-' ence between success and failure of; the corn crop. 4 The depth of planting also has con- siderable to do with the earliness with | which the corn starts. The corn land) should be worked down to 2 good solid | seed bed, so that’ the moisture is near | | the surface, and then the planter run | | just_as shallow as possible, s0 as\to have the seed iit moist dirt and well covered to insure prompt gérmination. | When this can be ovtained by having it‘only one and a half to two inches | under ground there is no question but | what it will germinate quicker than} if planted deeper, and it is very sel-| dom that we will have sufficient frost after the 10th -of May, to reach the! kernels at this depth. Our northern’ soils are always very cold at thjs/ time of the year, and for this reason shallow planting is desirable. | . Seed Corn Patch. i On every. farm there should be a/ seed corn patch. That is, the best! ears from the best corn planted the| previous year should be saved and} planted by themselves, either in some protected small field, or in the main field, where it can be marked and seed, for the following year saved from ‘more towards *improving and keeping | results and requires so little effort (that it certainly should: not be ne- Mis brother-in-law was. cashier. , What?” | tabulation of deposits in various coun- | this { patch... There is nothing that will:do up.our corn than careful selection of a hundred best ears and planting them ‘by themselves every year for seed pur- poses. This method has ‘been followed by many corn growers with excellent glected. where seed is so important a consideration as’ it is in the North- west, HOUSE COMMITEE TELLS ATTORNEYS TO REFUS) SENATE BODY SUMMONS (Continued from Page Oney counted paper from Mr. Cathro’s Bank. In addition there were redeposits. Mr. Cathro declared there was no connection between the Glasston bank deal and his activities with the Bank of North Dakota. The loan made to the Glasston bank was-made a long time after the other deal, Mr. Cathro said, Examination of record s made which showed it a about months after the other deal. ‘ In speaking to trace the connection Attorney Murphy read from the Bishop, Brissman and company report showing that the total amount of loans in the hanks of Pembina county amount- ed to $17,000. “How many banks in that county?” he asked. ; Nineteen,” Mr. Cathro_ replied. The imputation was that while there were 19 bunks, $11,000 out of the $17,000 lield by them in loans had been made to the bank which did busi- ness with Mr. Cathro’s bank at Bot- tineau. Transierred Stock Questioning O. E. Loithus, state ex aminer, about the McLeod State Bank in Ransom county, the , Information was elicited from Mr. Lofthus ‘that “You are a stockholder in that bank, are you not?” he was ask. “No, I retired as stockholder about two years ago.” He said that he sold out to C, E. Lofthus. “Who was he, brother, cousin or asked Mr. Murphy. ‘Noy wife.” replie@ Mr. Lofthus. “ut it a fact that a large amount of state money went’ through this bank, and that the bank bought up large amounts of hail warrants, say at §) or'85, on@ then rediscounted them inthe Penk of North Dakota?” Mr. Lofthus was asked. Kofthus sa. y such action, ‘ ‘Tabulation of Deposits t At the beginning of the hearing Mr, Cathro was asked to produce a he did not know ties, which he had given to the senate committee. The attorneys endeav- ored to show that out of the money loaned and redeposited by the Bank of North Dakota in Cass county banks ed “league banks” the Scandinavian ed “league banks” tahe Scandinavian American of Fargo,/the Prosper Bank and the Peopleg Stute of Casselton. It was shown that there was in loans and discounts in Cass county $284,4007, | 80 more than the public funds of Cass county placed in the Bank of North Dakod2. Of the $181,189.58 loaned to banks in that county $175,- 189.81 was loaned to the Scandinavian American ‘bank. The remaining $6,000 was loaned to the Prosper State Bank, known as connected with the Scandinavian American bank. i Taking Williams county it was shown! that the total redeposits in that coun- ty amounted to $349,372.24, and $124,- 45.07 was in the Williams _ County State Bank. Of total loans of $445.- 590.72 the same bank had $144,663.72 There are thirty-two banks in the county. This comparison was continued in some other instances to show that the redeposits and loans were not make equitably. Retusgl to Pay Checks Mr. Cathro was asked if the Bank of North Dakota had not, in the last week, refused to pay checks although the state treasurer had $3,000,000 on deposit in the bank, and that checks as small as $10 had been turneg down. - Mr. Cathro said hail warrants were not being paid, until more funds came in. He denied that he knew salary checks. to district judges were not paid. His attention was diverted again to the Dunn county seed and feed bond transaction, and Mr. Cathro was asked the name of an attorney who had been paid 3500 in this transaction He said that he did not know, and was asked to look the matter. up. After returning from tie telephone he said that no attorney fee was paid either in this case or in the Stark county case. He was esked if he had not testified previously that an ‘at- torney fée was paid, and he said that he replied that he thought one was paid. Counsel ind:cated this would be pursuel further. When ‘0. E. Lofthus was on the stand alist of notes out for collection, as listed in an examiner's report on the Scandinavian American — bank. was ead. ‘Among those was of “Knaack paper” im the hands ‘of lawyers. Another. .was. $80,000. of, “A. M.’Grovsner paper.” \'The Hagerty deal also.was brought up.. The ex- aminer said he did. not know that Haggerty formerly was: deputy sheriff in Hennepin county, Minnesota, and that he, Jack Hastings and Thomas Allen Box organized a company under Haggerty’s name afd borrowed mon- ey from the Scandinavian Amencan bank, The witness was pressed as to why he did not’ examine these deals closely, and he said he didn’t think it devolved upon him to do so. Condemned Paper in Bank Mr. Lofthus admitted. that certain - paper that was condemned in his re- port to the supreme ‘court was still in. the bank on April 22, 1920, as shown by the examiner's report. The Tolley State Bank, which clos- ed last fall, waé brought up. The ex- aminer’s report on Oct. 22 had severe- ty criticised this bank. The bank showed. $25,000 bills’ payable to the Bank of North Dakota and $37,000 in redeposits. The Sinclair Land comp- any, which counsel imputed Congress- man J.H. Sinclair was. the head. of, was shown to have a loan of $12,000 from the bank i “Didn’t you think that with this re- port it would have ‘been wise to have had the Bank of North Dakota’ get out from under before ‘it closed?” he was asked, , Grand Forks Bank It. was shown that the First. State Bank of Walcott a small bank, in Richland county, had placed $138,000 on deposit with the Scandinavian American bank of..Fargo. Mr. Loft- hus was unable to give any explana- tion as to how this*little bank shoul deposit such a large sum in the Fargo bank, but said thot scott Wags good community and’thefe were many. well-to-do people in the community. The Peoples State Bank, of Grand Forks,. now closed, was inquired in- to. It was severely criticised:in exam- iner’s reports. It held notes of $13,- 000 of the Grand Korks American and $7,000 of the Consunrers United Stores ° paper “by Heck.” Mr. Lofthus was asked if Heck, were an organizer for the Consumers Store but he was un- able to say. pve ein He asked if he thought it wise for the Bank of North Dakota to increase the loans to that bank, of $8,000 ‘to $40,000 after such a report as that of his deputy examiner had been made. “I am asking you as man to man, as a plain business transaction and not with reference to any political influence,” said Mr. Murphy. “T/am not much ofa politician,” the witness replied. * “No I don’t believe you are, but you got mixed up’with a bunch,” the attorney replied. The report on this bank showed H. A. Bronson, of Bismarck, as a stock- holder. Judge Bronson has said that he took stock in the bank at the start, but when he learned of some of the or- ganizers,he withdrew. It was said that the committee, completing its work, would subpoena O. D. La Grange, cashier of the Se- curity State Bank of Deering, of/which F..B. Wood is president. 4 In Saturday’s Tribune it Was stat- ed J. R- Waters told of a conversa- tion, with F.°R. Pollard ‘in a Fargo hotel. The alleged conversation was in a Minneapolis. hotel, and was not. in the presence of a third party. See Mary Miles Minter in tw entirely different roles tonight - the Orpheum in “All Souls’ ve. No, 17-859 Report of the Condition of THE FARMERS STATE BAN at Baldwin, in the State of North at the close of business Feb. 21, 1921, RPSOURCES ‘ota, Loans arid’ discounts...........$111,896.23 Overdrafts, secured and ‘un- secured wecseseceese 60.96 Warrants, tax’ ‘certifi- cates, claims, et 1,480.55 Banking house, 1 fixtures 4,300.00 Due from other Cheeks and other cas! items . 226.33 Cash ). seeeee 1,475.05 5,682.42 Total ietssearoces -$123,419,16 LIABILITIES Capital steck paid in +++$ 15,000.00 Surplus fund se. 2,500.00 Undivided pro ses and taxes paid. 381.65 Individual depo subject to check.....$ 13,286.46 Guaranty fund deposit, "110.06 ‘Time of 72,731.42 5,089.31 320.26. Due to other banks. eee 91,537.51 Bills payable... 14,000.00 oee0-$123,419,16 County: of Burleigh.—s8. .)1: i H, G. Renfrow, Cashier, of the above named bank,:do solemnly swear thht the above. statement is true, to the best of my knowledge and belief. H. G, Renfrow, - . Cashier. Subscribed and sworn to before me thig 25th day of February, 1921.. J.P. Wagner, Notary Public. My commission expires Feb. 19, 1924. (Seal) Correct Attest:— F. A. Lahr, H Renfrow, Director: We have more calls for Bank A® sistants thin we can supply. If a good BANK POSITION — ever appealed to you, look through the Banking room at the Bismarck College, Conceded among the best equipped College banks in the country, Here the student learns to do by do- ing. It is real banking, using college money, and real bank accounting, up to-date. We make a specialty of training young men and women for the high: er-salaried bookkeeping and steno graphic positions. Seng for particu- lars. When you know what we have -done for, thousands of others, yow will attend, Write G. M. Langum, Pres. Big: marck, N. Dak. and Auto Lite SERVICE SE CLUSIVE ELECTRICAL SPECIALISTS B ATTERY Service and parts for Delco, Remy, Northeast K-W Magnetos, Exide and Minnesota bat- teries, and Klaxon horns. ELECTRIC SERVICE & TIRE CO. 4 Bismarck, starters, Bosch, Eisemann and fo. Dak. é $23,000.