The Bismarck Tribune Newspaper, December 12, 1921, Page 6

PAGE SIX THE BISMARCK TRIBUNE FW. CATHRO, RETIRING MANAGER OF B. OF N, D, MAKES REPORT ON CONDITION AND ITS OPERATION Says That Bank is in Splendid . Shape Now and Reviews Organization SPEAKS ON BOND CAMPAIGN '' ing manager of ota, in a state- KF. W. Cathro, reti the Bank of North ment issued today, clares the’ bank is in excellent condition. Mr. Cathro’s statement in partefollows: g “The Bank of North Dakota has come successfully through its period of organization and has survived the panicky financial situation arising from deflation and the reconstruction growing out of the world war and in a good sound, solvent condition dy to go down the line as a great rosperous bank, No other finan- itution in the United States , has ever been so mercilessly pounded | and attacked from so many angles as has The Bank of North Dakota. No other institution has ever been able to stand the withdrawal of funds in the speedy manner in which they have withdrawn from The Bank of Dakota. Its > heen decreased in the amount 25,000.000 since April 13, 1920. For a period of eleven months it paid out an average of $2,000,000 a month more than it rec nd it still con- tinues to transac i “nt loaned approxim 000 on farm loans at 6 per cent and } $1,000,000 to state institutions at a time when its were the largest, keeping well within the law as to limit of loans, but found itself unable to sell bonds on account of the tremendous opposition within and without the state centered against its bond sales. It finally succeeded, however, in breaking down this op- position by going into the Eastern market and putting on a clean-cut bond selling campaign. In, advertis- ing perlance, it undertook to and did sell to the Dublic the State of North 5 a, its productivity, of its people, its small and its state sovereign- _two senator nd “several the integrity indebtedne: ty with its Ifa boycott couid be instituted ail ‘maintained against the State of North Dakota in its sover- eign capacity there is ne reason why eign state, one the soveretgnty of the State be thereby imperiled, which con- dition would be repugnant to the autonomy of the state and of the federal government. The Bond Sale. “Political propaganda was not per- mitted in this bond selling compaign, no reference was made to the league principles, to I. V. A. opposition or to the political effect of the sale of the bonds. The whole campaign centered on thé one question as. to the right and privilege of a great state to go upon the open market and sell its bonds. Necessarily, a considerable expense was involved in a campaign of that kind. The expense had to be incurred or the bonds would remain unsold. The expense, however, was not out of proportion to the amount involved, being less than one and one- third per cent of the amount of the bonds sold, and. taking into consid- eration the tremendous opposition that had to be overcome, the state is fortunate in coming through with so small a selling expense. This ex- pense is solely chargeable to the op— position against the bond sale for the reason that had the opposition not been so persistent in discrediting the state bonds the selling expense would not have Deen neessary. Further- more, the. bonds would have been sold at a better rate of interest. As a mat- ter of fact a sale was consummated for $3,000,000 on a 5 per cent basis in September, 1919, with an option on all remaining bonds to be issued. Had the Forty-two Taxpayer ted on Judge midon’s decision ‘a vast number of bonds would have been de- livered at 5 per cent before the mar- ket mped. The new adverse mar- ket resulted in the cancellation of the contract by the bond pur 1s. Had we been able to make delivery of the bonds under our 1919 contract ample funds would have been available so that there would have been no neces- sity togborrow money from Eastern banks, nor would: it have been rece EB por tions or net indebtedn increas b cause for ture payment. * ithe s of the State is not our pond issues, be- ‘ery dollar of bonds is- sued there is at least an equal amount dollar for dollar, of mortgages lodged with the State Treasurer curity for the payment of the bonds. Real Estate Loans “Over $2,500,000 of farm loans have been lodged with the State Treasurer as security for the yment of state bonds of the Real ate Series. Over $400,000 of Mill and Elevator Bonds have been sold by the Bank for which the Bank has issued its Interim Cer- tificates. About $1,400,000, of Series Bonds have been Bank, about $1,000,000 of which have been paid for and another $400,000 will be paid for just as soon as the Bank needs the money. The Bank has received proceeds of bond sales nearly 00,000 in cash. All bills payable paid; the Bank owes nothing, except on its liabilities for deposits received from individuals and trom the public and for its In- terim Certificates issued for subscrip- tions for Mill and Elevator Bonds. “The present policy and plan of the Bank must be substantially continued in the event that the law is complied with and that the operations of the Bank are kept within the law. “Bonds can not be delivered until after the mortgages in-support of the bonds—Real Estate, Mill and Elevator or Home Building. as the case may be—have been lodged with the State surer. Consequéntly it is im- ssible to sell bonds and accumulate in the treasury or in the Bank the proceeds of bonis before such money is invested in interest bearing mort- gages. Any statement that the pro- ceeds of the sale of bonds 33 total resources | and has on | Bank ; gold by the has or | PR nee enn will accumulate in the treasury be- fore the money is invested in interest’; ‘consid jon of the that subject. | _ “There has been some little delay in ming the making of ‘farm loans on account of the shortage of help in [the farm Loan Department. Realiz- | ing, that a change in administrati i was impending, it did not seem wi » employ a lot of additional help for | the few days or few weeks interven- | ing before the new Farm Loan De- | partment Director should take charge | Gi that department. Now that the Di- rector has been appointed, the depart- ; ment is being reorganized by adding | the additional help required and the | department bids fair to rapidly push | a ‘forward tle completion of pending | farm loans. There are on hand ap- | iplications for farm loans on which the | ;premises have been appraised and loans allowed by the General Finance | Committee in the amount! of $1,730,- | 300.00, and other applications on din the amount of $4,381,090.00 on | i Which no appraisals have yet been } made. * * # i Glad of Opportunity “During: the first year of the opera- | ticn of the Bank, including the period jof its organization, I held the position of Director Gener which had to do with the inside workings of the Bank. After the first year L was appointed | Manager in addition to Director Gen- | eral, thereby taking over aJl the du- | ties of the former Manager in addi- ion to those theretofore, devolving | upon me as Director General, in which | dual capacity I served until the pres- | ent time. “For myself, I esteem it a great ;tavor to have been permitted to estab- lish the policy and outline the*plan jof operation of the first state bank jereated during the past sixty years, jand IT look back with a great deal of | {satisfaction over the accomplishments jthat have been made. The policy | adopted is still maintained; the plan | has not been materially shanged; the | Bank is in a sound and solvent condi- tion; hows a better financial state- ment than it has for over a year and prospects for its future success could not be brighter. I have to thank the members of the Industrial Commission during my term of office for the cooperation and support given me; I have to thank the many individuals wit! and without the state and the treasurers within the state for their evidences of con- fidence in maintaining their deposits in the Bank; I have to thank my as- | sociates, the employees of the Bank | for their unswerving joyalty to the Institution as well as their courtesy fo myself; I have to thank the voters of the state for their continued sup- port of the measures creating and continuing the Bank and I have to thank the friendly press within and without the state for their words of encouragement. Had.any one class of these supporters fallen down in their cooperation and support the presentsuccess of the Bank would not have been possible. “While I am exceedingly glad to be able to retire to private life and to obtain some surcease from the stren- uous operations involved in conduct- ing the affairs of an Institution of the size of The Bank of North Da- kota, the pleasure is mingled with sin- cere regret on severing relations with so many people with whom it has Been a pleasure to work. “In order that the Bank may con- tinue to function along the lines laid out for it and may be in position to perform its vast service for the peo- ple of the ‘state through the mobiliza~ tion of the state's assets, the stabiliz~ ation o! its credit and the reduction of interest charges, I make my final re- quest to all persons who desire these things, that they continue to maintain their deposits in The Bank of North Dakota. In only one way can the Bank be made a permanent success land that is that its friends shall con- tinue to maintain it.” EUROPE MAKES PROGRESS, SAYS. CABINET MEMBER Secretary Hoover Sees Brighter ; Outlook in Old World Conditions Washington, Dec. 12.—The economic j recovery of Europe, while necessarily slow and difficult, is making substan- ; tial progress, Secretary Hoover de-| clared in a review-of international trade conditions made public here. The situation “coritadns great dan- gers,” he said, but’ it is “not at all as gldomy as some statements would | make it appear.’ ‘A survey of European conditions, he said, ll show that the danger of holshevism is past,” partly through improved standardg of life and partiy “through the salutary lesson to Rus-/ sia.” . The ‘one field of continuous degen- eration,” he declared to be that of government finance, citing as factors “unbalanced budgets and consequent. currency inflation.” The commerce of the whole world, the secretary said, suffers from this failure in govern- ment finance, and unless remedies are found the great recuperation affected | in social, political, industrial, agricul | tural and commercial life will be en | cangered. The mos bar dangerous of the unbal-| said, is Germany whose case “depends ation payments.” “As the United States does not par- ticipate either in its control or its re-! ceipts.” he added, “we have no voice or right to interfere.” look is very encouraging. anced inflation situations, Mr. Hoover | vpon the method and volume of repar: ! “Outside of the government finance ; of a limited number of states the out-/ , Domocratic | institutions are. gaining jamong the 150,000,000 people former. ‘ly supporting autccracies. In Russ! itself extreme communism is boiling to death in a caldron of star strength | slowly | {vation and its leaders frecly aut T0 APPROVE OF {edge its failure. “in the field of international relations’ aside from corfflict in Turkey, war ih feffective throughout the world. Ru is no longer threatens any serio y offensive. | milita prospe of limitation in naval as ceased and treaties of peact are | aa There are bright Bipartisan Support Is Expected; G rin ' bearing mortgages is made without | ment. Agreed limitations in land arm-! law governing |ament are not very hopeful, but the: Hitchcock, Dem. Leader, For It | economic pressure of taxes and unbal- | ‘anced budgets is i them yet. The number of men und tarms has decreased by fully a million in the past 12 months. “In the field of economic life, the} progress of, agricultural and indus- trial production year by year since the war ig very marked. Famine has disappeared from Europe except in Russia. Populations have fairly set-! tled to work and industrial efficiency | i stored. Generally, there is progres and the problems yet to be solved are} heing steadily narrowed and their so- lutions, better understood.” YAP QUESTION SETTLED, SAYS U.S. SECRETARY Washington, Dec. 12—The con- troversy between Japan andthe United States over the Island of Yap has been settied and plans of scttlement will be announced late today, Secretary Hughes told the committee of the Washington con- verence. The agreement which is in the forra of a treaty includes ali the islands over which Japan has mandates in additicn to Yap. The pact has been approved by govern- ment heads but announcement was withheld as to whether or not it had actually been signed. It is understood the settlement gives the United States certain definite rizhts including cable privileges. FORMER CONSUL j GENERAL DIES Chattanooga, Tenn., Deeg. 12—H. Clay Evans, former United States Commissioner of Pensions and consul- general at London, died suddenly at his home early today.. He was 78 years old. TOO LATE TO CLASSIFY FOR RENT—Rooms for light house- ” keeping of rooms with board. I modern house, 416 12th St. Phone 441-R, . 12-12-31 FOR RENT—Rooms for light house- keeping, furnished or unfurnished, 213 11th street, one-half block from Broadway. Phone 646-J. 12-12-2t WANTED—At once, respectable girl for general housework. Phone 746 or Call 613 8rd St. oa 12 12 2 times AN EXPERIENCED Acetylene weld- er is open for engagement. Under- stands welding aluminum, copper, brass, steel, iron. Reference Bis marck Foundry & Welding Co. Ad- dress Manager, Bismarck Foundry & Welding Co., Bismarck. 12-12-1w Watch your Door Knobs from now until Christmas. 25 miles to the is common. Roadster - - #595 slowly disarming | | Europe and it will disarm more of; Washington, Dec. ‘sociated rress)—aurther assurance of | bi-partisan senate support for ‘tour power Pacific: treaty came last jMugnt with announcement by Senator | 2= Hitchcock ..of, Nebraska, assistant | B= |vemucratic leadef and ranking Demo crane menber \jt..the foreign rela-' lions committeg; that he expects to vote ratification: “I see no veason:for opposition to the treaty,” said’ Senator Hitchcock. and productivity is being steadily re-|““!'here does not seem to be any very; , Serious objection nor any reason for| | great rejoicing over it.” Senator Hitchcock said that the treaty was similar in some respects to tne League of ‘Nations covenant. “The treaty is very mild and is good cnough a way to get rid of the Anglo- Japanese allance.” Senator ‘Hitchcock's announcement, | made uypn his return from the west, itolowea others by Democratic leaders : that they would give the treaty their | support. With the Republican lead- ership, already on record in hebalt of | the treaty, kopes of its ratification | were today increased. it appeared more definite that tho ion would be limited to a few} rreconcilables” of the League | s fight with the prospect; ‘thet their number would be less than in the league controversy. Senator Tprah, of Idaho, prominent | Republican opponent of the league, continued his silence regarding the new treaty. FUNDS FOR . ~ DISABLED — VETERANS Will Try To: Raise $250,000— Forget-Me-Not Flower Will Be Symbol pci ibest 28h Cincinnati; Ohio, Dec, 12—A drive to raise $250,000 for disabled veterans of the World War is. planned for De- cember 17 throughout the United; States .by the disabled American Vet- erans of the World, War, whose na- tional headquarters are here. Robert S. Marx, judge of the superi- | or court of this city, national com- mander, says the forget-me-not flower will symbolize. the plea of the dis- abled veterans, women’s clubs. and auxiliaries of the disabled veterans or- ganizations will make’ the forget-mev. nots which will be sold. Governors and mayors will be ask- ed to issue proclamations calling at- tention t6 the drive and the co- ‘oper- | ation of the various chambers of com- merce will be asked. Sealed recep- tacles for the convenience of passers- by will be established. The national organization in an- There are 100,000 veterans alto- gether and they need $250,000 to aid ; their members who are out of em- rloyment_and in urgent need of help. One-half of the sum given, each. chap- ter will be diverted to the chanter and the othef half to the national organ- e Low Cost American Family Car Father, mother and the kiddies all enjoy the comfort of the Overland Four-Door Sedan. Triplex Springs give easy-riding on all kirids and conditions of roads. gallon ¢ gasoline Dependability and long life further . emphasize its low first cost. SEDAN f. o. h. Toledo « Tomring = - #595, LAHR MOTOR SALES COMPANY *Phone 490. nouncing its plans for the drive said: |) EXPECT SENATE MONDAY, »_DECEMBER 12, ” i Am i 21 es Ht ny ONLY 15 DAYS TO CHRISTMAS Your friends can buy anything you can give them 12—-(By the As! the/ wimaiiinaaaior il izaticn. Each chapter will ,have a bank as its treasurer. The aid of wo- : men’s clubs and auxiliaries of the Dis- abled Veterans’ organizations will be enlisted. “A, great many organizaticns are trying to nelp tre disabled men. They ;are doing good, much gocd. but they can’t know of all the need that we see. They Sly can't nest as close to the men.” a VALLEY CITY GIRL SUICIDES Valley City, Dec. 12.—Miss Mary Mary Hazelgrove committed suicide on Saturday afternoon. She was found on the hillside back of the State Teachers College at Valley City. She had been missing since Brigay afternoon, She..was employed as. bookizeper in the Straus Clothing store. She has beén a . resident of j Valley City for several years. Her mother is residing in Tuttle and site has a brother near Goodrich, N. D. She took poison. FOREIGN MONEY MAKES ES BIG G. New. York, Dec, 12.—Foreign : ex- ‘changes continued their buoyant ad- vance. Demand sterling was quoted at $4.181-2, 33-8 cents over last week’s high and a new record for jears. The Paris rate rose 25 points. ard a gain of 6 and 10 points were’ made respectively by German marks and Italian lire.~ pee Come and See What One Dollar Will Buy. | ‘ 14 inch dressed dolls, with “Regular $1.98. Dollar sale........ Medal Doll heads. 6 inch size......+.... Toy China Tea sets ..... Bugville Games. Regular $1.98..... Tool chests ........... Polly Anna Game .. pes jarge drum. store in the day time. ponent ose Except your Photograph: It Takes Time To Do Good Work— Make Appointments Now. All Sittings up to Friday the 16th, Finished for Xmas. Butler’s Studio Phone 249 sill i Re AS ; BARBER: TRADE PAYS WELL Our. graduates are earning good salaries and many of them are in business for themselves. We are now occupying our enlarg2d quar- ters. Now is the. time to learn a trade that is: both pleasant and profitable. Our large, new de- scriptive and illustrated catalog is. just off. the press. Write for your copy today. TWIN CITY BARBER COLLEGE 204 Hennepin Ave. Minneapolis. | [AUTO SPEEDWAY RECORD MADE Jimmy Murphy Averages 111 | Miles an Hour in 250-Mile / Race . y San Francisco, Dec. 12.—Jimmie Murphy, Frisco ‘pilot, winner of the French grand prix last August, won the 250-mile international sweepstakes race at San Carlos -specdway here yesterday. His time waz 2 hours, 15 minutes, 111-2 seconds: Tommy Mil- ton, of St. Paul, was second; Eddie Hearne, third; Harty Bart, fourth, and Ralph DePalma, fifth. At times Murphy's specd was 113) miles an hour, and his avcrage for the; course 1118-10 miles an hour, is aj br iectuee ne notioue ven ames new world record. The old mark was {was the lecturer himself. The series 1097-10 miles per hour. Milton's sec- | was abandoned. ond place will win him the national speed championship for the year, race | ‘TRIBUNE WA WANTS—FOR RESULTS officials announcing that he had won enough ‘ points with those awarded second place yesterday to give him the laurels. NOBODY INTERESTED Weybridge, Eng., Dec. 12—Only one For Constipated Bowels—Bilious Liver to; tonight will empty your bowels com- pletely by morning and you will feel splendid, “They work waile you sleep” Cascarets never stir you up or eee Jnalgeetlon gripe like Salts, Pills, Calomei, or Oil and they cost only ten cenfe a box. is candy-liké Cascarets. One or two| Children love Cascarets too.) Adv: The nicest cathartic-laxative ‘physic your bowels when you have Headache Biliousness AR NIGHT | Many Things at Santa ’ Claus Store. All Departments Contribute to the Dollar Night Sale. DOLLS FOR $1.00 WHITE IVORY FOR $1.00 $1.00 $1.00 $1.00: $1.00 $1.00 $1.00 10% discount on our entire line of Gil- _ bert, Toys. Manicure sets sleeping eyes. in POS. ss kee $1.00 $1.00 $1.00: $1.00 $1.00 $1.00 | $1.00 Perfume bottles sais ree sas Powder boxes . Trays, ‘Jargé sizes........... Stationery, 75c value. ZION shies Siveieve'8. ss Tree ornaments 12° 10c values............... Watch for this saleand come early. Open every night. By trading in the evening you avoid the Large Crowds at this e. Watch for our Special Sale i in Games.