The Bismarck Tribune Newspaper, January 5, 1922, Page 2

PAGE TWO URSDAY, JANUARY 5, FINDS SNAGS IN FIXING RATE ON , Manager “DeNault Runs Into; Law Limiting Maturtiy of Bonds Issues For Purpose RATE IS FORCED HIGHER) Cut is Made in Administrative | Expense, However, Which | Reduces Total Interest \ The bond sale contract negotiated just before the Nonpartisan league ad- | ministration left office, defects in the} laws enactéd in 1919) governing the farm loan business of the Bank of North Dakota and mistakes of the previous administration have combin- |- ed to force a higher rate of interest on farm loans to be made through the bank than the farmers should have to pay, according to W. B. DeNault, man- ager of the bureau. A In establishing the-rate of interest ~on the farm loans Mr. DeNault and his aides ran against these snags: Instead of providing fo 30 year bonds from date of issue the law of Feb. 25, 1919, provided that the bonds should not be for longer maturity than 30 years from date of issue. There- tore, after the 25th of February, on which date new business must, be based, bonds can be issued for only 26 years. | Instead of making 30-year loans the bank must make 26-year loans, which results in a higher amortization pay- ment. The law, it is held, should have read that bonds may be of 30 years niaturity from date of issue, In making a bond contract for 6 per cent bonds the old Industrial Commission paid a higher rate of in- terest than gs now demanded on the money market, Mr. DeNault says. The law provides that the interest rate on the mortgages must be. based on the last sale of bonds. Therefore, the in- terest rate must be based upon the 6 per cent bonds. To this is added: a 11-2 principal, or amortization -pay- ment, each year for 26 years a 1-2 per cent administration charge, mak; ing the total payment $80 per thou- sand dollars per year. The amount, | according to Mr. DeNault, should not be more than $70 on the basis of the present money maricet. When farm loans first were made by; the Bank of North Dakota they were made upon a 5 per cent bond interest basis. When the bonds finally were sold they were sold at a higher basis. There is, therefore, a deficit on the} first loans which must be borne by} the state or ‘made up in subsequent loans. Reduces Interest Charge. A mistake was made by the former administration in figuring the amorti- zation, -It was pointed out in the} Bishop, Brissman and Company report | to the legislature last year that on the amortization basis adopted by the) Bank of North Dakota it would re- quire 34 years instead of 30 years in which to complete the amortization of a loan. The bank then changed their method to provide that the last pay- ment, in the 30th year, would he the amount of five other years. This makes a very heavy charge on the last payment of the loans which alread have been made. Mr. DeNault, however, has succeed- ed in cutting the rate of interest on the loans by reducing the charge for administrative expense. This charge was under the former administration one per cent.’ Mr. DeNault says that @ well organized loan business should be conducted upon an administration charge of. 1-2 per cent. The new ad- ministration is able to cut the inter- est chargé from 6 3-4 per cent as pro- posed by Mr. Cathro to 61-2 per cent. Mr, DeNault has not been able to figure the administration cost in the past, as accounts have not been se- grated. He proposes to segragate all accounts in the future, so that there may be an exact accounting ‘of the cost of doing business of the farm loan department. $43,000 SAVED 10 FARMERS OF NORTHWEST Minnesota Farm Bureau Feder- ation Handled 250,000 Animals St.. Paul, Minn., Jan. 5.—One co- operative marketing enterprise spon- sored by the Minnesota Farm Bureau! Federation has saved farmers $43,000/ in less than five months, W. A. Mc-! Kerrow, manager of the Central Co- Dperative Commission association, told, the third annual state convention of | the farm bureau in session at the, state capitol yesterday. The commission association opened | for business on the ‘South St. Paul! livestock market on August 8, and since that time has done a gross bus-| iness of $5,000,000, Mr. McKerrow/ said. A quarter of a million animals have; been handled by the organization, he asserted; at commission charges ap- proximately 25 per cent lower than those fixed by private firms. In less than five months, the con- vention delegates were told, the far- _ mers’ central sales agency has ac- cumulated a surplus of $26,000, to be returned to the farmers as patron- age dividends, and has saved the pro- ducers at least $17,000 in cash by handling stock at lower commission rates. “within a few months, the farmers NEW FARM LOANS; .{den laid upontany class of people in ‘stock marketing and production has | operative marketing will be a siccess BOY AND GIRL, LOST | | i | | { It | i if ANNA BELLE KENNEDY (BELOW),| AND HER MOTHER. United States,’ Mr. McKerrow said. “Their success already is absolutely assured. “The farmers of the country at this | moment are carrying the heaviest bur- | America, They have ‘been gradually driven from the country to the city, until 34 per cent of the population is producing the food for the other 66 per cent. 7 “The time has come when the or- ganization of centralized agricultural marketing agencies is a necessity in order that the farmers’ interests may be assured of protection and their industry saved from complete demor- | alization, ‘The state and national farm bureau federations are making rapid strides, and livestock marketing is one of the major, projects to which they are devoting their attention. A compréhensive study of live- been made by the Committee of Fit- teen, appointed by the American Farm Bureau federation; their work has re- sulted in a plan for a co-operative marketing structure on a national | scale. Interwoven with this plan is a/ scheme for the deyélopment of order- ly marketing that’ goes back even to the pasture ‘and the feed lot, and for, the development of more local co- operative shipping associations, im- provement in railroad transportation and the establishment of farmer-cone trolled co-operative agencies to cen- tralize’ the marketing of livestock on the great terminals of the country.” Since August 8, this agency_ has handled approximately 19 per cent of! the cars of livestock arriving at South | St.Paul. It handled 442 cars in the last three weeks of “August, 731 10 September, 1,100 in Octover, 1,292 in November, and o34 in the mrst nait or} Decemper. “rne stocker and feeder department of the assojation takes the piace OL the specusator, Gn a bad market, tnis aepantinent may puy Wwe slucKers aud aecuers af Luere 1s NO Other savislac- tory oytiet 1or them, paying the hign- est price it fe€is JuSunea in -payuig. ‘suis department 1s used only wher hecessaly; I most cases, such catue are sold direct irom the farmer pro- qucer to the tarmer feeaer. ‘Tne as- sociation has gsmipped out 11,410 head of ‘cattle in tor aménths. “On some days, the association has handled 7,000 hogs, 53 to 35 per cent} of all the hogs on the market; 19,403 hogs have been shipped to other mar- Kets, stimulating the local competi- tion among buyers and giving the far- mers-af the northwest the benefit of the rivalry. | “Farmers of Minnesota must realize | that when they start to do business | for themselves, men doing similar! business will try, to destroy their or- ganization. They will try to convince the farmer that he doesn’t know/ enough to run his own business. They | will oppose .in every wya possible} the farmer’s efforts to better his con- dition. : “Phere is just one thing the indi- vidual fatmer should remember. That | is, to investigate things for himself, to examine complaints about co-oper-; ative marketing and base his opinions on facts and not upon hearsay, Co-j beyond the hopes of its staunchest supporters if the farmers themselves ; give it the loyal support its past rec- ord deserves. RURAL SCHOOLS ~ “TOHAVERARN ACCOUNTING Fargo, N. D., Jan. 5—With the be- ginning of the new year an innovation in rural school studies will be intro- duced in North Dakota institutipns. Plans are “being made by Rex E. Willard, farm management specialist of the North Dakota Agricultural Col- lege, and Minnie J. Nielson, state superintendent of publ nstruction, for introducing farm accounting into the curriculum of rural schools this winter. é North Dakota will be the only state |in the union offering this work which | will consist of half year courses for either first or second year high school students and will be offered also in agricultural courses for seventh and ‘will place their own farmer-controlled _feading live stock markets of the i \ i a ele oa) 1 The Girl | homes for more than 20 years, have } been reunited with their families by | worry over a ‘their studies by carrying through a | cember 31, 1921, 394 of the 701 loans 20 YEAR Two children, missing from their strange freaks of fate on almost the same day. x One is a Houston, Tex., boy, lost to his father for, 21 years as the result of an adoption mistake. , The other is a Memphis, Tenn., girl kidnapped 23 years ago from her mother and long, since given up for dead. a Today the boy is at home, helping) to nurse his father back to the health that worry took from him, and the, girl is with ‘her mother, finding for the first time the true value of mother love. sit 4 - RHE BO A battered brass —No, 132. A random phone conversation | across 2,000 miles of wire. Those two things brought Paul Al- lard back to his father as the elder Allard was at the, point of death froin) fruitless search for his! boy. Twenty-one years ago Allard placed Paul in the New York Foundling} School to be cared for for a short time. By mistake Paul was given out; ‘tor adoption, When his father re-| turned, Paul comldn’t be found. Allard started a nation-wide search and a legal fight. Both were kept up| year after year. } Meanwhile— John Gottselig, Texas farmer. adopt-| ed little Paul. When Pail was 10) Gottselig told him where he came; from and gave him a numbered brass | check that had heen attached to his; baby. clothing. Letters he wrote try-j ing to trace his parent came back. Paul. became;.a long-distance ‘phone | operator in Hiuston. One day he was | chatting oyer the wire to New York. He, asked if the Foundling School was still there. It was. Paul wrote the home and sent his | brass check. The home wrote back and told him where his father was. } He went to New York—and_ probably | saved his father’s life. “rm. going to“ Hve~ with him al- ways!” Paul says. : THE GIRLS CASE. Anna Belle Kennedy was kidnapped from her home in Maulden, Mo., 23] years ago. The mother employed detective; agencies, newspapers and other medi- ‘yms in a vain effort to find her. Anna Belle grew up in ignorance of whom she really was,,married and settled in Tulsa, Okla. A woman, ; whofn she met by chance, told her her mother was living near Memphis. She plaged an advertisement in a Memphis paper. | Her mother saw it. A reunion fol- | lowed. . “It’s wonderful to enjoy a mother’s love after having been denied it 23: yeads!” Anna Belle says. ‘ nounced at the December meeting-of the county agents held in Fargo, it is proposed that the students taking this course, obtain practical training in record of the accounts for their home farms for one year: The course, the text books for which have been prepared by Mr. Willard, will be a-complete one. Specific prob- lems will be introduced in the arith- | metic courses, such as those involving depreciation, interest, land valuation and correlated subjects. ‘County extension agents will coop- erate with the county superintendent | of schools. in helping teachers in the | various’ schools start the new work | and some help alsb will be given by the farm management deparfment at the agricultural college. OBLIGATIONS. REMAIN UNPAID Default on payments of interest and | principal on farm loans made by the} bank of North Dakota has increased but little since the date of the begin- ning of the recall campaign. Figures | part of the campaign arguments indi- | cated that about 60 per cent of interest payments and principal reductions, ar- | ranged for in the loans, had not been! paid. Payments were in default, De- ‘which have been certified to the state treasurer, -On that date also, there was little difference in averages of the number of loans delinquent andthe amount of | the value of loans delinquent. On that date, 207 loans, valued at $975;366.00 were in good standing on the books of the State Treasurer. The 304 loans on which payments had not been met were for a value of $1,592,966.00. Delinquent payments ‘of interest and } principal increased during the fiscal year just ended by $80,924.58. At the end of 1920, delinquent payments on eighty three loans totaled $30,615.85 or | an: average of $465.42 per delinquent | Joan. .The average delinquency jin- ; creased during the last year so that | the total of the 394 delinquent pay- | ments reached $111,536.43. This whs| ‘the total amount of delinquent in-/ terest and-principal payment due the State treasury at the beginning of th: year, . oy CUT THIS OUT—It Is Worth Money. Cut out this clip, enclose with 5c ‘and mail it to Foley & Co., 2835 Sheffield , RETURNED BY: FATE’S FREAKS ‘| depots; country thoroughfares need to made public at that time, and made a j |i Ave., Chicago, Ill., writing your name and address clearly. You will receive in return a trial package containing Foley's Honey and Tar Compound for coughs, colds and croup; Foley Kid- ney Pills for pains in sides and back; rheumatism, -backache, kidney and ‘bladder ailments; and Foley Cathartic Tablets, a wholesome and thoreughly cleansing cathartic for constipation, | biliousness; headaches, and sluggsh bowels.—Adv. - ‘Large tracts of pasture lands have been discovered in northwest Aus- { | \ 1 PAUL ALLARD (ABOVE), AND HIS FATHER. : : + NO ONE TYPE OF ROAD BEST | Bureau of Public Roads Does Not Encourage. Construction of Any ‘ Particular Type. — (Prepared by the United States Depart- ment of Agriculture.) No effort has been made to encour- age the construction of any particular type of road in the federal-aid projects administered by the bureau of rouds'6f the United States: Depart- ment of Agriculture.. The legal « re- quirement that the roads shall be “substantial in character” -bas not |" been interpreted to mean that only the most expensive types of roads should -be -built./It has been recog- nized that the heayy and expensive construction which is yecessary in New York,: Massachusetts and Penn- sylvania is not sujtable' or warranted \for the ‘less exacting traffic of Ne- vada, Idaho and the Dakotas. There is a suitable type of road for every type of trafic. Granite blocks are best fround wharves and freight be better than rural side roads, light- Constructing Cement Road in Missis- sippl. { ly traveled: A number of other con- siderations has influenced the choice of type in many cases. It» is fre- | quently found that suitable local ma- | terlals may cost less}than better ma- | terfals ‘imported from a distance; ap- proval of the use of local materials is not infrequently given for the pur- pose of encouraging local production. In parts of the Far West the entire absence of water along a right of way, and the expense of keepihg an ade- quate supply, often make it necessary to approve the Muilding of a type of constructign that can he built swith- out using large quantities of water. The initial decision as to the. type of a particular road is madg by the | state highways department. The bureau of public roads made an independent study of the conditions. ‘The most ; suitable type of road in the judgment } of the engineers of the State depart- | ment and of ‘the: bureau of “public | roads is_finally decided upon, The | earth, sand-clay and> gravel roads | which ‘make up 66 per cent of the mileage have cost’ only about one- “fourth of the federal-aid funds used, while the higher types, including ce- | ment contrete, brick and bitum/nous concrete have called for GO per cent of the money to build 24 per ce at of | the mileage, It is said tralia, which had been regarded as | SWitzerland which have cheese dat- all desert. Forests of Florida contain 175 dif- ferent kinds of wood. Beulah absolutely Deep Mined \Coal.. ‘This is the best lignite mined in the state by test or eighth grade pupils of the rural in- “and Aarmer-managed firms on the | stitutions. ! Under the plan, which was first an- ‘otherwise. Wachter: Transfer Co. Phone 62. {ing from the first French Revolution. World's tiniest railroad is said-to be the Eskdale road, in Cumberland, | Eng. 7 miles long with a 15-inch guage. . i ee Deposit of white marble, said to, equal the best Italian in quality, has been discovered near Pretoria, Trans- | vaal. x i ee {nothing to fear fromthe dangerous | hour” spots chll for almost a halt. . | | and pepper. there are families in )' THE approach to every danger> | ous turn of a state road is a} sign which reads: “GO SLOW!" The automobilist who has good sense und good brakes heeds the warning, He | gets around the turn without anything | happening to him. i The speed maniac, or the man whose binkés_ are oyt of order, keeps right on, And we usually “read: of one or both in the accident ‘columns, of the neayspapers, Sooner or tater. The road we all must take is pretty well marked with warnings, although it takes experiencexto read some of them, f If we have the brake called will power,/and keep it in trim, we have places, : It our judgment ts bad and our will | power ‘likely to give way we never get where we are going; except in a very badly damaged -condition. - ‘There is no. océasion for such great H hurry that the warning signs must be | oxer run, On the road‘ to wealth, and espe- cially the road to pleasure, the warn- ings are very ‘abundant. ui Yet thousands and* thousands of | people run past them every day, with the’ usual disastrous’ results, "There is little ‘enough ‘time in the | average life. We must all work xrap- idly If we are to, get a good lifetime's | ccomplished’ in the working are allotted to us, But we can always-slow down at the risky corner, provided we keep our will power in cunditton, ‘and use the‘ Judg- ment that ought to! be a part of our makeup. : ‘The “too much play”. turn in the} road is more dangerous than the ‘too much work” corner, but It is well to slow dow1i at both of them. ‘Then the “overindulgénce” and “Tate Read and observe them. It is delightful to speed along the road and feel that we shall get where we are going in jig time. s But nang speeders who do not see or heed the warning, never get where they are going at all, = And wher®they are piled up in the hospital or the snaitarium or told by a ced doctor to bid their families arewell, they begin to see ‘the § izing these signs along the road, anc to, ~vish they had kept their brakes in order. (Copyright,) 0: al! the «signs, i i Teach me your mood, O’patient stars Who climb each night the ancient sky, Leaving no space, no shade, no scars, | No trace 6f age, no fear to die. 4 _ WAYS WITH FISH. , FEW. yarteties of fish in .cans:may be adapted to almost auyglish one desires. Sardines afe often regard= ed lightly as a relish pr sandwich fill- ing; they may however make a ‘hearty dish. A | Baked Sardi i Drain the sardines frem the-can and Jay oe paper to abserb all the oll, fake one dozen, dip in the juice of a Jemon then roll in cracker or bread crumbs, Bake fifteen minutes in a hot-ovey. Take one cupful of strained tomatoes; season them to suit the taste With clove, ‘onion juice, salt, Paprika Cut ‘bread: in’ strips ithe width of two fingers, lay af saritie on each and pour-the hot tomato sauce over them. Serve. hot. ‘Sardines-on Bacon.’ / Broil drained sardines _until_ well heated through, turning once. Lay erlsp slices of bacon on oblongs of but- tered toast and a sardine on top. Sprihkle with , minced parsley, and serve with slices of lemon. + Baked Fish Flakes, Cut one medium-sized onion ih small pieces. Brown in tye tablespoonfuls of corn or olive oll, add one cupful of strained tomato juice, simmer well cov- ered for 15 minutes, then add one cup- ful of boiled rice, one/cupful of ‘fish flakes\-salt, pepper and papritea; a few grains, of cayenne and one egg, well beaten. Put into a greased baking dish and cook 20 minutes in a moderately hot oven, Copyright, 1921, Western Newspaper Union. ; On THE CHEERFUL CHERUB T cent buy enterteinment now. ; Becevse of lech of money ; But my, 1 be Ore, Bangkok, ital of Siam, is a float- ing city containing 70,000 houses, each of which floats on a bamboo raft. Moors, shortly after their conquest of Spsin about 100. years ago, intro- duced tile-making fo that country. i Tragedy, Miracle and Romance <=} : MISS RUTH WOAKES. / i BY MILTON BRONNER. London, Jan. 5.—The early part of the World War found Lieut. B. H. Geary leading an English regiment inso some of ithe. toughest battles against, the Germans. ~ ‘ ‘At famous Hill 60 he won his Vic- toria. Cross—-but he was badly wound- ed, had lost an eye, was blinded in| the other and was stone deaf. ‘; Then “Along came Ruth,” and her father, with two airs of skillful hands; The father was Dr. Claude Woakes, a famous English eye and ear spegial- ist. He worked a seeming miracle. Sight was restored to Geary’s eye and he was made to hear again. Geary stepped out cf a land of silence and darkness into. the world of living men. Then Ruth nursed him back to reall’ William Phelps Eno, health. ‘ Geary then studied for the ministry and is now assistant at West Ham parish church. - And he has: won the hand of the girl whose hands nursed jhim back to health. Miss Ruth Woakes is shortly to be Mrs. Geary. - Swiss experts are trying to extract sugar from a. sweet plant which grows abundantly in Paraguay.- , Charter No. 2434. REPORT THE FIRST NATIONAL At Bismarck, In the State of North ' Relieve Piles With Pyramid You Are Orerjoy ad to Find Bech Relief from Pain and Distrese ‘When You Use Pyramid Pile Suppositories, Send for , + a Free Trial Yes, Pyramid Pile Suppositories are simpiy, wonderful to ease pain, relieve itching, allay that aggra- vating sense of pressure and enable you to rest and sleep with comfort. The fact that almost every drug- gtst-in'the U.S. and Canada carries Pyramid in stock at 60 cents a box shows “how ‘highly these Supposi- tories are regarded. fake fo sub- stitute. You can try them ‘free by sending your name and i.ddress Pyramid Drug Co, oi Pyramid Bldg., Marshall. ‘Iich. * * ee RUAD MARKERS AID TOURISTS” ~ Trunk Highways ‘Designated by Num. ber to Correspond With One “on ‘Official Map. Since the adoption of'a standardized system of highway markers ‘py “the state of Wisconsin,. five other states} and Hngland have followed the model) plan. Each of ‘the state trunk high-| ways is designated by number to cor-) respond-to the number en the official] road map. > Markers have been placed) at close intervals carrying the number} shown on the map, making it‘ easy) for the tourist to reach the most re-| mote (Hlages in the state. | /AUTHORITY ON ROAD TRAFFIC. Graduate’ of Yale College, Is an_ Expert. on Highwaye.; | i J i William Phelps Eno of Wasleingtgn, 'D. C., a-graduate of Yale college, in the class of! 1882, is an authority on highway ‘trafic regulations, ‘living been ctosely identified for, Thany years with the working out of the traffic problem-in large cities in various parts of the world, - ¢ . .. Reserve District No. 9. OF THE CONDITION OF 5 BANK ’ Dakota, at the Close of Business on DECEMBER 31, 1921 pike bi RESOURCES Loans and discounts, including rediscounts.... $1,616,844.70 Deduct: i 5 Notes and bills redfScounted with i Federal Reserve Bank (other : | than bank acceptances sold)....+- 20,600.00 N i Notes and bills rediscounted other than with Federal Reserve Bank a (other than bank acceptances sold, ‘ but including rediscounts , with = War Finance Corporation.. 19,500.00 we 39,500.00 $1,577,344.70 Overdrafts, unsecured. . Deeowiertelaisiaip as tiesie 345. U. S. Government securities owned: N Deposited to secure circulation (U. bonds * i fF par value ...---- ‘ 75,000.00 ‘AIL other United Stat e LIES cece ee gene et tenes wee 44,250.00 5 ‘ 250.00 Total 119,250. Other bonds, sone 7 50,426.21 Banking House, $75,000 tures, $5,363.16 Sietecst cg oie wie ome siselsieceie t 80,363.16 Real estate owned other than banking house. . 23,561.99 Lawiul reserve with Federal Reserve Bane be 117,862.03 _ v in vault>and amount due from national even oan eae Be ae SOA TiCean iia peveisemieleresee 178,682.87 Amount due from State banks, bankers, and trust companies in the United States. . 32,811.04 Exchanges for ‘clearing’ house.... : 9,889.79 [Total -e.eeee cesses ~$ 221,383.70 Y: Checks on banks located outside of city or town I of reporting bank and other cash items.-.... 22,416.84 Redemption fund with U. S. Treasurer and due from ,U. S. Treasurer . BOTS Nae 3,750.00 Total wi cee dick ec eeee eter teense eet ® $2,216,703.67 . LIABILITIES if Capital stock paid in . Sielate’ $ 100,000.00 Surplus fund . 6 BE Sine 200,000.00 Undivided profits saces 4,025.57 Reserved for interest and taxes i accrled. ..ee-+eeeeee .. 9,672.71 Reserved for depreciation. 12,048.93 , 25,747.11 Circulating notes outstanding Ba J 75,000.00 Amount. due to national banks. ett eeee a 62,323.88 ‘Amount due to State banks, bankers, and trust * companies in the United States and foreign > countries ......+6.+.eeee Bideod 99,364.17 Certified checks outstanding. ~ 396.02 Total -..... ae BS - 162,084.07 Demand deposits (other than bank deposits). sub- fect. to Reserve (deposits payable within 30 cee days): j 2 ss By Sid) Individual deposits subject to check...... Ss SS 1,273,458.24 Certificates of deposit due in less:than 30 j i (other than, for money. borrowed). 5 97,989.89 Dividends unpaid ......-++s...eeeeees see 10,000.00 Total of demand deposits (other than bank a deposits) subject to regerve........-.-- $1,381,448.13 © Time deposits subject to Reserve (payable after 30: gays, or subject to 30 days or more notice, ae 4 and “postal savings): ¥ Certificates of deposit other than for money .: ‘borrowed) .. : oe 241,508.61 Postal savings deposits ..... = 6.64 Total of time deposits subject to reserve..$ 241,515.10 | United States deposits (other than postal sav- ings), including War Loan deposit account and + | _ deposits of United States disbursing officers... 909.21 Bills payable with Federal Reserve Bank...-.. 30,000.00 i ai { | ‘ | Fotal ........ State of North Dakota, County of Burleigh, ss: \ $2,216,703.67 I, Frank E. Shepard, Cashier of the above named bank, do solemnly swear that the belief. Correct—Altest: ; H. P: Goddard, C. B. Little, J.L. Bell. Directors. above statement is true to the ‘best of my knowledge and FRANK E. SHEPARD, Cashier. Subscribed and sworn to before nfe this 4th-day of January, 1922. (Seal), H. E., HANSON, Notary Public, Burleigh Co., N. D. My commission expires, Dec. 15, 1927. ¥ 1