The Bismarck Tribune Newspaper, January 20, 1922, Page 2

i PAGE TWO. GRANGAARD EXPLAINS HOW WAR FINANCE CAN HELP It Brings Relief and Benefit To, Each Borrower Of a ! ‘Bank 1921 A MEMORABLE YEAR: It Put Marrow Into Our Bones and Gave Us Courage To | Fight Hard Battle Vargo, N. D., Jan, 20.—In a detailed explanation of how the War Financ Corporation can help the farmers M. 0, Grangaard, secretary of the’ gricul- | tural loan agency of the ‘corporation | at Minneapolis, delved into the hasic | jnodern banking systems, and related | to the Tr c Grain Growers’ con-} vention here today, the method by) which the farmer obtains. relief | through the finance corporation. { After pointing out that funds loi ned } by the corporation go to bank direct, | and then from the financial institu- | tions tc the farmer, Mr, Gr ngaard de- | ‘lared that “it must be clear to us all} ance Corporation, | h ance which is | prings relief and benefit to each | ver ofa bank, and brings this | relief whether such borrower is or is; not enabled to obtain a further exten-| sion of? credit.” i Mr. Grangaard went on to show that, a bank, under the laws of the state, | may Ioan up to 85 per cent of its de-/ posits, the remaining 15 per cent to! yemain as a reserve fund. When de- | positors who by force of circumstances | must make withdrawals, he said, which | in any way would endanger the sur-) plus, the bank must collect on its! loans to pay the; withdrawal. In suchj cases, the bank is confronted with the, problem of having to pay back a cus- tomer’s deposit, either by collection of outstanding notes, or in some other way, he said. \, | “With this dilemma confronting both | the bank and the maker of the note, ,the War Finarlce Corporation appears | on the scene, the loan agency’s secre- | tary stated. i Illustrates His Point, i Usiag for example the name of Smith! as depositor and Jones as borrower, with the probem of paying Smith who; has had an unprofitabe year, Mr. Gran- | gaard showed that under normal pro-| cedure, the bank must collect from Jones, even though the latter would suffer hardship from such action, probably through the sale of immature cattle or the like. “The Finance Corporation,” Mr. Grangaard continued, “says in substance to the bank ‘We realize that when Mr. Smith demands a part of! his deposit in cash that you must give it to him. We realize further that Mr. Jones has borrowed this money, and that you are unable to pay Mr. Smith until such time as you can collect from Mr. Jones. We do not desire pt this time that you press Mr. Jones for, the ‘payment of his obligation in order to pay Smith, but we will assist you by loaning funds to you so that you will be enabled to pay Mr. Smith’s deposit without requiring-that Mr. Jones take up his obligation. With the funds Joaned you by the War Finance Cor- poration, you can ¢ until such time as his the market and he can market them to st possible advantage.’ can be done Ddecatse, of the { the funds that Jones now has borrowed are the funds of the War Fi- nance Corporation and not those of Smith, the deposit Under this ar- rangement the bank is enabled to carry its borrowers and still pay off its de- positor and, is not obliged to ask its borrower to pay, as it would have t¢ do were it not for this assistance of the War Finance Corporation. “Under this arrangement, can Jones the borrower, state truthfully that he has received no benefits from the Wai Finanee Corporation? Can he truth: fully ($tate tha the War Finance Cor- poration has been of no assistance tc him, ‘even though: throughout the whole transaction he has borrowed no new money and has not been able to obtaiy the loan of a single new dollar? The transaction has enabled him to be carried bythe local bank until such time us he could profitably market his cattle, which would have been an impossibility had it not been for the assistance of the Wat Finance cor- poration.” Criticism of Banks Unjust The speaker said much ofthe crit- ism directed at banks for an apath- etic aititude on their part in the mat- ter of financal relief through assist- ance from the corporaton is due to a Jack cf understanding on the part of those who criticize. “It must be borne in mind,” he said, “that the funds of the War Finance Corporation not loaned to the in- dividual, but are loaned to banks. In order that you might obtain a loan of $1,009 from the War Finance Corpora- tion, it is first necessary that the bank ~borrow such funds from the War Fi- nance Corporation on its own obliga- tion and when such funds are avail- able, then re-loan them to you. It is attle are fit for evident and clear to all thinking men | that a bank cannot continue to bor: for the purpose of re-loaning, be of.the fact that a continuation of a purpose would render it so over-ex tended that its safety would be jeopar- dizedsand its ability to function*would be materially decreased.” Mr. Grangaard | explined that 1 though he does not condemn, nor even criticize a bank that finds itself un- able to further extend itself 1) rowing from the finance corporation w and re-loaning to borrowers, he cer-| tainly deprecates ,the attitude of banks which, rather than avail itself ct the opportunity-afforded by the War ’ Finance Corporation, goes to its bor- rowing customers and insisted on un- due liquidation, borrower. Explains Work of Congress, f The northwest agency’s secretary told of the amending of the War Fi- nance Corporation bill by congress on | * August 24, 1921, by which its previous | functions to finance the war,- was | 000. to the saerfice of the CORPORATION THEN. D, FARMER turned to help agriculture. the headquarte agenvies were established throughout the country. The Minneapolis Agen- short time of exist- cy, ne said, in i : ence, has supplied 2,000 banks with blanks and all necessary information incident te proper filing of applica- tions, and has actually approved more than 1,000 applications for loans ag- eregating more than $30,000,000, of which North Dakota received about | $12,000,000, South Dakota approximate- ly $11,000,000. and Minnesota. $7,000,- “the year 1921,” Mr. added, “which we were happy to close, | twill prove te us a memorable one, and will not be a wasted one. The les-! ons learned in. adversity and trial and: trouble are oftentimes the most valuable lessons that one can learn, and the Jéssons which you and T have learned during the year 1921 will re- main with us forever. ‘We will look back upon the year 1921 as one which | put marrow into our bones and one in which we. found ourselves to be either | men who could face the trying prob- lems of life with determination and: come through victor, or We shall find) ourselves cowards who shrink frofn | responsibility when it appears to be} heavy.” CARNEGIE | HEROES ARE - REWARDED Of 25 Medals Awarded, Four, Were of Silver—Pensions | Also Granted Pittsburgh, aJn, 20.—Eleven of the! 25 persons who were this week rec- ognized by the Carnegie Hero Fhnd Commission as heroes in civil life, lost their lives while attempting to save others: Of the 25 medals award- ed, four were of silver, and pensions, aggregating $7,320 a year were; granted.” One hero suffered such in-! juries that he was given $500 as a disability benefit. In five cases awards aggregating $8,000 were appropriated for educational purposes and in nine cases, awards aggregating $9,000 were j made for other worthy causes. The commission also granted $3,500 to the dependents of four persons who lost their lives, The awards follow: Clarence Henry, Street, Toledo, Ohio, silver miedal. Henry died trying to save two boys from drowning at Port Clinton, Ohio, July 4, 1921. Howard E. Hawk, Place, Fremont, Ohio, Hawk died attempting boys from drowning at Ohio, July 4, 1921. William ‘D. Nichols, Lenoir, City, Tenn., silver medal. Nichols died try- ing to save Lee Huffman from suffoca- tion in a well at Lenoir City, Septem- ber 29, 1921, Aaven A. Hoy, Elizabethville, Pa., silver medal. Hoy died trying to save three tunnel workers at Rausch Creek, Pa., January 21, 1921. Julius Hassel, North Farms, Wall- ingford, Conn., Bronze medal. Hassel, ige 15, died trying to save Nathan Dorman from drowning at Walling- ford, August, 12, 1920. : Henry Deninkamp, 324 East 50th Street, New. York City, bronze medal. Deninkamp died trying to save two sirls from drowning at Deal Beach, N.J., August 22, 1919, Leon Hassel Brewer, 1612 Labranch 3treet, Houston, Texas, bronze modal. 3rewer died trying to save a farmer ‘rom drowning at Waco, ‘Rexas, Sep- : 6, 1920. hael J. Risch R. D. No; 6, Con- Ind., bronze medal. Risch ying to save a farmer from ig at Milton, Ind. July 31, 1921, Z William H. Goff, 819 East Broadway, South Boston, Mass., bronze medal. Gotf died try:ug to save a bridge car- penter from drowning at Biddeford, Maine, September 24, 1920. Walter Perkins, 256 -Washington Street, Dover, N. H., bronze medan. Perkins, a railroad conductor, died trying to save C. William Kelly from being killed by a train at North Ber- wick, Maine, October 11, 1921. Walter D,. Wheeler, St. Johnsbury ; Center, Vt., bronze, medal. Wheeler died irying to save a girl from drown- ing at St: Johnsbury July 2, 1921. David C. Liff, Mt, Sterling, Ohio, bronze medal. Liff saved two children |from their burning home at Era, Ohio, January 8, 1919. | John Reed Helfrick, 250 Fitch Street, Westville, New Haven, Conn., brouze medal. Helfrick tried to save a brother lineman from being burned at New Haven, March 2, 1919, J. Albert Kelk, St. John’s Hospital, Brooklyn, Y., bronze medal. .Kelk tried to save a boy from drowning at Cairo, N, Y., June 18, 1919. ‘ 1012. Rawson silver medal. to save two Port Clinton, Sv barac vale, Pa atten bronze medal. “Podré- ve, his. .ma Besides | t Washington, 16! Grangaard | 213' Kighteenth | qyowning at Bryane Pond, Maine, Au- ster i THE BISMARCK TRIBUNE saree | This snapshot of Truman first visit to the capitol after RR eee nic from suffocation in a pit at vissvale, Pa., June 5, 1917 Elmer W. Killcrece, Homestead street, Swissvale, Pa., bronze medal. Killcrece attempted to save Ivan Podre | bara: 1 ster, Pine River, | McAllister, age Minn. bronze medal. 15, saved a school boy trom drown- ing at Pine River, Minn., July 26, 1919. Isabel England, 38 Hemenway Street, Bostoa, Mass., bronze medal. Miss Engiand, age 14, saved a wontan from gust 24, 1918. Kenneth E. Long, Merrifield, Minn., bronze medal. Long, age 11, saved a woman from drowning at Merrifield, | August 10, 1918, | Géorge Lée Stults, R. D. .No,. 3, |Raduor, Ohio,.Bronze medal. Stults, lage ‘15, stopped a runaway team at ;Magnetic Springs Ohio, October 21, 1919, and. prevented it trom colliding with an omnibus in whch were 19 children. Robert Stewart, 42 William Street, |New Haven, Conn., bronze medal, Stewart, a street car conductor, tried to save a child from electric shock, at New Haven, August 14, 1918. Lyle Allen Willard, 832 Stilwell Ave- nue, Fremont, Ohio, bronze’ medal, Willard tried to save a boy from drowning at Port Clinton, Ohio, July 4, 1921 Emery nue, Fremont, Meinke tried to drowning at Fort’ C 4, 1921 Peter C. Rumpf, Tremont, Pa., bronze meda}. Rumpf helped to save twc men from suffocation at Rausch Creek, Pa., January 21, 1921 Frank Carter, 25 Hudson Street, Fort Lee, .N. J., bronze medal. Carter saved a man from suffocation Creek, Pa., January 21, 1921. RELIGIOUS WAVE SWEEPS SCOTTISH |. FISHING VILLAGES | Glasgow, Jan. 19—A religious wave is now sweeping over the fishing, vil- | lages on the east coast of Scotland. Believing that the, failure of the herring fishing season is a visitation for uarighteous living, the fishermen are parading the highways singing hymns and testifying in other ways to their religious fervor. There is scarcely a fishing village whichis not affected. BEHOLD THE MA J. Meinke, 1028 White Ave- Ohio, bronze medal. e a man from linton; Ohio, July AFTER: THE VOTE H. Newberry was taken when he made his the Senate voted 46 to 41 to permit him to retain his seat in that body. That followed charges ‘that his seat was bought by the éxpenditure of huge sums in the election campaign. at Rausch |’ | j nually are us- ing Nuxated Iron. I will not injure the teeth or disturb’ the stomach. A few dose often commence , to. enri your blood and revitalize your worn out, exhausted nerves. Your money will be refunded nufacturers if you 1 satisfactory re- f substitutes, on having genu- ‘on. Look for tablet. At all axater ers N. 1. on every druggists in tablet form only ae pecial Taxi Service | At Your Own Appointed Time. i BISMARCK MANDAN | Only New Five Passenger Glass Winter Top | i Heated Cars Used. i Call 99 Inter-State Transportation Co., 313 Broadway. ' When Our Cars Are Returning, We Will Cheerfully | Handle Passengers Mandan to Bismarck ‘ 25 CENTS EACH. "ticularly for the municipalities whose | MINN, TAX — COMMISSION IN SESSION \ Delegates To Give Study To| The Question of Bank Taxation Minneapolis, “Jan. 20. —) With the | problem of local taxation and sources | of revenve never of ‘more yital con- cern to municipal; county’'and state governments of Minnesota,,.as of all gtates; » delegates assembled here | for the sixth ‘annual ‘nieeting of the Minnesota Tax Conference., Pub-; lie officials and representatives ‘of civic, business and banking organiza-| tions from all sections of Minnesota | are at hand to take part in the con- ference. ' There is a serious problem, —par- administrative processes have ex-! panded at a rapid rate during the last! decade ‘and whose incomes have been encroached upon ‘by increasing. de- mands for state expenditures and by tapping of sources of local revenue, by the federal government, according to; Prof. R. G. Blakey, University of| Minnesota, president of the Minnesota Tax Conference. | “The task of adjustment is so -Seri- | een al | | ‘of revenue for the federal, Doctor at 82 Finds Mothers Prefer His Formula to New-Fangled Salts ._ - ~’ And Coal Tar Remedies for Babies Judgment of 1892 vindicated by world’s approval of Dr, Caldwell’s Syrup Pepsin, a simple végetable compound for constipation—So safe thousands give . it to babes in arme—Now has largest sale in the world. / HEN.a man is in the 83rd year of his‘ age, as I am, there are certain things he has. learned that only time can teach him. The basis of treat- ing sickness has ‘not changed since I left Medical College in 1875, nor_since I placed on the market the laxative prescrip- tion I had used in my practice, known to druggists and the public since, 1892,’ as Dr,- Caldwell’s Syrup Pepsin. stipation, biliousness, laxatives, which is a com pee Then the treatment of \con- head- aches, mental depression, indigestion;’sour-stomach and other indispositions that result from constipation was entirely by means of siniple vegetable herbs and roots. These are still the basis\of my Dr.. Calderellis) Strap Pepsin, ich | ination of Egyptian Senna and other mild laxative herbs with pepsin. Recently new medicines have been’ brought: out for constipatidn that: contain cal- omel, which is mercury, salts of various kinds, minerals, and coal tar. ete are ul cast urges, many of them danger- Ea and the medical profession $10,000 Worth of I remembrance of thy 85rd birthday I have Dollars to be given away in half-ounce bottles of my Syrup Pepsin. Only one 3 Se wwe, Free: Trial bese toa Sony All are conto fou sea shen, a here san . 7 opportunity for you and others to try Dr. lwell’s Syrup Pepsin y Syrup Pp epsin F ree CHARGE, Ask for your res ote today, simply sing name and addves to W. B. Caldwell, 514 Washington St., Monticello, From a recent portrait of DR. W. B. CALDWELL Founder of Dr. Caldwell's Syrap Pepsin Born Shelbyville, Mo,, 1639 is warning the public against them. Certain coal tar products will depress the heart; certain salts give rise to intestinal poisoning, impaction and rupture ofthe intestines. If grown peo- . ple want to use them no one can deny them the privilege, but they should never be given to children, " The simpler the remedy: for constipation, the safer for the child and for you,and.the bet- - ter for the general health of all. And as you'can get results: in a mild’ and safe way .by” using Dr, Caldwell’s. Syru Pepsin, why take chances with pills aud powders: and: strong drugs, even if disguised: in candy? My remedy, too, costs less than most. others, only about a cent @ dose. A bottle such as you can, find in sny drug store,...will Jast-a family sevéral'monthis, and all can’ use it. It is good for the babe in 4 arms because pleasant to the taste, gentle in'action, and free from narcotics. In the proper dose, given’ in the directions, EA it is e aly effective at all ages. Elderly people will find It especially ideal. Theformula of Dr. Caldwell’s Syrup Pepsin is on the cover of every bottle, and the ingredients have the endorse- ment of the.U. S. Pharma- copoeia. set aside the sum of Ten Thousand here is an Ul. Do not postpone this. ous, that President Harding in his re- cént message to congress last Decem- ber, suggested the advisability of a constitutional. améndment to devise megns for reserving definite sources state. county and_municipal units,” declared Professor Blakey. “The Minnesota Tax Conference,” he said, “therefore, meets at an op- portune time.’ The problems of read- justment are foremost. Its delibera- tions will be watched with interest b other tax organizations and goverrt- ment officials throughout the country, not only because of the need for read- justments in sources of revenue but also because of the multitude of prob- lems involved in .an increase in ‘the average city tax of 87 per cent during the last.ten years.” Of ‘prime importance at the confer- ence will'be the subject of bank taxa- tion, in view of a) recent decision of the United States supreme court af- fecting the state tax on national banks —a_ decision which may take from the state a revenue of*approxi- ‘mately $1,200,000. McFadden Bill Explained Samuel Lord, president of. the. Na- tional Tax association and a member of the Minnesota tax commission,’ ex- plained the McFadden bill, which he wag instrumental in drafting recent- ly in Washington, which, if passed, will remove the doubt as to the right of the state to tax the real property of any national bank in the same man- ner and at the same rate as other real property. It also provides for the tax- ation of the shares of national banks. The recent supreme court: decision held that bank shaves must be as- sessed at the'same rate as notes and money or credits in the hands of in-|* dividuals. Inasmuch as the three mill tax on money or credits applies in this state, the decision places the limita-| tion of: three mills likewise upon the tax on national banking associations, officials: pointed out. As a result the state may be deprived of an income of approximately $1,200,000, with a loss to the city of Minneapolis of $400,000. alone. Under terms of the McFadden bill, the federal statute is amended and fur- ther provides that any tax upon shares on national banks paid within pro- visions of the act are legalized and confirmed as of the date when paid. If you value your dollars. Put your money in good coal. _We have the better grade. Wash- ern Lignite Coal Co. Phone 53. MOTHER! CLEAN CHILD" BOWELS WITH “CALIFORNIA FIG SYRUP” Even a sic! ild loves the. “fruity” taste of “California Fig Syrup.” If the little tongue is coated, of if your child is listless, cross, feverish, full of cold, or has coli¢, a teaspoonful will never fail to open the bowels. In a few hours you can see for your- self how thoroughly it works*all-the constipation poison, sour bile and waste from the’ tender little bowels | and, gives you a well, playful child againg / Millions of mothers., keep “Cali- fornia Fig Syrup” handy. They know a teaspoonful today saves a sick child tomorrow. ‘Ask your druggist for genuine “California Fig Syrup” which | has’ directions tor babies and children | bottle, Mother! of all ages printed on yalifornia®or you may You must say “Gi get’ an ‘Imitation a Certain foods, those ®. rich in vitamins, are more useful i than others.” | Scott's Emulsion is replete with those elements that determine ‘growth and strength. " Scott & Bowne, Bloosifield.N. J. ' ——AL80 MAKERS OF ——— | | g “All 85ct Ten-Inch Double Disc olumbia - ecords _ uced in Pric A Good Selection of the Most Popular Records... Now on Sale at These Reduced Prices Re byi Columbia Dealers. COLUMBIA GRAPHAPHONE COMPANY, NEW YORK 4