The Bismarck Tribune Newspaper, October 13, 1924, Page 1

| ’ hom WEATHER FORECASTS Fair tonight and Tuesday, cold- er tonight, probably with frost. ESTABLISHED 1873 R-3 10 PER CENT T0 BE PAID SOME _ OF DEPOSITORS Dividend Goes First to Depos- itors in Banks Closing Before July 1, 1923 PRO-RATA PLAN GIV Heavier Payments to Further Classes of Banks Will Equalize Payments The state Guaranty Fund Commis- sion, in charge of the administration of the fund derived from assessments on state banks to reimburse deposi- tors in closed banks, today announc- ed its intention to make the depositors of banks closing before July 1, 1923. A 10 percent dividend will be paid depositors of this class of banks, with this exception: All deposits of $10 or less will be paid in full. commission will not issue a Guaranty Fund Certificate for less than which would result in a deposit of $12 or less being paid in full. The plan is to make a flat payment of $10 on all deposits of $100 or less, and a dividend of 10 percent on all deposits of more than $100. The Commission will expend about $600,000 of its fund of about $1,000,000 in making this first divi- dend payment to depositors. It i contemplated under the plan that de- positors of banks closing after July 1, 1923, will in the subsequent pay- ments receive sufficient amounts from the guaranty fund so that, as far as practicable, all depositors of closed banks will be paid pro-rata. The announced method of making the first distribution of the fund was \orked out by the Guaranty Fund Commission, composed of Governor Nestos, ex-officio chairman; C. R. Green, manager of the Bank of North Dakota, ex-officio member; S. G. Severtson of Bismarck, appointive member; C. B. McMillan of Hannah, appointive member, and Gilbert Sem- ington, state examiner, ex-officio se- cretary. Much of the detailed work has been done by Mr. Severtson and Mr, McMillan, as appointive mem- bers. 21,000 Depositors There are about 21,000 depositors of banks closing prior to July 1, 1923 who will share in the dividend, of which about 8,000 had deposits of $12 or less, according to statistics com- piled by the commission. By paying off the small depositors in full, many thousands of dollars in administra- tive expense will be saved the com- mission, it is said. The total amount of deposits in these banks guaranteed is estimated to be about $5,000,000. Depositors of 58 closed banks will share. The commission, in deciding to pay a dividend to depositors of banb¢ closing before July 1, 1923, announc- ed that the fund was inadequate to make a substantial pro-rata payment. at this time to depositors of every bank closed up to this time, and that a large proportion of the banks closing after that time had not been audited or claims made so that pay- ment could be made promptly. There also is the likelihood that a number of the banks closing since July 1, 1923, will be reopened, and the divi- { dend could not well go back of the point where a closed bank may re- open. It also is declared that to audit all banks, classify all deposits, hold hearings on disputed claims, and to, do other things necessary before de- posits can be paid, would require so great a clerical force as to be a bur- den on the fund and an injury to depositors, and would delay the divi- dend payment, if made pro-rata ut this time, As a step toward paying the divi- dend announced, the , Depositors Guaranty Fund has issued an order to banks to mobilize guaranty funds in the Bank of North Dakota. Some hearings on disputed claims also must be had, before the dividend checks can go out. What Depositors Must Do Rules governing depositors who will be entitled to the dividend in- clude: Claims’ must be presented to and allowed by the receiver of the clos- ed batik before being allowed by the Depositors Guaranty Fund Commis- sion. An affidavit must be made by the depositor to the effect that there was no agreement, promised or implied, where the depositor was to receive interest in excess of 6 percent. The affidavit must say the deposi tor at no time had security, indorse- ment or bond for the deposit. That no part of the claim was in- curred by a closed bank in exchange for a promissory note or property of any kind except money or other com- mon medium of exchange. It is provided, however, that no de- posit of less than $10 need be veri d, the rule being adopted because commission’s experience is that most invariably a deposit of (Continued on page 8) first | payment under the guarantee law to! Also the! absolutely , S BY CHARLES P. STEWART NEA Service Writer Washington, Oct. 13.—Up to 14 per cent was what the American farmer used to pay on his mortgage—if he had one, as about 400,000 do. The farmer did well if he kept his interest paid up. It was seldom he made any impression on the debt itself. Once mortgaged, generally he stayed mortgaged fowthe rest of his life. Today 6 per cent is the maximum interest rate. By adding another 1 per cent, in 33 years the farmer | clears off his mortgage. In well-developed regions, like Iowa, the old interest rate was about 7 per cent, In newer territory, like Montana, Texas and the Pacific states, it ran as high as 12 per cent. Besides, the farmer usually had to pay a bonus or commission to get a loan. This was 1, 2, sometimes 5 and even 10 per cent. Every time the farmer renewed, which ordinarily was every 5 years, {he had to pay a fresh bonus. It |was adding the interest and bonus together that brought the total rate up, in some places, to 14 per cent— occasionally higher. Naturally the difference between | the old and new rates is’not as in the older regions—where it a ways was relatively low—as in the newer ones. Nevertheless the aver- age difference for the whole country is at least 1 per cent. One per cent on 8 billions of dol- s, which is the census bureau’ estimate of America’s’ farm mort- gage total, is 80 millions. The bonus is abolished, too. That means about 20 millions more. Who Gets Credit? One hundred millions annually is a snug sum. The authors of the federal farm loan act claim credit for this saving to the American farmer. Before the act was passed the farmer borrowed wherever he could —generally either from some indi- vidual money lender or from his local bank, which, in turn, obtained |. the bulk of such funds from one of the big insurance companies or some other institution with lots of cash to invest. The act gave the farmer two new kinds of banks to borrow .from—fed- eral land banks and joint stock land banks. Federal land banks are co-opera- tive. Joint stock land banks make loans direct, How It’s Done Say a farmer wants to borrow $1,000. He wants to wipe out the debt in 38 years. He applies to a federal or joint stock land bank. The bank rate may be under 6 per cent if money is low. It cannot be above 6 per cent anyway, under the law. The actual average is 5 1-2 per cent. But call it 6 per cent—$60 yearly for the farmer to pay. To this add 1 per cent—$10—to cancel the debt gradually. The $70 total is divided into semi-annual sums of $35. With each such pay- ment the debt is reduced $5. The bank pays the farmer interest on each $5—applies the interest, to- gether with the $5, on the debt, that is to say. Between the piling up of this in- terest and the gradual reduction of the debt, with the sixty-sixth pay- ment the obligation is canceled—the farmer, is debt free. Who Holds Loans To be sure, the federal and joint stock land banks have no monopoly on the business of financing the American farmer. Loans to Ameri- ca’s farm borrowers are held, in round figures, as follows: Insurance companies, 000. Savings, state. and commercial banks ¥nd trust companies, $1,500,- 000,000. Federal and joint stock land banks, $1,500,000,000, Charitable institutions, j 000, Local individuals, $2,500,000.000. | Miscellaneous, $150,000,000. But here is what the federal and joint stock land banks have done— They have forced private concerns and {ndividuals, who formerly de- manded higher ates from the farm- ers, to come to their terms, The joint stock land banks in par- ticular have completed vigorously with those who formerly financed the farmer. In order to place their money at all, these igdividuals and concerns have had to loan on as favorable terms as the federal and joint stock land banks. The federal farm loan system was adopted belatedly in the United $1,600,000,- $750,000,- States. Europe had had it for a century and a half, Chile has had it for years. Even the Philippines have had. it since 1900. Here the law was passed in 1916, but it: is only in the last six years that the banks have been operating effectively. WEARS 58 BADGES New York, Oct. 13.—The world’s champion badge collector was ar- rested by Beach street police. The prisoner, Samuel Levy, 17 wore 58 badges which announced simul- taneously a news reports in Buf- falo, a fireman in seven cities in three states, on ocean-going pilot, a musician, and a deputy sheriff for a railroad. : There is a that holds the jocies; THE BISMARCK | BISMARCK, NORTH DAKOTA, MONDAY, OCTOBER 13, 1924 New York’s C rn’s Neble Oxf . Y., has been ¢ state ROBERT A. COOPER E TIVE OFFICER OF THE FEDE FARM LOAN BUREAU, CITY JUVENILE RAL FINE PROGRESS Already Many Musicians De- veloped for Benefit of Civic Life of the Community GIVE ANNUAL CONCERT The Bismarck Juvenile Band, which will give its annual fall benefit con- cert at the city Auditorium on the night of October 16, has made re- markable progress since the band first appeared. Under the direction of L. C. Sorlien more than three score musicians have alreddy* been trained, and others are being added. Not only docs the plan provide the city with a good Juvenile band, but it also assures thecity of band musi- cians for many years to come, The far-reaching effect of the plan, as well as the easy plan of financing adopted, has won united support~of business men. In giving the annual concert on October 16, the band will not only present a program of merit, but also by this means is asking indorsement of its work for the benefit of the civie life of the city. In the past its efforts have been well supported, and (Continued on page 3) NOTED FRENCH AUTHOR DIES Anatole France Is Victim After Hard Struggle Paris, Oct. 13, (By the A. P.)— The death at Tours of Anatole France created a profound impres- sion throughout the country and the newspapers this morning print columns about his life and works. The aged writer’s long struggle against death has been watched with intense interest and admir- ation. His vitality amazed doctors. A week ago they announced his death was but a question of hours, but he held his own and made sur- prising rallies. Almost to the last he maintain- ed consciousness and _ lucidity. Only yesterday he lapsed . into semi-conscicusness, speaking in a faint voice from time to time, “I am dying.” The end came peace- fully shortly before midnight. GRANTS REQUISITION Governor Nestos has granted the requisition of the state of Illinois for the return to Kankakee, Ill. from Minnewaukan of Charles W. Ross, to answer a charge of burglary. Roi ERS $100,000,000 A YEAR 1 Sultan of the Rockclyffe Farm, Golden Bridge, sen state grand champion Jersey bull at the 1929 BAND HAS MADE: GUARANTY BODY VOTES DIVID [LOAN ACT SAVES FARM hampion Bull fair. W. P. TUTTLE, WIDELY KNOWN! Was Figure in Finance and Politics in North Dakota For Long Period A NG TIME ILL |Succumbs in Sanitarium in Chicago, According to | Word in Fargo t Fargo, Oct. 13.—Col. W. P. Tuts, tie of Chicago, former member of | the North Dakota legislature, for; al years a prominent known | resident of Kidder county, died at! P. M. Sunday at‘ the Insdale | sanitarium at Insdale, Mlinois. | | Col. Tuttle’s death, followed an | | illness of about a year's duration, | that had been acute during the past three months. One of tht principals in the famous Tuttle- Storey contest for a seat in th state legislature that held the a |!BODY FOUND SUNDAY INN D, DIES. | made a perfect conductor for electri- EN MISTAKES BOB HAIR FOR BIRD Attleboro, Mass., Oct. eeing a | bushy object through a tree, James | K, Kennedy, care taker of an estaie here, fired a load of buchshot, ex- pecting to bring down a woodchuck. Instead, he heard a scream, saw a girl rise and fall, and discovered that | the buckshot had lodged in the head (of Miss Lydia White without serious injury. The gunner had mistaken for a woodehuck the young woman's bushy, bobbed hair, EXPERTS SAY WHEAT CROP IS THIRD LARGEST /U. S. Experts in. October 1 Estimate Put N. D. Yield At 114,000,000 Bushels BISMARGK HAN ELECTROCUTED AT HIS WORK August Solberg, Cement Worker, Victim in New Mandan High School Believed to Have Been Fa- tally Shocked About 10 o’clock Saturday Night August Solberg, about 38 years old, cement worker of Bismarck, was electrocuted late Saturday night while working in the new Mandan High School building. The electro- cution came through his grasping an electric wire on which the insulation was worn off. The body of the victim was found shortly before noon Sunday by a vis- itor at the high school building. How long he had been dead is a matter of conjecture. Contractors estimat, ed from the amount of work he had done that the electrocution occurred about 10 to 10:80 o'clock Saturday |2 OTHERS ARE LARGER /1915 and 1922 Crops Greater in North Dakota—Other Crop Estimates Solberg’s funeral will take; TRIBUNE |_ FINAL EDITION PRICE FIVE CENTS IGHTED OVER AZORES ISLANDS GIANT DIRIGIBLE BUILT FOR U.S. NAVY FAR QUT AT SEA, FLYING T0 LAKEHURST, WIRELESS REPORTS Goes Over Switzerland and France on Epoch — Making Flight Toward the United States—Course Plotted South- ward Over Azores and Bermuda, Depending Upon Turn in Weather — German Officer Is in Command of Ship Making 60 Miles an Hour. Horta, Azores Islands, Oct. 13.— (By the A. P.) —The giant dirigible ZR-3 passed Fayal at 2:35 o’clock this after- noon (local time) on her way to Lakehurst, N. J. She was traveling at a good speed. Paris, Oct. 13.—(By the A. P.)—Zeppelin ZR-3 was well out over the Atlantic today, having covered 1,000 miles of her journey from Friederichshafen, Germany, to Lakehurst, New Jersey, according to the latest advices. The first definite word as to her progress is expected to be in the form of wireless communications from some vessel sighting her at sea or from the Azores Islands, over which she is expected to pass in following the southern At- lantic route. This route was chosen because of the adverse conditions reported over the shorter northern route. Leaving Frederichshafen, where she was built on the war reparations account of the United States, the great air- craft yesterday flew over Switzerland; then she swung about and followed the Rhine to opposite Belford, where she turned westward and then gradually to the southwest, following a fairly direct line from Belford to the Bordeau region. Few people caught a glimpse of the giant ship in her swift passage, high in the heavens, over France. The ape eral Mire, Bene |, Grand Forks, N. D., Oct. 13.—An | amateur wireless station operators were all at their receiv- Bath St. at 2 o'clock Tuesday |iMerease in wheat, oats and barley | ing sets but generally speaking the first Zeppelin to fly over Avaya Gai cal have | production, ie change in flax pro- | this céuntry since 1917 passed like a ghost. charge of the services, Burial will/ duction, a slight decrease in corn, 1 inion is) ii 4 ance ade ARMER Irae CarneESTy i sleolatea raul withytnelcenteuber ieee French opinion is interested in the fate of the great Mr. Solberg, who had been employ-|timate are the outstanding features ed by the Bismarck Construction|of the October crop report released Company for 10 years as an expert today by the U, Bureau of Agri- cement worker, was employed at the/ cultural Economi The diabolical time by Redlinger and Hanson, con-, Weather conditions make the final tractors for the new high school‘ out-turn of potatoes most proble- building in Mandan. He was engaged , ™atical. in finishing off cement work. On, Considerable deterioration in such a task, it was explained by N. A. quality of wheat, oats and barley Frecburg, Bismarck contractor, it is'has resulted throughout the entire | that a certain portion of {eastern third of jthe gtate since rk be completed when the ce-/September 1 because of pro-longed ment is at a certain stage of setting,! precipitation. This samp condition regardless of the time. Solberg is{ has also seriously affected and de- believed to have gone to the build-, layed threshing of flax. The result, ing date Saturday to do this work. {has been at least one grade reduc- Used Extension tion in quality over this area. West- In doing the work he used an elec-| Ward over the balance of the state tric light extension. The insulation; there has been sufficient rain to) was worn at places. While working| hamper progress of threshing but it is believed that he grasped the|it has not thus far had much dam- bare wire with either one or both aging effect on the crops. hands. His feet were on wet cement| Throughout the southern and east- and his hands probably were wet,'ern portions of the state most of much water being used in the parti-|the threshing is now completed. cular work he was engaged on. This|Northward and especiallly in the ‘northwest district (Burke, Divide, Mountrail, Renville, Ward and Wil- liams counties) there is more ¢ city. Whether death was instantane- ous or not, it is not known, Where | he had fallen to the floor it was evi- dent that he had struggled some, in an effort to: release himself, The tention of the state for a period | back in 1909; a candidate for Con-/ half the crop still unthreshed an that region is also inadequately sup Zeppelin works at Frederichshafen by which, in conformity with the Treaty of Versaillies, must be demolished, since, ac- cording to the Ambassadors Council note of 1922, Germany is only entitled to build dirigibles under 30,000 cubic inches capacity. The French Press is urging the gavernment to keep strict watch to see that the provision is complied with. ZR-3’S ROUTE The Staré FRILDKILHSHAFEN, German WELL OUT AT SEA Washington Oct. 13.—The Zep- pelin ZR-3 was floating today over the broad expanse of the Atlantic and the Navy, on the alert, was standing by to render any help that might be needed by the great airship in its epoch-making flight, Germany from Frederichshafen to Lakehurst, N. J. No direct word from the ZR-S had come to the Navy Bureau of Aeronautics because her radio ap- paratus had not reached a point where navy apparatus could make contact, but through ships at sea and other sources of information efforts were made to keep in touch, S Capt. George Steele, American LAK EMURST plied with laborers. Cavalier, Bot- Lines on map show path of giant naval officer abroad the ship, who gress in the second district; principal in the fame di case that held the boar Dakota at one time as its biggest piece of news, and later as a prin-| cipal in the Tuttle-Pettibone law suit, he became widely known in North Dakota. Owned Much Land At the time of his death, Col. Tuttle owned about 11,000 acres of | land in Billings county, this state,, and he also owned a large farm near Ellendale, North Dakota. Col. Tuttle, born in Watertown, N. Y., on November 4, 1847, lived | on a farm until he was 21. Com- ing westward he resided in Chi- cago for many years and there he s a member of the Chicago Board of Trade and accumulated considerable property. In 1905 Col. Tuttle came to Nerth Da- kota, establishing his residence here and it was shortly thereafter that his famous divorce action that was so bitterly contested and which | was tried in the Burleigh county district took place. Resided at Dawson Residing at Dawson, Kidder county, Mr. Tuttle began taking a local interest in politics and in 1909} he was certified as the regularly elected member of the house from that district. A contest, however, was instituted against him by John Story, and the political complex- ion of the legislature that year was such that Tuttle was ousted and Story seated. Two years later Tuttle was elected and served one term in the house. Subsequent thereto he became a candidate for Congress in the Second district and shortly after his defeat for that position he returned to Chicago to make his home. After his return to Chicago he became involved in a lawsuit with Lee Pettibone and the late Alex- ander McKenzie, an action involv- ing a considerable amount of meney in connection with real es- tate transactions. Mrs. Tuttle died about two years after the trial of the divorce course and there is only one surviving son, William J.,| of Chicago. No information as to the time of the funeral has been received. : Col. Tuttle visited Dr. M. W. Roan in Bismarck last summer, and met many old friends here again, He was reported to be a millionaire, and had property in many parts of the ¢j, country. He was a member of the Chicago Board of Trade and active in several corporations. The losses caused by forest fires ff esd that the world is not round. is in jail in the North Dakota city. in North America are incalculable. !to Bismarck soon. hand also was badly burned. \eral cousins live in Burleigh county. During the World War, he served in the Army. was a good, faithful worker and an expert at his trade. tineau, Rolette and Towner counties, in the northern portion of the state, still have very much crop acreage unthreshed. Wheat Yield Raised On a very diminished acreage as compared with other recent years, North Dakota has this season pro- duced 114,158,000 bushels of Spring Wheat according to the preliminary estimate. This production is eight million bushels improvement from the forecast of one month ago. The preliminary yield estimate is about 15.5 bushels per acre compared with an estimated yield of 14.25 bushels per acre September 1. The total production of 1922 which was 126,- 618,000 bushels, and that of 1915, which was 151,970,000 bushels are the only crops within the past ten years which excelled the wheat crop this year. In 1918, 105,672,000 bushels were produced. That year there were some outstanding yields in rather restricted areas of the eastern part of the state but the production was not so uniform good the state over as this sea The previous ten year average pro- duction was 84,351,000 bushels. Actual yield reports revea: the fact that returns of Oats are about (Continued on page 3) GARNETT IS OPTIMISTIC Republican National Commit- teeman Says Things Coming Fine right hand was black and the left Mr. Solberg lived with his sister, Mrs. Ole Benson, 2 Eighth street, Bismarck. He was not married. Sev- Mr. Freeburg, who employed by Mr. Benson for many years, said he DAWES PLAN ORGANIZATION IS COMPLETE Reparations Body Announce Germans Meet All Re- quirements Laid Down (By the A. P.)— The reparation commission formally announced today that the Dawes plan organization had been fully es- tablished and that the German gov- ernmént had fully complied with ail requirements made at the recent in- ternational conference in London. The commission approved the plan for American, Great Britain and German participation in the $200,000,- 000 loan to Germany und suggested { that the agent-general for repara- tions payment ought to be ex-officio one of the trustees representing the bond holders. Paris, Oct. 13. SENATOR LADD IN BISMARCK’ Will Participate in Campaign in the State This was the word of Harrison Garnett, Republican national com- mitteeman here today on a trip around the state. He came here from Minot, and declared, that the Coolidge sentiment was stronger than he expected in that region. He is accompanied by Hainer Hen- shaw, assistant to the treasurer of j the Republican national committee. if | 0. H. Boesser of Chicago, work- United States Senator E. F.|ing out of the Republican national Ladd arrived in Bismarck Sunday, committee headquarters, also was and will be in the state for sever-|here. today in the interest of the al days, in the interest of the La-| Coolidge-Dawes campaign. Follette-Wheeler presidential cam- -—— — AUTOMOBILES FIRST paign, and the Nonpartisan League Automobile products ranked first among the American commodities pushed into foreign markets by representatives of the United States. One out of every eleven inquiries handled for this purpose related to automobiles, ticket. Senator Ladd discussed politics with the LaFollette leaders here. U. S. Senator Lynn J. Frazier, wha has ‘been campaigning in the east for LaFollette, also will come airship to U. S. will take command of her on her arrival at Lakehurst, told the Navy department in a delayed radiogram today of her departure from, Germany where she was built, for the American government in conformity with the terms of the armistice, adding that she sailed smoothly from the start and pass- ed over the Bay of Biscay. Use Long Route The southern route is being fol- lowed, putting the big craft in the steamship route .across the At- lantic which goes by way of the Azores to Bermuda. Weather con- ditions when the Zeppelin reaches Bermuda will doubtless influence the German officer in the route pees |she will take northward. If the Mandan, N, D., Oct. 13-—Victor| Ship is headed on the regular aged about 20, youn ‘steamship course she would reach youn8 the Atlantic shore of the United ng south of Mandan, is in| States either at Charlestown, 8. C. Mandan Deaconess Hospital| or at the mouth of the Chespeake As the southern route is the long way round from Germany, however, it was assumed at the Navy Department that the Zepp- elin commander would follow the shortest course he could lay from Bermuda to Lakehurst in order to save fuel. Makes Good Speed The first stage of the journey was across land, and Capt. Steele reported an average speed of more than 60 miles an hour with all engines running. Only four engines were in operation when the ship pushed off for the Azores, however, as it was desired to con- serve the fuel supply. The ZR-3 was but the United States under an agreement YOUTH TEASES ANOTHER, NOW IN HOSPITAL Victor Huncovsky, in Mandan Hospital, May Have Fractured Skull the with a fractured skull and in a eriti- | Bay. cal condition as a result of teasing a neighbor boy, police say. According to the story told by a/ brother of the injured man, two Huncovsky boys were chasing Stack with an automobile, teasing him. Stack is declared to have stopped his car and used his automobile pump in attacking the two Huncovsky boys: He struck Victor on the head, frac- turing his skull. Pending result of the injury no charge has been made. ——— —________—_——_o Weather Report | ry for For 24 hours ending at noon which makes her available for Temperature at 7 a, m. é 46 military purposes. She is equip- Highest yesterday - 58) ped for commercial use and will Lowest yesterday . - 44) be employed on pioneer work for Lowest last night .... - 46] commercial air routes, being - Highest wind velocity 42} led by Army and Navy air person- nel in order to train men of the two services in handling airships of this type. WEATHER FORECASTS For Bismarck and Vicinity: Fair tonight and Tuesday, colder to- night, probably with frost; rising sng eCenes Ts temperature Tuesday. For North Dakota: Generally fair tonight and Tuesday, colder to- night east and south central por- tions, probably with frost, rising D temperature Tuesday in west portion. GENERAL WEATHER CONDITIONS The disturbance which has caused such unsettled weather during the past few days over this vicinity has moved eastward and is new central over Manitoba, Higher pressure cov- ers the Northwest and clear weather generally prevails over that section. ORRIS W. ROBERTS, Meteorologist. Bowman, Oct. 13.—Two children of Dr. and Mrs. E. Shirley of Huron, S. D. were killeq when the automobile driven by Shirley overturned on @ road 28 miles south of here Saturday, it became known here yesterday. Dr. and, Mrs. Shirley were not injured. The driver lost, control of his car on a steep,-muddy hill.