The Bismarck Tribune Newspaper, January 22, 1929, Page 2

4Audit Shows Bank of North Dakota Earned $3 atevcren ‘oo oe AFOnO Aenotet SARUOTRARSSSVE SRELRAT. VESSSE_ = i STATE FINANCIAL ~ INSTITUTION SAD 70 2 HAVE MADE 12°. ¢ Farm Loan Department Returns Its First Profit, Which is Buried in Previous Deficit BOND PAY FUND SHRINKS Decline in Ratds of Interest and None on Foreclosed Tracts Is Blamed Profits of $340,476.01 were rea- lized by the Bank of North Dakota during the year ending last Septem- ber 20, according to the audit report of O. B. Lund, reeently completed. This, Land says, represents earnings of 17 per cent on the bank's capital of $2,000,000. After deducting 5 per cent interest paid on the bonds! floated to provide capital for the bank there is a net profit of 12 per cent. the same as the showing made by the bank last year. In addition, Lund states, the farm loan department of the bank showed a profit for the first time in its his- tory. From the opening of the bank until the present, this department showed a deficit because of the fact that insufficient funds were able to meet the cost of admini: tion. During the last audit year, however, the department rolled up a profit of $41,408.09. This will be a plied on the deficit of former y reducing it to $195,029.03. The d ficit reached a peak of $236,437.12 last year. Lund comments that “the farm Joan section now seems to have reached the point where the earnings will meet the operating expenses and leave a balance that eventually will take up the previous losses of the irtment.” is year's profit of the farm loan department is not included in the profit statement of the bank’s earn- ings since it was applied on the farm loan department deficit. _ In ition to the showing of the bank as reflected by its 5 points out thag nothing is allowed for the incraaieg, value of govern- carried the ee hase which ‘are at the purcl price, although: they could be sold at a profit. The bond market has lropped some during the last year and this profit would not be as large as if they had been sold at the end of the last audit period, he s: He tomments, however, that they are ‘still well above the book value”. Of the 668 tracts of land taken ‘over by the bank on foreclosures of . ~*+ farm loan mortgages, 112 have been sold, the statement shows. Lund es- timates that the bank will take no loss on the tracts sold, if purchasers meet their contracts. A shrinkage of nearly $100,000 begs during the last year is noted in the real estate bond payment fund. Lund explains that “this is due to the large amount of loans that have been foreclosed and are not produc- ing interest income, and to not re- ceiving as high an interest rate on the cash in the real estate bond pay- ment fund ‘as the bonds supplying money draw,” The profit and loss of the bank, as determinéd by Lund, was reached after deducting all estimated losses which the bank will be required to ‘ake from deposits and loans to d banks. Today (By the Associated Press) Congress TUESDAY House has District of Colum- bia appropriations bill before it. Senate takes up amendment to add $25,000,000 for prohibition enforcement in deficiency bill. Interstate Commerce commit- tee of senate in final hearings on bill to regulate soft coal in- duytry...,.. MONDAY Senate srobtbice preee ssres: to ‘bill, This showing, Lund said, is! | wife was out of & job just now.” N.P. AWARDS FOLEYS St. Paul Contractors to Con- tinue Mining Coal From Montana Strippings Forsyth, Mont. Jan. 22—Foley Brothers, Inc., of St. Paul have been awarded a new contract to continue mining operations at Colstrip for the Northwestern Improvement company, & subsidiary of the Northern Pacific Lund |railway, according to word received here. The new contract calls for the proved electrical strip mining machinery is at Colstrip, making it possible to get out a big tonnage with very few m |e eer nt ne | Legislative Calendar | ¢———________—____» BILLS PASSED BY SENATE taxation athletic property owned by state institutions. Vote 37 to 8. 8. B. 17—Murphy—. $35,000 for bridge across Red River east of Grafton. Vote 42 to 3. 8.B. arma ton LObeeaition —Appropriates $2,000 for North Da- eae Firemen’s association. Vote 88 8. B. 15—Appropriations committee —Appropirates $70,000 for national 5. 5. 29—Appropri tiee . B. Appropriations commit —Appropriates $80,000 to reimburse owners of animals destroyed because bes bovine tuberculosis infection. Vote to 3. 5. p, MEW SENATE BILLS rate [ B. of more than 7 per cent usury. “The boss wouldn’t dare talk to me like that if he didn’ know my i COLSTRIP CONTRACT th | deticit in school of forestry at Botti | increase of common school year from from |#nd@ boards of county commissioners 67—Patterson—Makes interest |rived at the New York harbor, is 104 SIDE GLANCES - - - - By George Clark || DORMITORIES PLAN HELD SELF-PAYING BY ONE OF AUTHORS visions Supreme Court Branded Invalid | Dormitories at state educational linstitutions erected and opera inder the provisions of the Hamilton- jlegislature will pay for themselves iwithin 25 years and possibly before, |Senator Fowler, one of the authors jof the measure, said here today. |_ A dormitory built at a cost of ; $165,000 would house 200 students lat a rate of $3 per week for 36 weeks {would contribute a total of $21,600. |One hundred studen‘3 for six weeks of the summer session would add , $1,800, making a gross income’ of {$23,400 per annum. Charges, jn- |¢luding installments c. the princi; \of money borrowed, interest charges |and running expenses would total | $19,600. This leaves an annual re- i tion of non-profit ‘sharing institutional holding associa- tions to erect, operate, equip and maintain dormitories upon or in the ivicinity of the campus of state edu- cational institations.” It incorpor- jates features to meet objections held! by the supreme court in declaring al i act of the last session un-! to be constructed on each campus to one and ctates that each dormitory shall not cost in excess of $200,000. It further states that the payment of loans or debt shall not extend over & period of more than 50 years. The 1927 measure stated that the income of present dormitories on the campus would be pledged to help pay for the new dormitories. This was held unconstitutional by the supreme court and this feature is not in- corporated in the present bill. Upon completion of payment for such a c.rmitory by the holding association, the building becomes the Property of the state, the bill pro- vides. It has already passed the senate judiciary committee. IBANK LEGISLATION | JOB FOR COMMISSION eee Is to Leave Revision to Body to Be Appointed by Governor Under Bill 8S. B. 66—Patterson — Prohibits mortgaging of grain or other crop Prior to harvest. S. B. 68—Tofsrud—Pixes interest rate on delinquent personal property taxes at three-fourths of one per cent ® month and revises law providing for forced collection of such taxes. 8. B. 6—Ettestad—Clarifies and makes minor revisions in law pertain- ing to selection and actions of county Political committees. 8. B. 70—Murphy—Provides sliding scale for tax levies made by munici- palities for band purposes. Limits total for this purpose to $4,000 a year. 8S. B. 7i—Murphy—Makes minor pharmacists. |" 8. B. 72—Whitman—Appropriates $161,000 to complete liberal arts build- jing at state university. PILLS PASSED BY HOUSE H. B. 9—$6500 for payment of neau. NEW HOUSE BILLS H. B. 45—Thatcher, Bottineau; amends law and provides for charge for trees not to exceed one cent each at school of forestry at Bottineau. H. B. 46—Wilson, Slope; provides With the exception of the bill to appoint a stay seme revise the state banking laws, it looks as thoug! banking legislation will be scarce a) this session of the legislature. Among many legislative leaders the tendency has been to discourage any further tampering with the banking laws and to await the recommenda- tions of the commission to be appoint- ed by the governor to work during the interim between the 1929 session and the session of 1931. The thought is based on the belief that the present banking laws will serve well enough for another two years and that it would be useless to attempt any further patching until the whole situation is revived by the Proposed commission and recommend- ations presented to the legislature for & complete revision of the banking Passage of the bill to create the commission regarded as a surety. Goverhor seven to eight months minimum. ond grade elementary certificates. H. B. 48—Johnson, Ward, and Ow- roe would appropriate $20,000 to in completing bridge across Des Lacs lake. H. B. 49—Lynch, Richland; would validate proceedings in purchase or condemnation of land for state high- way purposes. H. B. 50—Lynch, Richland; would legalize acts of highway commission in highway matters. H. B. 51—Lynch, Richland; would validate proceedings of state high- way commission and chief engineer in bridge construction. DAD OUGHTA LIKE THIS Brussels—The University Utrecht has constructed what claimed to be the world’s most soun: proof room. The silence in the room is supposed to be nearly absolute. It is used for experiments on human ears, of RADIO HELPS WEDDING Manchester, Mass.— What next will radio do? When W. C. Paulton and Annie Dennett were married here recently, the wedding music was played by Mr. E. Schelling in Switz- erland and relayed by. wireless from London. STARTED OUT YOUNG New York—Jurgis Skinderis, a Lithuanian emigrant, recently ar- years old. \ (wou. \F Sou | \ JOKE AGOLT “TH GUY -V WEAR DANCIN | WHOSE SOLES WAS 5 1p NEE Seam we SLIPPERS AROUNI You'Re SIANO ON A DIME ANO eat ap DANCE “TELL IF IT WAS HEADS THATS ALL. OR “TAILS — WELL THAT MUST BE HIM AN HE AINT DONE 1 ANY THiNicGr ABOUT IT YET, EMS CORI QuEeVEs| THEY GIVE YOU “TH! QvuEVE WHEN_Yiou Gerald j vations they plan to attend New Bill Does Not Contain Pro. | "ations carly if Senator Nye has announced that he will arrange for all North Dakotans who inform him gested that they indicate whether they wish accommodations in hotels, aie and |Fowler bill now before the state| Red Pontoon bridges usually are consid-| ered maneuvers, but this one has a long and honorable history as a peace-time $700 keep Pump them out occasionally. Parents Happy When Baby Sleeps Soundly Here's a way to soothe crying, wakeful babies to sleep quickly and easily. It’s the way doctors endorse, pation, colds and upset spells, there's nothing like Castoria. The Chas. H. Pletcher signature is the mark of gen- uine Castoria. Avoid be safe.—Adv. Nye Warns Friends Washington Rooms the maximum amount which they would desire to pay. BRIDGE OF PONTOONS Grafton, N. D., Jan. 22—(}—Con- (SHELTERBELT TREE P. Nye is advising friends to make their reser- try to accommodations of their desires. He has sug- ment house or private homes Dakota, are planting trees, accerding to officials of the state school ef for- WILL LOSE PTS JOB rfl : f i li i i i & to Be Replaced by Mod- ern Substitute g E | i i ut g F i i i j g ; é | struction of @ new bridge across the the com-| patrician river east of economy of res-| of his secret . lace,” mysterious upon the Prince Bottineau for | to lead only in connection with army: etiae] @ ea i gp EE @ year, since it is necessary the pontoons. in repair and fe i ADVERTISEMENT aa And for colic, consti- imitations and | | | Ci i TUESDAY, JANUARY 22, $340,476 Last Year™ ie E i Bee oe i ze | 3 E & 4 g i J : : a E BiG SHEEP COUNTY OFFERS PRIZES (8 WOLVES, COYOTES In Addition to Bounties on Ani« mals, Awards Will be Made on Greatest Killings ute aE a BF eg iy 5 i 3 E g iB i A RARE SIGHT Plymouth, England—Mrs. Elsie Fleming, with hair 5 feet 6 inches long, claims to have the longest tresses in England. ADVERTISEMENT. ;| Sure Way to syrups do not reach. However, Thox ine, a famous doctor's prescription re- lieves coughing with the very swallow. It works on an entirely ferent theory, has a double action, re- lieves the irritation and goes direct to the internal cause. Unlike most cough medicines, Thox- ine contains no chloroform, dope, or .| other harmful drugs. Safe for the Shy ee scone excellent for sore ‘oat. Quick relief guaranteed or your money back. 35c, 60c, and $1.00, All druggists —Adv. « le know our Luckies Thats how we stay slender” | tape pee who fears overweight finds keen interest in new day and common-eense ways to keep a slender, fashionable. figure. Overweight must be avoided. “Better to light a Lucky whenever you crave fattening sweets.” + Toasting does it. Toasting develops and improves the flavor of the world’s finest tobaccos. Strike satisiies the longing for things that make you fat, without with a normal appetite for healthful foods. That's why are good to smoke. Toasting makes Lucky Strike the healthy for you to smoke. Many men who carefully watch their health discovered this years ago. They know that Luckies steady their nerves and do not slow up Luckies are less irritating to the throat than other cigatettes. é authorities pe p taper Pe ogo too pn oars peg repre ne ngpenaeyf ep mgr hore people. So, for moderation’s sake we say:— ““REACH FOR A LUCKY INSTEAD OF A SWEET.” Misses rin. ii <>