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The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, January 31, 1925, Image 1

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J .* ~~~ I THE BISMARCK' TRIBUNE I ■»—
ESTABLISHED 1873 BISMARCK, NORTH DAKOTA, SATURDAY, JANUARY 31, 1925 * PRICE FIVE CENTS
tenmlLlion bond issue proposed
WOULDCHANGE
, BANKING BILLS
IN COMMITTEE
Senator Ingerson Suggests
Amendments Designed to
Improve Them, He Says
BANKS MAKES TALK
Grand Forks Man Urges Leg
islators to Consider Pro
position Carefully
Changes in two Senate banking
hills by Senator Ralph Ingerson. au
thor, were proposed in a meeting of
the hanks and banking committee of
the Senate this morning. Th« chan
ges applied to two bills which have
become the object of popular inter
est, and on which public attention
was invited by the North Dakota
hankers situation.
Chairman Ingerson offered amend
ments with a view of meeting ob
jections and relieving the bills of
what had been called by some dras
tic features, he explained.
k Changes Proposed
•'Changes proposed included:
Senate hill No. 73, designed to
protect stockholders’ double liabil
ity. Would provide that deposits
might he made at the rate of five
percent a year, until full value of
stack was placed in escrow with
Wat e treasurer in approved securi
ties; would provide S3OO certificates
of deposit in Bank of North Dakota
night be part of approved securi
ties; would provide that would be
come effective when banks renew
charters instead of immediately.
Senate Bill No. 71, designed to
restrict borrowing power of banks to
a safe margin, according to the bill’s
author, would be amended to pro
vide that collateral for loans could
he nut up at the rate of one and a
half to one instead of one and one
<iuarter to one, as provided in the
bill. The borrowing power would be
raised from 30 percent of the capital
stock and surplus to 40 percent, and
this amount could be exceeded in
emergency without first obtaining
consent of the state banking depart:
meat, but must be reported later.
r lhe committee did not act on the
amendments.
Ban?o Appears
George A. Bungs of Grand Forks
addressed the committee at length,
opposing some provisions of the
measures.
Mr. Bangs said that seasonal de
mands on hanks for money, made by
farmers at the time of planting ar.d
harvesting of the crop, are the most
* 'important fluctuation in conditions
in the banking business in North
Dakota. He suggested that care
should be exercised so the banks
would not be restricted in borrowing
money from outside agencies to
«V<jneet these emergencies, otherwise
* the farmers and business generally
would be affected. He suggested
that the committee might better
limit borrowing on the basis of de
posits rather than capital and sur
plus. He said that while two banks
might have the same capital, their
deposits might differ, and it would
be natural that the one with the lar
ger deposits would need a greater
amount of money to meet seasonal
demands.
He aI so cautioned against limita
tion of borrowing power at certain
times. He pointed to dry years of
1910 and 1911 when, he said, it was
necessary for banks to botrow money
to tide the farmers over. If the
banks had not done so, they would
have lost everything, because the
farmers couldn’t pay the loans they
bad made, and the farmers would
have lost. As it was both were car
ried along, he said. He pointed to
this as a matter of business to be
considered in North Dakota.
NEW VETERANS
HOSPITAL GETS
, .COOLIDGE’S 0. v
Will be Constructed in the
Vicinity of Twin Cities or
Rochester, Minnesota
Washington, Jan. 31.—Construction
of a general hospital for war vet
eians in the vicinity of the Twin
Cities or Rochester, Minnesota, has
been approved by President,, Cool
idge. I 1
Plans for the hospital as drawn
up by the federal board of hospitali
zation include provision for an ob
servation ward for tubercular pa
tients. Present hospital facilities at
Hot Springs, S. D. also will be ex-
Jt'hded to accommodate 300 additiori
tubercular patients.
The board recommended inves
tigation with a view to providing
hospital facilities for North Dakota
in their own state.
Expansion of the Hot Springs hos
pital will begin immediately. The
size and detailed character of the
new Minnesota hospitahare yet tr
be determined.
QUEEN OF AK-SAR-BEN
Emma'lToaglani. 4 , 21, of Omaha, lias been chosen as queen of Nebraska’s
Ak-'Sar-Ben. which is conceded to be quite a Social victory. The choice
is made on beauty and personality.
“DAD” DAWSON
VISITS CITY
C. L. “Dad" Dawson, formerly
state commander of the American
Legion and formerly chief clerk of
the House of Representatives, visited
the state capitol Friday. Mr. Daw
son now is in the legal department
ot the Veterans Bureau in Washing
ton, and was enroute from Seattle
where he conducted a case in fed
eral court. Mr. Dawson’s work car
ries him to all parts of the United
States, appearing in federal court in
cases involving war risk insurance
matters. Many of the eases have to
do with the claims of estates of vet
erans.
REPEALING OF
FAIR BILLS IS
ASKED HOUSE
Measure Introduced Would
Repeal the Law Creating
State Fairs
Four separate bills providing
appropriations for fairs in .Minot,
Mandan, Fargo and Grand Forks,
were introduced in the Senate
this afternoon. Regular
appropriation hill for them are
pending in the House Committee.
A bill providing for the repeal of
the law establishing and maintain
ing fairs at Grand Forks, Fargo,
Minot and Mandan today was in
House committee, having been intro
duced by Rep. Oberg of McLean
county. The bill, House Bill No.
122, would repeal the present law,
and is part of a move against mak
ing appropriations for these fairs.
Another recommendation of Gover
nor Sorlie is embraced in a bill placed
before the House. House bill No.
121, by Hoople and Thatcher, pro
vides for apppintinent of an efficien
cy expert by the Governor, to make
a survey of state departments, with
a view of recommending measures
for economy. The expert would be
paid S4OO a month and $25,000 is ap
propriated for his salary and expen
ses, in the measure.
A law formerly much discussed
was brought into play when ltep. O.
C. Martin introduced a measure by
request, which wou\d reduce the law
years’ annual license fee from sls to
$6.
The appropriations committee is
sponsoring a bill making a change
in the method of conducting ( the
Pure Seed Laboratory, at the Agri
cultural College. The bill provides
that any persqn, prepaying transpor
tation, may send sample seed to the
State Seed Commissioner an«k receive
a report en the analysis of it. Any
farmer desiring an examination of
growing crops, with a view to having
the field lifted as “certified seed”
may do so by paying expenses of
the examination.
f Under the present law, this ser
vice is given free to farmers., Chair
man Vogel of the appropriations
committee said the proposal of the
committee was to make the Pure
Seed Laboratory self-sustaining.
While an appropriation is provided,
fcas would be returned to the gen
eral fund.
REFERENDUM
ON WAR FAILS
TO WIN VOTES
North Dakota State Senate
Refuses to Pass Senator
Hjelmsta<Ts Resolution
REGISTRATION BILL
Senate Passes Bond Measure
Designed to Abolish Reg
istration with Assessor
T 4-7
The North Dakota senate late yes
terday refused to pass Senator
Hjelmstad’s resolution addressed to
President Coolidge demanding that
future declaration of war except in
case of invasion should be preceded
by a popular referendum, and also
that fortunes in excess of $500,000
should be conscripted to pay war ex
penses before any bonds are sold for
that purpose.
The vote followed party lines, all
of the Nonpartisan senators voting
against the resolution which came
before the senate on a divided re
port of the committee-on federal re
lations.
Senator D. H. Hamilton, si veteran
of the Spanish-American war de
fended the resolution, and urged
that mothers should be given a
chance to vote before their sons are
sent to war, except in cases of act
ual invasion.
'‘lf we had waited for actual in
vasion we would have had to fight
the Inst war without allies,” replied
Senator Pathman, Independent of
Sioux county. Furthermore when it
comes to a question of national hon
or 1 am opposed to arbitration or
anything of that sort.
On a roll call vote the resolution
was indefinitely postponed.
Banking Bill
Senator Ralph Ingerson of Burke
county made a strong fight on the
floor of the* senate today to get
eight percent reinstated as the max
imum interest rate on loans in Sen
ate (Bill No. 2. Nine percent was
set as the maximum by the Independ
ent majority assisted by several Non
partisans when the bill was report
ed in from committee Wednesday.
The Burke county senator offered
two amendments: Under one 9 per
cent would have been the maximum
until July 1, 1926 when the max
imum would be dropped to eight per
cent. This would give time for the
change to be made without hardship
Senator Ingerson urged. When this
was voted down he offered a second
amendment making Jan. 1, 1927 the
date for the change to eight percent.
This also was defeated, and the bill
finally passed 47 to 2. The clincher
motion was applied by Senator Pat
terson.
In debating the proposed amend
ments, both Senator Ingerson, and
Senator Patterson declared that if
the legislature did not take the ac
tion they demanded, it would be
brought to a direct vote of the peo
ple by the initiative route. •
Yarty Registration
Nonpartisan senators made a stren
uous effort to defeat Senator Bond’s
bill which abolishes the requirement
that the party registration of voters
bp taken by tax assessors. Mr. Bond
pointed out that since voters have
the privilege of changing this reg
istration up to thtf time of the prim-
IContinued on page three)
POSTAL RATE
BILL FACING
IRATE HOUSE
House Leaders Claim That
Senate Leaders Usurped N
House Authority
BILL IS PASSED
Approves Increase in Mail
Rates to Meet Cost of
Postal Salary Rill
Washington, Jan. 31. —(By the A.
r.) —The postal pay and rate in
crease hill passed late yesterday by
the Senate today appeared to face the
closed door in the House.
Views of House leaders on both
sides of the chamber that the Senate
in originating the hill had usurped
the constitutional preogative to the
House to initiate all revenue raising
legislation were supported by the
unanimous opinion of the sub-com
mittee of its ways and means com
mittee.
Despite two decisive votes in
which the Senate took the position
that it was not originating revenue
raising legislation in approving in
creases in mail rates to meet the
cost of postal salary increase, a re
commendation was before the House
to return the measure to the Senate
because of this feature of the bill.
The measure has been considered
by a sub-committee of the House
postoffice committee, but action by
the full committee would be neces
sary before the bill could be brought
before the in case it is re
turned to the Senate and prior action
on the House side thereby made ne
cessary.
As finally approved by the Senate,
70 to 8, the bill carries the same pro
visions for increases in postal salar
ies, effective as of July J, 1924, as the
measure passed last season and've
toed by President Coolidge and a re
vision of mail rates in almost every
class. The increases, however, are
materially less than recommended by
the postoffice department, particular
ly in the second class rates.
Senator Moses, Republican, New
Hampshire in charge of the bill, es
timated that it would require an ex
penditure of about $88,000,000 an
nually in increased salaries and
would bring in about $40,000,000 ad
ditional revenue annually by the in
creased rates.
HOLD INQUEST
OVER BODY
Two Witnesses Are Called in
Goins Case
Wadena,/ Minn., Jan. '3l.—W. W
King, Witdcna county farmer, wli<
found the body of John Goins, and
George Goins, brother of the mur
dered man, will be called to testify
at a coroner’s inquest here at 2 p.
m. today.
Mr. King found the body in a corn
shock near a road which runs
through his field. Goins’ hands were
tied about him, his skull crushed
and a cord knotted about his neck.
George Goins will be called to tell
of the start of the trip from Car
rington, N. D., which ended with the
death of his brother, and the finding
of hjs automobile in Minneapolis.
CONFERENCE
TO BE HELD
Effect of Electricity on Farms
To Be Discussed
Washington, Jan. 31. — A confer
ence on the “effects of machinery,
motor and electric power on farm
ers, farming and wage earners” will
convene here February 17, at the
call of the Farmers National Coun
cil -Officials of the Department
of Agriculture and of the American
Federation of Labor were announced
as among the speakers. The Coun
cil indicated the purpose of the con
ference in stating that' “the undi
rected flight of hundreds of thou
sands of farmers a year into indus
try, mining and transportation will
seriously hurt these farmers, and
impair labor’s standards.”
Ends 14th Year
In County Office
Langdon, N. D., Jan. 31*—G. Crim
son of Langdon, has just completed
bis 14th successive year in the ca
pacity of state’s attorney of Cavalier
county. s
Mr. Crimson was elected to the
office on the Republican ticket in
the days when party designation
applied to the offleo and six times
has boon rs-elected. ■>
MILL MANAGER
ABOLITION IS
CARRIED STEP
House of Representatives
, Passes Sorli* Administra-
tion Program Bill
MANY APPLICATIONS
House of Representatives
Votes Almost Million Dol
lars in Afternoon
A step toward abolishing the board
of managers of the state-owned,
state-operated mill and elevator was
taken in the North Dakota legisla
ture when the House voted, almost
on a straight party line-up, to re
peal the law providing, for the board.
The measure now goes to the Senate
for action. The Independents have
a majority of one in the Senate and
are in position to kill the measure if
a straight party vote rules in the
upper house.
.Contrary to expectations there
was no debate on the measure in the
H ouse. Both Independents and Non
partisans knew that the Nonpartisan
majority was ready to vote the mea
sure, House Bill No. 94. The bill
repeals the board of managers law
and provides for reenactment of the
mill and elevator law with amend
ments.
j The vote was 60 to 50, with Rep-
I resentative Johnson of Traill, Rep.
Miller of Mclntosh, who has voted
with Independents on some measures,
voting for the bill. The vote follows:
McDowell. Independent and Quam,
Nonpartisan, absent. For the hill —
Anderson of Divide, Anderson of
Sargent, Arduser, Brant, Buhel.
Burkhart, Butt, Cart, Craig, Doyle,
Kckert, Erickson of Divide, Erickson
of Kidder, Erickson of Steele, Fer
ris, Fine, Hardy of Slope, Hardy of
Mountrail, Hurt!, Helhling. Hempel,
Hildre, Hoople, Iverson, Jacobson,
Jndock, Johnson of Foster, Johnson
of McHenry, Jones, Kainrath, Keier
! leber, Lazier, Leraas, Levin. I.ou
denbeck, McCay, McManus, Martin,
iMiller of Mclntosh, Miller of Willi
;ams, Morton, Oberg, O’Neill. Palms,
Rasmussen, Richardson, Roberts-,
Sanford, Schmidt; Shepard, Shurr,
Skogland, Streich, Svingen. Swett,
Thatcher, Tweten, Vogel, Yeater,
Speaker Larkin.
Against the Bill Anderson of
Stutsman, Borman, Bollinger, Boyd,
Brown, Burns, Carr. Crocker. Currie,
Divet, Dougherty, Elken, Ellingsou
of Ramsey, Ellingson of Traill,
Flom, F'ox, Frank, Freeman, Halcrow,
Hanson, Johnson of Pembina, John
son of Ransom, McGauvren. Mont
gomery, Muifs, Olufson, Peters,
Plath, Polfuss, Quade, Rabe. Rad
cliffe. Root, Rulon, Sagen, Sander
son, Slominski, Sprout, Standley,
Starke, Thompson of Burleigh.
Thompson of Sargent, Tsehida,
Tuneberg, Twicholl, Veitch, Watt,
Worner, Zimmerman.
Appropriate Near Million
The House, during; its session on
final passage of bills, approved Sen*
ate and House appropriation bills to
talling $995,069.00.
Appropriation bills passed were:
Senate bill No. 38, $70,000 to pay
for care of insane whose residence
cannot be determined.
Senate Bill No. 20, appropriating
$1,600 for North Dakota Firemen’s
Association, the measure being cut
from $3,000 as it passed the Senate.
Senate Bill No. 41, appronriating
$126,850 for the Live Stock Sanitary
Board, and for glanders, dourine
and bovine tuberculosis funds.
Senate bill No. 13, appropriating
$34,000 for maintenance of the School
for the Blind at Bathgate for two
years.
House Bill No. 30, appropriating
$309,950.00 for the state normal
school at Valley City, the amount
being cut from $323,250.00 as the
bill was introduced.
House Bill No. 33, appropriating
$265,540 for the state penitentiary
maintenance for two years, the
amount being cut from the Budget
Board figure of $274,040.00.
House Bill No. 34, appropriating
$147,329.00 for the state sthool for
the deaf at Devils Lake.
House Bill No. 90, appropriating
$40,000 for purchase of land and
drilling of wells at the state insane
hospital at Jamestown.
In Severe Mood
The House was in a severe mood j
during the session, and many bills |
were killed on committee report. Rep.]
Hardy spoke for his bill to permit
the use of dogs in (hunting game,
after the Game and Fish committee
had recommended that the bill be
killed, but he did not suceed in win
ning favor for the bill, nor did the !
motion of Rep. Starke of Stark coun
ty to delay action and put the bill
in committee of the whole command
favor. The House, with Reps. Rob
erts, Burkhart, Morton, Standley and
Twichell speaking briefly against al
lowing the use of dogs, indefinitely
postponed the bill, house bill No.
47. The House also killed H. B. 49,
which would forbid the use of auto
matic Shotguns in hunting game.
The House also killed H. B. 75,
which would have repealed the law
of 1913 providing for payment of
wolf bounties by counties, H'ouse
Bill No. 66, introduced by Rep. Carr
of Jamestown to change the traffic
laws and make the state speed limit
(Continued on page throe)
FIVE PERSONS DIE, TWO LOSE
i THEIR UVES, IN CHICAGO FIRE
Three Bodies Are Identified in Morgue, Two Others Seen in
Ruins of Four Story Apartment Building
Chicago, Jan. 31. —Five persons
were dead and one was missing in
a fire early today in a four-story,
18-apartment building in the south
side. Three bodies were identified
in a morgue and two others were
seen in the ruins by firemen who
were hampered in rescue work by
fallen debris and ice.
The identified dead were Oliver
Hardie, 22 and his wife; Loretta
Bryor, 18; Doris Hardie, 19 months
old daughter of Hardies and Miss
Dora Jones. Mrs. Elizabeth Br.vor,
mother of Loretta, still is missing.
Four injured persons were taken
to hospitals and others slightly in
GETS SIX YEARS
IN PRISON
New York, Jan. 31. Stephen G.
Clow, editor of Broadway Brevities,
convicted of using the mails to de
fraud, was sentenced today to serve
six years and one day in the At
lanta penitentiary. He was fined
SB,OOO.
i WHEAT POOL
i YEAR FIXED
Cut-nflf For 1924 Pool to End
on June 1
Grand Forks, N. D., Jan. 31.—The
date of the “cut-off" of the 1924
wheat pool of the North Dakota
Wheat Growers association was fixed
as May 1, by the board of directors
Thursday. The board opened its
session Wednesday.
No pool wheat will be received by
the association in the 1924 pool af
ter the date set, all wheat delivered
after that time to be held over for
the 1925 pool.
This date is six weeks earlier than
the “cut-off" last year and was so
fixed to make summer payment
earlier than formerly.
A. D. Fortney of Minneapolis and
J. N. McKindley of Duluth, sales
managers, and nineteen directors, are
attending the meeting.
AID FOR THREE
MORE BRIDGES
IS PROPOSED
State aid would be provided for
three more bridges in the state, un
der action of the highways commit
tee of the Ho use of Representatives
today.
The committee approved a bridge
bill appropriating $100,060 to aid in
constructing a bridge Banish
across the Missouri river; $75,000 to
aid in building a bridge across the
Retf River at Fargo, instead of SIOO,-
000 as the hill provided, and $25,000
for building a bridge over the Des
Lacs Lake.
The House has passed a hill ap
propriating $200,000 to aid in build
ing a bridge over the Missouri at
Williston. The measure is now in
the Senate.
Cox Resigns From
Tax Commission Job;
Position Is Abolished
Gordon V. Cox, tax attorney for
several years with the state tax com
mission has resigned and entered
the firm of O’Hare & Cox. His
father, Beecher Cox. formerly pri
vate secretary to Governor R. A.
Nestos, is now with the Bank of
North Dakota. These changes be
came effective Jan. 1 of this year.
C. C. Converse, state tax commis
sioner, stated today that this posi
tion has been abolished and duties
assigned would be taken up by other
members of the staff. Fred Hanson,
a former employe has been added to
the Staff of the tax commission.
SOVIET RUSSIA DOESNT GET ANY
COMFORT FROM N. D. LOWER HOUSE
Soviet Russia took up a little
time of the North Dakota House of
Representatives late yesterday.
After brief discussion, the House
adopted the report of the commit
tee on Federal Relations and killed
the resolution offered by Rep. Miller
of Williston, memorializing the
President and Congress to recognize
Soviet Russia. )
Rep. Miller said that Russia offer
ed a trade outlet for the United
States, adding that “we have fac
tories shut down and great bread
lines in this country.’’.
Rep. H. F. Swett of Kidder> county
also supported Miller’s stand.
jured were sheltered by neighbors
in an adjoining hotel.
A few of the hundred occupants of
the burnitig building were rescued
by guests of the hotel, who pushed
boards into opposite windows, and
others jumped into life nets of the
firemen.
The tw’o women were killed in
jumps from the third story windows,
firemen said.
The fire started shortly after 3
o'clock on one of the lower floors of
the building, erected during the
World's Fair. Many of the occu
pants sublet housekeeping rooms,
and the building was filled to ca
pacity, tin* owner said.
AMENDMENTS
TO RISK LAW
ARE PROPOSED
Several Changes Are Pro
posed By Ihe Commis-
sioners
INCLUDE THRESHERS
Proposal Made lo Extend the
Compulsory Features of
Law to Them
Of a total of 26 bills introduced
in the state seriate Friday afternoon
lf» had to do with what members of
the Workmen's Compensation board
declare are imperatively needed to
clarify the operations of that de
partment.
The members are agreed upon all
except one point in the revision they
would have the legislature make.
S. S.- McDonald, recently reuppointed
to the commission by Gov. Sorlie Is
at variance with Commissioners Wen
zel and Livdahl as to what consti
tutes injury.
The present statutes fail to define
injury. In the grist of hills intro
duced today through the insurance
committee of the senate and which
were approved by all members of
the Workmen's Compensation Bu
reau. there is one, S. B. 125, which
sets forth that ‘‘‘lnjury means bod
ily harm." However, in S. B. 1815,
introduced by Senator Fleckten (NL)
Ward, at the request of Commission
er McDonald the definition of in
jury is broadened to* include, “any
disease proximately caused by the
employment."
Another bill, S. B. 119, introduced
by O. H. Olson (XL) Eddy, reenacts
Chapter 12, S. L. 1921, transferring
from the department* of the commis
sioner of agriculture and labor to
the Workmen’s compensation bureau
the duty of enforcing of all statutes
rotating to safety appliances used in
construction work and also requiring
that penalties for violation of safe
ty construction laws shall go to the
workmen’s compensation fund in
stead of to the general fund. This
measure, also introduced by request,
finds a difference of opinion amonj
bureau members.
Other Changca
Following are other changes in the
compensation law as presented with
unanimous approval of the bureau:
S. B. 120—Increases salary of
commissioners from $2500 to $3,000 a
year; provides an allowance of $60,-
000 a year for operation instead of
present $55,000, and permits deci
sions to be made at meetings where
a majority of the bureau members
are present instead of making it
mandatory that the bureau members
representing employers and the bu
reau members representing employ
ees shall both be present.
S. B. 12—Requires contractors do
ing state work to furnish bond that
they will pay compensation insur
ance for all employees on the work
for which they have contracts and
S. B. 13(1 requires an independent
contractor in general work, who
sublets any portion of his contract
to provide the same kind of a bond.
'S. B. 122—Clarifies the statute
concerning compensation to remain-
(Continued on page three)
Rep. D. L. Peters, Pierce county,
opposed the measure.
“Why should this country recog
nize a government that has repudi
ated its debts?’* asked Rep. Peters.
“Russia owes United States citizens
$800,000,000 which the government
has repudiated. It is morally wrong
for any government to recognize a
government, founded on bloodshed
and murder.”
Rep. Miller suggested that Rep.
Peters didn’t read much abqut Rus
sia “except in the capitalistic presa.’’
The resolution was killed on viva
voce vote, but few being fer it.
| RESOLUTION IS
! INTRODUCEDIN
STATE SENATE
Would Provide for Reimburse
ments of Depositors of
The Closed Banks
I CHANGE IS PROVIDED
! Depositors Guaranty Fund
i
j and Receivership Would
Be Supplanted
Submission to the voters of North
Dakota of a constitutional amend
ment for the issuance of $10,000,009
of state bonds to liquidate the lia
bilities of insolvent banks is provided
for in a concurrent resolution intro
duced in the senate this afternoon by
Senator F. V. Babcock of Ransom
county.
The resolution culls for n special
election on the amendment to b a
held May 6, 1925.
The chief provisions of the con
stitutional amendment called for in
Senator Babcock’s resolution are as
follows:
“In addition to all other indebted
ness heretofore or hereafter auth
orized the state may contract debts
not to exceed ten million dollars, and
may issue and sell its bonds in that
amount for the purpose of providing
funds to reimburse depositors in
state banks which have been adjudg
ed insolvent prior to the first day of
May 1925 and subsequent to the first
day of July, 1921.
The bonds are to run for 30 years
and bear interest at 5 per cent. They
are to be sold by the Bank of North
Dakota for not less than par and
accrued interest. The proceeds of
the bond sale are to go into the state
treasurer as the “Bank Liquidation
Fund.”
Annual Tax Levied
An annual tax is to be levied
against all taxable property in the
state beginning: with the year 1926
and continuing until the bonds are
paid sufficient to pay the interest
on the bonds and create a sinking
fund sufficient to retire the princi
pal at maturity, “having regarded for
the amount hermafter otherwise pro
vided for."
A bureau for the auifit and appro
val of the claims of depositors in
insolvent hanks is to be established
in the Bank of North Dakota and of
ficials of that institution are to es
tablish rules for the auditing, ap
proval and payment of claims.
“No claim of any depositor, shall
be paid in amount exceeding 75 per
cent of the principal thereof. No as
signment of any claim for the pur
pose of collection may be recognized
unless made to the Bank of North
Dakota. No garnishment, levy upon
execution, or attachment, shall be
sustained or recognized nor shall
injunction or other order to prevent
the distribution of any part of said
fund he recognized or permitted.
“Depositors accepting payment of
their claims in the amount herein
provided for shall be forever barred
from recovering any other or furth
er amount thereon from any source."
State Takes Claims
The state of North Dakota is to
succeed to the claims against insol
vent banks of such depositors as may
be paid out of the funds provided by
the bond issue, and it is made the
duty of the attorney general to
promptly proceed to recover for the
state upon such subrogation. Funds
thus recovered are to be put in the
“bank liquidation fund already pro
vided for, .but the industrial com
mission or the legislature may trans
fer to the general fund any excess
there may be over the amount ne
cessary to pay the interest and prin-
(Continued on page three)
Weather Report I
fr +
For 24 hours ending at noon:
Temperature at 7 a. in -9
Highest yesterday .21
Lowest yesterday .11
Lowest last night -9
Precipitation 4 Q
Highest wind velocity 42
WEATHER FORECAST
For Bismarck and vicinity: Fair
tonight, becoming unsettled with
snow Sunday. Rising temperature
Sunday.
For North Dakota: Fair tonight,
becoming unsettled Sunday with
snow west portion. Rising tempera
ture Sunday and northwest portion
tonight.
WEATHER CONDITIONS
The low pressure are* over the
Great Lakes region and upper Mis
sissippi Valley with a steep gradient
to the “High” over Saskatchewan
has caused considerable wind
throughout the north-central states.
Temperatures have risen in the
Great Lakes region, Mississippi Val
ley and southern Plains States while
much colder Weather prevails in the
northern Plains States and over the
northern Rocky Mountain region.
Precipitation occurred over the
northern Rocky Mountain region and
in the north* Pacific coast , states
while elsewhero the weafhor 'is gen
erally fair.
0
ORRIS

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