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Federal Reserve Bank of St. Louis
MATERIALS
REGARDING DEPOSIT
GUARAN'IY IN
NORTH DAKOTA,
1918-1929
NORTH DAKOTA
Additional material can be found in the following folders filed with
this binder:
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Federal Reserve Bank of St. Louis
Number and deposits of failed banks
Financial operation of guaranty fund
I
•
MATERIALS REGARDING DEPOSIT
GUARANTY IN NORITI DAKOTA, 1918-1929
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
•
NORTH DAKOTA
Laws and Law Cases
Compiled Laws of North Dakota, I
(1913), chs. 28-30
Compiled laws of North Dakota, I
(1913), chs. 31 and 32.
Session Laws
1915, chs. 53, 54, 56, 58, and 176.
1917, ch. 126
1919, chs. 23, and 147
1921, ch. 23.
1923, chs. 137, 138, and 200
1925, chs. 92, 94, 95, and 155
1927, chs. 91, 93-93, 98, 99, and 131.
Session Laws
chs. 521 55, 57.
ohs. 60, 61, and 219.
chs. 22, 110, and 166.
chs. 21, 22, and 56.
chs. 18, 43, 139, and 199
ch. 93.
chs.03 92, 96, 97, 100, 257,
and 260.
1929, chs. 87, 88, 122.
1931, ch. 135.
•
State Supreme Court:
Bishop v. Depositors' Guaranty Fund Commission (1927) 55 N.D. 178, 212
N.W. 828.
McQuerry v. State (1923), 50 N.D. 229, 195 N.W. 432.
Sargent County v. State (1921), 47 N.D. 561, 182 N.W. 270.
Standard Oil Co. of Indiana v. Engel (1927), 55 N.D. 163, 212 N.W. 822.
State v. First National Bank of Whitman (1929), 57 N.D. 574, 224 N.W. 161.
State v. Sorlie (1927), 55 N.E. 182, 212 N.W. 829.
Wirtz v. Restos (1924), 51 N.D. 603, 200 N.W. 524.
State Documents
Depositors' Guaranty Fund Commission, Minutes of the Depositors' Guaranty
_Fund Commission of North Dakota.
If Legislature of North Dakota,
1907, House Bill no. 258
1909, House Bill no. 47
1915, House Bill 224.
State Examiner:
Annual Reports of the State Examiner.
Audit Reports of the Guaranty Fund.
Reports of the State Examiner, 1917 and 1920.
•
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Federal Reserve Bank of St. Louis
Unpublished State and Federal Records
Depositors' Guaranty Fund Commission:
Data for the indivtdual failed banks .
State Examiner:
Data for the indivtdual banks for December 31, 1918-December 31, 1928.
Data for the individual failed banks.
Records of the fund.
Other Publications and Manuscripts
Baird, L. R. Letter dated.. January 29/ 1935.
Banks.. George A. Address .at the North Dakota State Bankers Association,
'oune 22, 1926.
Commercial West, 38 (1918), 42 (1922), and 47 (1925).
Federal Deposit Insurance Corporation. Annual Report of the Federal Deposit
Insurance Corporation for 1950.
North Dakota Ban ker, July 1915 and July 1916.
North Dakota Bankers Association. Proceedings of the Annual Convention of the
North Dakota Bankers Association 1907, 1908, and 1909.
.
).
•
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Federal Reserve Bank of St. Louis
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1-14 PRA07a
"Commercial West, June 15, 1918, July 6, 1918
Northwestern Banker, August 1918.
Bill no. 256) 19kij:
19+19-1111 q, 1915 Ira
- Proceedings of the Fifth Annual Convention of the ND. Bankers Association,
1907
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--Annual Report of the Federal Deposit Insruance Corporation for 1950.
6th Annual Convention o
7th
/
the N.D. Bankers Association
A
ll*-r. North Dakota Banker, July 1915, July 1916.
94-At..§tie2...,...............-'
-÷..-- Annual Re13044ner
....,',......._Miumtes of the Depoeitore-i-ettemeasibrame..Commission of-ND 1
Commercial West Oct. 19, 1918. -Sargent County v. nate t19211, 47 ii.T. 761; 182 N.M. a7o.
i
2 McQuerry v. State (1923), 195 N.W. 432, 50 N.D. 229 .
ill
/Wirtz v. Nestor (1924), 51 N.D. 603, 200 N.W. 524.
c/Standard Oil Co. of Indiana v. Engel (1927), 55 N.D. 163, 212 N.W. 822.
/Bishop v. Depositors' Guaranty Fund_ Commission C1927.1.15.,44,1711,,,212 N.W. 828.
er State v. Sorlie (1927), 55 N.E. 182, 212 N.W. 829.
(re State v. First National Bank of Whitman (1929), 57 N.E. 574, 224 N.W. 161.
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__---=-43eporta-of--the State Examiner, 19177-192a.
Vett. 42, Jtily. 1, 1922.
Data for the indivual banks for December 31, 1918=1928.B
lick Bangs, George A. Address at the North Dakota State Bankars Association
June 22, 1926.
Northwestern Banker, Feb. 1924.
aird, LI R. Letter dated January 29, 1935.
4111
.....--,
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4„ Records of the fund in the State Examiners' Office.
.
,Data for the individual failed banks formthe records of the Depositors'
Guaranty Fund Commissioner, and L.R. Biard, Receiver in State ex. office.
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July 29, 1955
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MEMORANDUM
TO.
Dr. Cramer
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FROM:
Clark Warburton
SUBJECT:
Paucity of information regarding deposit guaranty in
North Dakota and Texas
Miss Thompson has completed a draft of a report on the
deposit guaranty system of North Dakota, and is now beginning to
work on a report of the system in Texas. When the Texas report is
finished, we will have drafts of such reports for all eight of the
States establishing deposit guaranty systems during the 1907-1917
period.
Of the reports completed (or nearly completed) to date,
five are in reasonably good shape except that they need a careful
reviev and editing. These are the reports for Oklahoma, Kansas,
Nebraska, Mississippi, and Washington. The draft report for South
Dakota, prepared by Mt. Behrens, needs more re-writing, and also
further exploration of possible sources of additional information.
The section of the North Dakota report on the financial
history of the guaranty fund is seriously deficient. This is
because there is no information regarding the operations of the
fund in the banking reports of the State Bank Examiner, and none
has been found in other State reports (State treasurer, auditor, etc.)
available in the Library of Congress.
For Texas the problem of information on the financial
history of the guaranty fund is equally serious. There are no
reports of the banking department, and when we were originally
collecting information on the State guaranty funds, we found very
little information in other State documents.
For both North Dakota and Texas we attempted (when previously working on the material)to obtain the needed data by correspondence. While we obtained some information, it was inadequate.
After this lapse of time, it is highly doubtful that we can obtain
much more, if any, by the same means. So far as I can see, there
are only two procedures that may give us a reasonably adequate
amount of information: (1) to ask some university professor to
undertake an examination of the materials available at the State
banking department or in other State records; or (2) to send a member
of our staff to make such an examination. In either case, arrangements
should be made in advance with the State banking department or other
probable custodian of the records.
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Federal Reserve Bank of St. Louis
August 12, 1955
MEMORANDUM
Dr. Warburton
TO:
FROM:
Helen Thompson
SUBJECT:
Sources and adequacy of information, North Dakota Guaranty Fund
Complete statements pertaining to the bank depositors'
guaranty fund in North Dakota are not available in the Reports of
the State Examiner to the State Banking Board.
S
The only information regarding the fund published in the
reports of the State Examiner is the amount of assessments credited
by participating banks to the depositors' guaranty fund. This is
shown annually in the summary statements for all State banks, 1917-1928.
Payments by the guaranty fund for banks which failed
subsequent to January 1, 1921 are given in the schedules collected
by the Federal Reserve Committee on Branch, Group and Chain Banking.
The amountsof payments as shown in the Federal Reserve schedule are
not complete since final settlement had not been made with a number
of the failed banks at the time the schedule was prepared. Some
further information regarding payments has been made available through
correspondence with various officials in the State Banking Department
of North Dakota.
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Federal Reserve Bank of St. Louis
CHAPTER 28.
BANKING CORPORATIONS.
5146. Creation of banking department. State banking board.
(1) There is hereby created a department of banking which shall
have charge of the execution of all laws relating to state banks,
savings banks, trust companies, building and loan associations,
mutual investment corporations, mutual savings corporations and
other financial corporations heretofore or hereafter organized or
doing business under the laws of the state of North Dakota, and
engaged wholly or in part in the receiving of deposits or the
selling of their certificates of indebtedness or other obligations
to the public. Such department shall be designated as the "department of banking," and it shall be under the management and control
banking board and a chief officer to be known as the
of the state_
state examiner.
(2) The state banking board shall consist of the governor, the
secretary of state and the attorney-general; and ex-officio the
president and secretary of the coproration known as the North
Dakota bankers' association, so long as said corporation shall
maintain its corporate capacity. None of the members of said board
shall receive any compensation for their services other than that
now provided by law and the two members last named shall be entitle'
to attend all meetings of said board and to participate in its
deliberations but shall not vote in the deciding of questions cominbefore it. The governor shall be the chairman of said board and
the attorney-general shall be ex-officio the attorney for the
board, and the state examiner shall be its secretary. A majority
of the first three members shall constitute a quorum. Said board
shall hold regular meetings on the first Wednesdays of January,
April, July and October of each year, at the office of the depart
ment in the state capital at Bismarck, and special meetings at'
call of the governor.
(3) the said board shall have, and there is hereby vested in
it, the power
•
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Federal Reserve Bank of St. Louis
Ranking Corporati,,a,t.
CIVIL r4)142.
§ :')146
to make such rules and regulations for the government of such corporations,
as in its judgment may seem wise and expedient, which rules shall not conflict
with any laws of the state of North Dakota or of the United States. It shall be
the duty Of said board at each regular meeting and at any special meeting
called for that purpose, to examine all reports made by said corporations relating to their condition, and all reports of regular and special examinations
made by the state examiner and deputy examiners from his department
and filed with said board during the preceding quarter or such period as
shall have elapsed since the last meeting of said board. and to approve or
disapprove the Saint', and to make and enforce such orders as, in its judgment.• may be necessary or proper to protect the public and particularly
the depositors or creditors of said institutions. Said board and the state
examiner and deputy examiners shall have the power to subpoena witnesses,
administer oaths, and generally to do and perform any and all acts and
things necessary to the complete performance of the duties herein imposed,
and to enforce all of the provisions of this article, and for the purpose
of enabling them to perform all the duties imposed upon them, the provisions of section S200 shall be held as applicable to their proceedings. Any
and all orders made by said board shall be immediately operative and
remain in full force until modified, amended or annulled by such board, or
by a court of competent jurisdiction, ill an action to be commenced by the
party against whom such order may have been issued. Said board shall
keep a full and complete record of all its proceedings and of all orders
made by it, and the records of the state banking board, and of the state
examiner, and of any and all reports tnade by or filed with the board or
the state examiner shall, under proper restrictions, during regular business
hours, be open to inspection and examination by stockholders, depositors.
creditors and sureties on any bonds of any of the said corporations or on
the bonds of any officer or employe thereof. The said board is hereby
vested with the power and authority to appoint by its own order, receivers
for insolvent corporations as defined in this article, and such receivers shall
have the same power and authority, and their acts the same validity as if
appointed under and by the direction of a district court, but nothing herein
contained shall be construed so as to take away from the courts the power
to appoint receivers of such institutions at any stage of the proceedings and
thus terminate the receivership ordered by the board.
(4) The state examiner shall, under the direction and subject to the orders
of the state banking board, exercise a constant supervision, either personal
or through the deputy examiners hereinafter provided for, over the business
and affairs of all the financial corporations placed by this act within the
jurisdiction of .the state banking board and shall, personally or through the
deputy examiners herein provided for, visit at least twice each year, all
of said corporations, inspecting and verifying the assets and liabilities of
each, and so far investigate the character and value of the assets of each
such corporation as to ascertain with reasonable certainty that the values
are correctly carried on its books. lie shall further investigate the methods
of operation and conduct of said corporations and their systems of accounting, to ascertain whether such methods are in accordance with the law and
sound banking usage and principles, and report the findings, conclusions
and recommendations upon such examinations to the banking board and
put into force and effect such orders and directions as it may make in
reference thereto.
(5) The state examiner shall be ex-officio secretary of the state banking
board, and he shall keep all proper records and files pertaining to the duties
and work of his office and the proceedings of the board and shall report to
the board annually, touching on all his official acts and those of his deputy
examiners, giving abstracts of statistics and of the conditions of the various
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Federal Reserve Bank of St. Louis
1251
e
§§ 5146-5146a
CIVIL CODE.
Banking Corporations
institutions to which his duties relate, and making such recommendatiow
and suggestions as he may deem proper, which report shall be printed and
bound in a satisfactory and substantial manner and distributed among all
of the state banks and other corporations within his jurisdiction. The state
banking hoard shall make biennial reports the same as other state officers
arid boards, in which there shall be included with a full report of its proceedings, a summary or abstract of the reports of the state examiner.
(6) The state examiner may, subject to the approval of the state banking
board, appoint and at pleasure remove, not more than ten (10) deputy
examiners and one stenographer and such other employes as may in the
judgment of the state banking board, be necessary for the proper discharge
of the business of his department. Each deputy examiner shall give bond
to the state in the sum of ten thousand dollars to be approved and filed m
the same manner as the bond of the state examiner. The state exan2;ner
shall select and designate one of said deputy examiners to be the office
deputy and to act during the absence or disability of the state examiner,
and in such cases the deputy examiner so authorized shall have charge of
the office and administer its affairs. Six of the said deputy examiners so
appointed shall have had at least three years' active experience in bank
work within this state and shall furnish such evidence of qualification as
expert accountants and general fitness for the duties as may be demanded
by the banking board.
(7) For the purpose of the better administration of his department the
state examiner shall, immediately after the taking effect of this act, proceed
to divide the state into six districts which shall have as nearly as may be,
banks and other financial institutions of an equal number, and arranged
with reference to convenience and economy in travel and shall at once
designate the district in which each of his six deputy examiners shall make
examinations, and such deputy examiners shall confine their work, as near
as may be, to the examination of corporations located within their respective districts, except that any such deputy examiners may be temporarily
transferred to other districts, or more than one deputy examiner may be
assigned temporarily to any district when the proper performance of the
work therein would indicate the necessity for so doing. No deputy examiner shall have any interest directly or indirectly in any corporation within
the jurisdiction of the banking department, nor in any corporation engaged
wholly or in part in the writing or issuing of bonds of or for any such
corporation or of the officers or employes of any such corporations.
(8) Each deputy examiner herein provided for shall be under the direct
orders and instructions of the state examiner and shall make report to him
in such form as he or the banking board may prescribe during or immediately after the completion of the examination of each financial institution
examined by him, with such recommendations and suggestions as he may
deem advisable.
(9) The salary of each deputy examiner shall be two thousand dollars per
annum and in addition thereto he shall be paid his actual and necessary
travelling expenses when engaged in the discharge of his duties; the salary
of the stenographer shall be twelve hundred dollars per annum and the
salaries of other clerks or assistants herein provided for, shall be fixed by
the state banking board. [1911, ch. 55, § 1; R. C. 1905, § 4635; 1905,
eh. 163, § 1.1
See section 5204.
As to biennial reports by the state banking board. See sections 95, 97, 99, 633.
State banking law is a proper exercise of the internal polies. power of the state. State
tx rel. Goo,Nil]
Woodmansee, 1 N. D. 246. 46 N. W. 970
§ 5146a. Appropriation. There is hereby annually appropriated from any
moneys in the state treasury not otherwise appropriated. the sum of twentynine thousand dollars or so much thereof as may be necessary
for the pay-
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Federal Reserve Bank of St. Louis
1232
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Ranking Corporations.
CIVIL CODE.
§§ 5146a-5150
went of the salaries and expenses of the persons to be appointed under the
provisions of this act. [1911, eh. 55, § 5.1
l'he work?.
this act" as here used mean sections 5146, 5149. 5155, 5179.
5146b. Repeal. All acts and parts of acts inconsistent with or repugnant
to this act are hereby repealed; provided, however, that this act shall not
affect any offense committed, any right acquired, or any obligation imposed
by or under any law in force up to the (late of the taking effect of this
act. But all such offenses, rights and liabilities shall remain and be prosecuted, maintained or defended under the law existing at the time such
offense was eommitted or such right or liability accrued. [1911, ch. 55, §
Ai to the VI ords "this act.- see note to section 514fia.
§ 5147. Who may form. Associations for carrying on the business of
banking under this chapter may be formed by any number of natural per.
Sons, not less than three, two-thirds of whom shall be residents of this state.
They shall enter into articles of association which shall specify in general
terms the object for which the association is formed, and may contain any
other provisions, not inconsistent with law, which the association may see
tit to adopt for the regulation of its business and the conduct of its affairs.
These articles shall be signed and acknowledged by the persons uniting to
form the association and shall be filed in the office of the secretary of state.
IR. C. 1905. § 4636; 1890, ch. 23. § 1; 1893, ch. 27, § 1; R. C. 1899, § 3226;
1905, eh. 165. § 2.1
§
Ranking corporation organized before legislative autborit an to do, is corporation de
facto on receiving deposits after such authority is gin. although not filing required
certificate. Mason v. Stevens. in S. D. 320, 92 N. W. 424.
Power to prohibit or regulate banking business by individuals. 15 L.R.A. 477; 5
N."., 1217.
I..R.A.(N.S.) 874: 25
§ 5148. Organization certificate. Contents. The persons uniting to form
such an organization shall, under their hands, make an organization certificate
which shall specifically state:
1. The name assumed by such association, which name shall not be the
name of any other bank in the state, nor of any bank heretofore incorporated
In the state of North Dakota or in the territory of Dakota.
2. The place where the business of discount and deposit is to be carried on.
3. The amount of the capital stock and the number of shares into which the
same shall be divided.
4. The names and places of residence of the shareholders and the number
of shares held by each of them.
5. The period at which such bank shall commence and terminate business.
[R. C. 1905. § 4637; 1890, eh. 23, § 2; 1893, ch. 27, § 2; R. C. 1895, § 3227;
1905. (.11. 165. § 3.1
§ 5149. Acknowledgment and record. The organization certificate shall be
acknowledged before a clerk of some court of record, or a notary public,
and shall be, together with the acknowledgment thereof, authenticated by
the seal of such court or notary, recorded in the office of the register of
deeds in the county where such banks May be established, and such certificate thus authenticated shall be transmitted to the secretary of state who
shall record and carefully preserve the same in his office, certify the facts
to the state banking board and issue a certificate of authority to the corporation. which certificate of authority shall be transmitted to and held by
the state examiner until an examination is made and the certificate of the
state examiner or a deputy examiner procured. to the effect that the capital
stock has been paid in full, and that all conditions of the law have been
strietly complied with. [1911. eh. 55, § 2: R. C. 1905, § 4638; 1890, ch. 23,
5 3: *1•93, ch. 27. § 3: R. C. 1899. § 3228: 1905, ch. 165, §
§ 5150. Powers. Upon making and filing articles of association and an
organization certificate, the association shall become, as from the date of the
execution of the same, a body corporate, and as such and in the name desig•
i“..tiA in the certificate, it shall have the power:
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Federal Reserve Bank of St. Louis
1233
§§ 5150-5151
CIVIL CODE.
Banking Corporations.
1. To adopt and use a corporate seal.
2. To have succession for a period of twenty-five years from its organization, unless it is sooner dissolved, according to the provisions of this chapter,
or unless its franchise becomes forfeited by some violation of law.
3. To make contracts.
4. To sue and be sued.
5. To elect or appoint directors, two-thirds of whom must be residents of
this state, and by its board of directors to appoint a president and vicepresident, who shall he members of said board, a cashier and assistant cashier
and such other employes as may be required; define their duties, require
bonds of them and fix the penalty thereof; dismiss such officers or any of
them, and appoint others to fill their places.
6. To provide by its board of directors, by-laws, not inconsistent with the
laws of this state, to regulate the manner in which its stock shall be transferred, its directors elected or appointed, its officers appointed, its property transferred, its business conducted and the privileges granted it by
law exercised and enjoyed.
7. To exercise by its board of directors, or duly authorized officers or
agents, subject to law, all such incidental powers as shall be necessary to
carry on the business of banking. by discounting and negotiating promissory notes, bills of exchange, drafts and other evidences of debt, by receiving deposits: by buying and selling exchange. coin and bullion, by loaning
money upon real or personal security, or both; but no association shall
transact any business, t•xcept such as _incidental and necessarily preliminary to its organization, until it has been authorized by the secretary of
state to commence the business of banking, and the secretary of state may
withhold from any association his certificate authorizing the commencement of business, whenever he has reason to suppose that the shareholders
have formed the same for any other than legitimate objects as contemplated by this chapter.
8. No such association shall have or carry among its .assets at any one
time loans dependent wholly upon real estate security in any amount exceeding twenty-five per cent of total loans and discounts, and then only
upon tirst mortgages which shall not exceed forty per cent of the actual
cash value of the property mortgaged. and in selling or disposing of said
loans so made upon real estate security no such association shall have power
to guarantee the payment or collection thereof, and any such guaranty made
in violation of this provision shall not he binding upon such association but
shall he upon the person or officer making the same. [1913. ch. 51; R. C.
1905, § 4639; 1899. ch. 28, § 1: R. C. 199, § 3229; 1905, ch. 165. §
5. President of state bank must be stockholder thereof. McCarty v. Kepreta. 24 N. D.
395, 48 L.R.A.(N.S.) 65, 139 N. W. 1012.
Liability of bank on negotiable paper executed by officer or agent. 21 L.R.A.AN.S.)
1079.
Implied power of cashier of bank to sell or lease property. 31 L.R.A.(X..S.) 737.
Power of bank officer to bind bank by agreement that liability of party to commercial
paper shall not be enforced. 28 L.R.A.(.N.S.) 501.
7. Right of bank to engage in business to save debt. 27 L.R.A.(N.S.) 243.
Liability of directors to bank for act. in excess of their powers. 55 L.R.A. 754.
for default or negligence of cashier. 4 L.R.A., N.S.1 597.
in case of bad loans or inve.tments. 55
173
7A2: 39 L.R.A..
§ 5151. Limiting the powers of its investment in banking house furniture, fixtures, including the lot or parcels of land on which banking house
is located. It shall be unlawful for any corporation having banking powers
and a capital stock of twenty thousand dollars or more, to invest over thirty
pet. cent of such stock and unimpaired surplus in banking house furniture
and fixtures, including the lot, piece or parcel of land on which such banking house is locatod: provided: that similar corporations with a capital stock
of ten thousand dollars and less than fifty thousand dollars may invest forty
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Federal Reserve Bank of St. Louis
1254
1
-wpm.
Banking Corporations.
CIVIL CODE.
§§ 5151-5155
per cent of its stock and unimpaired surplus, and those with fifteen thousand
dollars and less than twenty thousand dollars stuck may invest thirty-five
per cent of its capital stork And unimpaired surplus in such banking house
furniture, fixtures and lot, piece or parcel of land on which such banking
house is loeated. [1913, ch. 52, § 1; 1911, ch. 54, § 1; It C. 1905, § 4640;
1899, ch. 28. § 2: R. C. 199. § 3230; 1905. ch. 165, § 6.;
§ 5152. Powers as to other real estate. It shall have the power to purchase,
hold and convey such other real estate as shall be mortgaged to it in good
faith by way of security for loans, or for debts previously contracted.
Such as may or shall be mortgaged to it in good faith in satisfaction of
debts previously contracted in the course of its dealings.
Such as it shall purchase at sales under judgments. decrees or mortgages
held by the corporation. or shall purchase to secure debts due it; but no
banking corporation shall hold the possession of any real estate under mortgage, or title and possession of any real estate purchased to secure indebtedness, for a longer period than five years from the date of acquiring title
thereto. And all real estate heretofore and hereafter conveyed by any such
banking corporation, shall be deemed to have been acquired. held and disposed of in conformity with the provisions of this chapter. [1913, eh. 52.
§ 2; 1911, ch. 54, § 2; R. C. 1905, § 4640; 1899, ch. 28, § 2: R. C. 1899. § 3230;
1905, ch. 165, § 6.1
Authorises hank to receive real property deeds as security for past indebtediws..
Merchant. 'late Batik Tufts., 14 N. D. 238. 116 Mn. St. Rep. 682.
103 N. W. 760.
§ 5153. Penalty. Any banking corporation violating the provisions of this
act ;seull.ils 5151-5154j shall be subject to a tine of not more than five hundred dollars and cancellation of its organization certificate. [1913, ch. 52,
§ 3: 1911. ch. 54. § 3-1
§ 5154. Duty of state examiner. It shall be the duty of the state examiner
to enforce the provisions of this act. (1913, ch. 52. § 4; 1911, ch. 54, § 4.1
§ 5155. Capital stock. Hereafter no association shall be organized under
chaptrr iii itles. towns or villages containing less than one thousand
inhabitants with a capital stock of less than ten thousand dollars; in cities,
towns or villages containing over one thousand inhabitants and less than
two thousand inhabitants, with a capital stock of less than twenty thousand
dollars: in cities, towns or villages of over two thousand, and not exceeding
three thousand inhabitants, with a capital of less than thirty thousand dollars;
in cities, towns or villages of over three thousand and not exceeding four
thousand inhabitants, with a capital of less than thirty-five thousand dollars;
in cities, towns or villages of over four thousand, and not exceeding five
thousand inhabitants, with a capital of less than forty thousand dollars;
and in cities, towns or villages of over five thousand inhabitants, with a
capital of less than fifty thousand dollars. All of the capital stock of every
association shall be paid in before it shall be authorized to commence business. and evidence of such payment of capital stock either in actual money
or a deposit in a previously approved correspondent bank must be furnished to the state examiner or deputy examiner before the certificate of
authority may be delivered. For the purpose of this section. the population
of the city, town or village shall be determined by multiplying by four the
total vote cast for member of congress, at the last general election held in
such city, town or village: no such association having been organized to
transact business in any city, town or village, and which may have sold or
converted its business to a national bank, or other banking business which
is continued at the same place, shall he allowed to remove its charter or
its articles of incorporation to and recommence business at another place:
but where it can be clearly shown that a banking association which has not
changed, sold or converted its business as hereinbefore recited, is located
at a place where there is not sufficient business for the profitable conduct
1255
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Federal Reserve Bank of St. Louis
,
§§ 5155-5159
CIVIL CODE.
Banking
corporations.
of a bank, such association may apply to the banking board for authority
to remove its business to some other place within the state and to change
its name if desired; and upon the approval of such application by the state
banking board and the proper amendment of the article of incorporation,
the board may issue authority for such removal and change; provided, that
no such association shall be allowed to remove its business to any city,
town or village without having the full amount of capital stock required
by this chapter for a new organization in such city, town or village. The
corporate existence of any bank or corporation heretofore organized with
a capital of less than ten thousand dollars shall not be renewed unless such
corporation seeking to renew its existence shall increase its capital to the
amount required by this act for the organization of a new banking corporation in the city, town or village where such bank is located at the time
of such renewal. When any association whose capital is less than ten thousand dollars, applies for a renewal of its corporate existence, it shall, before
being permitted to continue its corporate existence, furnish satisfactory evidence through the state banking board that its articles of association have
been properly amended and the full amount of the increased capital has
been actually paid in cash; provided, that such association in renewing its
existence, may, with the consent and approval of the state banking board.
convert its then accumulated surplus and undivided profits into capital, to
be apportioned amongst the shareholders entitled thereto, or their assigns.
[1911, ch. 55, § 3; R. C. 1905, § 4641: 1897. eh. 31; R. C. 1899, § 3231; 1901.
ch. 29; 1905. eh. 165. § 7.1
§ 5156. Certificate and authorization published. The association shall cause
the organization certificate and the certificate of authority of the secretary of state, issued under this chapter. to be published in some newspaper
in the city or county where the association is located, for at least four consecutive weeks next after the issuing thereof, and proof of such publication
to be filed with the state banking board. [R. C. 1905. § 4642; 1890, ch. 23,
§
1893. ch. 27, § 7: R. C. 1899. S. 3232: 1905. ch. 165. § 8.1
Szee hieetion 5204.
§ 5157. Banks have official number. It is hereby provided that all banks
existing and hereafter organized under the laws of this state shall be numbered and shall receive from the secretary of state an official number. and
it shall be the duty of the secretary of state to notify each bank of its
official number and also file a list of same with the state bank eraminer.
[1909, eh. 43.1
§ 5158. Articles as evidence. A oertified copy of the articles of incorporation of any banking ii,ociation, organized under the provisions of this
chapter, may be used as evidence in all courts for or against any person or
such banking association for or against whom such evidence is necessary.
whether on civil or criminal trials. [R. C. 1905. § 4643; 1890, ch. 23, § 8;
1893, eh. 27, § 8: R. C. 1899, § 3233; 1905, ch. 165, §
See section 5204.
§ 5159. Delinquent stock, how sold. Whenever any shareholder or his
assignee fails to pay any installment on the stock when the same is required
to be paid, the directors of such association may sell the stock of the delinquent shareholder, or as much thereof as is necessary to satisfy the debt,
at public auction after having given three weeks' previous notice thereof .in
a newspaper published and in general circulation in the city or county where
the association is located to any person who will pay the highest price therefor, to be not less than the amount due thereon, with the expenses of the
advertisement and sale, and the excess, if any, shall be paid to the delinquent
shareholder. If no bidder can be found who will pay for such Stock the
amount due thereon to the association, and the costs
sale, the amount previously paid shall be forfeited of advertisement and
to the association, and
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Federal Reserve Bank of St. Louis
1256
Banking Corpora iefur.
Cl VT!. co111 -
§§ 5159-5161!
such stock shall be sold as the directors may order within three months from
the time of such forfeiture, and if not so sold it shall be cancelled and deducted from the capital stock of the association. [R. C. 1905, § 4644; 1890.
ch. 2.1.§ 9: 1S93, eh
§ 9: H. C. 1?•99, § 3234; 1905. ch. 165, § 10.j
see sect:on 5204
§ 5160. Shares. Value. Liability of shareholders. The capital stock of
each association shall be divided into shares of one hundred dollars each.
and. be deemed personal property and transferable on the books of the association in such manner as may be prescribed by the by-laws or articles of such
associations; but no transfer of such stock shall be valid against a bank or any
creditor thereof, so long as the registered holder of such stock shall be liable
as principal debtor, surety or otherwise to the bank for any debt which shall
be due and unpaid; nor in any case shall any dividend, interest or profit be paid
on such stock so long as such liability continues, but such dividend, interest or
profit shall be retained by such bank and applied to the discharge of such
Every person becoming a shareholder by such transfer shall,
in proportion to his shares. succeed to all rights and liabilities of prior
holders of such shares, and no change shall be made in the articles of
association by which the rights, remedies or security of the existing creditors
of the association shall be impaired. [11. C. 1905, § 4645; 1890, ch. 23, § 10;
1893, eh. 27,.§ 10; R. C. 1899, § 3235; 1905, ch. 165, § 11.]
S..1"
.ect ion 5204.
§ 5161. Capital stock, how increased or reduced. Any association formed
under this chapter. may by its articles of association, or by subsequent resolution or written agreement of holders of a majority of its stock, provide for
an increase of its capital stock from time to time as may be deemed expedient,
subject to the rules and limitations of this chapter, and upon approval of the
state banking board. But no increase of capital stock shall be valid until
the whole amount shall be paid in cash. and such payment certified under
oath by the president or cashier of such association to the secretary of state,
who shall give his certificate that the provisions of this section have been
complied with and specifying therein the amount of such increase in capital
stock, and that it has been duly paid in as part of the capital thereof and
file a copy of such certificate with the state banking board. Any association
formed under this chapter may, by vote of its shareholders owning two-thirds
of its stock, reduce its capital to any sum, not below the amount required
by this chapter to authorize the formation of the association, but no such reduction shall he made until the amount of the proposed reduction is reported
to the state banking board and their approval thereof obtained in writing,
and no such reduction shall be construed as affecting the liability of shareholders for any debts of the association incurred prior to such reduction.
and every such reduction before the same shall become valid must be certified to in the same manner as an increase of capital stock. ER. C. 1905,
§ 4646; 1890, ch. 23, § 11; 1893. ch. 27, § ; R. C. 1899. § 3236: 1905, ch. 165,
§ 12.1
See oection 5204.
§ 5162. How dissolved. Duties of state examiner. Any association organized under the provisions of this chapter. may be dissolved by the district
court of the county where its office or principal place of business is situated
upon its voluntary application tot-that purpose. The application must be in
writing, and must aet forth that at a meeting of the stockholders or members
called for that purpose, the dissolution was resolved upon by a two-thirds
vote of all the stockholders or members, and that all claims and demands
against the association have been satisfied and discharged. The application
must be signed by a majority of the board of directors, or other officers
having the management of the affairs of the association, and must be verified
in the same manner AR a complaint in a civil action. A certified copy of the
application shall be filed with the state examiner, or such state officer as
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Federal Reserve Bank of St. Louis
1257
00111.1ft,
§§ 5162-5165
CIVIL CODE.
Banking Corporations.
by law authorized to examine such association,
within ten days after the filing
of such application with the district court.
If the court is satisfied that the
application is in conformity with this chapter,
it must order the application
to be filed, and that the clerk give not less than
thirty nor more than sixty
days' notice of the application by publication in
in the county, and if there are none such, then some newspaper published
by advertisement posted in
five of the principal public places in the county. At
any
piration of the time of publication, any person may file time before the exobjections to the
application. Before the final hearing and determinatio his
n of the application.
the state examiner shall make a thorough examination
association, and file a certified statement of such examinof the affairs of such
ation with the clerk
of court of the county where such application is made,
which statement
shall be a part of the papers in the ease. After the
time of publication
has expired the court may, upon five days' notice to
the
filed objections or without further notice if no objecti persons who have
proceed to hear and determine the application, and ons have been filed.
if all the statements
therein made are shown to be true, the court must declare
solved. No stockholder or officer of such association the association disshall be allowed to
withdraw from such association, or surrender or dispose
of his shares of
stock after the filing or making of such application for
dissolution and prior
to the final determination of the case. Upon the dissolu
tion of such association by the district court. the clerk of said court
shall forthwith notify the
secretary of state of such dissolution. by sending a copy
of the order of the
court, and said order and notice shall be filed by the secreta
ry of state with
the original certificate of organization. - The applica
tion, notices and proof
of publication, objections, if any, and declaration of dissolu
the judgment roll, and from the judgment an appeal may tion, constitute
same manner as in other actions. The secretary of state be taken in the
shall immediately
certify such dissolution to the state examiner. f H. C. 1905.
§ 4647; 1890.
(h 23§ 12; 1893, ch.
§ 12: It. C. 1s99, § 3237: 1905, ch. 165. §13
s,.f•
5204.
§ 5163. Dividends. Surplus fund. The directors of any associa
ganized under this chapter may, semi-annually or annually, declare tion ora dividend
of so much of the net profits of the association as they shall
deem
expedient,
but each association shall, before the declaration of a
dividend, carry onetenth of its net profits to its surplus fund until the same
twenty per cent of its capital stock. [R. C. 1905. § 4648: shall amount to
1890, eh. 23, § 13:
1893. ch. 27, § 13: R. C. 1899. § 323s : 1905, eh. 165,
§ 14-1
§ 5164. Qualification of directors. Every director must own
in his own
right and retain in his possession and eontrol free
from hypothecation or
pledge for any debt, at least ten shares of the capital stock*
of the a.ssociation for which he is a director; any director who ceases
in possession of ten shares of the stock free and non-hy to be the owner and
pothecated. or who becomes in any manner disqualified, shall thereby vacate
his place. Every such
director when elected or appointed shall take an oath
that
he will. so far as
the duty devolves upon him, diligently and honestly
of such association, and will not knowingly violate or administer the affairs
willingly permit to he
violated, any of the provisions of this chapter. and that
he is a bona fide
owner of the number of shares of stock required by this
chapter to become a
director, standing in his own name on the books
said stock is in his possession and control and not of the association. and that
hypoth
pledged as security for any debt. Snell oath, subscr ecated or in any way
ibed by the director
making it, and certified by the officer before whom
he transmitted to the state examiner to be tiled it was taken, shall at once
in his office. IR. C. 1905.
§ 4649: 1890, eh. 23. 14 1893, eh. 27. §
14: H. C. 1899. 3239: 1905, eh. 165.
§ 17).!
§ 5165. No dividends, when.
any incinber thereof, during the t Bad debts. No association shall nor shall
ime it shall continue its banking operati
ons,
,
eet ion
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Federal Reserve Bank of St. Louis
Banking Corporatouns.
ct4-41-c
5-i
CIVIL CODE.
§§ 5165-5168
withdraw or permit to be withdrawn, either in form of dividends or otherwise,
any portion of its capital. If losses have at any time been sustained by such
association, equal to or exceeding its undivided profits then on hand, 110
dividend shall he made ; and no dividends shall be made by any association
while it continues its banking business to an amount greater than its net
profits on hand, deducting therefrom its losses and bad debts. All debts
due to an association made or continued in violation of any of the provisions
of this article, shall be considered bad debts within the meaning of this
section, and the state banking board is empowered. and it is made the duty of
such board, to ascertain and designate such bad debts, to make and enforce
Such orders and to institute such proceedings as may be deemed necessary
to dispose of the same or to convert them into good assets. [R. C. 1905,
§ 4650: 1890, ch. 23. § 15: 1,•93, ch. 27, § 15; R. C. 1899, § 3240; 1905. ch. 165,
§ 16
§ 5166. Rate of interest. Such association may demand and receive for
loans on personal security, or for notes, bills or other evidences of debt, discounted, such rate of interest as may be agreed upon, not exceeding the
amount authorized by law to be contracted for, and it shall be lawful to receive such interest according to the ordinary usage of banking associations
and for not more than one year in advance. [R. C. 1905, § 4651; 1890, ch. 23,
§ 16; 1893, ch. 27. § 16; R. C. 1899, § 3241; 1905, ch. 165, § 17
See section 5204.
§ 5167. Regular and special reports. Penalties for failure to make. Every
banking association, savings bank and trust company organized under this
chapter, shall make at least five reports each year to the state examiner, in
such form as the state banking board shall prescribe; such forms to be as
nearly as possible like those prescribed by the comptroller of the currency
for similar reports for national banks. Such report shall exhibit in detail,
under appropriate heads, the resources and liabilities of the association at
the close of the business on a past day by him specified, which shall, if
practicable, be the same day for which similar reports are required from
national banking associations within the state by the comptroller of the currency of the United States. Each report must be verified by the oath of the
president or the cashier and attested as correct by at least two of the directors,
and must be transmitted to the examiner within seven (lays after receipt
of the request for the same, and an abstract of the same in a form prescribed
by the board shall be published, at the expense of the association, in some
newspaper in the city, town or village where such bank is located, and in
case there is no such newspaper, then in any other newspaper in the county
in which such association is located. The state banking board shall also call
for a special report from any association whenever in their judgment the same
is necessary, in order to obtain full and complete knowledge of its condition.
Every association which fails to make and transmit any report required in
pursuance of this section, shall forfeit and pay to the state a penalty of two
hundred dollars for each delinquency. [R. C. 1905, § 4652; 1897, ch. 31;
R. C. 1899, 5 3242; 1905, ch. 165, § 181
See obection 5204.
§ 5168. Responsibility of shareholders. The shareholders of every association organized under this chapter shall be individually responsible, equally
and ratably, and not one for another, for all contracts, debts and engagements of such association made or entered into to the extent of the amount of
his stock therein at the par value thereof, in addition to the amount invested
in and due on such shares. Such individual liability shall continue for one
year after any transfer or sale of stock by any stockholder or stockholders.
IR. C. 1905, § 4653; 1890, ch. 23, § 18; 1893, ch. 27, § 18; R. C. 1899, § 3243;
1905. eh. 165, § 19.1
See section 5204.
Individual liability of stockholder of insolvent bank. Union Nat. Bank v. Halley.
19 S. D. 474, 104 N. W. 213.
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Federal Reserve Bank of St. Louis
1259
§§ 3169-3172
CIVIL CODE.
Banking Corporations.
§ 5169. Loans on shares prohibited. No association shall make any loan or
discount on the security of the shares of its own tituck, nor be the purchaser
or holder of any such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith, and stock
so purchased or acquired shall within six months be sold or dispos
ed of at
public or private sale. If such stock is not sold within the period last herein
provided, the same shall be cancelled and deducted from the capital stock of
said association. [R. C. 1905, § 4654; 1890, ch. 23, § 19; 1893,
eh. 27, § 19;
R. C. 1899, § 3244; 1905, ch. 165, § 20.]
See section 5204.
ciljdk § 5170. Reserve fund. Each association shall at all times have on hand
in available funds an amount which, after deducting theref
rom the amount
due to other banks, shall equal twenty per cent of its total deposi
ts; threeC4tectri 1 • fifths of this amount may consist of balances due to the association from good
V-v
solvent state or national banks or trust companies, which
carry sufficient
reserve to entitle them to act as such depositary banks,
and are
such commercial centers as will facilitate the purposes of bankin located in
r tlWk 4
g exchanges,
and which depositary banks shall have been first approv
ed by the state
banking board, and the remaining two-fifths of such
reserve shall consist of
actual cash on hand; cash items shall not be included in compu
ting reserve,
and no association shall carry as cash or cash items, any
paper
other matter
or
except legitimate bank exchange, which will be cleare
d
succeeding business day. Whenever the available funds,on the same or next
of this section. shall be below twenty per cent of its deposiwithin the meaning
ts, such association
shall not increase its liabilities by making any new loans
or discounts other
than by discounting or purchasing bills of exchange, payabl
e at sight, nor
make any dividend of its profits, until the required proportion
aggregate amount of the deposits and its lawful money reserv between the
stored; and the state banking board must notify any associ e has been reation whose lawful money reserve shall be below the amount required
to
be
kept on hand.
to make good such reserve, and if such association shall
fail
to
do so for a
period of thirty (lays after such notice, the state banking
'board
may
impose
a penalty of not less than one hundred dollars, or more
than five hundred
dollars, which shall be collected in the same manne
seribed in this chapter. [R. C. 1905, § 4655: 1890, r as other penalties prech. 23, § 20; 1893. ch. 27.
§ 20: H. t'. 109. § 3245; 1905, eh. 165, § 21.1
§ 5171. Penalties, how recovered. All fines and penalt
ies herein provided
for, to which any association under this chapter
may
becom
e subject. shall
be recovered on complaint of the state examin
er, before any court having
competent jurisdiction, and all fines and penalties so
established shall be
paid into the state treasury. [R. C. 1905, § 4656;
1890,
eh. 23, § 21; 1893.
ch. 27. § 21; R. C. 1899, § 3246; 1905, ch. 165,
§ 22.]
See section 5204.
04,0,40,06a)
'
§ 5172. Limit of loan to one concern.
The total
tion of any person, corporation, company or firm, liability to any associaincluding in the liabilities
ql..114
) of the firm the liabilities of the several
members thereof, for money bori
5 rowed, and paper of the same parties as makers thereof, purchased. shall
1 ) not at any time exceed fifteen per cent of the capital and surplus stock of
such association actually paid in, but the
6.1
discount of bills of exchange drawn
in good faith against actual existing values
or actually in store as collateral security;, or loans upon produce in transit
to such transactions be made payable to provided, that all paper relating
and such paper and the security
therefor, be and remain in the possession
until the advance or debt be paid, shall and control of such association
not be considered as money borrowed, and such association may
discou
nt
commer
cial or business paper actually owned by the person
negotiating
addition to the loans to said negoti the same without it being deemed an
ator. [1909, ch. 45; R. C. 1905, § 4657:
1890, eh. 23, § 22; 1893, eh. 27,
§ 22: H. C. 1899, § 3247; 1905, ch. 165, § 231
4
CP :C
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Federal Reserve Bank of St. Louis
1260
',
4
lii311k1,
117 COrporatiotis.
.2
CIVIL CODE.
§§ 5173-5177
6173. Penalty for violations. Any officer of any banking association,
savings bank or trust company violating or knowingly permitting to be
violated, the provisions of this chapter, not herein specially provided for
shall upon conviction thereof pay a fine of not less than fifty dollars nor
more than five hundred dollars for each offense, to be recovered before any
court having competent jurisdiction, and all fines and penalties so recorded
shall be paid into th.• state treasury. [R. C. 1905. § 4658; 1890, ch. 23, § 23;
/S93, ch§
h. 1'. 1899, 32P': 1905, ch. 165, § 24.]
Sois section 5204.
§ 5174. Penalty for false statements or entries. Every officer, agent or
clerk of any association organized under this chapter, who willfully and
knowingly subscribes or makes any false statements or entries in the books
of such association, or knowingly subscribes or exhibits any false paper with
intent to deceive any person authorized to examine as to the condition of
such association, or willfully subscribes or makes any false report, shall be
guilty of forgery as defined in the penal code of the state of North Dakota
and punished accordingly. [R. C. 1905. § 4659; 1890. ch. 23, § 24; 1893, ch. 27,
§ : R. C. 1899. § 32,19: 1905. eh. 165, 25.]
Spe section 5204
§ 5175. Insolvent bank not to receive deposit. No banking association
shall accept or receive on deposit with or without interest any money,
bank bills or notes. or United States treasury notes or currency. or other
notes. bills or drafts circulating as money or currency, when such banking
association is insolvent, [R. C. 1905. 4 4660; 1890, ch. 23, § 25; 1893, ch. 27,
§ 25; R. C. 1899, § 3250; 1905, ch. 165, § 26.]
S. section 5204.
Iisoolvent bank became trustee ex maleficio of money received for draft issued by it
when officer knew tiwre was no funds to meet draft. Widman v. Kellogg, 22 N. D. 376.
19 L.R.A (N.S.i 563, 133 N. W. 1020.
Receiving deposit in bank when insolvent as a fraud. 34 L.R.A. 533.
§ 5176. Penalty for violating last section. If any such banking association shall receive or accept on deposit any such deposits as aforesaid when
insolvent, any officer, director, cashier, manager, member, party or managing party thereof, who shall knowingly receive or accept, be accessory or
permit or connive at the receiving or accepting on deposit therein or thereby
of any such deposits as aforesaid, shall be guilty of a felony, and upon conviction thereof, shall be punished by a fine not exceeding ten thousand dollars
or by imprisonment in the penitentiary not exceeding five years, or by both
such fine and imprisonment. [R. C. 1905, § 4661; 1890, ch. 23, § 26; 1893,
eh. 27. § 26; R. C. 1899, § 3251; 1905, ch. 165, § 27.]
Re.. section 5201.
Liability of directors to depositors for negligence and false statements of solvency.
Am. St. Rep. 605.
I.iability of officers for failure to close insolvent bank. 3 L.R.A.(N.S.) 438.
Criminal liability for receiving deposit in bank knowing of its insolvency. 31 L.R.A.
124.
When is a bank insolvent within statute making it an offense to receive further
deposita. 20 L.R.A.(N.S.1 444.
§ 5177. Banking must be done in compliance with this chapter. Penalty.
No person excepting national banking corporations shall transact a banking
business nor use the words bank, banking company or banker in any sign,
advertisement, letter head or envelope or in any corporate or firm name,
without complying with and organizing under the provisions of this chapter.
Any person violating the provisions of this section, either individually or as
an interested party in any association or corporation, is guilty of a misdemeanor, and on conviction thereof shall be fined not less than five hundred
nor more than one thousand dollars, or imprisoned in the county jail not
less than ninety days, or both, in the discretion of the court. [R. C. 1905,
§ 4662; 1890, ch. 23, § 27; 1893, ch. 27, § 27; R. C. 1895, § 3252; 1905, ch. 165,
§28.]
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Federal Reserve Bank of St. Louis
1261
§§ 5178-5180
CIVIL CODE.
Ranking Corporations.
§ 5178. Forfeiture of franchise. Every association organized under this
chapter which shall refuse or neglect to comply with any requirements, lawfully made upon it by the state banking board, or by the state examiner,
pursuant to this chapter, for a period of ninety days (or for a lesser period if
specified in the order) after demand in writing by such board or examiner
is made, shall be deemed to have forfeited its franchise and any failure on
the part of such association to comply with, or any violation of any of the
provisions of this chapter, shall work a forfeiture of its franchise, and in
either case the attorney-general, upon demand of the state banking board,
must commence an action for the purpose of annulling the existence of said
association. [R. C. 1905, § 4663; 1890, ch. 23, § 28; 1893, ch. 27, § 28; R. C.
1899, § 3253; 1905, ch. 165, § 291
see section 5204.
§ 5179. Fees for examination. Every corporation contemplated to be
by this act placed under the jurisdiction and control of the state banking
board, and,made subject to the examination of the state examiner and his
deputy examiners, shall if a new corporation, prior to receiving its certificate of authority to commence business, and in all cases within ten days
after each examination, pay into the state treasury the following fees or
sums, to wit: Those having a paid-up capital stock of less than twenty
thousand dollars, fifteen dollars; those having a capital of twenty thousand
dollars and less than thirty thousand dollars, twenty dollars; those having
a capital of thirty thousand dollars and less than forty thousand dollars,
twenty-five dollars; those having a capital of forty thousand dollars and less
than fifty thousand dollars, thirty dollars; those having a capital of fifty
thousand dollars and less than sixty thousand dollars, thirty-five dollars; those
having a capital of sixty thousand dollars and less than seventy-five thousand
dollars, forty dollars; those having a capital of seventy-five thousand and
not over one hundred thousand dollars, fifty dollars; those having a capital
of over one hundred thousand dollars and less than two hundred thousand
dollars, one hundred dollars; those having a capital of over two hundred
thousand dollars. one hundred twenty-five dollars.
Building and loan associations, mutual improvement corporations. mutual
investment corporations and other corporations of a mutual character, having
no capital stock or a nominal capital stock, shall pay a semi-annual fee of
twenty-five dollars for the first one hundred thousand dollars of assets, and
five dollars for each additional one hundred thousand dollars or major
.fraction thereof of assets.
The treasurer shall report such payments to the banking board, and if
any such corporation shall be delinquent more than twenty days in making
such payments. the board may make an order suspending its functions until
such payment is made, and such order shall be rescinded only upon payment
of the amount due and a penalty of five dollars additional for the delay.
[1911, ch. 55, § 4; R. C. 1905, § 4664; 1897, ch. 31; R. C. 1899, § 3254; 190-1.
ch. 94; 1905, ch. 165, § 30.]
See section 5204.
§ 5180. Oath of officers. Every active officer of any bank organized under
this chapter shall, before entering upon the duties of his office, take and subscribe an oath that he will so far as the duty devolves on him, diligently and
honestly administer the affairs of such association, and that he will not knowingly violate, or willingly permit to be violated any of the provisions of this
chapter. All such oaths shall be presented to the board of directors and a
synopsis thereof recorded in the directors' record and then filed with the
state banking board. [R. C. 1905, § 4665; 1897, ch. 31; R. C. 1899, § 3255;
1905, ch. 165, § 31.]
See section 5204.
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Federal Reserve Bank of St. Louis
1262
CIVIL CODE.
§§ 5181-5186
§ 5181. Bonds of officers and employes. All officers and employes of any
banking association, savings bank or trust company shall, before entering
upon their duties, furnish a good and sufficient bond to the association in such
sum and upon such conditions as may be required by the board of directors.
All such bonds shall be approved by the board of directors of such association
and shall be subject to the approval of the state banking board. A record of
the approval of such bonds by the board of directors of such association
shall be made on the records of the bank, and then such bonds shall be filed
with the state banking board. Stockholders of such banks shall not be
eligible as bundsrni-n for such officers.
C. 1905, § 4666; 1897, oh. 31:
R. C. 1S99.
See. leeetion 5204
§ 5182. Examination by directors. Report. It shall he the duty of the
board of directors in January and July of each year to make a careful and
thorough examination of the assets of the bank, examine stocks, checks. certificates of deposit and cashier's checks, count cash, examine loans and discounts of every nature, with the securities and collaterals belonging thereto,
compare the aggregate with the records and make a complete report of such
examination in such form as may be designated by the state banking board,
with suggestions and criticisms, if in their judgment such are necessary.
which report shall be spread on the records of the bank the same as the
minutes of a regular meeting of the board of directors, and a duplicate
thereof transmitted to the state banking board. [R. C. 1905, § 4667; R. C.
1895, § 3257: 1905, eh. 165. § 83.1
See section 5204.
§ 5183. Action against insolvent banks. The state banking board on
being satisfied of the insolvency of any banking association organized under
the provisions of this chapter, or of the violation of any of the provisions of
this chapter by any such association, after an examination of the same, shall
forthwith take charge of such insolvent bank pending the action of the court.
For that purpose it is made the duty of the board to appoint a temporary
receiver, who shall qualify in such manner as may be directed in the order
appointing him. Immediately upon taking charge the receiver shall prepare
and submit a statement of the condition of the banking association to the state
'banking board, who shall thereupon institute an action against the association in accordance with the provisions of chapter 27 of the code of civil
procedure. ER. C. 1905, § 4668; 1897, ch. 31; R. C. 1899, § 3258; 1905, ch. 165,
§ 34.]
See section 5204.
When title to money deposited with or collected by bank does not vest in bank and
the right to recover on insolvency. 86 Am. St. Rep. 775.
§ 5184. Overdrafts. Any bank officer or employe who shall pay out the
funds of any bank upon the cheek, order or draft of any individual firm, corporation or association, which has not on deposit with such bank a sum equal
to such check, order or draft, shall be personally liable to such bank for the
amount so paid. ER. C. 1905, § 4669; 1905, ch. 165, § 351
See section 5204.
§ 5185. List of shareholders to be kept and filed. The president and
-Lsbier of every bank formed pursuant to the provisions of this chapter,
shall at all times keep a true and correct list of the names of all the shareholders of such bank, with the amount of stock held by each, the time of
transfer and to whom transferred, and shall file a copy of such list in the
office of the county auditor and in the office of the state examiner on the first
Monday of January and July in each year. [R. C. 1905, § 4670; 1905, ch. 165,
§ 36.)
See. election n204.
§ 5186. Impairment of capital. If any portion of the capital of any banking association is reduced without the approval of the state banking board
or impaired for any purpose whatever, while any debts of the association
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Federal Reserve Bank of St. Louis
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.444
§§ 5186-5191
CIVIL CODE.
Banking Corporations.
remain unsatisfied, no dividend or profit on the shares of the capital.stock
of the association shall thereafter be made until the deficit of the capital is
made good, either by subscription of the stockholders or out of the subsequently accruing profits of the association. And, if at any time, it shall
appear that the capital stock of any banking association has become impaired,
the state banking board must immediately issue and enforce the necessary
order restraining the declaring of dividends and requiring the deficit to be
made good. [R. C. 1905, § 4671; 1905, ch. 165, § 37.]
See section 5204.
5187. Assets not to be used in other business. No bank shall as prindo"P'''.
eipal employ its money or other of its assets, directly or indirectly, in trade
or commerce, nor employ or invest any of its assets or funds in the stock of
iq 15)
.
4 any corporation, bank, partnership, firm or association, nor shall it invest
any of its assets in speculative margins of stocks, bonds, grain, provisions.
produce or other commodities, except that it shall be lawful for banks to make
advances for grain or other products in store or in transit to market. [R. C.
1905, § 4672; 1905, ch. 165, § 38.]
O
§
tij
See section 5204.
§ 5188. Banks exempt from attachment and execution. Every banking
association in this state shall be exempt from the legal process of attachment and execution. But if any bank fails, neglects or refuses to pay any
valid final judgment or decree that may be rendered against it by any court
of competent jurisdiction, not properly stayed by an appeal bond within the
time prescribed by statute or order of court after rendition thereof, the state
banking board shall declare such bank insolvent or in failing circumstances
and shall forthwith cause a receiver to be appointed to wind up its affairs.
[R. C. 1905, § 4673: 1905, ch. 165, § 39.]
See section 5204.
5189. Insolvent, when. A bank shall be deemed insolvent:
1. When the actual cash market value of its assets is insufficient to pay
its liabilities.
2. When it is unable to meet the demands of its creditors in the usual and
customary manner.
3. When it shall fail to make good its reserve as required by law.
4. When it shall fail to comply with any lawful order of the state banking
board within any time specified therein. [R. C. 1905, § 4674; 1905, ch. 165,
§ 40.1
§
Ses section 5204.
§ 5190. Secretary to keep bank record. It shall be the duty of the secretary of the state banking board to keep a bank record" wherein shall be
recorded the name and location of each bank in the state, its capitalization
and changes thereof, its officers, and its reserve agents, and changes of the
same, and in docket form such other proceedings as may have been had
relative to the same. by the state banking board, and by the state examiner.
[R. C. 1905, § 4675; 1905, ch. 165, § 411
See section 5204.
§ 5191. Repeal and saving clause. This chapter repeals all laws repugnant to and inconsistent herewith; provided, that this article shall not affect
any offense committed or right accruing prior to July first, 1905, hut all such
offenses or rights of action shall remain and be prosecuted under the law
existing at the time such offense was committed or such right of 4ction
accrued. [R. C. 1905, § 4676; 1905, ch. 165, § 42.]
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Federal Reserve Bank of St. Louis
bavings Banks
CIVIL CODE.
§§ 5192-5195
CHAPTER 29.
LOANS
FROM
BANKING ASSOCIATIONS.
§ 5192. Certain persons not to borrow. Exceptions conditioned. That no
officer or employe of any banking' association in this state nor the public
examiner, his deputies or any employe of such public examiner's department,
shall be permitted to borrow any of the funds of the banking association
upon his own note or obligation, whether secured or unsecured, without first
obtaining the approval of a majority of the board of directors of said bankmg association or from a committee selected by a majority of the board
of. directors the names of the committee so selected from the directors of
said banking a.ssociation to be recorded in the minutes of the association.
All loans approved and obtained under authority of this act shall be made
a part of the records of said banking association: provided, further, that
if the directors of any incorporated banking association shall knowingly
permit any of the officers, directors or employes of such banking association. or the public examiner, his deputies or any employe of the state public
examiner's department to borrow any funds from such banking association
in excess of that authorized by law or in a dishonest manner or in a manner
incurring great risk or loss to such banking association, every director who
is directly or indirectly responsible by his acts for any loss to such banking
association shall be held liable in his personal and individual capacity for
all damage which the corporation or any other person shall have sustained
in consequence thereof. [1911, ch. 53.]
CHAPTER 30.
SAVINGS BANKS.
§ 5193. Organization. Any number of persons, not less than Eive, at least
three of whom must be residents of this state, may associate themselves
together for the purpose of organizing and operating a savings bank, by
complying with the provisions of sections 4636, 4637 and 4638 of the Revised
Codes and thereppon shall be vested with the powers provided for in sections
4639 and 4640 of the Revised Codes, subject to such limitations as are in
this article provided. [1911, ch. 56, § 1.]
"Sections 4636. 4637 and 4638 of the Revised Codes" mentioned in this section are,
respectively, sections 5147. 5149 and 5149 herein. Section 44139 as amended is section
5150 herein. Section 4640 was expre.sly repealed in Laws 1911. eh. 54. 5 and again
in Laws 1913, ch. 52, I 5, and sections 5151, 5152 herein are manifest substitutes for the
repealed section.
§ 5194. Capital stock. The capital of every such savings bank shall be
divided into share,' of the par value of one. hundred dollars ($100) each,
and shall not be lr than twenty-five thousand dollars ($25.0001 in cities,
towns or villages having a population of less than five thousand, nor less than
fifty thousand dollars ($50,000) in cities having a population of five thousand
or more, and the capital stock of every association incorporated hereunder,
shall be paid up in full before such corporation shall be authorized to commence business. [1911. ch. 56. § 2.]
§ 5195. Management. Officers. Meetings. The business and property
of savings banks incorporated hereunder shall be managed by a board of
directors, not less than five, nor more than nine, the majority of whom shall
be residents of this state, all of whom shall be share-holders, and no person
shall be eligible as director of any savings bank, nor can he qualify to serve
as such unless he owns in his own right not less than ten (10) shares of the
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Federal Reserve Bank of St. Louis
80
1265
§§ 5195-5196
CIVIL CODE.
Savings Banks.
capital stock in such bank. Each
director before acting as such, shall take
an oath that he will diligently,
faithfully and impartially perform the duties
*posed upon him by law, that he will
not
violated any of its provisions; that he is violate or willingly permit to be
(10) shares of the capital stock of such the owner in his own right of ten
is not hypothecated as security to any savings bank, and that the same
loan
filed with and preserved in the office of the or debt, which oath shall be
public examiner. The directors
at their first meeting and as often thereafter
elect from their number a president, whose as the by-laws require, shall
but at the pleasure of a majority of the board term shall be indeterminate
of directors, and one or more
vice-presidents, a treasurer, and a secretary
of the board of directors for the
ensuing year, and shall have authority
to other officers and employes as may to appoint a cashier and assistants
shall hold their office during the pleas be required, and which appointees
ure of the board of directors, and
shall give such security for the faith
ful performance of their duties as may
be required of them by the by-laws.
[1911,
§ 5196. Deposits. Savings banks organ eh. 56, § 3.]
ized hereunder may receive on
deposit money equal to twenty times
the
aggre
gate amount of its paid up
capital and surplus, and no great
er amount of deposits shall be received
without a corresponding increase
in the aggregate paid up capital and
surplus. Deposits so received shall
be
or his representative, with such intere paid to the order of such depositor
st and
board of directors from time to time presc under such regulations as the
not inconsistent with the
provisions of this chapter, which rules and ribe,
regul
ation
s shall be printed in
a pass book furnished the depositor,
and also conspicuously exposed in
the business office of the bank in some place
accessible sad visible to all
and no alterations which may at any time be made
lations affecting the rights of depositors acqui in such rules and regured previously thereto in
respect to the deposits or interest thereon shall be
operative until sixty days
after the posting of such alteration; provided, howev
er, that in order to
prevent loss to the depositor. by enforced sale of
securi
value, it shall be lawful for the directors in their discre ties before their real
tion, to require notice
of one week before the withdrawal of any part
of any savings deposits of
more than ten dollars ($10) and not exceeding
one hundred dollars ($1001;
of two weeks before the withdrawal of any part
one hundred dollars ($100) and not exceeding of any deposit of more than
of three weeks before the withdrawal of any partfive hundred dollars ($5001;
of any deposit of more than
five hundred dollars ($500) and not exceeding
one thousand dollars ($1.000);
of thirty days before the withdrawal of any part
one thousand dollars ($1.000) and not excee of any deposit of more than
ding two thousand dollars
(*2.000); of sixty days before the withdrawal of
any part of any deposit
of more than two thousand dollars ($2,000) and
not exceeding three thousand dollars ($3,000), and in case where the depos
it
ficate for a definite time and the depositor fails has been made on certi.
to withdraw the same
within thirty days after such definite time, then
notice for withdrawal may
be required as prescribed above; and provided,
furth
of such savings bank may. and by the written conse er, that the directors
nt of, and shall, at the
direction of the state banking board, make any chang
es deemed necessary
in regard to the notices heretofore required to be
given by the depositor for
the withdrawal of their deposits, by extending the
time that notice shall be
given by any depositor for the withdrawal of
all deposits, to any period of
time not exceeding six months; and provided, furth
er, that the directors may
limit the aggregate amount that any depositor
may deposit to such sum as
they deem it expedient to receive, and may in
their discretion refuse to
receive any deposit, and may also, at any
any deposit and the accrued interest there time, return all or any part of
on to any depositor without notice.
[1911, ch. 56, § 4.]
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Federal Reserve Bank of St. Louis
1266
.Sarings Banks.
epit
,,41.0
afte.4
I 11 Olt I
tv"
)
(7"
4.
CIVIL CODE.
§§ 5197-5200
§ 5197. Limit of interest. All accounts,
upon which no deposits or drafts
have been made for the period of six years in
of the depositor be not known to any officer succession, and the whereabouts
of the savings bank, shall be so
far closed that neither the sum deposited nor
the interest which shall have
accrued thereon shall be entitled to any interest after
the expiration of six
years from the date of the last deposit or draft.
This
provision, however,
shall not apply to endowments nor to trust
estates nor to other eases where
special provision is made therefor at the time of
the deposit thereof. [1911,
eh. 56. § 5.]
§ 5198. Investment of fund. A savings bank
incorporated hereunder shall
invest its capital, its deposits, its surplus and
its profits only as follows:
First. In bonds of the United States.
Second. In bonds or evidences of debt in
this state or in the bonds of other
states in the union.
Third. In bonds or warrants of any county
in this state, or in the bonds or
warrants of any city in this state, or any
special improvement district therein,
or in the bonds or warrants of any village,
townshi
age district in this state, issued pursuant to the p, school district or drainauthority of law, but not
exceeding thirty per cent of the assets of such savings
bank shall be invested
in such bonds or warrants.
Fourth. In notes or bonds secured by mortgage or deed
of trust upon
unincumbered real estate in this state, which real estate shall
be worth,
exclusive of all improvements at least twice the amount loaned thereon,
but,
in addition thereto, there may be loaned thirty per cent of an appraised value
of any buildings on said real estate provided fire insurance policies are maintained and deposited as collateral to such mortgage.
Fifth. In the mortgage bonds of any railroad corporation, incorporated
under the laws of any of the United States, provided that during each of
the
ten fiscal years of such railroad corporation next preceding the date of such
investment:
1. Such railroad corporation shall have paid the matured principal and
interest of all its mortgage indebtedness.
2. Such railroad shall have paid in dividends in cash to its stockholders.
an amount of at least four per cent per annum upon all its outstanding stock
of every class.
Sixth. To the extent of sixty per cent of the total demand deposits, in promissory notes due not more than one year from the date of loan, but no such loan
shall be made unless the obligation evidencing the same bears the signature
or indorsement of at least two persons whose net worth, as shown by sworn
statement, is more than ten times the amount of the loan. provided, that where
there are pledged securities such as such corporation is by this chapter authorized to invest its funds, there may be loaned an amount not to exceed eighty
per cent of the value of such securities, and provided, further, that no such
loan shall be made to a person in excess of five per cent of the total demand
deposits. and in no event more than fifteen per cent of the capital stock and
surplus. 11911, ch. 56, §
§ 5199. Dividends. No dividend shall be declared or paid to any stockholder save out of the undivided profits on hand after paying or setting apart
a sum sufficient for the payment of:
First. All expense for operating the bank.
Second. All interest due and accrued to depositors according to the rate
fixed therefor in the by-laws.
Third. The taxes for the current year.
Fourth. Ten per cent of the net profits to the surplus fund until such fund
amounts to thirty per cent of the paid-in capital stock. [1911, ch. 56, § 7.]
§ 5200. Deposits by executors, minors, etc. Deposits made by a person as
executor, administrator or guardian, or in any other official position, shall be
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Federal Reserve Bank of St. Louis
1267
§ :;?.00-5204
CIVIL CODE.
Savings Banks.
payable to him as such official, or if personally made by a minor, shall be paid
to him, although he have no guardian, or if he has a guardian, it shall not be
necessary to obtain his consent to such payment, but a check, receipt of
acquittance, signed by such minor therefor shall be valid and binding. If
made by any corporation, association or society, payment shall be made to any
person authorized by its board of directors or trustees to receive the same.
[1911. ch. 56, § 8.]
§ 5201. Reserve. Each savings bank shall at all times have on hand in
available funds an amount which shall equal: (1) Twenty per cent of its
total deposits subject to check, or on demand, (2) eight per cent of its total
deposits On time certificate, and (3) five per cent of its total savings deposits
subject to notice as herein authorized, three-fifths of these amounts may consist of balances due the savings bank from such solvent state or national
banks or trust companies as shall have been approved by the state banking
board, but the remaining two-fifths of such reserve shall consist of actual cash
on hand; cash items shall not be included in computing reserve, and no savings
bank shall carry as cash or cash items any paper or other matter except
legitimate bank exchange, which shall be cleared on the same or next successive business day. Whenever the available funds within the meaning of this
section shall be below the percentage of its deposits stated therein, such savings bank shall not increase its liabilities by taking any new loans or make
any dividend of its profits until the required proportion between the .aggregate amount of the deposits and its lawful money reserve has been restored.
and the said banking board shall notify any bank whose reserve shall be
below the amount required, to make good such reserve, and if such savings
bank shall fail to do so for a period of thirty days after such notice, the state
banking board may impose a penalty of not less than one hundred dollars
($100) nor more than five hundred dollars ($500), which penalty shall be
collected in the same manner as other penalties described in this chapter.
[1911, ch. 56. § 9.)
§ 5202. Savings deposits, who may take. Penalty. Every corporation
organized under the provisions of this chapter shall use the words"savings
bank"as a part of its corporate name, and it shall not be the same name as
that of any other bank heretofore or hereafter incorporated in this state, and
no corporation not organized under the provisions of this chapter shall use
the word"savings"as a part of its title, and no corporation, except national
banking corporations, state hanks and annuity, safe deposit and trust companies organized under the laws of this state, shall receive savings deposits
without first complying with and organizing under the provisions of this
chapter. Any person violating the provisions of this section shall be guilty
of a misdemeanor. [1911, ch. 56. § 101
§ 5203. Loans to directors and officers. No savings bank shall make any
loan to any of its directors or officers except on security as required herein.
and in addition thereto a resolution of the board of directors passed and
spread on the records of the corporation. [1911. ch. 56. § 11.]
§ 5204. Other provisions applicable. Except as herein otherwise provided,
the following sections of the civil code [R. C. 1950] are hereby made applicable
to savings banks under this article, to wit:
Sections 4635 [am'd, 5146 herein], 4642 [5156 herein], 4643 [5158 herein].
4644 [5159 herein], 4645 (5160 herein]. 4646 [5161 herein], 4647 [5162 herein],
4651 [5166 herein], 4652 [5167 herein]. 4653 [5168 herein]. 4654 [5169 herein),
4656 [5171 herein], 4658 [5173 herein]. 4659 [5174 herein], 4660 [5175
herein]. 4661 [5176 herein], 4663 [5178 herein], 4664 [ani'd. 5179 herein],
4665 [5180 herein], 4666 [5181 herein], 4667 [5182 herein], 4668 [5183 hereinl.
4669 [5184 herein]. 4670 [5185 herein], 4671 [5186 herein]. 4672 [5187
herein], 4673 [5188 herein]. 4674 [5189 herein] and 4675 [5190 herein] [1911,
eh. 56, § 12.]
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Federal Reserve Bank of St. Louis
1268
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Federal Reserve Bank of St. Louis
'71iluity, Safe Deposit, Etc., Cos. CIVIL CODE.
§§ 5205—,-,207
I
CHAPTER 31.
ona.AxizATION
AND TRUST
AND MANAGEMENT OF ANNUITY, SAFE DEPOSIT
COMPANIES.
less
§ 5205. Formation. Any number of persons, not less than nine, not es.
than three of whom must be residents of this state, may associate themselv
annuity.
and become incorporated for the purpose of transacting business as an
provisions
the
with
ng
complyi
upon
,
company
trust
safe deposit, surety and
shall be
of this chapter, and any company so formed, and its successors.
ons
obligati
and
duties
the
to
subject
and
es,
entitled to the rights and privileg
of
ns
provisio
The
on.
successi
herein provided, and shall have perpetual
persons
by
d
observe
be
and
to
applied
be
shall
chapter 12 of the civil code
except
organizing under this chapter, except as herein otherwise provided, and
[R. C.
chapter.
this
of
ns
provisio
the
with
tent
as to provisions thereof inconsis
1905, § 4677; 1897. ch. 143. §§ 1, 2; R. C. 1899, § 3258a.]
§ 5206. Capital stock. Min7mum amount. Shares. The amount of capital
one
stock of any such corporation hereafter organized shall not be less than
one
of
shares
into
divided
hundred thousand dollars. and the same shall be
be
shall
ed
organiz
r
ion
hereafte
such
corporat
No
each.
hundred dollars
authorized to transact any business or exercise any powers as such until the
aforesaid minimum amount of capital stock shall have been subscribed for,
paid
and not less than fifty thousand dollars thereof shall have been actually dold
thousan
fifty
Said
.
ter
provided
hereinaf
as
in, invested and deposited
lars shall be invested in bonds of the .United States, or of the state of North 1°1
the
Dakota, or in the bonds of other states, which shall have the approval of
state auditor, and state examiner, or in the bonds or obligations of townships,
lhool districts, cities, villages and counties within the state of North Dakota.
bonds or obligations have not been issued as a bonus for, or purchase
of, or subscription to any railroad or other private enterprise, and whose total
bonded indebtedness does not exceed five per centum of the then assessed
mortvaluation thereof; or in bonds or promissory notes, secured by first
gages or deeds of trust, upon unincumbered real estate, situated within the
on
state of North Dakota, worth three times the amount of the obligati so
any
at
d,
permitte
be
not
shall
ion
corporat
such
of
deposit
the
secured, and
than
less
not
and
amount.
in
dollars
d
time, to be less than fifty thousan
one-sixth of its capital stock. [R. C. 1905, § 4678; 1897, ch. 143, §§ 3, 4; R. C.
1899. § 3.258b.1
§ 5207. Certificate of deposit. State treasurer's duties. Whenever any
such corporation shall have so invested fifty thousand dollars of its paid-in
said
capital, and shall assign. transfer and deliver to the state treasurer the
and
execute
shall
he
made,
so
ent
investm
such
of
s
evidence
all
and
s
securitie
may
ion
corporat
said
the
on
thereup
deliver a certificate of such deposit; and
chapter. The
commence and carry on business under the provisions of this securities so
said
the
hold
shall
state treasurer and his successors in office
creditors of
deposited with him as collateral security for the depositors and
which may
trusts
any
of
n
executio
said corporation, and for the faithful
ion
corporat
such
ion;
corporat
such
by
accepted
or
upon
lawfully be imposed
r,
treasure
state
said
es
from
securiti
may from time to time withdraw the said
amount
equal
of
es
other
securiti
him
with
ng
depositi
upon
thereof,
or any part
otherwise
and value and of the kinds specified in [section 46681, and until
r shall
treasure
state
the
said
tion,
jurisdic
nt
compete
of
court
ordered by a
collect
shall
he
which
ds
dividen
pay over to such corporation, the interest
with
deposit
a
larger
having
ion
corporat
such
any
and
s,
upon such securitie
time
any
at
be
allowed
shall
dollars
the state treasurer than fifty thousand
deposit shall
to withdraw its deposits in excess of said sum; provided its whole
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Federal Reserve Bank of St. Louis
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tr.
CIVIL CODE.
at, 25 time be less than one-sixth of its capital stock.
0F97, ch. 142, § 5; R. C. 1899, § 3258c; 1903, ch. 202.1
Annuity, Safe Deposit
[R. C. 1905, § 4679;
This section is R. C. 1905, 4679. The reference to "secti
on 4668," here given in
brackets merely for the purpose of calling attention to it,
is undoubtedly erroneous.
The error was committed by compilers in R. C. 1899, f 3258c, repeate
d by the legislature
in the amendment of that section in Laws 1903, ch. 202,
again by compilers in R. C.
1905, § 4679. The original reference in Laws 1897, ch.and
142, t 5, was to "section 4 of
this act," which constitutes all of section 5206 herein except tht
first sentence of the
latter. The reference in section 5707 should therefore be "secti
on 5206."
Board of railroad commissioners may inquire into general busines
s conduct and reliability of sureties on bonds given by grain elevator operato
r. State ex rel. Dakota
Trust Co. v. Stutsman, 24 N. D. 63, 139 N. W. 83.
yucts'
e)P
•
§ 5208. Directors. Qualifications. Terms of office. All the corporate
powers of such corporation shall be exercised by a board of directors ot not
less than nine nor more than fifteen in number, and such officer and agents
s
as they shall elect or appoint. A majority of such directors must be citizens
of the state of North Dakota, and each director must own at least ten shares ot
the capital stock. The articles of association must state the names and residences of the first board of directors, of whom the first named one-third shall
serve for a period of three years, the second one-third for a period of
two years
and the balance thereof shall serve for a period of one year from
the date
fixed for the commencement of such corporation. In case any of
the persons
so named shall not become stockholders to the amount required
or if they fail or refuse to qualify from any cause, the directorsto qualify,
who shall
qualify may elect qualified stockholders to fill such vacancies,
and thereafter,
at each annual meeting of the stockholders, directors shall be electe
d to serve
three years in place of those whose terms shall then expire
. [R. C. 1905,
§ 4680: 1897. ch. 143. § 6; R. C. 1899. § 3258d.1
§ 5209. Election of directors. Officers. Bonds. An
annual election shall
be held et the principal office or place of business of the compa
ny, which
must be within this state, upon a day to be fixed by the
articles of the association, and notice of which election shall be given by
publication at least
ten days prior to such date, in a newspaper printed
and published at the
county seat of the county in which such company has
its principal place cf
business, at which the directors provided for in section
5208
shall be elected,
and in case of a failure to elect on that day or on a
day
meeting may be adjourned, the directors whose regul to which such annual
ar terms do not then
expire shall proceed to elect such number of directors
as shall have failed of
election, and any vacancy in the office of director may
be filled by the board
until the next annual meeting. The board of directors
at their next meeting
foieving the election of directors and after such direct
ors have qualified, shall
elect from their,own number a president and vice-p
resident and such other
officers as may be necessary to the transaction of their
business. They shall
define the powers, authority and duties of such
officer
s and employes by
by-laws or resolutions, fix the conditions, form and
amount of their bonds.
and approve the same, but no such officer or
employe shall enter upon the
discharge of his duties until such bond shall have
been
have been filed with the state examiner, and by him so approved and shall
approved. [R. C. 1905,
§ 4681: 1897, eh. 143, § 7: R. C. 1899, § 3258e.]
.§ 5210. Corporate powers. Every corporation
visions of this chapter, and qualified as provided organized under the proall the general powers and privileges of corpor by section 5207, shall have
ations generally as heretofore
or hereafter provided by the general laws of the
state of North Dakota. and
in addition thereto, and without being requir
ed to further qualify under the
laws relating to banking and insurance corpor
ations, except as in this chapter
provided, shall have special power and authority:
1. To acquire, lease, purchase, own, hold, use
sell and convey such real estate and personal and improve, mortgage, lease,
property as may be necessary
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Ind Trust Companies.
CIVIL CODE.
§ 5210
for the convenient transaction of its business, and for the use and occupation
ofits officers, agents and employes, and the safe keeping and investment of
its assets, deposits and property held in trust. Any estate or interest in
real estate which such corporation shall acquire under and by virtue of the
foreclosure of any deed of trust, mortgage, or other security, or by the compromise, compounding or settlement of any obligation or security, or otherwise, in the course of its legitimate business, whether as owner or trustee,
it may continue to own, hold, use, occupy, lease, bargain, sell and convey the
same as the directors may deem best for the interests of such company, or
of the particular estate or trust to which the same belongs; and to that end,
it may become a purchaser at any foreclosure sale, or sale under decree or
judgment, to which it is a party, as trustee or otherwise. But no part of
its capital, accumulations, deposits, trust funds, property or security owned
or held by such company, in trust or otherwise, shall be invested in real
estate, except as herein authorized, unless the same is done under and'by virtue
of a particular contract, agreement or instrument, or order, judgment or
decree of court, which shall confer a special power or authority so to do, and
then only with or to the extent of the moneys or funds thereby provided, and
belonging to such particular trust; and for the general transaction of its business, to make and deliver, and in like manner accept and receive all necessary
and proper deeds, conveyances, mortgages, leases and other contracts and
writings obligatory, and to have and exercise all necessary rights, franchises,
muniments, estates, powers and privileges necessary to that end; and such corporation is authorized to loan money and funds and secure such loans by
mortgage; and shall have the power to purchase notes, bonds, mortgages and
other evidences of indebtedness, and other securities, and to convert the same
into cash and into other securities.
2. To take, accept and hold by the order, judgment and decree of any court
if record in this state, or of any other state, or of the United States, or by
gift, grant, assignment, transfer, devise, legacy or bequest from or with any
public or private corporation, or persons whomsoever, any real estate or personal property upon trusts created in accordance with, or which shall not
conflict with the laws of this state, or of the United States, and to execute
and perform any and all such legal and lawful trusts in regard to the same,
upon the terms, conditions, limitations and restrictions, which may be declared,
imposed, established by or agreed upon, in or by such order, judgment, decree.
gift, grant, assignment, transfer, contract, devise, legacy or bequest. To
accept from and execute for, or in behalf of, trusts for minors, and married
women, in respect to their separate property, real or personal, and antenuptial settlements, or otherwise, to act for the purposes of transferring, issuing, registering or countersigning the certificates of stocks, bonds, coupons or
other evidences of debt of any corporation, association, person, city, town.
township, school district, state or other authority, or to receive or to pay out
moneys in redemption of the bonds, coupons or other evidences of indebtedness
of such public or private corporations or persons.
3. To take, accept and hold on deposit, for savings account or for safe
keeping, or in escrow, any and all moneys, bonds, stocks and other securities,
or personal property whatsoever, which any state, county, city, town, township
or school district officer, or any corporation, public or private, person or persons, shall be authorized, permitted or required by law or otherwise to deposit
in a bank or other safe deposit, or to pay into or deposit in any court of record
in this state. And when any officer, corporation, public or private, or any
executor, administrator, guardian. assignee, receiver, trustee or any person
acting in a trust capacity of whatsoever nature, or any individual, shall be
authorized, required or permitted by law or otherwise, to pay into or deposit
in any court of record in this state any moneys, bonds, instruments in writing,
stock or other securities, or personal property whatsoever, the same instead
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§ 5210
CIVIL CODE.
Annuity, Safe Deposit
thereof may be paid into or deposited with any corporation organized and
acting under this chapter, which shall be designated for that purpose by the
court having jurisdiction of the subject matter, or by the person, corporation,
tribunal or body owning or controlling the same. Whenever any executor,
administrator, guardian, assignee, receiver, trustee or any person acting in
any trust capacity whatsoever, shall deposit any moneys, bonds, instruments,
in writing, stocks or other securities, or any personal property whatsoever,
belonging to his trust, with any corporation qualified and acting under this
chapter, and shall take a receipt of such corporation therefor, he and his sureties shall thereafter be relieved from all liability therefor until the same shall
again be delivered to him by such corporation; provided, that any corporation
organized under chapter 31, having a savings department, shall make the same
reports and be subject to the same examinations and be under the same
restrictions as to their savings department as now provided by law for banks.
4. To Act as trustee, assignee or receiver, in all cases where it shall be lawful for any court, officer, corporation or person to appoint a trustee, assignee
or receiver, and to be appointed, commissioned and act as administrator of
any estate executor of any last will or testament of any deceased person,
or estate Of any minor, or of the estate of any lunatic, imbecile, spendthrift,
habitual drunkard or other person disqualified to manage an estate. And
it shall be lawful for any court in this state, having jurisdiction of the
estates or wills of such persons, either within or without this state, to appoint
or commission any such corporation organized and acting under, and having
qualified with all the provisions of this chapter, as such administrator, executor, guardian, trustee, assignee or receiver in all cases where, under the laws
of this state, such court could lawfully so appoint and commission any natural
person; and in such cases no bond or other security or oath or other qualification shall be necessary to enable such corporation to accept such appointment
and trusts.
5. To accept and receive deposits of money for general savings account,
for safe keeping, or for investment, and to provide by its by-laws and regulations for the payment of interest or dividends thereon, for the investment
thereof, and conditions for repaying or withdrawing the same, and when any
such deposit may have been received from a minor the repayment of same to
such minor or his order shall be a complete discharge of such corporation from
any further liability therefor. To loan money upon such securities as may be
deemed advisable by its board of directors, and to borrow money in like
manner upon the security of its own property or credit.
6. To act as attorney in fact for any public or private corporation, or person, in the management or control of real estate or personal property, its sale
or conveyance, in the negotiation of and sale of mortgages or other securities,
the satisfaction of and discharge of record of mortgages or other securities,
the collection of rents, payments of taxes, and generally to act for and represent corporations and persons under powers and letters of attorney, in all
respects as a natural person could do.
7. To make, compile and certify to abstracts of title of real estate, upon
such conditions and subject to such liability as may now exist or be hereafter
created, by or under the laws of this state relating to abstractors. and under
such conditions and restrictions as may be prescribed by its by-laws or by
resolutions of its board of directors, to insure the viNliclity and genuineness
of titles to real property.
8. To insure and guarantee the fidelity and faithful performance. of the
duties of state, county, township, city, town and school district officers and
employes; of the depositaries of public or other funds, and all persons, firms.
companies or corporations who may require or are permitted to make, execute
or give bonds or undertakings with security, for the faithful performance
of any duty, and any court, board of auditors, board of commissioners or
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and Trust Companies.
CIVIL CODE.
§§ 5210-5212
trustees. or any person or persons who are now or shall hereafter be required
to approve the sufficiency of any such bond or undertaking may. accept such
bond or undertaking and approve the same, when the conditions of such bond
or undertaking are guaranteed by a corporation duly organized, qualified and
acting under the provisions of this chapter, and all such corporations are
vested with full power and authority to guarantee such bonds and undertakings, and the certificate provided for in section 5207 shall, until revoked, be
conclusive evidence of the qualification of such corporation, and of its authority to become and be accepted as such surety; provided, that nothing herein
contained shall apply to bonds given in criminal actions.
. 9. Whenever any sum or sums of money, or any real or personal property
shall have been received by, deposited with or conveyed to be held by such
corporation, for savings or investment account, or in trust under any of the
provisions of subdivisions 1, 2, 3, 4 or 5 of this section, such moneys or property and all evidences of the investment of the same, and their accretions.
must be kept by such corporation, separate and apart and readily identified
from similar property of its own or of other persons, and the same shall not
be liable for any debt or claim against said corporation, except for debts or
claims accruing to and in favor of the person or persons making such deposits
or creating such trusts, or the beneficiaries thereunder. [R. C. 1905, § 4682;
1897, ch. 143, § 8; R. C. 1899, § 3258f; 1903, ch. 195, § 1.1
Foreign corporation is incompetent to receive letters of administration upon estate of
deceased person. Grunow v. Simonitsch, 21 N. D. 277, 130 N. W. 835,
Legal powers and privileges of surety and trust companies. 48 L.R.A. 587.
8. Board of railroad commissioners may inquire into general business conduct and
reliability of sureties on bonds given by grain elevator operator. State ex rel. Dakota
Trust Co. v. Stutsman, 24 N. D. 68, 139 N. W. 83.
Character of and rules governing contracts by corporations engaged for profit in business of guaranteeing fidelity or contracts of other persons. 33 L.R.A.(N.S.) 513.
§ 5211. Discretionary powers. The directors of any such corporation shall
have discretionary power to invest all moneys received by it on deposit or
in trust, and the investment or deposit of which shall not be otherwise limited
or directed, in such securities as are not hereinafter expressly prohibited and
it shall be held responsible to the owners or cestui que trust of such moneys,
for the validity, regularity, quality, value and genuineness of all such investments and securities at the time said investments are so made, and for the
safe keeping of the evidences and securities thereof. But if any special direction, limitation, agreement or trust is imposed upon, made or conferred in
and by the order, judgment, decree, will or other document, contract, deed,
conveyance or other written instrument, as to the particular manner in which
or the particular class or kinds of securities, funds or property, whether real
or personal, the same shall be invested in, then the said corporation shall
follow and carry out such order, judgment, decree, contract, deed or written
instrument or instruction, and in case of such special direction or limitation,
such corporation shall not be held liable or responsible for any loss, damage
or injury which may occur to or be incurred by any person or cestui que
trust by reason of its proper performance of such trust as aforesaid. [R. C.
1905. § 4683; 1897, ch. 143, § 8; R. C. 1899, § 3258g.]
§ 5212. Power to accept trusts. It shall be lawful for any such corporation
organized. qualified and acting under the provisions of this chapter, to become
the assignee under any assignment for the benefit of creditors, or to act as
receiver, or to accept any other trust which it is authorized to accept under
this chapter, whether conferred by any person. corporation or court, without
giving any bond or other security which would be otherwise necessary under
the laws of this state, to enable a natural person to execute such trust. It
shall be lawful for any such trust company to become the sole surety upon
any bond or undertaking for or on behalf of any person, persons or corporation, in any suit, action or special proceeding, in any court in this state, when
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Federal Reserve Bank of St. Louis
§§ 5212-5216
CIVIL CODE.
Annuity, Safe Deposit
bond or undertaking shall be necessary under the laws of this state, or in
any other matter, municipal or otherwise, where a bond or.undertaking shall
be required, without any other bondsman or surety, and without justification
or qualification. In case where a bond or new sureties to a bond may be
required by a judge of any court of this state, or by the provisions of any
statute of this state, from any person, persons or corporation, acting in any
trust capacity whatever, if the value of the estate or fund is. so great that
the judge of the court having jurisdiction of the proceedings deems it
inexpedient to require security in the full amount prescribed by law, he may
direct that any securities for the payment of moneys belonging to the estate
or fund be deposited, subject to the order of such person acting in such trust
capacity. countersigned by a judge of said court, with any trust company
organized and qualified to do business under the provisions of this chapter.
After such deposit has been made, said judge may fix the amount of the bond.
with respect to the value of the remainder only of such estate or fund. [R. C.
1905, § 4684; 1897, ch. 143, § 8; R. C. 1899, § 3258h.1
§ 5213. When bond not required. Any such corporation, organized and
incorporated under the provisions of this chapter, having made the deposit
and received the certificate of the state auditor as provided in section 5206.
which shall hereafter be appointed to execute any trust, or to act as herein
authorized in any capacity, by any court, or by any public or private corporation, or by any person, and which shall accept and enter upon the duties of
any such trust, shall thereafter be fully qualified to fully discharge and perform such trust, without entering into or giving any sale bond, replevin bond.
attachment bond, injunction or appeal bond, or other bond, undertaking, or
security whatsoever, which a natural person would be required to furnish
or enter into, in the progress of the execution of any trust, or in any suit.
action or special proceeding, during the performance of any such trust, in any
court in this state. [R. C. 1905, § 4685; 1897, ch. 143, § 8; R. C. 1899, § 3258i.]
§ 5214. Transfer of trust. Any executor, administrator, guardian, trustee,
assignee or receiver, now or hereafter to be appointed, may resign his trust
in favor of a corporation organized, acting and qualified under this chapter,
and thereupon such corporation may.be appointed, by any court having jurisdiction of the subject matter of such trust, upon such terms and conditions
as such court may prescribe. [R. C. 1905, § 4686; 1897, ch. 143, § 8; R. C.
1899. § 3258j.]
§ 5215. Compensation. For the faithful performance of any trust, duty.
obligation or service so imposed upon, conferred or accepted by any such corporation, it shall be entitled to ask, demand and receive such reasonable compensation therefor as the same shall be worth, or such compensation as may
have been or may be fixed by the contract or agreement of the parties, as
well as any and all advances necessarily paid out and expended in
the discharge and performance thereof, and to charge legal interest upon
such
advances unless otherwise agreed upon, and any compensation or commissi
on
paid, or agreed to be paid, for the negotiation of any loan, or the execution
of any trust by any such company shall not be deemed interest
meaning of the laws of this state. Nor shall any excess thereof,within the
over any
rate of interest permitted by law, be decreed or held in any
court of law or
equity to be usury; and such company shall have a lien upon
securities and all property of every description which may come all moneys.
into its possession while in the performance of such trust for the
payment of all sums
due or to become due to it for services, expenses and advances
, and the costs
and expenses of enforcing such payment. [R. C. 1905,
§ 4687; 1897, ch. 143.
§ 8; R. C. 1S99. § 32581:.1
§ 5216. Investment of trust funds. kny sum
of money not less than one
hundred dollars, which shall be collected or
received
by anv such corporation
in its trust capacity, and which money shall
not be required for the purpose of
A
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nd Trust Companies.
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§§ 5.216-521C.
such trust, or is not to be accounted for within one year from the date of such
collection, receipt or deposit, shall be invested by such corporation, as soon
as practicable, and in such securities as are mentioned in section 5206. and
the net interest and profits of such investments, less the reasonable charges
and disbursements of said company in the premises, shall be accounted for
and paid over as a part of such trust; and the net accumulations of such
interest and profits thereon shall likewise be invested and reinvested as a
part of such principal; and such investments shall be received and allowed in
the settlement of such trust. [R. C. 1905, § 4688; 1897, ch. 143, § 9; R. C.
1899. § 32.581.1
§ 5217. Prohibited dealings. Indebtedness of agents. Such corporation
shall not loan its funds, moneys, capital, trust funds or other property whatsoever to any director, officer, agent or other employe thereof, nor shall any
such director, officer, agent or other employe become in any manner indebted
to said company by means of any overdraft, promissory note, account, indorsement, guaranty or other contract whatsoever unless such indebtedness shall
have been first approved or authorized by the board of directors, or an investment committee created by it, and such approval entered in the minutes of
the proceedings of such board or committee, and any such director, agent or
employe who shall become so indebted to said company, contrary to the provisions hereof, shall be deemed guilty of the crime of embezzlement to the
amount of such indebtedness, from the time such indebtedness shall be created,
and upon conviction thereof shall be punished in the manner prescribed by
the laws of this state for embezzlement of like amount. The execution and
delivery of the official bond of such officer, agent or employe, or his indorsement of commercial paper, however, shall not be considered as an indebtedness
for the purpose of this section. [R. C. 1905, § 4689; 1897, ch. 143, § 10; It. C.
1.899, § 3258m; 1903, ch. 195, §
'§ 5218. Powers of court. Annual report. Any such corporation shall be
Subject at all times to the further orders, judgments and decrees of any court
of record from which or under which it shall have accepted any trust, appointment or commission as to such trust, and shall render to such court such
itemized and verified accounts, statements and reports as may be required
by law, or as such courts shall order in relation to such particular trust.
It shall also be subject to the general jurisdiction of the district court of
the county in which its principal place of business is located. It shall render
to the state examiner a full and detailed verified account of its condition, on
the first day of June in each year, and such further accounts, either total or
partial, or in relation to any particular investments, trusts, funds or other
business as the said state examiner may from time to time direct and request,
and a condensed statement of such annual report, approved by the state
examiner, shall be published by the said corporation in a public newspaper,
printed and published in the county in which its principal place of business
is located, and if none, then in such newspaper as the state examiner shall
direct. [R. C. 1905, § 4690; 1897, ch. 143, § 11; R. C. 1899, § 3258n.1
capital stock. Increase of deposit. Re§ 5219. Capital. Increase
insurance. Every such corporation, organized under the provisions of this
chapter, shall have the full amount of its subscribed capital stock paid in
within two years after commencement of business, and such payment may be
made in such installments as may be prescribed in its by-laws, or by resolution
of its board of directors, and such capital stock may be increased from time
to time by a majority vote of all the stockholders of such corporation, voting
at any regularly called general or special election, in the notice of which election, the lbject thereof is fully set out, but no such increase of capital stock
shall be valid unless paid in in cash, and certified to the state auditor in
writing, and under oath by the president or secretary, or managing officer of
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§§ 5219-5222
615
CIVIL CODE.
Supervision of
such corporation. Whenever it shall appear to the satisfaction of the state
examiner, from an examination of the business of such company, that the
deposit made by it with the state auditor, as hereinbefore provided, is insufficient to insure the safety of its deposits, trust and contingent liabilities, and
he shall make an order, as hereinafter provided, requiring an increase of such
deposit, then such company may deposit with the state auditor, other and
further securities of the kind, class and value designated in section 5206, in an
amount sufficient to comply with said order. [R. C. 1905, § 4691; 1897, ch.
143, § 13; R. C. 1899, § 32580.]
§ 5220. Duty of public examiner. It shall be the duty of the public examiner, once in every six months, or oftener if required by the written, verified information filed with him by any person interested in any trust with
which such corporation may be charged, and without notice to the officers
of such company, to make a full, true, complete and accurate examination and
investigation of the affairs of such corporation and to assume and exercise
over such corporation, its business, officers, directors and employes, all the
power and authority conferred upon him over banking and other financial or
moneyed corporations. If it shall appear to the state examiner from any
examination made by him that said corporation has committed a violation of
the law or that it is conducting business in an unsafe or unauthorized manner,
or that the deposit made by it with the state auditor as hereinbefore provided,
is insufficient to protect the interests of all concerned, then the state examiner
shall, by an order under his hand and the seal of his office, and addressed to
such corporation, direct the discontinuance of such illegal or unsafe practice,
and to conform with the requirements of the law, or to make a further deposit
with the state auditor in an amount sufficient to insure the safety of its trusts,
deposits and liabilities. And whenever such corporation shall refuse to comply with any such order as aforesaid, or whenever it shall appear to the said
state examiner that it is unsafe or inexpedient for any such corporation to
continue to transact business, he shall communicate the facts to the attorneygeneral, and thereupon he shall be authorized to institute such proceedings
against any such corporation, as is now, or may hereafter be provided by
law, in case of insolvent corporations or such other proceedings as the case
may require. [R. C. 1905, § 4692; 1897, ch. 143, §§ 12, 14; R. C. 1899, § 3258p;
1903, eh. 195, § 3.]
CHAPTER 32.
SUPERVISION OF INVESTMENT COMPANIES.
§ 5221. Domestic and foreign investment companies defined. Every corporation. every copartnership or company and every association (other than
state and national banks, savings banks, trust companies, real estate mortgage
companies dealing exclusively in real estate mortgage notes, and corporations
not organized for profit), organized or which shall be organized in this state.
whether incorporated or unincorporated, which shall sell or negotiate for the
sale of any stocks or investment bonds or investment certificates of any corporation, foreign or domestic, other than bonds of the United States, the state
of North Dakota, or of some municipality of the state of North Dakota, to
any person or persons in the state of North Dakota, other than those specifically exempted herein, shall be known for the purpose of this chapter as a
domestic investment company. Every such investment company organized in
any other state, territory or government, or organized under the laws of any
other state, territory or government, shall be known for the purpose of this
chapter as a foreign investment company. [1913, ch. 109, §
§ 5222. What documents to be filed with secretary of state. Before offering
or attempting to sell any stocks or investment bonds or investment certificates
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COMPILED LAWS OF NORTH DAKOTA
i 13
Civil Code
. 60 -2 - Legal rate seven per cent. Interest for any legal indebtedness shall
be at the rate of seven per cent per annum, unless a different rate is contracted
for in writing and all contracts shall bear the same rate of interest after they become
due as before, mless it clearly appears thereform that such was not the intention
of the parties.
S. 6073.
blintz' Usury defined. No person, firm, company or corporation shall
directly or indirectly take, or receive, or agree to take or receive in money, goods
or things in action or in any other way any greater sum or any greater value for
the loan or forbearance of money, goods or things in action than twelve per cent per
annum; and in the computation of interest the same shall not be compounded. Any
violation of this section shall be deemed usury; provided, that any contract to
pay interest not usurious on interest overdue shall not be deemed usury.
M'S
I.
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Federal Reserve Bank of St. Louis
c-12,)11,5-‘pria;s-e.or/3,
41
•
C
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Federal Reserve Bank of St. Louis
SESSION LAWS
•
- NORTH DAKOTA - 1.15
Chapter 176. An Act to Amend and reenact Sections 60,2 and 6073 of the Compiled
Laws of North Datcota for the Year 113, relating to legal rate of interest and
usury.
S. 672. Legal rate of interest six per cent. Interest for any legal indebtedness
shall be at the rate of six (6) per cent, per annum unless a different rate is
contracted for in writing, and all contracts shall bear the same rate of interest
after they become due as before, unless it clearly appears therefrom that such was
not the intention of the parties.
S. 6073. Usury defined. No person, firm, company or corporation shall directly or
Indirectly take or receive, or agree to take or receive, in money, goods or things
In action, or in any other way, any greater sum or any greater value for the loan or
forbearance of money, goods, or things in action than ten (10) per cent per annum; and ,
in the computation of interest the same shall not be compounded. Any violation of
this Section shall be deemed usury; provided, that any contract to pay interest not
usurious on interest overdue shall not be deemed usury.
Approved January 25, 1915.
44,
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BANKS AND BANKING
59
defendant has no means, and is unable to employ counsel, the court
shall appoint and assign counsel for his defense and allow and
direct to be paid by the county in which such trial is had, a reasonable and just compensation to the attorney so assigned for such services as he may render; provided, however, that such attorney shall
not be paid a sum to exceed fifteen dollars per day in any one case.
Approved, February 4, 1915.
BANKS AND BANKING
CHAPTER 52.
[H. B. No. 108—Ployhar.]
DRAWING OF A BANK CHECK, WITHOUT FUNDS, A MISDEMEANOR.
AN ACT Making the Drawing of a Bank Check without Funds in the Bank to
Protect the Same, a Misdemeanor; Prescribing the Penalty Therefor.
Be it Enacted by the Legislative Assembly of the State of North Dakota:
§ 1. Every person, firm, company, co-partnership or corpora-
tion who makes or draws or utters or delivers to any person any
check or draft upon a bank, banker or depositary for the payment
of money, and at the time of such making, drawing, uttering or
delivery, has not sufficient funds in or credit with such bank, banker
or depositary to meet such cheek or draft in full upon its presentation, shall be deemed guilty of a misdemeanor and upon conviction
thereof shall be punishable by a fine of not to exceed $100 or by
imprisonment in the county jail for not to exceed 30 days, or by
both such fine and imprisonment. •
§ 2. The word "credit" as used herein shall be construed to
be an arrangement or understanding with the bank, banker or depositary for the payment of such check or draft.
§ 3. EMERGENCY.] Whereas, an emergency exists in the fact
that there is no adequate provision under the laws of North Dakota
for protection against those who issue checks without having funds
or without having a reasonable expectation of having funds in the
bank when the checks shall be presented for payment, this Act shall
take effect and be in force from and after its passage and approval.
Approved, February 10, 1915.
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BANKS AND BANKING
CHAPTER 53.
[II. B. No. 344—McClintock.]
RECEIVER OF INSOLVENT BAN
KS REPORT TO STATE EXAMINER
.
AN ACT to Amend Section 5189
of the Compiled Laws of North Dakot
a
for
the Year 1913, Relating to Insolvency
of Banks and the Liquidation of the
Same by the State Examiner. .
Be it Enacted by the Legislatice Assem
bly of the State of North Dakota:
§ 1. AMENDMENT.] That Section 5189
of North Dakota for the year 1913 is here of the Compiled Laws
by amended to read as
follows:
§ 5189. INSOLVENT. WHEN.] A bank shall
be deemed insolvent: I, when the actual cash market valu
ficient to pay its liabilities; II, when it is e of its assets is insufunab
mands of its creditors in the usual and cust le to meet the deomary manner; III,
when it shall fail to make good its reserve
as required by law; IV,
when it shall fail to comply with any lawf
ul order of the State Banking Board within any time specified therein;
but its property shall
not be subject to attachment or levy, nor
shall
during such reasonable time as the State Exama receiver be appointed
iner may require for
examination. After such examination if the
deem best he shall with the approval of the State Examiner shall
State Banking Board
appoint a receiver who shall take possession
, under the direction of
the State Examiner, of books, records, and
other property, collect
the debts, sell or compound bad or doub
tful
porate property on such terms as the Stat ones, and sell all core Examiner shall direct,
and when necessary pay corporate debts
and enforce the individual
liability of stockholders. He shall pay
over all moneys received by
him and make report of his doings to
the Examiner at such times
and in such manner as he may presc
ribe. Whenever, after report,
by such officers and before the appointm
ent
aminer shall find the bank in such condition of a receiver, said Exthat all creditors wide
from stockholders can be paid in full
from its assets, he may relinquish possession of its property to its
proper officers; provided,
however, that the bank shall pay into
ten dollars per day and the hotel andthe State Treasury a fee of
traveling expenses of the
State Examiner or Deputy State Examiner
, who shall have been in
charge of the bank during this period,
and
such
bank may, with the
consent of the State Examiner, resu
me
tions as may be approved by him. Uponbusiness upon such condiproperty and business of such bank the taking possession of the
ized to collect moneys due to such bank State Examiner is authorand to do such other acts as
are necessary to conserve its asset
s
and
business, and shall proceed
to liquidate the affairs thereof.
Approved, March 10, 1915.
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61
CIIAPTER 54.
[H. B. No. 133—McClintock.]
TO PERMIT STATE BAN
KS TO JOIN FEDERAL RES
ERVE ASSOCIATION.
AN ACT to Amend and Re-e
nact Section 4672 of the Revised
Code of 1905,
being Section 5187 of the Compiled
Laws of 1913.
Be it Enacted by the Legislat
ive Assembly of the State of
North Dakota:
§ 1. AME
NDMENT.] That Sectio
1905, being Section 5187 of the Com n 4672 of the Revised Code of
piled Laws of 1913, be
amended
to read as follows:
§ 5187. ASSETS NOT TO BE USE
bank shall as principal employ its D IN OTHER BUSINESS.] No
money or other of its
rectly or indirectly, in trade or
commerce, nor employ or assets, diinvest any
of its assets or funds in the stock of
ship, firm or association, nor shall it any corporation, bank, partnerlative margins of stocks, bonds, graiinvest any of its assets in specucommodities, except that it shall be n, provisions, produce or other
vances for grain or other products lawful for banks to make adin
provided, nevertheless, that this Act store or in transit to market;
shall not be construed
any way preventing a bank from
as in
inve
sting such part of its
in stock ,of the Federal Reserve
Bank of this district as funds
necessary to become a member of the
may be
and from carrying such stock amo . Federal Reserve Association
ng its assets.
§ 2. EMERGENCY.] Whereas, an
emergency exists in that
present law denies the banks of
the
this state the right to join
association. this Act shall take effe
such
ct and be in force from and
its passage and approval.
after
Approved, February 10, 1915.
CHAPTER 55.
[H. B. No. 501—Lathrop Comm
ittee.]
FEES FOR EXAMINATION
OF CORPORATIONS.
AN ACT to Amend Section
5179 of the Compiled Laws of
North Dakota for
the Year 1913 Relating to the
Department of the State Examiner
.
Be it Enacted by the Legislat
ive Assembly of the State of Nort
h Dakota:
§ 1. AMENDMENT.] Tha
of North Dakota for the yeat Section 5179 of the Compiled Laws I
r 1913 is hereby amended to read as
follows:
§ 5179. FEES FOR Ex.\ mINATI
plated to be, by this Act, placed ON.1 Every corporation contemunder the jurisdiction and control
of the State Banking Board,
and
made subject to the examinati
of the State Examiner and
his Deputy Examiners, shall if a on
new
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62
BANKS AND BANKING
corporation, prior to receiving its certificate of authority to commence business, and in all cases within ten days after each examination, pay into the state treasury the following fees, to-wit: A fee
of ten dollars in addition to a charge of one and one-half hundredths of one per cent. of the gross amount of the assets of said
bank on the day of examination.
Building and loan associations, mutual improvement corporations, mutual investment corporations, and other corporations of a
mutual character, having no capital stock, or a nominal capital
stock, shall pay a semi-annual fee of twenty-five dollars for the first
one hundred thousand dollars of assets, and five dollars for each
additional one hundred thousand dollars or major fraction thereof
of assets.
The Treasurer shall report such payments to the Banking Board,
and if any such corporation shall be delinquent more than twenty
days in making such payments, the board may make an order suspending its functions until such payment is made, and such order
shall be rescinded only upon payment of the amount due and a
penalty of five dollars additional for the delay.
§ 2. EMERGENCY.] An emergency is hereby declared to exist
and this Act shall take effect and be in force immediately after its
passage and approval.
Approved, March 5, 1915.
CHAPTER 56.
[H. B. No. 221—Converse.1
INCREASING CAPITAL STOCK OF BANKS TO $15,000.00 BEFORE
ORGANIZATION.
AN ACT to Amend and Re-enact Section 5155 of the Compiled Laws of North
Dakota, 1913, Relating to Capital Stock of State Banks.
Re it Enacted by the Legislative Assembly of the State of North Dakota:
§ 1. That Section 5155 of the Compiled Laws of North Dakota,
1913, is hereby amended to read as follows:
§ 5155. CAPITAL STocK.] Hereafter no banking association shall be organized under this Chapter with a capital stock of less
than fifteen thousand dollars, nor in towns or cities of over one
thousand inhabitants with a capital stock of less than twenty thousand dollars; nor, in cities of over two thousand inhabitants, with
a capital stock of less than thirty thousand dollars; nor, in cities
of over three thousand inhabitants, with a capital stock of less than
thirty-five thousand dollars; nor, in cities of over four thousand inhabitants, with a capital stock of less than forty thousand dollars;
nor, in cities of over five thousand inhabitants. with a capital stock
of less than fifty thousand dollars. All of the capital stock of every
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Federal Reserve Bank of St. Louis
BANKS AND BANKING
63
such association shall be paid in before it
shall
authorized to
commence business, and evidence of such payme be
nt of capital stock
either in actual money or a deposit in a previously
appro
spondent bank must be furnished to the State Examiner ved correExaminer before the certificate of authority may be deliveor Deputy
the purposes of this Section, the population of the city red. For
termined by using the population shown by the most may be deor national census. No association having been organ recent state
ized to transact business in any city, and which may have sold
or converted its
business to a national bank, or other banking busin
ess
tinued at the same place, shall be allowed to remov which is cone its charter or
its articles of incorporation to, and recommence
busin
ess at another
place; but where it can be clearly shown that a
banking association
which has not changed, sold or converted its busin
recited, is located at a place where there is not ess as hereinbefore
for the profitable conduct of a bank, such associ sufficient business
ation
the Banking Board for authority to remove its busin may apply to
place within the state and to change its name if ess to some other
desir
the approval of such application by the State Banki ed; and upon
the proper amendment of the articles of incorporat ng Board and
may issue authority for such removal and change; ion, the board
provided, that
no such association shall be allowed to remove
its business to any
city without having the full amount of capital
stock required by
this Chapter for a new organization in such city.
The corporate
existence of any bank or corporation heretofore organ
ized with a
capital of less than fifteen thousand dollars shall not
be
renew
ed unless such corporation seeking to renew its existe
its capital to the amount required by this Act fornce shall increase
the organization
of a new banking corporation in the city where such
bank is located
at the time of such renewal. When any association
whose capital
is less than twenty thousand dollars, applies for
a renewal of its
corporate existence, it shall, before being permitted
to continue its
corporate existence, furnish satisfactory evidenee
through the State
Banking Board that its articles of incorporation have
been
amended and the full amount of the increased capita properly
l has been
actually paid in cash; provided, that such associ
ation in tenewing
its existence, may, with the consent and approval of
ing Board, convert its then accumulated surpl the State Bankus
profits into capital, to be apportioned among the and undivided
shareholders entitled thereto.
Approved, February 23, 1915.
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BANKS AND BANKING
CHAPTER 57.
[S. B. No. 9—Loftsgaard.]
PENALTY FOR FALSE STATEMENTS BY BANKS.
AN ACT Amending Section 5174 of the Compiled Laws of 1913 Prescribing
Penalties for Making False Statements or Entries as to.the Condition of
Banking Associations.
Be it Enacted by the Legislative Assembly of the State of North Dakota:
§ 1. AMENDMENT.] Section 5174 of the Compiled Laws of
1913 is hereby amended to read as follows:
§ 5174. PENALTIES FOR FALSE STATEMENTS OR ENTRIES.] Every
officer, agent or clerk of any association organized under this Chapter, who willfully and knowingly subscribes or makes any false
statements or entries in the books of such association, or knowingly subs6ribes or exhibits any false paper with intent to deceive
any person authorized to examine as to the condition of such association, or willfully subscribes or makes false reports, shall be punished by imprisonment in the state penitentiary not less than one
nor exceeding ten years, or in the county jail not exceeding one
year, or by a fine not exceeding ten thousand dollars, or by both
such fine and imprisonment.
§ 2. REPEAL.] All Acts or parts of Acts in conflict with this
Act are hereby repealed.
§ 3. EMERGENCY CLAUSE.] Whereas, doubt exists as to the
meaning of the provision contained in said Section 5174 designating the penalty and therefore an emergency exists, for .that reason
this Act shall take effect and be in force from and after the date of
its passage and approval.
Approved, January 20, 1915.
CHAPTER 58.
[H. B. No. 166—Burgett.]
REDUCING LEGAL RESERVE FUND OF BANKS.
AN ACT to Amend Section 5170 of the Compiled Laws of North Dakota for
the Year 1913 (Section 4655 of the Revised Codes 1905) Relating to the
Legal Reserve Fund of Banking Corporations.
Be it Enacted by the Legislative Assembly of the State of North Dakota:
nit*
vf."#
, A
§ 1. AMENDMENT.] That Section 5170 of the Compiled Laws
North Dakota for the year 1913, being Section 4655 of the ReCodes of 1905, is hereby amended to read as follows:
§ 5170. RESERVE FUND.] Each association shall at all times
have on hand in available funds an amount which after deducting
therefrom the amount due to other banks, shall equal 20 per cent.
•
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Federal Reserve Bank of St. Louis
BANKS AND BANKING
65
of its demand deposits and 10 per cent, of its
time deposits; threefifths of this amount may consist of balances
due to the association
from good solvent state or national banks or trust
companies, which
carry sufficient reserve to entitle them to act
as such depositary
banks, and are located in such commercial center
s as will facilitate
the purposes of banking exchanges, and which
depositary bank
shall have been first approved by the State Banking
remaining two-fifths of such reserve shall consist Board, and the
of actual cash on
hand; cash items shall not be included in computing
no association shall carry as cash or cash items, any reserve, and
paper or other
matter except legitimate bank exchange, which will
be
the same or next succeeding business day. Whenever cleared on
the available
funds, within the meaning of this Section, shall be
below twenty
per cent. of its demand deposits and ten per cent. of
posits, such association shall not increase its liabilitiesits time deby making
any new loans or discounts other than by discounting
ing bills of exchange, payable at sight, nor make any or purchasits profits, until the required proportion between thedividend of
amount of the deposits and its lawful money reserve hasaggregate
been restored ; and the State Banking Board must notify any
whose lawful money reserve shall be below the amount association
be kept on hand, to make good such reserve, and if such required to
association
shall fail to do so for a period of thirty days after such
State Banking Board may impose a penalty of not lessnotice, the
hundred dollars or more than five hundred dollars, whichthan one
shall be
collected in the same manner as other penalties prescr
ibed in this
Chapter.
§ 2. EMERGENCY.] Whereas, an emergency exists
legal reserve of banking corporations is now unnece in that the
ssarily large,
therefore this Act shall take effect. and be in force
from and after
its passage and approval.
Approved, February 13, 1915.
CHAPTER 59.
[H. B. No. 106—Hoghaug.1
DEPOSITARIES FOR STATE SINKING FUNDS.
•
AN ACT to Amend Section 370 of the Compiled Laws of
North Dakota for
1913, Relating to State Depositaries.
Be it Enacted by the Legislative Assembly of the State of
North Dakota:
§ 1. AMENDMENT.] Section 370 of the Compiled Laws of North
Dakota for 1913, relating to state depositaries, is hereby amend
ed to
read as follows:
§ 370. STATE DEPOSITARIES.] All funds of the state shall
deposited by the Treasurer in one or more designated state or be
tional banks in the State of North Dakota on or before the first naday
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f
Y FUND
(;LANDERED ANIMALS—GUARANT
_
177
GLANDERED ANIMALS
CHAPTER 125.
[S. B. No. 108—Drown.1
APPRAISENIENT OF GLANDERED ANIMALS KILLED.
An Act to Amend and Re-enact Section 2728 of the Complied Laws of North
Dakota for the year 1913 Relating to the Appraisement of Animals Killed
or Destroyed According to Law for Being 'Affected with the Disease Known
ns. Glanders.
Be it Enacted by the Legislative Assembly of the State of North Dakota:
§ 1. AMENDMENT.] That Section 2728 of the Compiled Laws
of North Dakota for the year 1913 is hereby amended and re-enacted
so as to read as follows:
§ 2728. MAxtuum VALUATION.) In making the appraisement
the value put upon the animal or animals shall be the amount,that
such animal or animals would be worth had they not been affected
with glanders; provided, however, that in no case shall the appraised
value of any one,animal exceed $156.00 to be paid by the state as
hereinafter provided.
Approved March 8, 1917.
GUARANTY FUND
.
1,/
CHAPTER 126.
I1
[S. B. No. 217—Drown.1
•
14
0" 1
DEPOSITORS' G VA RA N TY Ft ND. ,
An Act Entitled an Act Providing for the Establishment of a Depositors' Guaranty fund to guarantee payment of General Deposits, and the Establishment
of a Commission to Supervise and Control such Fund, and Providing for the
Liquidation of Insolvent Banks.
it Enaelet1 by the Legislaiire Assembly of the Stak of North Dakota:
t 1. 'DEPOSITORS' GUARANTY FUND COMMISSION. ,ESTABLASHED. COMPENSATION. EXPENSES.] There is hereby established a Depositors' Guaranty Fund Commission of the State of
North Dakota to be composed of five -(5) members, viz.: the
governor of the State of North Dakota.the State Examiner and three
members to be appointed by the Governor of the State, from a list
of nine men. to be selected by the banks directly affected by the
provisions of this act, said banks to be members of the corporation
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Federal Reserve Bank of St. Louis
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178
.
•
-711PITIWITMRIViT7
GUARANTY FUND
known as the North Dakota Bankers'
association. All succeeding appointments to membership of
said
fill a vacancy or otherwise, shall .be mad commission, svhether to
State of North Dakota from a list of e by the Governor of the
banks directly affected by tlw provisionsnine men furnished by the
of this commission shall be residents of of this act. All members
the State of North Dakota
and all members except the Governor and
the Si ate Examiner shall
have had at least five years' experience
bank or banks located within the Statin the management of some
e
of such members shall be appointed for a of North Dakota. thin
term of one year, one for
a term of two years and one for a period
of t lace years, and each
succeeding appointment except to fill
it vaeaney caused by death,
resignation or removal of a member
years. The Governor shall be the shall be for a period of three
rman of said board and the
attorney-general shall be es-officio chai
the
atto
rney for 1 he board and
the State Examiner shall be its secre
first meeting shall select, one of its tary. The Commission at its
members of the Commission other members as treasurer. The
State Examiner shall receive for theirthan t he Governor and the
per day for the time actually served services five ($3.00) dollars
curred in the performance of their dutieawl their actual expenses inthe same to be paid out of
the general fund of the state. Said comms,
issi
vision and control of the Depositors' Guar on shall have the superthe power to adopt all necessary rules and anty Fund and shall have
regulations, not inconsist
ent with law, for the management and admi
nist
2. COMMISSIONERS. QUALIFICATIoNs. ration of said fund.
BONDS. OATHS AND
FILING THEas.sw.1 Within fifteen (13)
days from the date of the
passage and approval and taking effect of
this Act the members of
the Depositors' Guaranty Fund Commissi
on, other than the
Governor and State Examiner, shall take
and
subscribe the oath of
office prescribed by the Constitution, and
secret all the facts and information obta shall take oath to keep
ined in the performance
of their duties in like manner as is provided
for the State Examiner
in the State Banking laws, and subject
to like penalties, and each
shall give the State of North Dakota, it
surety company bond in
the amount of ten thousand ($10,000) dolla
missioner as shall be elected treasurer of the rs, except such ComDepositors' Guaranty
Fund Commission, who shall give a bond
in the amount of twentyfive thousand 425,000) dollars, and in all
required from the members of the Depositor: cases when bonds are
mission for the faithful performance of 4'(;uarant y Fund Comthe premium thereon shall be paid by the their respective duties
general fund of the state. _All such bondsStateTreasurer from the
shall be subject to the
approval of the Attorney General as to
form
as to sufficieney, and together with the oathand to the Governor
of office of each of
said Commissioners shall be filed with the
Secretary of State.
§ 3. DEPOSITORS' GUARANTY FUND COMM
MEETINGS. DATES FIXED. SPECIAL MEET ISSION. 11 EGULA
WHERE 11ELD.j The Depositors' Guar INGS. IlOw CALLED.
anty Fund Commission
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Federal Reserve Bank of St. Louis
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GUARANTY FUND
7:
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.
179
created by-the provisions of this Act shall hold at least four meetings during each calendar year at stated intervals as follows, to-wit:
On the second Tuesday in January, April, July and October, provided that other meetings of the Commission may be convened
upon written request b3r any two members of the Commission served
upon the chairman of such Commission, who shall upon receipt of
such request give notice to the Secretary of the date when a meeting shall be held in accordance with such request, and ife Secretary shall in turn give notice thereof to all members of the Commission of the date.of such meetings so to be held, as hereinafter
provided; and provided further, that whenever a condition exists
affecting the general banking business within the state, or when
there is sufficient matter in the office of the Secretary entitled to
receive consideration and disposition by the Depositors' Guaranty
Fund Commission, as contemplated herein, or when in the opinion
of the Secretary it is advisable to convene such Commission for
counsel and direction on contingencies that may arise that would
tend to prevent best. results from being obtained hereunder as contemplated herein, it shall be within his power to convene the Commission and to that end forthwith give notice of the date of such
meeting, to all members of the Commission. All meetings of the
Depositors' Guaranty Fund Commission shall be held in the office
of the State Examiner.
§ 4. DEPOSITORS' GUARANTY FUND COMMISSION. SPECIFIC
DUTIES.] It shall be the specific duty of the Depositors' Guaranty
Fund Commission to pass upon the qualifications of each and every
bank for admission under the depositors' guaranty fund and their
actions shall be final. both as to immediate admission or what shall
'pe further required of any hank in order to place it in a condition
'----fiatisfactory to the Commission so that it may be admitted later.
When the condition of any bank heretofore admitted under the
Depositors' Guaranty Fund becomes such as to cause the State
Examiner to doubt the advisability of permitting it to continue in
business, it shall be within his power to require the advice and
opinion of the. Commission and for that purpose a me'eting of
the Commission.may be called.
Any regular or called meeting, of the Depositors' Guaranty Fund
Commission as herein provided, at which there is not a full at tendance of the membership, it shall be optional with a quorum whether
or not any business shall be t ransacted, and such quorum may adjourn from time to time until suclr time as there shall be a full
attendance.
§ 5. GUARANTY FUND. ASSESSMENT.] For the purpose of
providing a Depositors' Guaranty Fund for the protection of depositors in banks, every bank engaged in the business of banking
under the laws of this state, shall be subject to assessment to be
levied, kept, collected and applied as hereinafter provided.
§ 6. EXAMINATION OF BANKS. APPROVAL OR LIQUIDATION.]
It shall be the duty of the State Examiner and his deputies or any
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Federal Reserve Bank of St. Louis
ff40
fil'11t.1\ IV
11 NI)
qualified examiner or examiners to be elect
the Depositors' Guaranty Fund Commissi ed and appointed by
on to examine every
State Bank and Trust Company doing
six months from the passage and appro business in this state within
val
Act. Said Depositors' Guaranty Fund and taking effect of this
Comm
power to fix the compensation and expen ission shall have
se allowance of suoh
examiner or examiners employed by thein
, Other than the State
Examiner and his deputies.
All compensation and expenses of such exami
nation shall be
paid from the general fund of the state and
no
asses
sment shall
be levied upon any bank hy the Depositors' Guar
anty Fund Commission until its romlitimi shall be appr
oved by the Depositors'
Guaranty Fund Commission. Every bank whos condi
e
tion
approved by said Cfannussion and which does not comp is not
ly with
the conditions and requirements imposed
by said Commissilm
within three months after notice of disapproval shall
liquidated, as provaled for the liquidation of insol be iminediately
vent
vided, however, that the Depositors' Guaranty Fund banks; proCommission
shall have discretionary powers to extend the time
not to exceed
an additional six months.
§ 7. FILING STATEMENTS. AssE5smENTs.1 Within
thirty days
after the passage, approval and taking effect of
this
AO
and annually thereafter every 1i:ink engaged in the busin
ess of banking
in this state shall make and file with the Depositors
' Gua ranty
Fund Commission, a statement. in writing, verifi
ed
by
the oath of
its president, vice-president 01. cashier, showing
the average. daily
deposits in its bank for the preceding twelve (1
2) month-.
Immediately after the date fixed for the maki
ng
he first statement and annually thereafter the Depositorsaml filing of
'(1uaranty
.---.1und Commission shall levy assessments again
st the assets of
each of said banks as follows:
One-twentieth of one per cent on the average daily
shown by the first statement of such average daily deposits as
deposits required to be made and filed by the provisions of
this section.
For each and every year thereafter, one-t wenti
eth of one per
cent of the average daily deposits as shown by
the statement required to be made and filed under the provisions
each year, until the total amount of money in the of this act in
reaches one per cent of the average daily deposits;Guaranty Fund
provided, however, that said Depositors' Guaranty Fund Comm
power to make and levy additional assessment ission shall have
s of one-t wentieth
of one per cent, but, not to exceed four such addit
ional assessments
shall be made in any one year.
Due and legal notiee of such assessment
or assessments shall
be deemed to have been given when such notic
pared by the Secretary of the Commission has e as shall be prebeen
envelope, securely sealed, registered and postage prepaplaeed in an
id, directed
to each of said banks and deposited in the
United States mail.
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Provided that when the Depositors Guaranty Fund reaches the
total sum of one per cent of the average daily deposits, said assessment against the assets of said bank shall cease until such time as
Guaranty Fund is depleted below three-fourths of one per cent
of the average daily deposits, when the necessary assessment may
be. again levied at one-twentieth of one per cent per annum until
said fund again reaches one per cent of the average daily deposits.
Provided further, that no bank which has complied in full
with the provisions of this act shall be required to give any further
security or bond for the purpose of becoming a depository for any
public funds, but public funds shall be secured in the same manner
as private funds are secured.
All deposits not otherwise secured shall be guaranteed by this
Act. The Guaranty as provided for in this Art shall not apply to
a bank's obligation as endorser upon bills re-discounted nor to bills
payable, or to money borrowed from its correspondents or others.
Each Guaranteed Bank shall certify utnler oath to the Depositors'
Guaranty Fund Commission at the date of statements as hereinbefore provide(l, the amount of money it has on deposit. not eligible
to guaranty under the provisions of this Act, and in assessing such
bank this amount shall be deducted from the total deposits.
§ S. 1NTEREsT ON DEposrrs.) No bank transacting a banking
business under this Act shall pay interest on deposits, directly or
I ndirectly at a greater rate than live per cent per annum, unless
authorized by the Depositors Guaranty Fund Commission to pay a
greater rate in which no case shall exceed six (6) per (Put per
annum, and said Depositors' Cum.:Ito- Fund Commission is
hereby authorized and empowered to grant permission to pay such
'• 'her rate; provided, that the rate so granted shall be uniform
ain any ('aunty.
Any officer, director or employee of any bank violating the provisions of this section, directly or indirectly, shall be deemed guilty
of a felony and on conviction thereof shall be punished by a tine of
not less than one hundred (8100) dollars or more than five hundred
($5(0) dollars or by imprisonment in the state penitentiary for a
term of not less than one year or more than three years or both, in
the discretion of the Court.
§ 9. AVERAGED ANNUAL STATEMENT. FALSE STATEMENTS.
PENALTY.I Any bank commencing business' and receiving deposits
less than twelve months prior to the date when tlw statement referred to in section seven is required to be made and filed shall
show the average daily deposits for that portion of said annual
period during which it has been engaged in business and receiving
deposit s.
Any person making oath to any of the statements herein required, knowing the same to be false, shall lw deemed guilty of
a felony and be punished by a fine of not less than three hundred
($300.00) dollars nor more than one thousand ($10)0.00) dollars. or
by imprisonment in the state penitentiary for a term of not less
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GUARANTY FUND
than one year nor more than five
years, or both, in the discretion
of the Court.
§ 10. VOLUNTAPY LIQUIDATION
BANK.] If any bank desires to go OR CHANGE TO A NATIONAL
into voluntary liquidation or
change to a National bank before the asse
ssment provided for in
the last section becomes due and paya
ble, the provisions of this
act shall not relieve said bank from the
ent Of any ILSSCSSmeats then due from it, to the Depositors'paym
Guaranty Fund.
§ 11. NEW BANKS.] Any bank organize subs
equent to the
passage; approval and taking effect of this d
act, shall pay into the
Depositors' Guaranty Fund an amount equal to
two per cent of
its capital,stock, when such bank opens for busin
ess,
shall.constittne a credit fund, subject to adjustme which amount
nt on the basis
of Said bank's average daily deposits, as show
n
by
the first, annual
statement required by section seven of this artic
le.
The Depositors' Guaranty Fund Commission
is authorized and
empowered to make an adjustment of the rates
of assessment to
be paid by any bank which engages in the
banking business subsequent to the passage, approval and taking effec
shall require such bank to contribute to the Depot of this Act, and
Fund, a just and equitable sum, and the Depo sitors' Guaranty
Fund Commission shall adjust assessments of sitors' Guaranty
the first two assessments, together with the credisuch bank so that
t, fund of two per
cent, of the capital stock paid by said bank when it
shall at least equal one-half of one per cent of begins business,
average daily
deposits of said bank as shown by the first, annuthe
al statement required by section seven of this -article.
Provided, however, that said two per cent will
new banks formed by the re-organization .or not be required of
banks that have previously complied with the consolidation of
with reference to the payment of assessments. terms of this Act
§ 12. NOTIC7E OF ASSESSMENTS. DISPOSITION.
PAYABLE ON
DEMAND.] As soon as said assessments are respe
ctive
ly levied, .
the banks against which the same are levied
shall be notified of
the amount of such assessment levied against them
the Secretary of the Depositors' Guaranty Fund respectively, by
said banks shall thereupon set apart, keep and Commission, and
maintain in their
said banks the athounts thus levied against them
thus levied, kept and maintained shall be and constand the amounts
be designated as the Depositors' Guaranty Fund itute what shall
payable to the
Depositors' Guaranty Fund Commission on dema
nd,
for the uses
and purposes provided.
13. ASSESSMENT. FAILURE TO CREDIT.] When
ever any
bank after due notice from the Secretary of the Depo
sito
rs'
Guaranty Fund Commission shall fail to pay over or credi
to the Depositors' Guaranty Fund any assessment t on its books
vided, for a period of twenty (lays, such bank shall as herein probe subject to a
penalty of ten ($10.00) per day for each day
it
so
refuses or fails
to pay over or credit to such Depositors' Guaranty
Fund such
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183
assessment and penalty, and the State Examiner shall at the expiration of thirty days from the date of notice of assessment herein
provided, if said assessment and penalty still remains unpaid,
take possession of the affairs of such bank and liquidate its business as provided by the State Banking Laws for making final
disposition of insolvent. banks.
§ 14. DEposiToas' it7ARANTY FUND. FIRST LIEN. EXCEPTION.] Whenever any bank doing business in this State under the
provisions of this Act shall suspend payment or become insolvent,
the amount of money standing to the credit of the Depositors'
Guaranty Fund on deposit in such bank shall be first lien upon
the assets of such institution; save and except funds deposited ill
such institution by the State Examiner and belonging to the estate
of any insolvent institution, which shall have preference over all
other claims.
15. DEposiTs. PAYMENT.] When any bank doing business
under the provisions of this Act suspends or becomes insolvent, the
State Examiner shall forthwith proceed to determine the pro-rata
amount due from each bank necessary to pay the unsecured depositors in full, and cause the same to be certified to the Depositors'
Guaranty Fund Commission, and at the same time he shall certify
to said Depositors' Guaranty Fund Commission the amounts due
to the several depositors of such insolvent bank and also, at the
same time, certify any amounts that may be owing by said depositors to said bank, and the treasurer of said Commission shall
thereupon draw against the Depositors' Guaranty Fund on Deposit
in the several banks in the amount thus certified, and shall immediately transmit to such depositors the amounts due them, less
,any amounts that may he owing by said depositors to said bank.
rovided, however, that if there should not be sufficient funds in
Depositors' Guaranty Fund to pay said claims, then the Depositors Guaranty Fund Commission shall issue certificate of indebtedness, negotiable in form, against the Depositors' Guaranty
Fund and in favor of such bank, drawing interest at the rate of
five per cent per annum, which said certificate of indebtedness
shall become due and payable on the first day of March next
succeeding the date of issue thereof, and shall be paid out of the
first money accruing to the Depositors' Guaranty Fund. Such
drafts against the Depositors' Guaranty Fund shall be pro-rated,
as nearly as may be, among the several solvent banks wherein the
same is as aforesaid kept and maintained, in accordance with the
amounts thereof held by such banks respectively. All moneys
collected or received from time to time by the Depositors' Guaranty
Fund Commission under the provisions of this Act shall be deposited
in one or more banks or trust companies operating under the provisions of this Act.
§ 16. SUBROGATION.] To the extent of the amount paid
from the said Depositors' Guaranty Fund to satisfy the claims of
depositors, said Depositors Guaranty Fund Commission, for the
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use and benefit of said funds, shal
Of the depositors thus paid, to l be subrogated to all the rights
bank and tlw same shall be enfoparticipate in the assets of such
rced and collected by the
Examiner accordingly and whe
n collected shall be placed State
fund and deposited by the Dtposi
in said
tors Guaranty Fund (7o
sion in the solvent banks subject to
the provisions of the Dep mmisGuaranty Fund, proportionate as
osi
to the several deposits to thetors
sessments levied against each of said
as§ 17. SAME REPORTS.] The Sta banks.
te Examiner or Examiner in
charge of any suspended or inso
lven
has been taken under the provisions t bank, possession of which
of this Act, shall make to the
Depositors Guaranty Fund Com
mis
quarterly, according to such form sion not less than one report
as may be prescribed, such
port to be verified by his oath.
re§ IS. NOTICES NOT OTHEnwisi:
PitovinEn Foal Whenever
notice is required by the provisio
ns
not otherwise provided for as to for of this act, and such notice is
m
the same may be served in the man or manner of service thereof,
ner now provided for the service of summons in civil action, or by
registered mail, and an affidavit of such Mailing of such notice
by
the
person giving or serving
same, shall be prima facie evidence
of the service of such noti
ce.
§ Ii,. NOTIFICATION OF ADMISSION
CERTIFIcATE1 Ilifillediately after being passed upon favorably
Fund Commission, the Secretary shal by the Depositors' Guaranty
showing such admission, the same tol notify each and every bank
and attested by the Secretary of the be signed by the chairman
Commission and bear the
seal of the State Examiner. Such
preserved by the bank receiving same certificate shall be carefully
by
properly protected, and shall at all tim being framed or otherwise
spicuous position in the lol)by of the 1)anes be displayed in a conk.
§ 20. Follms. ArritovAt..1 The Depo
sitors' Guaranty Fun
Commission shall prescribe all such
ms as may be useful, d
necessary in carrying out the provisiofor
or
ns of this act.
§ 21. PuNisnmENT. Wimp; NoT
OTH
ERWISE PROVIDED.]
herc 110 other punishment is provided
herein any person violating any of the provisions of this act
shal
misdemeanor, and upon conviction ther l be deemed guilty of a
eof shall be punished by
fine of not less than fifty dollars nor
a
more than three hundred dollars or by imprisonment in the minty
jail for not less than thir
ty
nor more than ninety days or both in
the discretion of the court.
§ 22. SAVING CLA1 sE.1 Nothing in this
act contained repealing any act for the regulation or con
duct of banking, shall be
construed, to release any person
heretofore committed violating saidfrom punishment for any acts
manner any existing indictment or net or acts nor effect in any
prosecution by reason of suc
repeal; and for that purpose such acts
h
shall continue in force and
effect notwithstanding such repeal..
§ 23. NATIONAL BANKS ItE-on
QUIREMENTS.] Any national bank oANIzEn MAY QUALIFY. REthat has re-organized as a stat
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GUARANTY FUND
185
bank as provided herein, shall before engaging in business under
the provisions of this act set apart, and credit to the Depositors'
Guaranty Fund such an amount as will place them on an equal
basis in such respect,. with other state banks heretofore admitted,
computed on the average daily deposits of such banks during the
prior calendar year.
§ 24. 'FEDERAL GUARANTY LAw.1 Whenever by Act of Congress or by decision of the Federal court,
,or departmental construction of the National Banking Acts, N ational Banking Associations located and doing business within this State are permitted
to avail their depositors of the protection of the Depositors Guaranty
Fund, established by the law of this state for the re-paying .of deposits in closed banks, such association, after examination at its
expense by the State Examiner upon approval as to its financial
condition, may participate in the assets and benefits of the Depositors Guaranty Fund upon terms and conditions in harmony
with the banking law of this state to be fixed by the said Depositors
Guaranty Fund Commission, provided that in the event national
banking associations shall be required by federal enactment to
pay assessments to any Depositors Guaranty Fund of the Federal
Government and thereby the depositors in such association in this
state shall be guaranteol by virtue of the Federal Laws, the association having availed themselves of the benefits of this act, may
withdraw therefroin and have returned to them the unused portion
of all assessments levied upon and paid by such associations.
§ 25. UNAPPROPRIATED ASSESSMENTS REFUNDED. WHEN.]
If any bank organized under the laws of this state, having paid any
assessment. or assessments to the Depositors Guaranty Fund shall
luidate and go out of business, or shall desire to organize as a na-cimal bank and withdraw from the protection of the Depositors
(;uaranty Fund for its depositors, the portion of such assessment or
assessments, which shall not have been used under the provisions
of this act shall be refunded to any bank by the Depositors Guaranty
Fund Commission. Provided, that no such bank shall be released
from its proper proportion of all out
certificates of indebtedness of the Depositors Guaranty Fund, issued to the depositors
of failed banks under the provisions of this act, nor until it shall
have
received permission in writing so to do from the Depositors Guarany Fund Commission of this state after an examination of its
comfit ion.
§, 26. RESUME BUSINESS.] Suchl bank or trust compan may
upon repayment of any money advanced by the Depositors yGuaranty Fund to such bank or trust company, with the consent
of
the Depositors Guaranty Fund Commission resume business upon
such conditions as may be approved by said Commission.
§ 27. DEFINING BANKS AND BANKING FOR THE PURPOSES 01.
THIS Arr.' For the purpose of this :0 every corporation, except
national banks whose business, in wilt de or in part, consists of the
taking of deposits or buying and selling exchange shall be held to
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111“11WAYS
be and is hereby declared to be a bank, and as thus defined
shall be
subject to the provisions of this act, provided further, that trust
companies doing a general banking business as defined in this
section separate and apart from the writing of surety bonds and
other general business and building and loan association receivi
savings deposits shall be declared to be a bank and shall also ng
be
subject to the provisions of this Act.
§ 28. NEw BANKS. ORGANIZIML] Any banks organized
and authorized to do business under the provisions of the State
Banking Laws, on and after the passage, approval and taking
of this act shall sell the capital stock thereof at two ($2.00) effect
dollars
per share above par and the amount received as a result of
such
advance shall be credited on the books of such bank to the Depositors Guaranty Fund as hereinbefore provided.
§ 29. REPEAL.] That part of sections 371, 1475 and 3317
the Compiled Laws of North Dakota for the year 1913, and of
and all other provisions of law requiring the giving of personalany
or
surety bonds for deposits of public funds in so far as same applies
to banks belonging to the Depositors Guaranty Fund, and all acts
and parts of acts in so far as they conflict with the provisions of this
this act are hereby expressly repealed.
Approved March 10, 1917.
HIGHWAYS
CHAPTER 127.
[II. B. No. 32—Reishus.1
M MOVEMENTS.
An Act to Amend and Re-cnart Section 3, Chapter 110 of the Session
Laws of
the State of North Dakota for the year 1915, Relating to Highway
Improvements.
Be it Enacted by Ow Legislative Assembly of the State of North Dakota:
§ 1. AMENDMENT.] That Section 3 of Chapter 110 of the
Laws of North Dakota for 1915, Relating to Highway Improvements, be amended to read as follows:
§ 3. That said Board of Highway Improvements may meet on
the second Tuesday in February of each year at the County seat,
and it shall be their duty to formulate plans and methods for the
uniform workilig and establishing of highways within their county;
and such methods as they shall adopt shall be followed in each of
the districts of said county, provided that no plan or resolution
shall be adopted by said board that is in conflict with any law
with reference to highways. A majority vote of all the members
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SESSION LAWS - NORTH DAKOTA - 1917
CHAPTER 60
41110An Act to Amend and Re-enact Section 5198 of the Compiled Laws of the State of North
Dakota for the year 1913, authorizing and restricting the investment of Capital,
Deposits and Surplus of Savings Banks.
S. 5198. Investment of Fund. A savings bank incorporated hereunder shall invest its
capital, its deposits, its surplus and its profits only as follaws:
First. In bonds of the United States.
'
Second. In bonds or evidences of debt in this state or in the bonds of other states
, in the Union.
Third. In bonds or warrants cf any county in this state, or in the bonds or
warrants of any city in this state, or any special improvement distriet therein, or in
the bonds or warrants of any village, township, school district or drainage district in
this state, issued pursuant to the authority of law, but not exceeding thirty per cent
of the assets of such savings bank shall be invested in such bonds or warrants.
Fourth. In notes or bonds secured by mortgage or deed of trust upon unincumbered
real estate in this state, which real estate shall be worth, exclusive of all imprcvements, at least twice the amount loaned thereon, but in addition thereton, there may
be loaned thirtV per cent of an appraised value of any buildings on said real estate
provided fire ihsurance policies are maintained and •deposited as collateral to such
mortgage.
•railroad corporation, incorporated under the
Fifth. In the mortgage bonds of any
laws of any state of the United States, provided that during each of the ten fiscal
years of such railroad corporation next preceding the date of such investment:
1. Such railroad corporation shall have paid the matured principal and interest
of all its mortgage indebtedness.
gli 2. Such railroad shall have paid in dividends in cash to its stockholders, an
Wamount of at least four per cent per annum IS all its ax outstanding stock of every
class.
Sixth. To the extent of slaty per cent of the total demand deposits, in promisscry
notes due not more than one year from the date of the loan; provided that where there
are pledged secures such as such corporation is by this Chapter authorized to invest
its funds, there may be loaned an amount not to exceed eighty per cent of the value of
such secues, and provided, further that no such loan shall be made to a person in
excess of five per cent of the total demand deposits and in no event more than fifteen
per cent of the capital stock and surplus.
Approved March 12, 1917.
CHAPTER 61.
An Act to Amend and Re-enact Section 2115, Compiled Laws of North Dakota for the Year
1913, Relating to the Assessment of Bank or Trust Company Stock, and Revenue and
Taxation.
2115. Bank and Trust Company Stock. Where and at what valuation to be listed.
The stockholders of every bank, and of every trust company, located in this state,
rganized under the banking laws of this
whether such bank or trust company has .CISe
and taxed on the value of the shares
States,
shall
be
assessed
state, or of the United
where such bank or trust
village
or
city
town,
district,
of stock, in the county,
reside in such places
stockholders
such
whether
not
elsewhere,
company is located, and
to the ownership
regard
with
annually
assessed
and
be
listed
shall
or not; such shares
assessor in deterthe
aid
To
year.
each
of
April
of
day
first
the
and value thereof on
bank and trust
every
of
officer
accounting
the
stock,
of
shares
jekining the value of such
company shall furnish a statement in duplicate to the assessor, vered by oath, showing the amount and number of such shares of capital stock of such bank or trust compara.
of its net
the amount cf its surplus or reserve fund an undded profits; the amount
the bank
of
name
the
in
iI vestment in real estate, which real estate shall be returned
S.
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SESSION LAWS - NORTH DAKOTA - 1917 (continued)
Chapter 61 - S. 2115.
or trust company and shall be assessed and taxed as other real estate is under this
larticle. To determine the real values of such real estate investments the assessor
shall strike from his lists all real estate which said bank or trust company has sold
to any party or parties under any contract whereby the party or putxxpaxtyxzx parties
purchasing agrees to pay all taxes levied against such property. The assessor shall
deduct the net amount of said investment in real estate from the aggregate amount of
such capital stock, surplus and undivided profits and the remainder shall be taken
ii of such shares of stock in the hands of the stockholders
as a basis for •:
sub,,ect to the provisions of law requiring all property to be assessed at its true and
full value, or as such property may be by law classified for assessment. Provided,
however, no bank or trust company shall be permitted a deduction for net investment
in real estate of more than sixty per cent of its capital stock, surplus and undivided
profits; and provided further, that upon written request of the accounting officer any
solvent bank or trust company may have the total amount of the assessment herein provided for as against each shareholder to be assessed against the bank or trust company
in its corporate name and the taxes accruing thereon paid as other expenses of the
bank or trust are paid. The shares of capital stock in national banks, not located in
this state, held in this state, shall not be required to be listed under this article.
Approved, March 9, 1917.
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SESSION LAWS - North Dakota Chapter 219. - State Examiner.
An Act regulating the number of deputies and other employees in the office of the State
Examiner, and the manner of dividing the State into Districts for the purpose cf
facilitating the work in the state examining department.
Section 1. The state examiner may, subject to the approval of the state banking
board, appoint and at pleasure remove, not more than thirteen deputy examiners, one
reconcilement clerk, one stenographer and such other employees as may in the ,ludgment of the state banking board, be necessary for the proper discharge of the business of his department. Each deputy examiner shall give bond to the state
in the sum of $10,000 to be approved and filed in the same manner as the bond of
the state examiner. The state examiner shall select and designate one of said
deputy examiners to be the office deputy and to act during the absence or disability of the state examiner, and in such cases the deputy examiner so authorized
shall have charge of the office and administer its affairs. Eight of the said
deputy examiners so appointed shall have had at least three years active experience in bank work within this state and shall furnish such evidence of qualification as expert accountants and general fitness for the duties as may be demanded
by the banking board.
•
S. 2. Districts. How divided. For the purpose of the better administration of
his department the state examiner shall immediately after the taking effect of
this act, proceed to divide the state into eight districts which shall have as
nearly as may be, banks and other financial institutions of an e_lual number, and
arranged with reference to convenience and economy in travel and shall at max3x
once designate the district in which each of his eight examiners shall make
examinations, and such deputy examiners shall confine their work, as nearly as
may be, to the examination of corporations located within their respective districts, except that any such deputy examiner may be temporarily transferred to
other districts, or more than one deputy examiner may be assigned temporarily to
any district when the proper performance of the work therein would indicate the
necessity for so doing. No deputy examiner shall have any interest directly or
indirectly in any corporation within the jurisdiction of the banking department,
nor in any corporation engaged wholly or in part in the writing or issuing of
bonds of or for any such corporation or of the officers or employees of any
such corporation.
S. 3. Salaries. The salary of the office deputy snail be twenty-five hundred
dollars per annum, and the salary of each other deputy two thousand dollars per
annum and in addition thereto he shall be paid his actual and necessary traveling
expenses when engaged in the discharge of his duties; the salary of the reconcilement clerk shall be fifteen hundred dollars per annum; salary of the stenographer
shall be twelve hundred dollars per annum and the salaries of kitx other clerks
or assistants herein provided for, shall be fixed by the State Banking Board.
All acts or parts of acts in so far as they conflict with the provisions of this
Act are hereby repealed.
Approved March 10, 1917.
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SESSION LAWS (Special Session) - North Dakota - 1919
Chapter 22.
An Act providing for the exemption from taxation of the income from moneys deposited
in any bank or other financial institution within the State.
S. 1. All income derived tram from moneys deposited in any bank or other financial
institution within the state is hereby exempted from taxation under the provisions
of Chapter 234 (224), Laws of North Dakota, 1919.
S. 2. All Acts or parts of Acts, insofar as inconsistent with the provisions of this
Act, are hereby repealed.
S. 3. This Act is hereby declared to be an emergency measure and shall take effect
and be in force from and after its passage and approval.
Approved 2:15 p.m., Dec. 11, 1919.
Chapter 23.
An Act to amend and reenact Section 5170 of the Compiled Laws, State of North Dakota,
for the Year 1913, as amended by Chapter 58 of the Session Laws of 1915, relating to
till legal reserve fund of banking corporations and associations.
1'4
awyd''S
/ • 1• That Section 5170 of the Compiled Laws of the State of North Dakota for the
(q'q year 1913, as amended by Chapter 58 of the Session Laws of 1915, is hereby amended and
V j'reenacted to read as follows:
Lo
41k
. 5170 as amended. Amendment. Reserve fund. Each corporation or association shall
at all times have on hand in available funds an amount which shall equal 10 per cent
of its demand deposits and amounts due to other banks and 7 per cent of its time
deposits; three-fifths of this amount may consist of balances due to the corporation
or association from the Bank of North Dakota, or good solvent state or national banks
or trust companies, which carry sufficient reserve to entitle them to act as such
depository banks, and are located in such commercial centers as will facilitate the
purposes of banking exchanges, and which depository bank shall have been first approved
by the State Banking Board, and the remaining two-fifths of such reserve shall consist
of actual cash on hand; cash items shall not be included in computing reserve, and
no corporation or association shall carry as cash or cash items, any paper or other
matter except legitimate bank exchange, which will be cleared on the same or next
succeeding day. Whenever the available funds, within the meaning of this Section, shall
be below ten per cent of its demand deposits and amounts due to other banks, and seven
per cent of its time deposits, such corporation or association shall not increase its
liabilities by making any new loans or discounts other than by discounting or purchasing
bills of exchange, payable at sight, nor make any ottiititxm dividend of its profits,
until the required proportion between the aggregate amount of the deposits and its
lawful money reserve has been restored; and the State Banking Board must notify any
corporation or association whose lawful money reserve shall be below the amount required to be kept on hand, to make good such reserve, and if such corporation or association shall fail to do so for a period of thirty days after such notice, the State
Banking Board may impose a penalty of not less than one hundred dollars or more than
five hundred dollars, which shall be collected in the same manner as other penalties
escribed in this Chapter.
.proved 8:00 p.m., December 11, 1919.
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DEPOSITORS' GUARANTY FUND COMMISSI
ON
DEPOSITORS' GUARANTY FUND
COMMISSION
•zA
CHAFFER 110.
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(H. B. No. 160—Klein.)
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GUARANTEE OF BANK DEPOSITS
.
An Act to Amend and Re-enact Pa:agraph 1 of
of N31 th Dakota for the Year 11;17, Relating Chapter 126 of the Laws
to the Guarantee of Bank
Deposits.
Be it Enacted by the Legislative Assembly of
the State of North Dakota:
1,4
Sec. 1. Paragraph 1 of Chapter 126 of
kota for the year 1917 is hereby amended the Laws of North Daand re-enacted to read
as follows:
Paragraph 1. IYIPOSITCRS' GUARANTY
FUND COMMISSION EsTA13LIS1W1). COMPENSATION. EXPENSES.)
There is hereby established
Depo
a
sitors' Guaranty Fund Commissi
Dakota to be composed of five members,on of the State of North
viz: The Governor of the
State of North Daf:ota, the State Examiner
and three members to
be appointed by the Governor of the
pointments to membership of said Comm State. All succeeding apission, whether to fill vacancies or otherwise, shall be made by
the Governor of the State
of North Dakota. All members of this
Commission shall be residents of the State of North Dakota, and
all members except the
Governor and the State Examiner shall
have had at least five
years experience in the management of
...within the State of North Dakota andsome bank or banks located
some bank which is directly affected by shall be an °trivial of
the provisions of this Act.
One of such members shall be appointed
for the term of one year,
one for a term or two years and one for
and each succeeding appointment exce a period of three years,
pt to fill a vacancy caused
by death, resignation or removal of a
memb
er shall be for a period
of three years. The Governor shall
be the chairman of said
board and the Attorney General shall
for the board and the State Examiner be exofficio the attorney
shall be its secretary. The
Commission at its first meeting shall
select one of its members as
treasurer. The members of the Commissi
on other than the Governor and the State Examiner shall recei
($5.00) dollars per day for the time ve for their services five
actua
actual expenses incurred in the performa lly served and their
same to be paid out of the general fund nce of their duties, the
of the state. Sail Commission shall have the supervision and
control of the Depositors'
Guaranty Fund and shall have the powe
rules and regulations, not inecnsistent r to adopt all necessary,
ment and administration of said fund. with law, for the manageApproved Feb. 26, 1919.
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
198
INDUSTRY—STATIO
INDUSTRY-STATE
CHAPTER 147.
(H. B. No. 18—Committee State Affairs.)
THE BANK OF NORTH DAKOTA.
An Act Declaring the Purpose of the State of North Dakota to Engage
in the Banking Business and Establish a System of Banking Under
the Name of the Bank of North Dakota, Operated by the State, and
DeilyLing the Scope and Manner of its Operation, and the Powers and
Duties of the Persons Charged with its Management; Making an Approp. iation Thei efor; and Providing Penalties for the Violations of
Certain Rovisions Thereof.
Be it Esacted by the Legislative Assembly of the State of North Dakota:
Sec. 1. For the purpose of encouraging and promoting agri-
culture, commerce and industry, the State of North Dakota shall
engage in the business of banking, and for that purpose shall, and
does hereby, establish a system of banking owned, controlled and
operated by it, uncler the name of the Bank of North Dakota.
Sec. 2. The Industrial Commission shall operate, manage awl
control the Bank of North Dakota, locate and maintain its places
of business, of which the principal place shall be within the state.
and make and enforce orders, rules, regulations and by-laws for
the transaction of its business. The business of the Bank. in addition to other matters herein spnitied, may include iiny:Iiing
that any bank may lawfully do, except ,as herein restricted: hut
this provision shall not be held in any way to limit or oini!ify
either the powers of the Industrial Commission herein grant-d, or
the functions of said Bank herein defined. The Inclustr.ai
mission hall meet within twenty days after the passw.,e !:1 1 approval of this Act to begin the oriiii.:ation of the Pank.
See. 3. To accomplish the purposes of this Act, the 11H1),,tri1
Commission shall acquire by purchase, lease or by eNcycis,cf‘ •
right of eminent domain, as pro‘idrd by (lapter 3C of 111,, cod,
of Civil Procedure, Compiled Laws of 1933, all requisite pro; .rty
and property rights, and may construct, remodel and repair P,Iddings: hU it shall not invest more than ten per cent of the
of the lwrik in furniture, fixtur .s, lands and buildinvN for (ink •
purposes
See. 4. The Industrial Con:mission shall obtain soch ls,ist.mec
as in its ji &Talent may be neees,ary for the establishment. maintenance and operation of the Bank. To that end it shall appolo
a manaver. and may appoint such subordinate offie rs :ind ru
ployes as h may judge expedient. It may constitute siieh
its general agent, in respect to the functions of sail
i;•
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Alkarwir
Federal Reserve Bank of St. Louis
INDUSTRY—STATE
199
Subject, nevertheless, in such agAicy, to the supervision, limitation and control of the commission. It shall employ SUCil contractors, architects, builders, attorneys, cashiers, tellers, ekrks, accountants, and other experts, agents and servants as in the judgment of the Commission the interests of the state may require,
and shall define the duties, designate the titles, and fix. the compensation and bonds of all such persons so engaged provided,
however, that subject to the control and regulation of the Commission, the Manager of the bank shall appoint and c.i.ploy such
deputies, cashiers, tellers, and other subordinates, and such contractors, architects, builders, attorneys, clerks, accountants and
other experts, agents and servants, as he shall, in his judgment.
deem are required by the interests of the Bank. The total compensation of such appointees and employes, together ith other
expenditures for the operation and maintenance of the Bank, shall
remain within the appropriation and earnings lawfully available
in each year for such purpose. All officers and employes of the
Bank engaged upon its financial functions shall, before entering
upon their duties, respectively furnish good and suficient bonds
to the state in such amount and upon such conditions as the commission may require and approve; but the bond of 111: Manager
shall not be less than fifty thousand dollars. Such bond shall be
filed with the Secretary of State.
• See. 5. The Industrial Commission may remove and discharge
any aml all persons appointed in the exercise of the pov ers, granted by this Act, whether by the Commission or by the Manager of
the Bank, and ally such remoN al may be made when(' f.r in the
judgment of the Commission the public interests require it; provided, however, that all appointments and removals conemplated
h
,fir s Act shall be so made as the Commission shall d 'eat most
fit-vd promote the efficiency of the public service.
Sec. 6. The Bank shall be opened and shall proceed to transact business whenever there shall he delivered to th,. i. i rial
Commission bonds in the sum of two million dollars issued by the
state as may be provided by law for such purpose. The fund procured by the negotiation and sale of such bonds is hereby designated and shall be known as the capital of said Bank.
See. 7. All state, county, township. munieipal and -chool district funds, and funds of all penal, educational and insdustrial institutions and all other public funds shall be, by the person having control of such funds, deposited, in the Bank or North Dakota within three months from the passage and appro -al of this
Act, subject to disbursement for public purposs on checks
drawn by the proper officials in the manner now ee Iptreafter
to be provided by law; provided, however, that on a proper showing made ty any official having control of public funs, the Industrial Commission may permit a postponement of
of such fpnils (;r any part thereof in the Bank of No-'') kikot a,
the period of such postponement not to exeeed six moot Its. And
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Federal Reserve Bank of St. Louis
INDUSTRY—STATE
now loaned by
provided, further, that if any such funds are a future time,
authorhy of law under a contract terminating at North Dakota
then the deposit of such funds in the Bank of of expiration
shall not be required until two months after time of the proany
of such contract. Any person who shall violatemeano
r and upon
visions of this section shall be guilty of a misde nt in a county
sonme
impri
by
hed
be
punis
shall
of
conviction there
of not less than
jail for not less than ninety days, and by a fine
s.
dollar
one hundred
re desSec. 8. Whenever any of the public funds hereinhefoas herea,
Dakot
North
of
Bank
the
in
ited
depos
be
ignated shall
of, and the
inbefore provided, the official having control thereexempt from
be
shall
al,
offici
such
every
of
bond
the
sureties on
funds while
all liability by reason of loss of any such deposited
so deposited.
deposits from
Sec. 9. The Bank of North Dakota may receive
and any
nment
Gover
s
State
d
Unite
the
ding
inclu
e,
any sourc
municiation,
associ
n,
ratio
corpo
,
foreign or domestic individual
to the credit
ited
depos
be
may
s
Fund
.
nment
gover
or
bank
pality,
y approved
of the Bank of North Dakota in any bank or agenc
by the Industrial Commission.
hereSec. 10. All deposits in the Bank of North Dakota are
from
pt
exem
be
shall
its
by guaranteed by the state. Such depos
.
kinds
all
and
any
of
taxes
ipal
Munic
State, County and
of
Sec. 11. Funds deposited by State Banks in the Bank
n
the
withi
s"
fund
lable
North Dakota shall be deemed "avai
the Compiled
meaning of that term as used in Section 5170 of North
Dakota
of
Bank
the
make
Laws of 1913. For banks that
render
and
ions
funct
the
rm
perfo
may
it
,
itary
depos
a reserve
profor
ties
facili
alb
ding
,
inclu
house
the services of a clearing
papount
re-disc
may
and
nge,
excha
gn
forei
and
tic
domes
viding
er, on such terms as the Industrial Commission shall provide. ed
limit
Sec. 12. The Industrial Commission, unless otherwise allow
ed
st
intere
of
rates
fix
the
time
to
by law, shall from time
shall be as
rates
.
Such
Bank
of
the
ns
actio
trans
in
ved
recei
and
fixed
nearly uniform and constant as practicable, and shall not beof any
or changed to work any discrimination against or in favorreceived
person or corporation. But in respect to time deposits
the
by the Bank, transactions may be reasonably classified as to difnable
reiso
a
and
ved,
time
invol
of
ion
durat
amounts and the
on may be
ferentiation of interest rates based on such classificati
not be
shall
it
its
depos
on
any
ed
allow
is
st
intere
When
ed.
allow
isComm
trial
Indus
The
cent.
per
six
less than one or more than
sion shall also fix reasonable char,res, without unjust discrimina
.
Bank
the
by
red
rende
ces
servi
tion, for any and all
exSec. 13. All checks and other instruments and items of a
Dakot
North
of
Bank
the
by
sent
nd.
dema
on
le
change payab
to any.State Bank or banking association in North Dakota, for
recollection, shall be by such State bank or banking association
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Federal Reserve Bank of St. Louis
INDUSTRY—STATE
201
for at par to the Bank of North Dakota. Any person or corporation who shall violate any of the provisions of this section
shall be guilty of a misdemeanor.
Sec. 14. The Bank of North Dakota may deposit funds in any
bank or banking association within or without the state upon
suet terms and conditions as the Industrial Commission shall
determine.
Sec. 15. The Bank of North Dakota may transfer funds to
other departments, institutions, utilities, industries, enterprises •
or business projects of the state, which shall be returned with interest to the Bank. It may make loans to counties, cities or political subdivisions of the state, or to state or national banks on such
terms, and under such rules and regulations, as the Industrial
. Commission may determine; but it. shall not make loans or give ,
its credit to any individual, association or private corporation,.
except that it may make loans to any individual, association or
private corporation, secured by duly recorded first mortgages on.
real estate in the State of North Dakota in amounts not to exceed one-half the value of the security, or secured by warehouse
receipts issued by the Industrial Commission or by any licensed
warehouse within the state, in amounts not to exceed ninety per.,
cent, of the value of the commodities evidenced thereby. It shall
not, however, loan on real estate security more than thirty per
cent. of its capital, nor in addition thereto, more than twenty
per cent of its deposits. Additional funds, that may be required
for such real estate loans, shall be procured from the sale of state
bonds as may be provided by law.
Sec. 16. The Industrial Commission shall prescribe the forms
of application for a mortgage loan on real estate, and shall prode for appraisal of the proposed security. Until otherwise proby the Commission, when an application for a mortgage
• on real estate is made, it. shall be referred to the Commissioner of University and School Lands, for appraisal of the proposed security. The Commissioner of University and School Lands,
shall thereupon promptly cause it to be appraised in the same
manner as school lands are appraised, and upon completion of
such appraisal shall return the application, together with the appraisal, to the Bank. Thereupon the Bank shall promptly determine whether to grant or refuse any part or all of such loan.
Sec. 17. Every such mortgage shall contain an agreement
providing for the re-payment of the loan on an amortization plan
by means of a fixed number of annual installments sufficient to
cover, first, a charge on the loan, at a rate not exceeding the interest rate in the last series of real estate loan bonds issued, if any,
by the State of North Dakota; second, a charge for administration and surplus, at a rate not exceeding one per cent, per annum on the unpaid principal, said two rates combined constituting the interest rate on the mortgage; and, third, such amounts
to be applied on the principal as will extinguish the debt in not
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Federal Reserve Bank of St. Louis
1NDUSTRY—STATE
less than ten nor more than thirty years; provided, however, that
advanced payment of one or more annual installments, for the
reduction of the principle, or the payment of the entire principal,
may be made at any regular installment date; and, provided further, that in case of a crop failure which reduces the mortgagor's
reasonable crop income by one-half, all payments under said mortgage may, in the discretion of the Industrial Commission be extended for one year, upon Condition that on the payment of all installments, such further annual payment shall kie made as will
pay the interest, with interest thereon, for the years for which
no payments were made. The Industrial Commission shall determine whether a mortgagor is entitled to an extension of the payment of any installment, under the provisions of this section.
Sec. 18. Every such mortgage, and the note or other obligation thereby secured, shall run to "The Manager of the Bank of
North Dakota, his successors in office or his assigns," as payee
and mortgagee, and shall contain a recital that it is executed and
delivered in conformity with and upon the conditions expressed
in this Act, designated by its title and the date of its approval.
After having been duly recorded in each county in which the
lands therein described are situated, every such mortgage shall
be delivered to the Manager of said bank and together with said
note or other obligation shall be held by the Manager as a part
of the assets of the bank, or shall be otherwise disposed or. as
hereafter provided. If so held, payments upon the note or other
obligation secured by said mortgage shall be made to the Bank
of North Dakota, and whenever it shall have been fully paid,'the
Manager shall promptly satisfy and discharge the mortgage lien
of record and deliver the mortgage cancelled, with a satisfaction
, thereof, to the person entitled to receive it.
Sec. 19. Every such mortgage, together with the note or other
obligation thereby secured, may be sold and assigned upon the
payment to the bank of the full value thereof, and upon such sale
and assignment, the Manager may endorse either with or Nv ithout
recourse. In that ease payments upon said note or other obli9:ation shall be made to the person entitled to receive them : hut
each such assignment shall be made subject to the provisions concerning extension of the time or payments on account of rop
failures as provided in Section 17 of this Act, and subspnuent
action of the Industrial Commission in that regard shall be hindthe assignee of such mortgage; provided, however, that
big
after assignment of such mortgage extensions of payments for
a yearly period shall be limited in total number to not more than
one for every period of five years or fraetion thereof during
which such mortgage has to run after the date of assignment.
See. 20. Every such mortgage, together with the note or oth-/
or obligation thereby secured, may be assigned, anil upon order
of the Industrial Commission shall be assigned, to the State
Treasurer of the State of North Dakota as security for bonds to
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Federal Reserve Bank of St. Louis
INDUSTRY—STATE
be • tied by the state as provided by law. In case
of such assignm. , all payments due upon said note or other obligat
ion shall
be made to the State Treasurer, and the money so by
him received
shall be by him held or disbursed as may be provid
ed by law. If
while any such mortgage so assigned to the State
Treasu
his hands, the note or obligation thereby secured shall rer is in
fully paid, the State Treasurer shall so certify to the have been
Manage
the bank, who shall thereupon proceed to satisfy said mortga r of
ge in
the same manner as though said note or other obligat
ion
been paid directly to the bank. In ease of such assignment had
to the
State Treasurer of any such mortgage, the provisions contai
ned in
Section 19 of this Act, respecting extensions on accoun
t of crop
failure, shall be effective and shall he applied.
Sec. 21. All business of the bank may be conducted under the
name of "The Bank of North Dakota." Title to property pertain
ing to the operation of the bank shall be obtained and convey ed
in the name of"The State of North Dakota, doing business as the
Bank of North Dakota." Written instruments shall be executed
in the name of the State of North Dakota, signed by any two
members of the Industrial Commission, of whom the Governor
shall be one, or by the Manager of the Bank of North Dakota
within the scope of his authority so to do as defined by the Industrial Commission.
See. 22. Civil actions may be brought against the
North Dakota on account of causes of action claime State of
d to
arisen out of transactions connected with the operation ofhave
Bank of North Dakota, upon condition that the provisions of the
this
section are complied with. In suet actions the state shall
be designated as "The State of North Dakota, doing busines
s as the
Bank of North Dakota," and the service of process therein
shall
be n•Nle upon the Manager of said Bank. Such
actions may
be
,ght in the same manner and shall be subject to the same
protons of law as other civil actions brought pursuant to
the
provisions of the Code of Civil Procedure. Such actions shall be
brought, however, in the county where the Bank of North Dakota
shall have its principal place of business, except as provided in
Sections 7415, 7416 and 7418, Compiled Laws of North Dakota
1913. The provisions of Section 375 and 657 of the Compil ,
ed
Laws of 1913 shall not apply to claims against the state, affecte
d
by the provisions of this section.
Sec. 23. The State Examiner shall personally or through deputy examiners visit the Bank of North Dakota at least twice
nually, and shall inspect and verify the assets in its possession anunder its control, with sufficient thoroughness of investigationand
to
ascertain with reasonable certainty whether the valuations are
correctly carried on its books. He shall investigate its methods
of
operation and accounting. He shall report the results of each such
examination and investigation to the Industrial Commission as
soon as practicable, and to the Legislative Assembly at its next
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Federal Reserve Bank of St. Louis
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ensuing session, and as provided in paragraph numbered 5, of
Section 5146 of the Civil Code, Compiled Laws 1913, to the State
Banking Board.
Sec. 24. There is hereby appropriated out of the general
funds of the State, not otherwise appropriated, one hundred
thousand dollars, or so much thereof as may be necessary, to carry
out the provisions of this Act. This appropriation is hereby made
availalle immediately upon the passage and approval of this
Act. The Industrial Commission shall, out of the earnings of
the bank, make provision for accumulating a fund with \\ hich
to replace in the general funds of the state, the amount received
by the commission under this appropriation, as may be directed
by the Legislative Assembly.
Sec. 25. All Acts and parts of Acts inconsistent with this
Act are hereby repealed.
Sec. 26. This Act is hereby declared to be an emergency
measure and shall take effect and be in force from and after its
passage and approval.
Approved February 25, 1919.
CHAPTER 148.
(H. B. No. 49—Committee State Affairs.)
-
BONDS OF NORTH DAKOTA.
An Act Providing for the Issuing of Bonds of the State of North Dakota
in the Sum of Two Million Dollars, to be Known as "Bonds of No th
Dakota, Bank Series"; Prescribing the Te:ms, and Stating the Purposes The eof; Providing a Tax and Making Other Provision for the
Payment Thereof; Making Appropriations for the Payment of Said
Bonds and to Carry Into Effect Vie P-ovisions of This Act; and Declaring this Act to be an Emergency Measure.
Be it Enacted by the Legislative Assembly of the State of North Dakota:
See. 1. The State Treasurer is hereby directed forthwith to
prepare for issue, and the Governor and the State Treasurer are
hereby authot i:ed, empowered and directed to issue, negotiable
bonds of the State of North Dakota in the aggregate amount of
two million dollars. They shall be executed by the Governor and
the State Treasurer under the great seal of the state and shall be
attested by the Secretary of State. The Auditor and Secretary of
State shall endorse and sign on each such bond a certificate showing that it is issued pursuant to law and is within the debt limit.
The bonds so issued shall be designted "Bonds of North Dakota,
Bank Series."
Sec. 2. The bonds so issued shall be payable to the purchaser
or bearer; provided, however, that the provisions of Section 151.
Compiled Laws of 1913, are hereby declared to apply to them.
They shall be issued in denominations of from live dollars to ten
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Federal Reserve Bank of St. Louis
INDUSTRY—STATE
205
thow"tid dollars, and shall be payable in not less than ten nor
Lan thirty years from the passage of this Act. They shall
ins:L
bear-mterest at a rate not exceeding six per cent. per annum from
their date until maturity, payable semi-annually on the first day
of January and of July in each year; and coupons shall be attached 10 each bond, evidencing the amount of interest payable at
and
I each first day of January and July until maturity. Principal in
rer
Treasu
State
the
of
office
the
at
e
I interest shall be payabl
s,
Bismarck. The terms of said bonds, as to values of denomination
the
by
fixed
be
shall
t,
interes
of
rates
and
periods of maturity
Governor in his sound judgment, within the limitations above
stated. Every such bond and coupon must be presented for payment at the office of the State Treasurer within six years from the
indate of its maturity, and no such bond or coupon shall bear
terest after maturity unless payment thereof shall not be niade
be exupon due presentation for payment. All said bonds shall
empt from state, county and municipal taxes of any and all kinds.
e
Sec. 3. The said issue of bonds is authorized for the purpos
of making delivery thereof to the Industrial Commission of North
Section
Dakota as hereinafter provided, and as contemplated by of the
Six (6) of the Act entitled "An Act declaring the purpose and
s
State of North Dakota to engage in the banking busines
of
establishing a system of banking under the name of the Bankand
scope
g"the
definin
and
State,
the
by
ed
operat
,
North Dakota
permanner of its operation, and the powers and, duties of the
n
thereriatio
approp
an
making
ment;
manage
its
with
d
sons charge
provisions
for, and providing penalties for the violation of certain
of the
Session
nth
the
Sixtee
by
1919
year
the
in
d
thereof," enatte
18,
No.
Bill
House
,
being
Dakota
Legislative Assembly of North
d
entitle
Act
the
of
(g)
aph
paragr
(5).
Five
n
Sectio
lso by
a
,
Dakota
North
of
sion
Commis
ial
Act creating the Industr
cerState
the
of
on
behalf
e
manag
and
t
conduc
to
it
}zing
i a
ilities, industries, enterprises and business projects, andn
r tai
riatio
defining its powers and duties; and making an approp
of
Session
nth
Sixtee
the
by
1919
therefor," enacted in the year
Bill
House
being
,
Dakota
North
of
ly
Assemb
the Legislative
ial ComNumber 17, and for the purpose of enabling the Industrtlif. provito
nt
pursua
bonds,
such
sell
and
te
mission to negotia
(g) of
sions of this Act and of said Section Five (5), paragraph r 17
the Act entitled as last above stated, being House Bill Numbe
of the Sixteenth Session of the Legislative Assembly of North
be desDakota, in the year 1919; thereby to procure the fund to
.
Dakota
North
of
Bank
ignated as the capital of the
this Act,
Sec. 4. In furtherance of the purposes declared by
TreasState
the
and
or
Govern
the
of
it is hereby made the duty
said
urer after the issue, execution, sealing and attestation of desuch
in
sion,
Commis
ial
Industr
the
to
bonds to deliver them
rates, and runnominations and amounts, bearing interest at such
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Federal Reserve Bank of St. Louis
V"
206
Pi!
T
.% INDUSTRY—STATE
fling to such periods of maturity, as may be determi
ned by the
Governor, in his discretion, upon consideration of such
recommendations as the Commission may make in regard thereto
. The Industrial Commission is empowered, authorized and directe
d, in
connection with and in addition to its other powers and duties,
to
act as the agent of the state for the negotiation, sale and
of said bonds. It shall sell them for cash in such mannerdelivery
such terms as in its sound discretion it shall deem most and at
geous to the interests of the state. The Commission isadvantahereby
authorized to receive all moneys paid by buyers of said bonds,
upon
the sale thereof, and upon receipt of the purchase price to deliver
to each purchaser the bonds by him purchased. Upon such delivery of bonds so purchased and paid for, the faith and credit
of
the State of North Dakota is pledged for the payment thereof,
both principal and interest, to the lawful holder and owner thereof upon presentation for payment, according to law. The moneys
so derived and received from the sale of said bonds shall constitute the fund to be designated as the capital of the Bank of North
Dakota, and shall be so employed by the Industrial Commission.
Nothing in this Act, however, shall be construed to prevent the
purchase of any of said bonds with any funds in the Bank of
North Dakota.
Sec. 5. From time to time the Industrial Commission shall.
out of the earnings derived from the operation of the Bank of
North Dakota, pay to the State Treasurer such moneys as the
Commission shall deem available to devote to the purpose of paying said bonds and interest. In making such payment the Commission shall file a statement with the State Treasurer specifying
the purpose of such payment. When moneys shall have been so
paid to the State Treasurer, he shall apply the same to their specified purpose as hereinafter directed.
Sec. 6. At the time of each annual meeting.of the State Board
of Equalization hereafter, the Industrial Commission shall deliver
to said board an exact written statement of all bonds issued tinder the provisions of this Act outstanding at that time, including
therein the dates of maturity, interest rates and all other information proper to enable the Board intelligently to comply with the
provisions of this Act in regard to tax levies. On the basis of such
information the State Board of Equalization shall annually levy
a tax, at the time other taxes are levied, sufficient in amount to
pay such interest on said bonds as will become due during the
year beginning on the next ensuing first day of January, and said
tax shall be collected in the same manner as other state taxes
are collected. In determining, however, the amount of the tax
sufficient for such purpose the Board of Equalization shall take
into account whatever moneys, if any, shall then have been paid
to the State Treasurer by the Industrial Commission as provided
in Section 5 of this Act, for the specific purpose of paying such
interest. The Board of Equalization shall apply to the State Tress-
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INDUSTRY-STATE
207
urer for information as to the amount. of such moneys. and be
shall forthwith supply the information requested. If the amount
of such moneys shall equal or exceed the amount of the interest
on said bonds payable during said year beginning on the next ensuing first day of January, then no tax shall be levied by the
Board of Equalization for that purpose; but if the amount of
such moneys shall be less than the amount of the interest on said
bonds payable duripg said year, then the Board of Equalization
shall deduct the amount of said moneys in the possession of the
Treasurer from the amount of the interest so payable, and shall
t levy the tax hereinbefore in this Section provided for at least the
difference between said amounts.
Sec. 7. Whenever it shall appear to the Board of Equalization
from the information contained in any statement delivered to it
by the Industrial Commission at any annual meeting of said
Board, as provided in Section 6 above, that there will mature.
within a period of five years from such annual meeting, any of
1. the bonds provided for in this Act, the Board of Equalization
shall thereupon, at such annual meeting, levy a tax in an amount
; equal to one-fifth of the amount of the principal of such bonds;
provided, however, that in determining the amount of such tax,
the Board of Equalization shall take into account whatever moneys, if any shall have been paid to the State Treasurer by the Industrial Commission for the specific purpose of paying the principal of said bonds when due, as provided in Section 5 of this
Act. The Board of Equalization shall apply to the State Treasurer for information as to the amount of such moneys and as to the
times when paid to him. If the amount of such moneys, paid to
th''-easurer since the date of the last preceding tax levy made
by. _1 Board of Equalization, shall equal or exceed one-fifth of
the amount of the bonds so to mature, then such tax shall not be
levied; but if the amount of such moneys, paid to the State Treasurer since the date of the last preceding tax levy, shall be less
than one-fifth of the amount of said bonds so to mature, then
the Board of Equalization shall deduct the amount of such moneys, so paid, from such one-fifth of said bonds, and shall levy the
tax, hereinbefore in this Section provided, for the difference. It
is the intention of this Section to'provide that in each of the last
five years, before the maturity of any .of said bonds, a state tax
shall be levied which, together with such moneys as shall during
the next preceding year have been paid to the State Treasurer,
by the Industrial Commission for the purpose, shall he at least
sufficient to pay one-fifth part of the principal of said bonds.
Sec. 8. To identify and distinguish the funds provided and
available for the payment of the bonds issued pursuant to this
Act there is hereby created and established, as a part of the moneys of the State received and kept by the State Treasurer, a fund
to be designated the "Bank Bond Payment Fund." All moneys
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208
INDUSTRY—STATE
received by the State Treasurer, whether from the proceeds of
taxes, or from payments made by the Industrial Commission, or
from legislative appropriation, or otherwise which • shall be by
law or by other authoritative designation made applicable to the
payment of the said bonds, or interest thereon, shall be by him kept
in said fund distinct from all other moneys, and shall be disbursed
by him only for the particular purpose or purposes for which
such moneys shall be delivered to him; and no other appropriation shall ever be made of the moneys in said fund until the said
bonds shall be fully paid. But this Act shall not be construed as
preventing the State Treasurer from depositing said funds in the
Bank of North Dakota, as provided by law with respect to all public funds.
Sec. 9. There is hereby appropriated, all of the moneys obtained as proceeds of the taxes provided for in Sections 6 and 7
above, and all moneys paid to the State Treasurer by the Industrial Commission as specified in Section 5 above, and all moneys
constituting the Bank Bond Payment Fund, or so much, thereof
as may be from time to time necessary, to pay the interest and
principal upon the said bonds as payments thereon, shall become
due; and whenever any of said bonds, or any coupons thereon,
being due, shall be presented for payment, the State Treasurer
shall pay the same out of the fund applicable sthereto. If for any
reason the said fund shall for the time being, be insufficient, the
Treasurer shall supply the deficiency out of any other available
moneys of the State in his custody; but in that case he shall as
soon as possible, out of the Bank Bond Payment Fund, return
the amount of such deficiency to the source whence taken.
Sec. 10. There is hereby appropriated out of the general funds
of the State, not otherwise appropriated, ten thousand dollars or
as much thereof as may be necessary, to carry out the provisions
of this Act. This appropriation is hereby made available immediately upon the passage and approval of this Act.
Sec. 11. This Act is hereby declared to be an emergency
measure and shall take effect and be in force from and after its
passage and approval; and the provisions of Sections 6, 7, 8 and 9
hereof shall remain in full force and effect throughout the period of thirty-six years frcan and after the passage of this Act.
Approved February 25, 1919.
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SESSION LAWS - NORTH DAKOTA - l91S.
•
Chapter 166.
An Act Regulating the Rate of Interest on Indebtedness After Maturity.
That the rate of interest on all indebtedness hereafter incurred shall be the same
after maturity as before maturity, and any contract attempting to make the rate
of interest higher after maturity shall be void as to such increase of interest.
All Acts and parts of Acts insofar as they are in conflict with this Act are hereby
repealed.
Approved Jan. 23, 1919.
•
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44
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Federal Reserve Bank of St. Louis
SESSION LAWS - NORTH DAKOTA - 1921
Chapter 56 - An act designating legal depositaries for the funds of all public
corporations and providing the procedure and the regulations under which
such funds shall be deposited.
S. 1. - "All State and National banks in the state of North Dakota complying with
the provisions of this Act, and the Bank of North Dakota are hereby declared to
le be legal depositaries of the public funds
Rest of chapter deals with procedure re furnishing bonds, selecting depositaries,
etc.
Approved March
•
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Federal Reserve Bank of St. Louis
F, 1921.
R‘Nks \\1) B1NKI\t,
BANKS AND BANEIN(i
CHAPTER 21.
oII. 1.No. 1:11.—eimiinittee on Kinkim:
DF:iltSIMICS GUARANTY FUND (1)3IN
IISSII)N.
An Ail to Amend and Re-eimet Section 1
of Chapter 121i of the Laws of
North Dakota for the year 1917 as Amend
ed awl Re-enacted by
Chapter 110 of the Laws of North I hikota
for 1919 relative to the
Guarantee of Hank Deposits.
Br It
Enacted by the Legislative .issembly of the State of North Dakot
a:
§ 1. AM ENDM ENT.] That Section 1 of Chapter 126 of
the
La%%:: of North Dakota for the year 1917 as amend
ed by Chapter 110
of the Law: of North Dakota for the sear 1919 is hereby
amended
and re-enacted to read as follows:
Paragraph 1. DEPOSITOR'S GUARANTY FUND COMNII
SSION. ESTABLISH f n. COMPENSATION. EXPENSE.I There is hereby
established a Depositors Guaranty Fund Commission of
the State of North
Dakota to be composed of five (5) members. viz: The
governor of
State o North Dakota, the State Examiner and three
member'
;he appointed by the Governor of the State. All
succeeding appointments to membership of said commission, whether to
fill a vacancy
or otherwise, shall be made by the Gover
nor of the State of North
Dakota from a list of nine men furnished by the banks
directly affected
by the provisions of this act. All members of
this commissions shall be
res'dents of the State of North Dakota and all membe
rs except the
Governor and the State Examiner shall have had
at least five years'
experience in the management of some hank or banks locate
d within the
State of North Dakota.
One of such members shall be appointed for a term
of one year.
one f,,r a term of two years and one for a period of
three year:, and
each succeeding appointment except to fill a vacancy
caused by death.
resignation or removal of a member shall be for a period
of three
years. The Governor, shall be the Chairman of said board
and the
Attorne% General shall be ex-officio the attorney for the
board and the
State Examiner shall be its secretary. The Commission
at its first
meeting shall select one of its members as treasurer. The membe
rs of
the Commission other than the Governor and the State Exami
ner shall
receive for their services five ($5.00) dollars per
day for the time
actuall st.rved and their actual expenses incurred in the perfor
mance
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BANKS AND BANKING
of their duties, the same to be paid out of the general fund of the
state. Said commission shall have the supervision and control of the
Depositors' Guaranty Fund and shall have the power to adopt all necessary rules and regulations. not inconsistent with law, for the management and administration of said fund.
Approved March 9. 1921.
CHAPTER 22.
IL l. No. 147. -Committee on
1;:niking.1
EXANI1NATI4)N FEES.
.An AO to Amend and Ite-enaet Seetion 71179 of the Compiled Law, for
thC SVSSi.01
1913 us amended and re-enaeted by Chnpter 7.5
of .1915 Feint ilig: to the department it. the State Examiner.
Be It Enacted by the Leyislative .issembly of the State of North Dakota:
§ I. ANI ENDN1 ENT. That Section 5179 of the Compiled Laws
of North Dakota for the year 1913 as amended by Chapter 55 of the
Session Laws of 1915 is hereby amended and re-enacted to read as
follows:
§ 5179. FEES FOR EXAM N ATioN.1 Every corporation contemplated to be, by this Act, placed under the jurisdiction and control of
the State Banking Board, and made subject to the examination of the
the State Examiner and his Deputy Examiners, shall if a new corporation, prior to receiving its certificate of authority to commence business.
id in all cases within ten days after each examination, pay .into the
„ate treasurv the following fee, to-wit: A fee of one and one-half
hundredths of one per cent of the gross amount of the assets of said
bank on the (la% of examination, exclusive of expenses. interest and
taxes paid ; provided that the fee hereunder shall be not less than
fifteen dollars and not inure than two hundred dollars.
Building and loan associations, mutual improvement ciffporations.
mutual investment corporations, and other corporations of a mutual
chat acter. having no capital stock, or a nominal capital stock, shall pay
a semi-annual fee of twenty-five dollars for the first one hundred thousand dollars of assets, and five dollars for each additional one hundred
thousand dollars or major fraction thereof of assets.
The Treasurer shall report such payments to the Banking Board.
and if an such corporation shall be delinquent more than twenty days
in making such paments, the hoard may make an order suspending
its functions until such payment of the amount due and a penalty of
five dollars additional for the delay.
§ 2 ENI ERGENCY.1 An emergency is hereby declared to exist and
this Act shall take effect and he in force immediately after its passage
and approval.
Approved March 9, 1921.
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Federal Reserve Bank of St. Louis
BANKS AND BANKING
37
CHAPTER 23.
4 II.
B. No. 149. --Committee on Banking.
INSOLVENT BANKS.
Supervision of Liquidation of hislilvent Banks
the
for
An Act Prlividing
ut of
by the Depositors Guaranty Fund Commission. the Appi,intme
thereof to
a Supervisor of Receivers and Compensation and Expenses
be paid out of the Depositors' Guaranty Fund.
I) I el:
Be It Enacted by the Leyislati7T .Issembly of the State o,"
KS BY
HAN
SUPERVISION OF LIQUIDATION OF 1 NSOLVENT
§ I.
Guar*
Depositor:
The
ON.
COMMISSI
I
DEPOSITORS' GUARANTY FUND
banks
insolvent
of
n
the
liquidatio
supervise
on
shall
Commissi
anty Fund
and xvhenever in its judgment the proper supervision therof so requires,
it may appoint and at pleasure remove a supervisor of recei‘ers who
shall perform such duties in the supervision of receivers of insol‘ent
banking associations as the commission may direct and shall recei‘e such
precompensation and allowance for expenses as the commission
Fund in the
scribe. the same to be paid from the Depositors' Guaranty
same manner as other expenses of the commission are paid.
§ 2. EMERGENCY.] An emergency is hereby declared to exist and
this Act shall take effect and be in force immediately after its passage
and approval.
Approved March 9. 1 92 1.
CHAPTER 24.
i IL B. No. 14. -Committoo on Banking.)
HANK RUBBERY.
Nnv I:o•un
An Act for an Act Making it a Felony for Any Person to Enter
Wherein a General Banking Business is Carried on. in Whieh There is
at the Time a iimnan 111114g. with Intent to Commit :4 rclony by
Means of Threats. Force or violiqwe. and Prescribing the Punishment
Therefor.
the 1,e9i.,lati7e .1.,.Nemb1y of the State of North Dakota:
Be It Enacted
§ 1. ImPRisoNNtrvt OR ENTRY INTO BANKING ROOM WITH
NTEN7"FO COMMIT A ROBBERY.] Every person who with intent to
commit a robbery therein, shall enter in the day time, any room wherein a general banking business is carried on. in which room, there shall
be at the time a human being. shall be guilt of a felony and punished
by imprisorimmt in the State Penitentiary for a term of not more tb,thirty years
§ 2. EM ERGENCY.] This Act is hereby declared to be an emergenc measure and shall take effect and be in full force from and after
the date of its passage and approval.
Approved March 9, 1921.
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•
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P
NORTH DAKOTA
SESSION LAWS
1923
Chapter 18. Charging off losses due to bank failures. An act tc appropriate
the sum of $2,2882.03 for the purpose of charging off losses resulting to the
State on account of the failure in the Year 1909, of the First National Bank
of Rugby, Rugby, North Dakota, and the Barton State Bank, Barton, North Dakota.
State deposits in First National Bank of Rugby
Barton State Bank - $152.44.
•
•
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—
1P1'ROPRIATIONs
CHAPTER 41
37
CHAPTER 41.
/14 11. B. No. 269—Committee on Appropriations.)
TESTING DAIRY PRODUCTS, REPEAL.
An Act to Repeal Chapter 16 of the Session Laws of North Dakota for
the Special Session of 1919. Relating to Testing Dairy Products.
Be It Enacted ley the Legislative Assembly of the State _of North Dakota:
See. 1. REPEAL.) That Chapter 16 of the Session Laws of
the Special Session of 1919 of North Dakota, be and the same
is hereby repealed.
Approved February 27th, 1923.
CHAPTER 42.
(S. B. No. 110—Committee on Appropriations.)
DELEGATES TO NATIONAL CONVENTIONS.
;
q!
An Act Making an Appropriation to Defray the Expenses of the Delegates
to National Political Conventions as Prescribed by Section 916 of the
Compiled Laws of North Dakota for the Year 1913.
Be It Enacted by the Legislative Assembly of the State of North Dakota:
Sec. 1. APPROPRIATION., There is hereby appropriated out
of any funds in the State Treasury not otherwise appropriated
the sum of $4,000.00, for the biennium, ox so much thereof as
*pay be _necessary to pay the traveling expenses of delegates to,
s— ,Jational Nominative Political Conventions as prescribed by Seetion 916 of the Compiled Laws of North Dakota for the year
1913.
Approved March 7th, 1923.
CHAPTER 43.
(S. B. No. 105—Appropriations Committee.)
DEPOSITORS GUARANTY FUND COMMISSION
An Act Making an Appropriation of $18,800.00 for the purpose of paying per diem, clerk hire, traveling expense, etc. in carrying out the
Provisions of Chapter 126 of the Session Laws of 1917 and amendments thereto relative to the Depositors Guaranty Fund Commission.
Be It Enacted by the Legislative Assembly of the Slate of North Dakota:
Sec. 1. APPROPRIATION.) There is hereby appropriated out
of any funds in the State Treasury not otherwise appropriated
the sum of $18,800.00, or so much thereof as may be necessary
for the biennium expense in carrying out the provisions of Chap-
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Federal Reserve Bank of St. Louis
•
is
CHAPTER 43
APPROPHLUIONS
ter 126 of the Session Laws of 1917 and amendments thereto relative to the Depositors Guaranty Fund Commission, viz:
1. Commissioners at *0.00 per day
$ 1,500.00
3. Clerk
3,000.00 '
4. Supervisor or Inspectors
4,000.00
5. Postage
1,500.00
6. Office Supplies
500.00
7. Furniture & Fixtures
400.00
8. Printing
,
1.000.00
9. Telegrams and Telephone
450.00
10. Express & Freight50.00
11. Bonds for Commissioners
400.00
13. Traveling Expense, Commissioners
2,000.00
14. Traveling Expense. Supervisor or Inspectors
4,000.00
Total
Approved Mardi 10th, 1923.
$18,800.00
CHAPTER 44.
No. 2ers—Committee on Appropriations.)
DISBARMENT PROCEEDINGS, REPEAL.
An Act to Repeal Seat ion 513 of the Compiled Laws of 1913 for the
state of North Dakota. Relating to Disbarment Proceedings. .
Be It Enacted by the Legislative Assembly of the State of
North Dakota:
See 1. RE1'EAL. 1 That Section 13 of the Compiled Lau
of North Dakota for 1913 be and the same is hereby repealed.
Approved February 27th, 1923.
CHAPTER 45.
S. B. N. 99—Appropriations
I
ominittee:
DISTRICT JUDGES, DEFICIT.
An Act Making an Appropriation to Provide for the Payment of an
Existing Deficit by the District Judges.
Be It Enacted by the Legislative Assembly of the State of North
Dakota:
See. 1. AptImpat.vriox.) There is hereby appropriated
out
ot any monies, in the State Treasury, not otherwise appropriated,
the sum of $21.898.78, for the purpose of paying the existing deficit to District Judges; it appearing by subdivision 4, Chapter
16 of the Session Laws of 1919 that salaries were appropria
ted
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"ANKS AND BANKING
CHAPTER 137
113
BANKS AND BANKING
No.
ii
CHAPTER 137.
:267--Majority of Committee on
Banks and Banking.)
ADMINISTRATION OF INSOLV
ENT BANKS.
An Act Declaring an Emer
gency to exist Affecting the
Publi
of the State with Respect
to the Administration of Insol c Welfare
vent Banks;
Providing for the Liquidation
Thereof; Vesting the
Supreme Court
with Jurisdiction of Such Liqui
dation Proceedings, and
Requesting It
to Assume Original .1 urisdiction in
Furtherance of the Public
est; Creating the Position of
InterSupreme Court Commission
er,
II is Compensation, and Defining His
Powers and Authority, andFixing
Wing for the Appointment of
ProReceivers of Insolvent Bank
Making an Appropriation to Meet
s, and
the
Expe
nses Incident to Carrying
Out the Purpose of the Act,
and Directing the Supreme
Exercise its Supervisory Autho
rity o% er the District Cour Court to
t in Proceedings for _Liquidating the Affai
rs of Insolvent Banks.
Be It Enacted by the _Legislative Assem
bly of the State of North
Dakota:
Whereas, there are a large number of
insolvent banks in the
State, located in many different comm
depositors and other creditors, within unities with thousands of
and without the State, the
obligations of Nvhich banks have
remained for a long period of
time unpaid, and by reason thereof
the
being injured, and hardship and injur credit of the State is
y' being inflicted upon
1,oushnds of its citizens and citizens of
other states, and
Whereas, in the judgement of the
ordinary judicial and administrative machLegislative Assembly the
inery of the State is in.
sufficient and illy adapted to the successf
ul and expeditious administration of the affairs of such
insolvent banks, and their
assets are being absorbed and depleted by
expenses of administration,. without corresponding liquidation
of
and by reason of. lack of suftieient legal auth their obligations.
ority to deal with
their assets and administer their affairs, such
assets are being appropriated by secured ereditors in large amou
nts beyond the indebtedness secured, and the iirdinary creditor
s are being thereby
injured, and the depositors guaranty fund
is being depleted and
over whelmed with liabilities which it
is liable to be unable to
discharge, and
Whereas, by reason of the facts a situa
tion of great public
interest and concern has been created
atTeeting the people of
the state, as a whole, which cannot he prop
protected according to the ordinary course erly and suffleiently
of legal proceedings,
and the legislature deems it proper for
the Supreme Court to
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114
CHAPTER 137
BANKS AND BANKING
assume and exercise its original jurisdiction upon the ground
that it is necessary for the protection of public interest, it is
hereby enacted as follows:
See. 1. The Supreme Court of the State of North Dakota
is hereby given, and 'requested to exercise, original jurisdiction
of the insolvency proceedings to liquidate and windup the affairs of all inskilvent *state banks within the state, at the time of
the taking effect of this Act, and all such as may become insolvent during its continuance.
See. 2. Innnediately upon the taking effect of this Act the
State Examiner shall certify to the Attorney General a list of
all State Banks in the State now closed as insolvent, whether in
the hands of Receivers, the State Examiner's office, or other
trustees or agents of the state, together with a concise statement,
showing the time of insolvency, the name of the Receiver in
charge, and such other information as the State Examiner be.
heves will be of importance to the Attorney General.
See. i. Immediately upon receiving such certificate the At
torney General shall institute a proceeding ill the Supreme Court
entitled in the name of the State of North Dakota, for itself,
and on behalf of all creditors of such banks, as plaintiffs, against
all of said insolvent banks as defendants, for the purpose of declaring them insolvent and .winding up their affairs as insolvent
banking associations. Such proceedings shall be brought by the filing in the olliee of the Clerk of the Supreme Court of a complaint
reciting briefly the facts as to the insolvency of each of such banks,
and the 111111/e of the receiver or other officer in charge.
I:pon the filing of such complaint the Attorney General
shall issue a summons in the usual form Of summons issued in
actions iii the distriet court of the State, and containing an additional statement to the Wert that a l'etition.eharging the bank
in question with being insolvent is on file in the office of the
Clerk of the supreme Court, aml that unless answer is made
thereto within 15 (lays from stieli service such complaint will be
taken as confessed. Such summons, however, as prepared for
service on individual banks need only name as a defendant the
particular bank upon whieli service thereof is to be tuade, and
such service may be made upon any officer of such bank.
Service of such Summons may be made in the same manner
as the service of summons in ordinary civil actions is made, and
the Sheriff of the County in whieli the bank to be served is located shall upon request of the Attorney General immediately
make servire, or cause service thereof to be made, as in ordinary
actions, but he shall not be entitled to collect any fees or expenses
for making such service, and he shall make return thereof when
served to theAttorney General. ,
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CHAPTER 137
115
—. •
Sec. 4. Upon the Service of the Summons
as aforesaid the
defendant bank shall have fifteen days within
which
to serve and
file an Answer denying insolvency, or any
other material fact
stated in the Petition and unless within such fifteen
days such
answer is served and filed the insolvency of such
defendant shall
be deemed confessed.
See. 5. rpon the taking effect of this Act the
Supreme
Court shall appoint a Court Commissioner who shall
have all the
qualifications prescribed by law for a Judge of
the Supreme
Court to whom it may refer any matters committed
to the jurisdiction of the Court by this Act, who shall act for
and On behalf
Of the Supreme Court in hearing evidence, findin
g facts and
making orders in any matter arising in connection
with the action
or actions instituted in such court under the provisions
of this Act.
Susch omunissioner may sit for hearing and determ
ination
of any question of law or fact that may arise in
such action or
actions at any place within the State, and any such
hearing may
be brought on upon reasonable notice given by
the Commissioner
to the party in interest of the time and place of
such hearing.
and in the exercise of the jurisdietion confer
red upon him, said
Commissioner may permit matters to be
either upon ordinary notice served upon thebrought before him
parties or by order
to show valise, aceording: to the practice
of the district courts.
Any deeision of the Commissioner may be
reviewed by the
Supreme Court on the motion of any
party aggrieved at such
times and under suelt roles as the Court
may
unless objected to by motion to review as herein prescribe. and
)mrt, may deem the decision of the commission provided, the
er correct and
it hont notiee or applicatn affirm the same.
Any party desiring. to have a review of
the decision of the
Commissioner by the Supreme Court must
within three days after
the making of the same, if he is present personally
or by counsel,
or within three days after written notice thereo
f, if not present,
file with the Commissioner a brief written
statement of tiltgrounds of his objection and eontaining
the post office address
of the party or his attorney ii p4)11 which notice
or hearing shall be
served. Such statement shall be filed by the commi
ssioner with
the Clerk of the Supreme Court and Notice of the
Heari
Such Motion for review shall be given to the eomplaining ng of
party
by letter addressed to him, or his attorney at the place
III sty+ statement.. The time of giving notiee Of such named
hearitez
to be fixed by ride or order of the Supreme Court.
See, G. Such commissioner shall be paid out of the genera
l
funds of the State the same salary as is paid to
Justices of the
Supreme Court and may employ such clerical assiss
tance as shall
be allowed by the Court. and shall be reimbursed by
the State
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116
CHAPTER 137
BANKS AND BANKING
for all his actual expenses incurred in eonnection with the performance of his duties to be passed upon by the State Auditing
Board as other claims against the State. Such Commissioner
shall take the constitutional oath to perform his duties according
to the Constitution of the United States and the State of North
Dakota.
Sec. 7. The Supreme Court shall make rules and regulations
from time to time governing the reference of matters to the commissioner and the exereise of his ,jurisdiction and powers and the
manner and nwthod of reviewing his decisions.
,
;
See. 8. Upon the tiling of the Complaint aforesaid the Court
shall appoint a Receiver, or two joint Receivers, of all said insolvent banks, which receiver shall have all the powers and authorities ordinarily possessed and exercised by receivers of insolvent
corporations or prescribed by statute and the court shall have
all the power and authority with regard to the administration and
closing of the affairs of such banks as are ordinarily possessed
and exercised by Courts or equity over the affairs of insolvent
corporations. If upon a hearing on an issue raised by answer
to the complaint, it shall be established that any Bank proceeded
against is not insolvent, then the Receiver shall be deemed to
have been a temporary receiver, and shall account and be discharged accordingly as to such bank, in all other respects the
receiver shall be deemed to be a permanent receiver.
The Receiver so appointed by the Court shall supereede
and supplant any receiver theretofore appointed by the banking
department, or by any other court, or any examiner or officer ot
the banking department that may be in charge of any of such
banks, but until the receiver appointed under this Act shall take
possession of any such bank the receiver, or other officer already
in charge, shall continue, and it shall be his duty to protect, conserve and administer its affairs to the best of his ability, and he
shall remain liable under his bond for all his acts eommitted prior
to being finally relieved of his trust.
See. 9. if during the life or this Act any other banking asNociattion shall be deemed insfilveni. by the authorities vested by
law with the right to institute insolveney proceedings against
the banks, and such authorities desire to institute such proceedings, they shall make report thereof to the Attorney (leneral, with
the neeessary facts as to insolvency, and he shall tile a complaint
such as hereinbefore provided for, as to such other association
or associations, as to which it is desired to institute Tw)eeedings,
joining as many as is desirable in one proceeding; and the
same proeeedings shall be had thereon as is provided With refer
ene,e to associations already insolvent, and the eon ii. shall thereupon in 1ike manner appf)int the same receiver, or receivers, for
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such. additional association, or associations, and the original proceeding provided for herein, and all subsequent proceedings that
may be taken as in this section provided shall be deemed to be
merged and amalgamated into one proceeding, but the affairs of
each association shall be kept separate.
See. 10. The Receiver appointed hereunder shall from time
• to time apply to the Commissioner for guidance and instructions
and for the purpose of obtaining orders and directions with reference to the administration of the affairs or the disposition of
the property of any of the Banks under his control, as receiver.
in the same way and as far as may be practicable under the
same course of proeedure that receivers appointed by district
courts apply to such district courts, and the receiver or any other
parties aggrieved by any determination of the commissioner may
apply to the Court for a review thereof, as hereinbefore provided
for.
Sec. 11. At any time when the affairs of any bank under
the receivership aforesaid are ready to be closed, the court shall
fix the amount of the expense of the receivership properly chargeable to such bank.
Sec 12. So far as practicable, exeept as herein otherwise
provided, and except as may be otherwise provided by the Court.
the ordinary rules of procedure applicable to like actions in the
district court shall govern the proceedings herein provided for:
but the Court may from time to time prescribe such rules of
procedure as it shall from time to time find best adapted to the
fi,—therance of the general purpose of expeditiously and economi
winding up the affairs of insolvent banks.
See. 1 3. The Commissioner appointed hereunder shall have
power and authority to issue subpoenas for witnesses any place
within the State, and to administer oaths and to punish for contempt, to the same extent as a Judge of the District Court, subject to a review of his decision by the Supreme Court. as in ease
of other decisions. At any time when district court is not in
session in any county, in which the •eommissioner is holding a
hearing, he shall have a right to take and use the court room
of the distriet court. and he may call upon the Clerk of such
Distriet Court to act as his clerk, in issuing subpoenas, and may
call upon the Sheriff of the Cmmty to act an4 his Court officer,
and such officer 5117111 perform such services without compensation
See. 14. The Commissilmer shall, as far as practicable, hold
his hearings in the Connty in which the Bank interested is loeated,
and as far as praetieadde and with fair regard to the convenience
and interest of all parties, at the most accessible point within
the County.
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See. 15. In all hearings before the Commissioner the parties procuring the attendance of witnesses shall be liable
for
their witness fees and mileage, as is allowed in district court,
and the commissioner may make such order with reference
to
the payment of costs by the different parties as shall be just.
See. 16. The Supreme Court may from time to time as occasion shall require enter interlocutory or final judgments affecting the rights of particular parties to the proceedings without
affecting iiw rights of any other party, and any judgment so
entered in the Supreme Court may be at the request of any interested party transeripted to the district court of any county in the
State where it shall be docketed by tlw Clerk of Court, and shall
from the time of docketing. ln' t a ken and considered as a judgment
of such district court in all things the same as though originally
entered, and it may be enforced as a judgment in such
Court.
See. 1 7. There is hereby appropriated out of the general
funds of the State the sum of $10.000.00 per year, or so
much
thereof as may be necessary to pay the salary or the Court Commissioner and the expenses incident to tlw performance of his
duties hereunder.
See. 18. In case the Supreme Court shall be of the opinion
that its original jurisdiction does not extend to the controversy
or controversies referred to in this act, or if for any other
reason
the Supreme Court shall refrain from exercising its original jurisdiction with respect thereto, the proceeding shall not be dismissed, but all papers and files therein shall be transmitted to
the Clerk of the Distriet Court of Bum neigh County, and that
court shall be and is thereupon vested with full jurisdietion of
such proceeding, and thereupon the Supreme ("aunt, in the exercise of its supervisory jurisdietion shall designate some distriet
judge to hear and try sa.c.
1 controversy or controversies, and the
judge so designated shall give preeedenee to such cunt roversy or
controversies over all other work and in the disposition thereof
he shall be governed by the provisions of this act, and endeavor
in every way to carry the same into effect. The District Judge
so designated shall perform all or the duties which the act reqnires to be performed by the C,,uri Commissioner, and in such
ease no court commissioner shall be a ppoint ed. In suetm ease the
acts of the District Court shall he stkieet to review by,the Supreme Court in the same manner herein provided for review by
the Supreme Court of the acts of the court commissioner. Provided that all nets of such district court performed under the
provisions of this act, including the appointment of a receiver,
shall be sub jeet to the supervisory control of the Supreme Court.
Tn case of the designation of a District Judge as herein provided for, all his neeessary traveling expenses incurred in ear-
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CHAMER 137
119
rying out the provisions of this act shall be paid out of the general
I und of the state upon vouchers duly presented, as in other cases
of the expenses of District Judges. In case of the designation
of a District Judge as in this section provided, all further insolvency proceedings, in this act hereinbefore provided to be instituted in the Supreme Court, shall be instituted in the District
Court of liurleig,lt County, and conducted in like manner.
In ease of the designation of a District Judge as in this secstion provided for, the rules of procedure prescribed by the act
for the Court Commissioner shall govern the procedure before
such District Judge, and the Supreme Court shall likewise
make necessary rules governing the conduct of such proceeding
or proceedings.
_
Sec. 19. This Act shall expire and become inoperative for
any purpose on the first day of July, 1926.
Approved March 6, 1923.
CHAPTER 138.
(S. B. No. 152—Bond.)
CONSOLIDATION Olt MERGER OP BANKS.
An Act Authorizing the consolidation or 'Merger of Banking Associations
,
Regulating the Proceedure and Providing for Supervision Thereof,
and Providing a Limitation at Actions.
It Enacted by the Legislative Assembly of the State of North Dakota:
See. 1. Any two or more banking associations organized under the laws of this state, may consolidate their capital, assets,
and liabilites, or one or more of such associations may be merged
into another in the following manner:
Sec. 2. The term "consolidation
as used herein shall
mean the consolidation of the liabilities, assets and corporate ex•
istoice of two or more associations into a single association,
which shall issue its stock to stockholders in the consolidating
associations in return for the assets of the consolidating associations.
The term "merger" as used herein shall mean the taking
over, or the absorption of the assets of one association by another, and the assumption of the liabilities of the association, or
associations, whose assets and liabilities are taken over.
The term "old association" where hereinafter used means
the associations which are consolidating or merging into the
other association, and the term "new association" means the
association into which the other associations are being consolidated or merged.
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Federal Reserve Bank of St. Louis
CHAFIEIL 13s
BANKS AND BANKING
_
bee. 3. Whenever two or more banking associations shall
desire to take advantage of this Act, the Directors of each
thereof shall call a special meeting of the stockholders to act
Upon the proposed consolidation or merger. The Notice of such
meeting shall definitely state the purpose for which it is called,
or the matter may he acted upon at a regillar stockholders'
meeting, but in that event notice of the fart that the question
Of consolidation (no merger will be coonsidered shall be given to
each stockholder by registert,d Mail, addressed to him at his
regular business address at least tell 10) (lays preceding* the
holding of such meeting.
Sec. 4. At such stockhohlers.
in g, the question of the
proposed consolidation or merger shall lw put to a vote, and
each stockholder may Vot o I liereOil ill person, or by proxy, the
full number of shares of stock standing in his name on the
books of the association. The question so put shall embody the
proposed amount. of capital stoek of the consolidateol or merged
corporation, but the statement of such amount shall be only
advisory, and may be varied therefrom, within the limits hereinafter prescribed, by the State Examiner ; or Court, on passing
on the question of consolidation or merger. The proposal for
consolidation or inergl:r shall he deelned lost, Unless tWo thirdS
of all of the stock shall vode iii rit vo ii. there(d.
Sec. 5. A consolidid ion shall ii( it be permitted except upon
eondition that the new assoviation have a capital of at least
two-thirds of the aggregate capital of the (dot assoviations, but
it inn y have a larger capital than that of the old associations.
Sec. 6. The several stooekholders' meetings at which the
proposed consolidation or merger is acted uipoui must be held at
such times that, the result of all thereof may be eertified to the
State Examiner within thirty (:lo ) da ys rron, the date of Ih,,
holding of the first of such meetings; and the result. of (Niel]
meeting must lw eertilied too the State Examiner by the Chair:Min, and Seeretary of the meeting within ten ( 101 da ys a fter
the holding thereof.
rcceiving the cent ificates aforesaid, if they
See. 7.
shall show favorable aeltn by all of the associations eoneerned,
the State Examiner shall cause a thorlitigh examination of the
eoinlit ion of the said assowial
II he Made %di h a
view a
fipt,r,,fl in i nv who her their eonolition is such that I he proposed
eonsolidat ion or Merger Woidd remit, ih a sound and efficient
banking association adapted to the needs of the eommunity iii
which it is proposed to operate.
See..8. Upon completing sueh examination, the Stale Examiner shall advise eaeli of the said assoeiat ions of his findings
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Federal Reserve Bank of St. Louis
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KS AND BANKING
etim"rER
138
121
as to whether a consolidation 4)1. mer,rer is desirabl ; and in
that connection, he shall indicate any ehao.res. ir any there be.
ill Ille emiditio
n or either of said associations that would make
t...tielt consolidation or merger desirable, if not desirable on the
conditions existiti,r; and he may prescribe a time within which
such changes ill conditions may be made to warrant his approval
.
If the finding of the State 1,x;litiiner is adverse to the proposed consolidation or nier!yer, the associations atreeted may iiijI)i'ihhiti Iv
to the Mini:in:4. Itoard flu. a re‘ iew thereof, and
the lioard shall, as speedily as p4)..ible. set ;) time when it will
hem. any reasons that nia,v be allvaneed why the findings of
the State 1.:xaminer should lie reversed: and upon sueli
it shall make such order as seems proper i n the prem ke,;.
See. u. If the Iii i lit
f the State Examiner. or the
finding of the Banking ltoard, on appeal rrom his deeisioo,
is
favorable to a consolidation 4)t. nierg•er, either absolutely or
upon conditions that \yore agrceable to Ha' pa 11 ipill IllL assoeiations,.each or such associations shall, by its Itoard of Directors,
appoint one or more representatives to meet with the representatives or the other association, or associations, and, they
5111111 proceed to determine and mal:e a schedule or the assets
of (itch of the asshciations that shall la. taken over by the new
association, and they shall likewise selicdule all the judebt,,,h,,,,s
or ihe old assoeiaiioos, and only such assets shall bo retained by
the old associations as the State Examiner shall deem 1444 proper
assets to be held by the new. assoeiat ion. In ease or eoosondatioo.
*-1 repreeotative,shill likewise avree npon the proportion of
Atocl:
„ in the 114.‘v association that' shall be aecredited to the
sToeKnouters or (Niel, or the oh l assoeintions, but the distribution
of sin+ stock anion., the 5t0el:hol4lers Or the sev,rai oht assoeiatioos shall in. hy till' (till assoehitiolN a, hereinafter provided ror.
S('('. 10. The hetioles ar,,resaid, and the II44.1.vement arrive(f
at under the provisions Of OH' liV4t preeeding paragraph shall he
reduct-d.to writing alld SI111(41 iii (III plivate by the representatives
of the old associations 2111(1 shall be .hintlitte; upon them and non.
revol.able. If the several associations are unable to wrree, 11(1
consolidation or merver shall take place. l'pon the associa •
lions avreeing and sigliing till' W4'1'1491100 115 a fOrt'Sa id,
or
till' lIlijlii('ates shalt be delivered Itt the state Examiner NvIto may
either appro‘.e or disapprove the same, or make sio.n.z.estions for
the modification thereof
„r a pproval, ;Ind he may
fix a titmie 'ithill W11.101
efaa lit ;ohs shall lit' mt. and like
wise agreed to in ‘vritilig are resubmitted to him.
And in this case likovise he
Inn may i nformally
appeal froth the decision of the State Examiner to file flanking
ltoard.
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CHAPTER 138
BANKS AND BANKING
Sec. 11. If the State Examiner, or upon appeal, the
Banking Board shall approve the agreement, or modified
agreement
entered into as aforesaid, such approval shall be. endors
the duplicate of the agreement in the possession of the ed on
State
Examiner, and each of the associations shall be immediately
notified of such approval.
Sec. 12, Upon receipt by the several associations of notice
of the approval provided for in the last section, the associations
seeking consolidation or merger, shall file in the office of
the
Clerk of the District Court of the County in which at least one
of the associations is doing business, a petition asking
for a
decree of consolidation or merger, which petition shall give the
names and location of the new association, and shall recite briefly
the taking of the several successive steps hereinbefore provid
ed
for and a statement of the amount of the assets and
indebtedness of each of the old associations to be transferred
to
assumed by the new association, the amount of the capital and
stock,
and the amount thereof to he apportioned to the•sto
ckholde
each of the old associations and the names of the first rs of
Board
of Directors of the new association.
Sec. 13. Upon the filing of such petition, the Clerk of
the
District Court shall cause a notiee to be issued which
shall be
substantially the following form:
State of North Dakota.
County of
In District Court.
Judicial District
In the Matter of the Application for Consolidation (or
merger
as the case may be) of The
Bank of
and the
Bank of
The State of North Dakota to all Persons Whomsoever—Greetin
g:
Notice is Hereby Given that on the
day of
19
ihe above named banking associations filed in this office
their petition, in forth prescribed by law, praying a decree
permitting them to consolidate (or merge, as the ease may be) under
the' name. of
....Bank, with its
principal place of business in the .
North Dakota.
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123
That the effect of such consolidation
may be) will be to transfer the principal(or merger, as the case
assets of the petitioning associations to the said
bank
of
, and to create a
ty in the said
last mentioned association to pay all of • the liabili
(IRAs of the said
,petitioning bank, and to establish a novation by the
said petitioning banks, and creditors, and the said last
mentioned bank.
That said petition will be heard by the Court at
on the day of
19
thereafter as counsel can be heard, at which time , or as soon
all creditors
of the petitioners arc summoned and commanded to
file their
appearance in the office of the Clerk of this Court
together with
an Answer to said petition showing cause why such consol
tion (or merger, as the case may be) should not be allowe idad.
Attested by the Seal
of the Court.
Clerk of the District Court of
County, North Dakota.
Such notice so signed and attested shall .be published
in
some newspaper qualified to publish legal notices in the
county
in which such petition is filed once in each week for three
(3)
s.- -4,:essive weeks and the last such publication shall be at
least
Aty (20) days preceding.", the date get for the appearance,
ilia proof of such publication shall be made by affidavit tiled
in
the office of the Clerk of the District Court as in other cases of
publications of process.
Sec. 14. If at the end of twenty (20) days
publication, no appearance has been made in opposiafter the last
tion to such
petition, the Court shall at once upon the showing of
the default,
make its decree permitting the consolidation, or merger
, as the
case may be.
Sec. 15. In ease opposition to such petition„shall be
made
by any creditor. the Court shall order a summary and speed
hearing, in which the petition and answer filed with the appeary
ance shall constitute the pleadings: and the burden shall be
upon the objecting parties to show cause why the petition should
not be granted and the only cause for denying such
petition
shall be that the objecticig creditor is in danger of being
substantially damaged in his financial rights: and in
any
objecting creditor shall establish that he is in danger ease
of suffering such substantial damage, the Court may order that the proceedings be stayed, and a bond of indemnity, to be appro
ved by
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clIAPTER 138
BANKS AND BANKING
the Court, given to him conditioned that all his legal claims
against— any of the old associations will be paid when due by
the new association, and upon the furnishing of such indemnity,
the proceedings shall be considered as though no opposition had
been made thereto.
And the Court shall accordingly enter its decree permitting
the consolidation,, or merger, as the ease may be.
I
Sec. 16. The effect of a (keret. permitting consolitlation, or
mergcr, shall be to bar forever all obeetions thereto, and to
establish a complete novation between the old assoeiations, and
creditors, and the new assoeiation to the end that from that
time henceforth, the old associations are relieved of all liability
to creditors, all such creditOrti having a valid and legal claim
against the new association to the full extent that they had
a claim against any of the old assoeiations, and the new association is liable for all indebtedness of all the old associations to
the same extent that they were liable, and all of the stockholders'
liability, as stockholders, in the several old associations are
merged into their stockholders' liability as stockholders in the
new association.
Sec. 17. The decree of the District Court entered in the
proceedings provided for in this Act shall be final and conclusive, not subject to appeal, nor to motion to vacate or set
aside, and not subject to be set aside or vacated on motion
for a new trial.
Sec. 18. No stockholder of any association affected by this
Act who shall have voted in favor of eonsolidation or merger,
or shall have refrained from voting shall be heard at any stage
of the proceedings to object to the consolidation or merger but
shall be deemed to have consented thereto. but any stoekholder
who voted against consolidatitm or merger may be heard at an y
stage of the proeeedings, prior to the tiling of the petition in
Court, and may at any styli time formally or informally, file
objection and appear before the State Examiner, or the Ranking Board, and show eause why the propsed consolidation or
merger should not be allowed, but the determination of the
State Examiner or the Ranking Itoard shall be conelusive of his
rights, and no action 0.r proeeeding itt eourt shall be maintainable by any on,questioning the validity of such consolidation
or merger or to recover any thing oil account thereof unless the
same shall be commenced prior to the time of the pm t ry a a
decree of consolidation or merger, awl the Court in which Ito
petition for consolidation or merger is filed, or the appropriate
federal Court shall have exclusive jurisdiction of such act ion or
proceeding.
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125
Sec. 19. Upon the entry of a decree of merger, no further
Act shall be necessary to be done, except to make the transfers
of the assets from the old associations to the association into
which they are merged, but in case of at consolidation, the
decree of the Court shall specify the mime and location, and
the amount of the yapital stock of the new association, and the
proportions in which it slut II be allotted to each of the old
associations, apportioning the same in even hundreds of dollars.
The decree shall also name the first Miard of Directors, as set
forth in the petition, or ill case of the death or disability of
'any one or more of such. proposed Directors, shall substitute
another or others to be nominated by the petitioners.
A certified copy of such decree shall thereupon be tiled in
the office of the Secretary a State, aeeompanied by a fee of
Five ($5.00) dollars, and such new association shall thereupon
become a banking association in all things the same as though
originally organized under the Banking Laws and the Secretary
of State shall thereupon issue to it a certificate of authority,
as in the case of the incorporation of other banking associations,
which certificate should be delivered to the State Examiner to
be in turn delivered by him to Hie said new association upon its
being made to appear to hint that all the terms and conditions of eonsolidation have been complietl W it h.
• Sec. 20. Immediately upon delivery of the certificate of
authority by the State Examiner to the Directors of the Association, they shall meet alai elect officers, and until the election
such officers they shall personally supervise and conduct the
'----dusiness of the new assoeiation.
I
See. 21. Upon either a vonsolidation or merger, as herein
provided for, the old associations shall cease to operate as banking
associations or to transact any business other than to administer
any assets that tinder the terms of the consolidation or merger
have not been transferred. They slut i not elect any new officers
or directors, but the Directors and officers li(ilding at the time
of the consolidation or merger shall continue aunt the corporation
ithelf shall remain in existence for a period of one (1) year
during which time its remaining assets, it* any must be disposed of, and the proceeds distributed among its stockholders,
and at the end of one year from the tiling of the deeree
of consolidation or merger, the said old ilS:41ic iat ions shall veils.
to exist, unless upon good cause shown, and before the expiration of the said period of one (1) year any of said old associations shall obtain from the Court an order extending the time
of their existence, which order shall only be granted upon a
showing of a substantial reason therefor.
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CWAPTER 135
BANKS AND BANKING
See. 22. In case of consolidation, upon the new association
coming into existence, the Board of Directors of each of the old
associations must furnish to the Board of Directors of the new
association a statement of the amount of stock due to each of the
stockholders in such old .association which shall be the same proportion of the amount of stock in the new .association, allotted
to sue)] old association, that the stockholders stock bore to the
total outstanding stock of the old association, and the new association shall thereni n in issue its stock to such individual stockholders of the old association. Provided, however, if the stock
to which such stockholder is entitled does not consist of an even
multiple of one hundred dollars, stock shall be issued to such
i ndi vid ua l stoekholders entitled thereto for the even hundreds of
dollars, included iii the total amount, and there shall be issued
by the new assoeiation a certitieate in blank for the aggregate
of the odd dollars of all such obi St Or
de I's in each of such
old associations which certificate in blank shall be delivered to the
Directors of the old assoeiation in trust for the use of its stockholders and if the apportionment of such interest in such blank
certificate cannot be otherwise made, the Directors of such old
association shall have authority to sell the same and divide the.
proeeeds among the parties entitled thereto.
See. 23. The purpose of the Aet is remedial, and it is
intended to remedy a well understood condition existing iii. the
banking business of the State of North Dakota, a part of which
condition is the need of larger and stronger banking institutions,
and the supplying. of 'wire efficient banking service, to various
communities, and to the end that such conditions may be remedied
to the utmost extetit 1" tile, this Act shall be in all things
liberally construed, for the accomplishment of its ultimate purpose.
Approved February 27th, 1923,
CHAll'Elt 139.
(5. B.
No. 144—Miklethun.)
BANK DEPOSITS.
An Art Relating to Deposits in Banks, and Trust Companies, and making it unlawful to notke IL charge against the same without the eon.
hl.tit of the depositor.
Be I
Enacted by the Legislative Assembly of the Stale of North Dakota:
See. 1. It.sball be unlawful for any bank, or trust company,
with which money has been deposited, to charge against the
deposit any claim of such bank or trust el/1111)1'11y or any other
person, or to appropriate the same to the payment of any debt
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Federal Reserve Bank of St. Louis
•
to such bank or trust company or any other perscn, without legal process or
without the consent of the depositor.
Sec. 2. Any bank or trust company which shall so charge any claim against a
deposit cr in any way appropriate the same to the payment of a debt of the
depositor, in violation of the terms hereof, shall be liable to the party aggrieved
for any damages caused thereby to be recovered in a civil action.
Approved February 24, 1(23.
•
-411
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221
CHAPTER 198
CHAPTER 198.
(11. B. No. 55—Lackey.)
PENALTY FOR VIOLATING DAIRY LAWS.
An Act to Amend and Re-enact Section 2861, Compiled Laws of North
Laws.
Dakota for 1913, Relating to Penalty for Violating Dairy
North
of
State
the
of
Dakota:
Assembly
Be I/ Enacted by the Legislative
Sec. 1. AMENDMENT.) That Section 2861, Compiled Laws
of 1913 of the State of North Dakota, be, and the same hereby
is amended and re-enacted to read as follows:
See. 2,S61. VIOLATION CONSTITUTES MISDEMEANOR. PENALTY.)
Whoever violates any of the provisions of this article, the
punishment of which is not herein otherwise provided, shall
be guilty of a misdemeanor, and upon conviction thereof shall
be punished for each offense by a fine of not less than fifteen
dollars nor more than one hundred dollars, or by imprisonment
of not to exceed thirty days, or both.
Approved February 7th, 1923.
DEPOSITORIES
CHAPTER 199.
(H. B. No. 194—Hanson.)
DEPOSITORIES OF 1)1131,11!
FUNDS.
An Act Designating the Depositories of Public Funds and Fixing the
Minimum Rate of Interest; Requiring Competitive Bids for such Deposits; Providing for Publicity with Reference to such Funds and
Depositories; Prescribing Penalties , for Violation of this Act; Defining
Terms used Herein, and Repealing Sections 147, 147a, 147b, and Sections 370 to 374, inclusive, Sections 1472 to /488, Inclusive, and Sections 3315 to 3329, Inclusive, of the Compiled Laws of 1913, and
Chapter 59, Session Laws of 1915, and Chapter 56 Session Laws of
1921.
Be It Enacted by the Legislative Assembly of the State of North Dakota:
Sec. 1. DEFINITION OF Thirds.) (a) The term "public Corporation" shall be construed to include counties, township,
school districts, villages and cities, and all bodies corporate,
except private corporations.
(b) The term "state" and "State institutions," shall be
construed to include, respectively, the State of North Dakota
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and all penal, charitable, correctional, educational and industrial institutions, enterprises and business projects.
(c) The term "school district" shall include all common
school districts, special school districts, independent school districts, consolidated school districts, and cities and other bodies
politic or corporate, organized as school districts under a special
law, or operating under a special law.
(d) The term "board," unless otherwise indicated, shall
be construed to include the State Board of Auditors, the governing board of school districts as hereinbefore defined, the city
council or commission in cities, the board of county commissioners, the board of trustees of villages, the board of township
supervisors, the Board of Administration, the Workmen's Compensation Bureau, and any board or commission having control
of state industries or enterprises.
(e) The term "clerk," unless otherwise indicated, shall
include the clerks of school boards in common school districts,
in consolidated school districts, in special school districts, the
secretary of the board of education in independent school districts, the clerk or secretary of the school board in special
school districts, the city auditor in case of school districts in
cities organized under a special act or law, the county auditor
in his capacity as clerk of the board of county commissioners,
the clerk or secretary of the board of trustees in villages, the
clerk or secretary of the board of township supervisors, the
secretary of the Board of Administration, the secretary of the
Workmen's Compensation Bureau, and the secretary or chief
clerk of any board or commission having charge of state industries or enterprises.
(f) The term "public funds," unless the context otherwise indicates, shall be construed to include all funds derived
from taxation, fees, penalties, sale of bonds, or from any other
source which belong to and are the property of public corporations as defined in section one of this act. It shall include all
sinking funds of public corporations, the state, and of state
institutions, and all funds from whatever, source derived and
for whatever purpose to be expended of which public corporations, the state or state institutions have legal custody. It shall
include the funds of which any board, bureau, commission or
individual, created or authorized by law to have control of
such funds as the legal custodian for any purpose whatsoever,
whether such funds were derived from general or special taxation or the assessment of persons, corporations or individuals
for a specified purpose, or from the sale of bonds.
Sec. 2. In counties where township organization is incomplete, the Board of County Commissioners shall perform all
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duties, with reference to the designation of depositories and the
deposit of public funds, in townships in such counties which,
if the townships were duly organized, would under the provisions of this act devolve upon the board of township supervisors.
Sec. 3. All funds of public corporations, and all funds
of the state and of state institutions, as defined herein, shall be
deposited in the Bank of North Dakota or in banks which have
been duly designated as depositories of public funds as provided
in this act. The treasurer of public corporations and the State
of North Dakota and all persons by law charged with the custody of public funds, which, according to the provisions of this
act, shall be deposited in depositories duly designated as provided herein, shall promptly upon receipt of such funds deposit
the same in a duly designated depository in compliance with
this act. Checks or drafts on funds deposited as herein provided shall be drawn by the legal custodian thereof in his official capacity only; and no checks or drafts on such deposits
shall be paid or honored by such depository unless so drawn.
Any person violating the provisions of this section shall be
guilty of a misdemeanor, and shall, in addition thereto, be liable
to the public corporation, the state, and any state institution,
in a civil action for all damages caused or suffered thereby.
Sec. 4. Any state bank duly incorporated in this state
under and pursuant to the laws governing the incorporation
of banking corporations, and any national bank situated and
doing business within the State of North Dakota, and the Bank
of North Dakota, may be designated a depository of public
funds by the proper board as herein defined. The board may
select two or more banks in the same county as depositories,
but if more than one bank be designated the board shall deal
with the banks selected and designated impartially, both as to
the deposit of funds and the withdrawal of funds and the requirement as to bonds. The board shall take into consideration in selecting and designating the depository or depositories,
the condition of each bank and capital, surplus and general
credit thereof.
Sec. 5. In counties where only one bank is located or
functioning the board may designate such bank as a depository,
or it may designate another state or national bank or banks
within the state or the Bank of North Dakota as depository or
depositories in the manner and upon the conditions provided
in this act. In counties where there is no bank in existence
or functioning the board may designate the Bank of North Dakota
or any state or national bank or banks outside of such county
and within the state as depository or depositories in the manner
and upon the conditions provided in this act for the selection
of depositories of public funds.
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Sec. 6. In no case shall the amo
posited by the county commissioners inunt of county funds decombined capital and surplus of such any one bank exceed the
the deposits to be made by the county bank. In counties where
commissioners of county
funds exceed the combined capital
and surplus of all the banks
in the county, qualified as deposito
ries, the board of county
commissioners may nevertheless
deposit such county funds in
banks within the county, upon the
condition that such banks
furnish a sufficient bond as requ
ired in this act.
Sec. 7. Before any deposit shal
tory, except the Bank of North Dak l be made in any deposipublic corporation, such depositoryota, by or in behalf of any
able to the public corporation makingshall furnish a bond paysuch deposit in an amount
that shall at least equal the larg
time be in such depository; said est deposit that may at any
bond shall be approved as to
form by the state's attorney
and
by the board. If the board fail as to amount and sufficiency
such bond the same may be pres s or refuses to approve any
ented to the Judge of the District _Court, upon three days noti
ce
of the public corporation to which to the clerk of the board
such bond was submitted,
and in ease of cities involving deposits
city auditor, respectively, and the Jud of municipal funds, the
ceed to hear and determine the suff ge shall forthwith promay approve or disapprove the same iciency of such bond and
he approves such bond the said ban as the facts warrant. If
pository of the funds of such public k shall be declared a deon all bonds required by public corp corporation. The sureties
provisions of this law shall justify as orations according to the
and bail proceedings; provided, howe required by law in arrest
personal bond, the board of public ver, that in lieu of such
corporation involved may
require such bank designated as
a depository to file a surety
bond for a sum equal to the amo
unt of funds such bank may
receive according to the provisions
approved, shall be deposited withof this act. The bond, when
bond shall be a continuing bond the county auditor. This
until the proper board of public and shall continue binding
corporation shall require a
new or different bond, but in no
ease
involving the deposit of
funds of public corporations shall
out a renewal thereof for a longersuch bond be continued withperiod than four years.
See. 8. The board except the-- Stat
e Board of Auditors
shall at its regular meeting in July of
each
odd numbered year
after the taking effect of this act
outstanding bonds and require new assemble and examine all
in order to comply with the provisiobonds whenever necessary
be no .regular meeting of the boar ns of this law. If there
law heretofore in force, the board d in July required by any
pose not later than the third Tueshall assemble for said pursday in July. At its first
regular meeting in July after this
act takes effect the board
•
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shall designate depositories of public funds as herein provided.
The clerk of such board shall on the first day of July when
this act takes effect, and thereafter, at least ten days before
such meeting, notify every bank in the county, both state and
national, that at the next regular meeting, or if no regular
meeting be required by law, then at a meeting to be called for
that purpose, the board will designate a depository or depositories of public funds. Such notice shall be given by registered
mail. The notice shall further recite the probable amount of
public funds to be deposited indicating separately sinking funds
to be deposited on time and call funds to he deposited subject
to check or draft; such notice shall advise the bank that proposals will be received for such deposits, and that the interest
rate on such deposits shall be not less than two per cent (2%)
or over three per cent (3%) on call deposits and not less than
four per cent (4%) or over six per cent (6%) on time deposits.
It shall further recite that the board expects the depositori
es
to pay interest on public funds at substantially the same rate
it pays interest on the funds deposited by private persons.
Proposals for deposits shall he sealed and delivered to the clerk
and shall state in writing what rate of interest will be paid on
average daily balances during the month and what interest
will be paid on time deposits. and shall have attached to it a
statement showing the financial condition of the bank at that
time and as disclosed in the several statements of financial condition made during the last preceding twelve months. This
section shall not apply to designating of the depositories by
the state Board of Auditors.
Sec. 9. The proposals for public deposits referred to in
the preceding section hereof shall he by the clerk laid before
the board at the meeting aforesaid, and shall be thereupon
opened by such clerk in the presence of the board and the board
shall thereupon proceed to designate a depository or depositories of public funds under its control.
Sec. 10. All funds of the state shall he deposited by the
State Treasurer in the Bank of North Dakota and other banks
within and without the state as is now provided by law. Depositories other than the Bank of North Dakota that are or
may be required by law, shall be designated by the Board of
Auditors acting in conjunction with the Governor. The Board
of Auditors shall advertise in at least three daily newspapers
published in this state, not less than thirty days prior to the
meeting at which depositories are designated, for proposals;
the proposals for the deposit of public funds shall state what
interest will be paid on average daily balances of such funds
as are subject to check and what .interest will be paid on time
deposits; the amount deposited in any one designated depository
shall not exceed in any ease, more than fifty per cent of its
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paid up capital and surplus. Interest on funds thus deposited
shall be not less than two per cent or over three per cent on
daily balances subject to chetk and not less than four per cent
or over six percent on time deposits. Each bank thus designated as a depository shall continue as such until the order
of the board designating such bank as a depository shall be
revoked and new depositories designated. The Board of Auditors shall designate depositories at its regular meeting held
and which shall be held on the second Tuesday in January of
every even number year, and at such meeting the board shall
re-examine conditions with respect to existing depositories and
their bonds and make such new orders with reference thereto
as the public interest may require.
Sec. 11. Every Natioual Banking Corporation, designated
as a state depository under the provisions of this act for the
deposit of the funds of the state or of any state institution,
shall be required to permit the examination and inspection by
the State Examiner or of any report or reports made to the
comptroller of currency, relative to the financial condition of
such association. The State Examiner may also call for special
reports from any such depository whenever in his judgment
the same is necessary in order to obtain full and complete
knowledge of the condition of the public funds therein deposited. If any National Banking Corporation fails to comply
with a demand of the State Examiner for such inspection, as
provided herein, the State Examiner shall certify that fact to
the State Treasurer and also the board or board's having charge
of the state institutions as herein defined, forthwith, and the
State Treasurer shall immediately withdraw from the said depository all funds of the state deposited therein; and in case
of deposits of the funds of state institutions in such a National
Banking Corporation, the board having charge of such funds
shall forthwith withdraw the same therefrom.
Sec. 12. Before any deposit shall be made in any depository other than the Bank of North Dakota by or in behalf of
the state or of any state institution, such depository shall
furnish a bond, payable to the State of North Dakota, in a
penal sum that shall not be less than the largest amount on
deposit with such depository at any one time; such bond, if
required of a depository of the funds of a state institution,
shall be approved as to amount, form and sufficiency by the
board having control or charge of such institutions; when such
bond is. required of a depository of the funds of the state, it
shall be approved as to amount, form and sufficiency by the
State Board of Auditors and the Governor; all such bonds with
the approval endorsed thereon, shall be filed like public documents with the Secretary of State; and after such depositories
have been designated and such bonds have been filed and ap-
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proved, the Secretary of State shall certify to the State Treasurer, or treasurer of such institution or corporation, a list of
depositories and the amount of deposit for which such depositee
shall have qualified; provided, that if a depository of the funds
of both the State and of state institutions so elects one bond
may be sufficient, if the same otherwise comply with the requirements of this act and has the approval of the authorities
designated herein; such bond, must, however, in all cases be in
a penal sum that shall not be less than the total amount of
funds belonging to the state and state institutions, that may
at any one time be deposited in such depository.
See. 13. The rate of interest on all public funds deposited
as herein provided shall not be less than two per cent (2%)
or over three per cent (3%) on daily balances subject to cheek
or draft, credited monthly, and not less than four per cent
(4%) or over six per cent (6%) on time deposits. It is the
intention of this act that depositories of public funds in this
state shall pay substantially the same rate of interest thereon
as such banks pay to individual depositors upon individual
deposits.
Sec. 14. Each depository shall furnish to the public corporation, the state, or state institution, to whose credit the
deposit is held, on the first day of each month, an itemized
statement of amount in such deposits subject to check. Such
statement shall be verified whenever required by the Stat3
Treasurer as to funds of the state or state institutions, or by
the treasurer of any public corporation, as to funds of such
corporations. All sums of interest accruing on funds so deposited shall be credited to said deposit on the first day of each
month for the preceding month.
Sec. 15. All such public funds shall be deposited in the
name of the state, state institution or public corporation to which
the same belongs, and in case of public corporations, the treasurer shall, between the first and tenth day of the months of January. May and September in each year, publish once in some newspaper in the county the names of such depositories, the amount
of money on deposit therein subject to check and on time
deposit and the rate of interest thereon, and the amount of the
bond furnished by each depository. The State Treasurer shall
between the first and tenth day of January, May and September, in each year cause to have printed in pamphlet form a report, showing the balances in all funds, the names of all depositories of such state funds, stating the amount of average
daily balances and the amount on time deposit therein, together
with the rate of interest paid on each class of deposits, and
the amount of the bond furnished by each depository, and mail
a copy of said report to each depository, one to each county
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auditor and county treasurer in the state and one to each official county paper in the state. 'On each occasion when the
state treasurer causes to be printed a report as herein provided,
he shall cause to be published in the official paper in his county
a public notice to the effect that such report is ready for distribution and can be had by any voter of the state upon
request.
Sec. 16. This act shall not apply to public corporation and
school districts unless the amount in the treasury of such corporation equals or exceeds the sum of five hundred dollars.
The board of public corporations having on hand less than five
hundred dollars, and therefore not within the provisions of this
act, shall deposit all the funds of such -public corporations and
school districts nevertheless in some bank selected by the board
thereof under such conditions and restrictions as shall seem
adequate to such board to protect the public interest.
Sec. 17. To the extent that public funds are deposited as
herein provided, the legal custodian thereof, and the sureties
on his bond, shall be exempt from all liability thereof by reason
of loss of any such funds from failure or other act of any such
depository.
Sec. 18. Any person violating any of the provisions hereof
shall be guilty of a misdemeanor, and shall be fined not less
than twenty-five dollars ($25.00) nor more than one thousand
dollars ($1,000.00) or imprisoned in the county jail not ilecv
than ten days nor more than six months or both for each offense.
Sec. 19. Any board, commission, bureau or individual
having the legal custody of any public funds that do not expressly or by name come within the provisions of the preceding
'sections of this act, shall at least thirty days before its first
meeting in each odd numbered year advertise in a newspaper
for proposals for the deposit of such funds. A bond shall be
required of the depository designated, and shall be approved
by such board, commission, bureau or individual and filed with
the county auditor or Secretary of State as hereinafter provided. Such bonds shall be filed with the county auditor if the
funds deposited be the funds of a public corporation as dgfined
in this act; it shall be filed with the Secretary of State if the
funds deposited be the funds of the state or of a state institution as defined herein. The provisions of Sections 3, 4, 5, 6, 11,
12, 13, 14, 15, 16, and 17 of this act, with reference to the
deposit of public funds in a duly designated depository. the
drawing of checks or drafts'thereon and the payment thereof.
the penalties for violating such provisions as prescribed in Section three hereqf, the bank or banks that may be designated
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and the consideration entering
vision of section five, with refe into such designation, the proone bank or in which no bank rence to counties in which but
is
amount to be deposited in each located and functioning, the
bank designated, the contents
of the notice that "proposals
will be received, including the
probable amount to be deposited
on time and subject to draft,
and the minimum rates of interest
on each class of deposits,
the inspection of reports of nati
onal banking corporations by
the bank examiner in which state
fund
institutions are deposited in ease that s or the funds of state
the funds to be deposited
under the previous section be the
fund
s of the state or of a
state institution as defined herein,
shall govern insofar as applicable to the designation of depo
sitories and the deposit of
public funds therein by such boar
d, commission, bureau or
individual.
I
Sec. 20. REPEAL.) Sections 147,
374, inclusive, Sections 1472 to 1488, 147a, 147b, and 370 to
3329, inclusive, of the Compiled Lawinclusive, Sections 3315 to
s of 1913; Chapter 59 of
the Session Laws of 1915; Chapter 56
of the Session Laws of
the State of North Dakota for the year
pealed; and all acts and parts of acts inco 1921, are hereby rensistent with this act
are hereby repealed.
Approved March 8th, 1923.
1
DEPOSITORS' GUARANTY FUND
CITA[TER 200.
(S. H.
No. 250—Majority of Bank
ing Committee.)
DEPOSITORS' GUARANTY FUN
D. •
An Act to Amend and Re-en
act Chapter 126 of the Laws of
1917, as
Amended by Chapter 110 of the
Laws
by Chapter 21 of the Laws of 1921. of 1919 and as Further Amended
Be It Enacted by the Legisl
ative Assembly of the State of North
Dakota:
Chapter 126 of the Laws of
110 of the Laws of 1919 and furt1917 as amended by Chapter
her amended by Chapter 21
of the Laws of 1921 is hereby amen
ded and re-enacted to read
as follows:
See. 1. (lu A A NTY FUND COM MISS
ION. DEPOSITORS' Gt•
AN TY FUND COM MNSION. ESTA
BLISHED. ('OMPENSATION. E xmisE.) There is hereby establis
hed a Depositors' Guaranty
Fund Commission of the State
of North Dakota to be corn-
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Y
1'1 NI)
posed of five (5) members, viz: The Gove
rnor of the State of
North l)akota. the Manager of the Bank
of Noz-th Dakota, and
three members to be appointed by the
Governor of the State.
All appointmeots to membership of said
commission, whether
to fill a vacancy or othorwise, shall be
made by the arovernor of
the State of North Dakota from a
list of names of nine Men
furnished by the hanks direelly affee
ted by the provisions of
this Act. All members of this commissi
on shall be residents
of the State of North Dakota and all
members except the Govl'1101' shall have at least
five years' experience in the management of sonic bank or banks located
within the State of North
Dakota. The present (Appointive meni
bers shall serve out the
te rm fOr W h a'ii they were appointe
d
and
each succeeding appointment except to fill a Vilenney
4,1. removal or a member shall be caused by death, resignation
for a period of thri.e years.
The Governor shall be the Chairnni
n of
the Attorney General shall be ix -0111V: said Commission, and
10 the attorney for the
Commission, and the State Treasure
r
and the Seeretary shall be appointed shall be its Treasurer.
by the Commission, and
Hie Commission shall have power
to fix the comiwnsation of
such secretary to be paid from the Depos
itors' Guaranty Fund,
which shall not in any ease exeeed the
sum of $2,1)00.00 per
annum. The State Examiner may be appo
inted as such secretary. The members of the Commission,
other than the. Governor, shall receive for their services five ($5.
00) dollars per (lay
for the time actually served alll 1 their actua
l expenses ineurred
ill the performative or their duties. the same
to be paid out of
the general film'. of the State. Said Comm
ission shall have the
supervision and eontrol or the Depositors' Guar
anty Fund and
shall have power to adopt. all necessary
rules and regulations,
not inconsistent with law, for the
management and administration of said fund.
Sec. 2. (ommissiosEas. Qi..\1.0,1e.yri0Ns.
Owns AND 14'0,1N(;
TilEar.010.) The members of ilie .,cpositor
s' thiaranty hind
Commission, other than the Governor, shall
take and subscribe
the oath of office prescribed by the Constituti
on,
oath to keep secret all the facts and informatioand shall take
n obtained in
the performance of their duties in like mann
er as is provided
for the State Examiner in the State Banking
Laws
10 like penalties. and eaeli shall be bonded to the , and subject
Dakota under the State Bonding Act as elect State of Northt
ed
in the amount of ten thousand ($10,000.00) dolla State Officers,
tary and all other persons appointed shall take rs. The Secreprescribed, and be bonded under the State the oath herein
Bonding Act, in
amount fixed by the Commission. in no
event less than ten
thousand ($10,000.00) dollars. Thp oath
a ()nice of eaeh of
such Commissioners and persons appo
inted by them, shall be
filed with the Secretary of State.
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1
IPTER 200
231
See. :.;, 1 )EPOSIT( qtS. Ci I' \ IZ A NT Y r I N it COM MISSION. REGULAR
MEETING. I/ATI:s Fixt:p. Sta:cl.kt. .11 I "I:TI NUS. II0\V CALLED.
WIIERE HELD.) The Dep,sitors. Guaranty Fund Commission
erea I ell by the provisions or I his Aet shall hold at least four
meetings during each - valendar year at stated intervals as follo‘vs, to-Nvit : On the seeond Tuesday in .1 titulary, April. July
and Oetober. provided that other meetintis of the Commission.
m ay be convened upon 'written request 1, - any two members
of the c,)nitnission. served upon the chairman of such commission, who shall upon reeeipt of sueli 10(1'test ;.r,iVe 1100(4' to the
secretary of the date when o meetin,0 shall be held in aceordalive with sue!' request.. and the Secretary shall in turn give
!unit!!! thereof to all members of the Commission of the date
of such ineetint.rs so to be held. as hereinafter provided; and
provided hut h er. t hat ,,,,,,•h eiii,\•,,i• a (.0ii,ii i ion ex ists arreet tug
t he general banhing; business W II li in I he sl at e. or When there is
sufficient matter in the office of the Seeretary entitled to reeeive
consideration and disposition hy the Depositors' Guaranty Fund
Commission, as vontemplated, herein, or Nvlien in the opinion
of the secretary it is advisahte to coovcoc sudi Commission
for counsel and direction on contingeneies that may arise that
would tend to prevent best results front being obtained hereunder as vontemplated herein. it shall he tVit hill his pOWer to
con‘•,,m, Ili,. 4 ionion is,don anti 10 !ha t end foriliNvith gi ve notiee
or the date of such meeting to all members of the Commission.
.\11 meet ings of the 1)epositors Guaranty 14`itini CommisSion shall
In' held at the Capitol of the State, e\eept that meetings may
1.be held elsewhere within the State by ronsent of the majority
A' the members of the Commission.
S . . 1)1 • rosITORS.
\ \
VIA') 4't01
SITC11.1,'
DI"I'lEs•) It shall he the sPectli- dui\ of the Depositors' Guaranty Fund Commission to pas,
: upon the qualiticatioiN or each
and every bank For admission under the Depositors' Guaranty
Fund. and Ilwir actions shall be final, in ii mis to immediate
admission or what shall be further required of any bank in
order to plaee it in a condition satisfactory to the Commission
so that it may be admitted later. \\lien the ronditions of any
bank heretofore admitted under the Detti)sitors' Guaranty Fund
beeomes sucli as to eause the State Examiner to doubt the ad
visability of permittin!, it to vontinue in business, it shall be
within his power .to require the advice and opinion of the
Commission and for that purpose a meeting of the Commission
may be ('alled.
Any regular or railed meeting or the 1)epositors' Guaranty
Fund Commission as herein provided. at which there is not a
attendanee of the membership, it .hall 110 opt 1- 01111 vith
ilnoruni whether or not any business
t rans:iv i ed, and
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such quorum may adjourn from time
to time until such time
as there shall be a full attendance.
See. 5. Gr.% R.1 STY Fr N D. ASSESSME
NT.) For the purpose
of providing a Depositors' Guaranty
Fund for the protection
of depositors in banks, every insti
tution engaged in the business of banking under the laws of
this state
to assessment to be levied. collected, admin , shall be subject
istered, kept and
applied as hereinafter provided.
The Guaranty Fund Commission shall appo
int two persons
skilled and experienced in bank acco
unting to be known and
designated as inspectors, who shall
take and subscribe the oath
of otliee prescribed by the constituti
on, and shall take oath to
keep secret all facts and information
ance of their duties, in like inanner as obtained in the performExaminer in the State Banking Law, is provided for the State
and subject to like penalties. Which two inspectors shall
be paid out of the funds
appropriated for the conduct of
the State Examiner's office,
the same salaries that are paid to deputy
state examiners.
Provided, however, if the Guaranty
Fund Commission is
unable to procure : the services of
inspectors, who, in their
judgment, possess the requisite skill
and
countants, it may pay to either or both of ability as bank acsuch
the funds of the Depositors' Guaranty Fund inspectors, from
, such additional
compensation, as in its judgment, is necessary,
not
exceeding Four Thousand ($4,000.00) dollars per in any case
year for any.
such inspector.
If at any time the amount of work involved
in the performance of the duties of the Guaranty Fund
Comm
ission, as
aforesaid, shall be such as to require, in its
judgment, more than
two inspectors, it shall have authority to appo
int
two assistant inspectors who shall take like oath, not to exceed
be paid a salary of not to exceed Two Hundred and who shall
($200.00) Dollars per month; which payment shall be made
out of the monies
of the Depositors' Guaranty Fund.
Every inspector or assistant inspector who
makes an ex
amination of the affairs of a bank, shall
make a full report of
the result of kis examination, with comments
upon the condition of the bank examined, to the Secretary
of the Commission
and the State Examiner, who may accept
nation and report of any such inspector and adopt the examiin lieu of an examination by one of his or assistant inspector,
deput
the Guaranty Fund Commission shall pay ies; in which case
over to the State
Examiner, the charge made for such
examination, to the amount
that would be legally chargeable for
by the State Examiner's office, less such examination, if made
the
in connection with such examination; expense of the inspector
and the amount so en!lected by the State Examiner shall
be accounted for and coy-
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Federal Reserve Bank of St. Louis
•
• UARANTY FUND
CHAPTER 200
233
ered into the same fund as collections made for
the examination
of banks by the State Examiner.
It is the purpose and intention of this Act
that the work
of the inspectors made available • to the
State Examiner, shall
be of the same value to him as the examining
work of at least
two deputy state examiners, and that the exami
ning force of
the State Examiner's Department may be
kept correspondingly
smaller.
See. 6. The Guaranty Fund Commission may from
time to
time establish rules and regulations as to the payme
nt by banks
of the expense of making examinations by its inspec
tors, but
no charge shall be made against any bank for
such examination
in excess of the amount of Ten Dollars ($10.00)
per day for the
services of an inspector, together with his actual travel
hotel expenses, and it shall have authority to remit all ing and
or
part of the per diem and expense charges against any any
bank,
having at all times due regard to whether the affair
bank were such as to have warranted an examinatios of such
that where an examination is adopted by the State n; except
Examiner,
a charge must be made equal to that allowed by
law
for an
examination of such bank by the State Examiner.
Any charges
made for examinations not adopted by the State
Exami
not rebated, as aforesaid, shall be kept and retain ner and
Guaranty Fund Commission for the payment of ed by the
the salaries
and expenses of the inspectors, and any defici
ency
salaries and expenses, after applying such fees, shall in such
be paid
out of the Depositors' Guaranty Fund.
Sec. 7. Upon the taking effect of this Act, the Commi
ssien
take the necessary steps to become informed,
and to
thereafter keep informed as to the financial
condition and management of all banks that have been admitted
under the Depositor's Guaranty Fund, fdr the purpose
of determining
whether the interests of said Guaranty Fund or
of the depositors in any of the banks protected thereby, are
likely to be eittlangered by the further guaranteeiendangered or
ng of the deposits of any bank.
see. 8. For the purpose of aequiring
inform
condition of any such banks, the Commission, by ation as to the
its inspectors. as provided for in this Act, shall its members or
have full access
to all the records and files of the Ranking
Depar
tment of the
State; and it shall also, by its members or its
have full power and authority to enter into any said inspectors.
tinder said Fund, at any time, and take charg bank admitted
e
papers, documents and reeords, for the purpose of its assets,
and investigation, during such time as shall be of examination
neces
purpose of auditing. its affairs, and ascertaining sary for the
its condition
and its methods of conducting business; and either
the individ-
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Federal Reserve Bank of St. Louis
cliAl"l'En 200
(;11AUANTY
PITNI)
ual members of the Commission or the inspeelors of the Com
tnissiou shall have potver and authority lii eall ;1 11(1 pill under
oath, and. examine any offieer, stoeliholder or i1111)11).‘ir, 1.1'1,11114w
or debtor of any bank, in eotineet ion with the e\aminat ion of its
atrairf., or to obtain •explatiation or anythim.c
with it..
iffishic,, records or management ; and in
rrfilS:11
id. I III
Ii) a Plwar hip I lit JtIirotst' lit P\aiiiiniitinn,
Id a
P"S"11
any Judge, Clerk of Court, or .Instive or II, '
I 1';11•1., 1V It Iiin t II,
•jLIriS(li('tiOui (if ‘010111siuihibatik IS 10(.1114,1,
111111111
1.19111.'`O
Of Stith Conunissioner or inspector, issue a
-id/Hi/qui for soe'l
person, commanding him to appear at, a lime and plave slated.
and to Slibmit, to such examination, and answer iii1eslion8 ;old
sign his testimony, if redueed to writing, and if any person -.0
subpoenaed shall fail to appear or to obey sueli order, the .1 iii
of thc ( ourt from \din!!i such subpoena is issued, or the Just iii'
issuing the same, shall ;lave authority and jurisdietion to
such person for emit viol/1. The testimony so talien may be, by
the Commissioner or inspector, redueed, or caused to he relloved,
lo \Vritnig, and at his direction shall be siihseribed by the person
k\'henever any member of the (Inaranty
shall aefittire information leading him to liplivve that the coo
(litho' or any bank is such that au liii iuittl ii t t e\amination of its
should he made, lie shall have authority to immediately
order an inSpeetor or aSsistaol Inspector to enter 1111011 itn examination or the saine, and if lit' 111.Vili it necessary, lie nio•
eall upon the State Examiner to furnish at 1)einity Examiner to
work with such Inspeetnr, and the two officers shall as far /IA
practieable co operate in the examination 4t1' snell bank.
See. 9. Whenever the Commission shall aeptire inrorniation
leading it to believe that any bank adinitli.d under sue!' lound
is being irregularly or inellieientl.‘. or dishonestly condueted,
or is .iisolvent,
as that, term is defined by the Banking latws,
.
it shall be its duly to investigate Ile same as promptly as 1)04slid(' 1,s hi Section A lit'rtttf ptt1 tilt ,I ; and al any Inne (Inrnir
thy progress of such investigation if if appears that suelt bank
eommissioner or nispeel or shall have
is prolmbly insolvent,
or,h.i. requiring all (hposits reeeived
authority to !mike
much examination to he set Wilde and h eld j ilt", as 4,si)e.
end 1)eposits," AVICiell shall only be used to rvito h tirst. I ne
tm.; find it' at the elose
suell examiwi t ioil flit' ron011issiolier
or InSpeelor shall find stich bank to be iw;olvent within the
shall have authority fit eX I end
MettOing or 'he Banking idiws,
such order for siteli further period ;is shall be 'necessary t o
enahl/t the f'onimission to meet and take aetion with reference
to the affairs of sueli bank; but such meeting and aetimi
must
be taken within thirty days from the time or extecaling roteli
order. Irpoo comPleling sue); examination, suet' Commissioner
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Federal Reserve Bank of St. Louis
11 NI)
A It.% \i'\
Inspel 101•
1 11.104, ;11)(1
\
11
'235
III APTI,1; :20ki
ninii"(11;11 (.1.\
s111111111
1.10114,'
01
110 l'ON111I
an t i
the .
."':(1 at e
l'tp01•1
7'
'4)1111111ssIs)n
N11111' 10 1 hi'
1
1 1'41111 slIch rt'11()I'l .11 ',hall ,1111'4',11' 11, !ht. 1 .(1111111Iss11)11
I In'
11 sli;i1 I
l i n-, ;1111 11(,1•11.
‘
In titi' iIitiit
1 it liii1.11 111.1
"II' Ill II 1 1 3
14(
1'41111'1 it 1 hi
'-' 1‘1.11
,111r1111.1 1 ,1 11
.1. ;111
1111111% 1.111
11111.2* id. ti
1‘ 11 1, ill 1 110
1'111
mitne(11,11 (.1.\
111,1 I; III('
1•4)11111.
‘ 111 \\ 111(11 •114'11
I
1111.‘
1 11;11
111
;I
prth'et`41111'4.
1 1,1111. Is 111li
1 hell
II \•
.111.\
11.\
111.411•1'''thl`!
'11,
11
IllaI
I 1711CA .1112: 1.71NVS,
111 fOrt.e.
hank
111111
11111rd:11e
V111.11111.:11 11111, ;111,1 liiilil till` ;114101111 1110111
ita
ti\\iii 1111 111 ;1 11;111'1, ;11
\ 111011 1•11 1.
1.1 .1°1°
('t.
iriii\ii
and t h e goliera l
'11111111. 2; of tliv ('ode of (-I
041,11111d. jitri,divliton iIt owl, „i• „quit Ii „proint
‘‘iiiil 111'
i",l'iwv;Itioti,; iii ii by
and
'1st
1 1 ,. ,•\
111‘‘
111,1111
onceI
iii
C41111111114)11
111 ;111.
‘
111.1 it
shall
tilli,i'I1111.
‘Ii
Iii liii
111
it
ihilhIiiI
ii. 111 1.01111 1 1.‘
11.\
I
facts
lIt'll
I 111111111r
111
N‘ 11 11 '01011 11 1 111111 liii. ;1‘, Hie Conlin j14,11
i'11414)Ust'il
I 11('
411.4111'
11
:1 1111V1111
11111 11 ut 1111, 11111
011 '
11S
:1 111111;1111
111111111 is,.
1111111 iii
t he
Iii
111. liii
4
‘t,1...111
;111.
‘
1 11111.
111
1.( 1 111111 11111
I'1111111111111111 111
11
111111
;111111'.11•
11411""'1.‘utit
iii
111111
111
In"HO
t.(11!
l'eet..1V0
1 ii
1 11111'
;11 1 1.111.211
1;11 111.;1(.1 14111
11 1
S7I1
Or 1611." liii
111.41(.0(1(1111!2:S, ;11
11111
111.,1 .11 1110 ,N 11 1.11
111
1 110
10
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)4T71111 111!2:
1.01111.11.
‘
a resolittion
14 II\ a lia II'S as 'Ili'
SI17111
A
i\
VOIINC111
711141 tiis114.11 iiiiI .11111041
1
1 10711'11. 71'
NI1411
111111111 11111 of L.:ranting: -such lime, such haul\ lutist
4111441
1 i071 r1 I, iii('
(11'
I hereupon 61,1 .11 til
lii 111A%
111.1.011/11..\
1),1 1'1 1011111r 4)11It'el' or
•.11011 procoe(Iiiit4,
„ 1 he Cumniksion Way,
hold, \\ 11 iii
l Him, h i be
ii-
it 61,1 it
11(`I11111
111;111 1111911
III'
I
hoitiii.t
iii
nh, '
own 1)1•0_
tilt
shall he
11411111
1.11111111 \
1 11;11
\\ 11 11
slle11
11:1111i.
1 110 (.0114111 101 1:,
1/1.1S1.1.111011.
l'I'M'1(11.11,
1 he
11111111110 1011
1111 \VON
1119111111Q
1 1 f tiiiv1
,111.11
11;1111i
14
;1113.
Shall 11111
111
111111.1‘0111112.1
a
liar
to
1 1)r
.
its
;is :1 1):1,111.iiit; Institution, but ;if
1
114`1411'1' I 111' 1111711 111S1141s11 1011 111 slIt'll
111113
111:11i0 ti i i'I intl lout
hiti\'iIii1.flOrty.::111i
Iii
1 In) I;uur:Ini‘
.
/4.
I it
re
any
111*()000411111rS. Slli'h
1.`und
hut.
tutu
l'onintission
be
tin
re ;Hill, it
Iii
IIII(14.1'
he I;
111.1.11.1•1111'
1 111'
:Ind
41 1 111111 14111S
he Collitiik•ion
I hereupon
pd.\ nion1 ii1 11;11)0'1 i ts,. :I nd
ns Iii assNi.1.„
1 111. 1.11:11;111.11'1' ;11111 eiiiiipeiene.
‘
or 1 III' 71 Iii iii
of the
otileers
or stivii hank upon \\ hjell
in
if
lie
nuo
ttiiiuuittnul I n Mani "W1111111 3. P111141. \\ 11.11.11 V0114111 1011 shall
111' S111)11111 l441 Iii thu' C411111 1111611
,
.1111'1,(11),I lull. 711141 if it approves
Iii'u
Iliereor, it may !mike tin order to that ell'oet, and thereupon and
npon suet' batik complying: ‘vith the said vonditions to the satis
faetion or the linaranly Fund Ii iifl iii i hilt it shall 1117110' all (11'(101'
1'1' tuuhutu itt ill!2; 1
said hank, and the 1.1101.111.0nm proeeedings shall
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
236
CHAPTER 200
GUARANTY FUND
be thereupon discontinued on such
terms
direct; but no deposits shall be received as the Court shall
by such reorganized
,bank until final approval of the Court
is had. and the said proceedings aetually dismissed. All expenses
incid
ceedings incurred by the Commission shall be ent to suet propresented to and
audited by the State ..1nditinf hoard, and
be paid out of the
General funds of the State, and there is here
by appropriated
for the purpose of meeting such expenses, the
sum of one thousand dollars per year, or so much thereof as shall
be neeessary.
Sec. 10. FILING STATENILNTS. ASSESSMENTS. ()n
June :10th
of each year, every state bank engaged in the busin
ess of banking in this state shall make and tile with the Depos
itors' guaranty Fund ,,ommission. a statement in writing, verif
ied by the
oath of its president. vice president or eashier,
showing the
average daily deposits in its bank for the prec
eding twelve (12)
months.
Immediately after the date fixed for the maki
ng and filing
of such statements, the Depositors' thiarantee
Fund Commission shall levy assessments against the dsset
s of Niel' of said
banks as follows:
One-twentieth of one per (.4.111 on the average
daily deposits as sho'wn by the statement or such aver
ave daily deposits
to be made and filed by the provisions of this
section..
For each and every year I hereafter
per cett
i
isilif:(1\'
‘11rniti"1
' 1Ino
lie state
i"ment required to be made and filed under the provisions
of this
Act in each year. until the total amount or money in
guaranty Fund reaches two per eeitt of the average daily the
depos
its:
prOVided, however, that said Deimsitors' guar
anty Fund Commission shall have power to make and levy
addit
ments of one-twentieth of one per cent, but not to ional assessexceed four
addit
asses
such
ional
sments shall be made i n „Hy
year.
Due and legal notice of such asSessInelll
or assessments
shall be deemed to have been given when suet' noriee
as shall
be prepared by the Secretary of the Conunision has
been placed
in an envelope, securely sealed. and postage preiN
lid, direct ed In
each of said banks and deposited, in the
rnited Stales mail,
and said banks shall thereupon set
apart
their said hanks the amounts thus levie . keep and maintain in
d again
amounts shall be and constitute what shall be st them anti the
Depositors' guaranty Fund. payable to the designated as the
anty Fund Commission on demand, for the 1)epttsit1)1's'
uses, and purposes
provided. Provided that, when the Depositors
' guaranty Fund
reaehes the total sum of two per cent
of the average daily deposits, said assessments shall cease
thiaranty Fund is depletell belf)w one until such time as Hui
and one-half per cent of
the average daily deposits, when the
necessary assessment may
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3UARANTY FUND
Clim"r E it 200
237
he. again levied at one-twentieth of one per cent per annum until
sani fund again reach....s 11Vo 1)er vent of the average daily deposits.
I
The Guaranty as provided for in this Act shall not apply
to a bank's obligation :is endorser upon hills re-discounted nor
to hills payable. nor to money borrowed from its correspondents
OP others. nor deposits otherwise seeured; nor deposits upon
which compensation in any manner or form or by whatever
devive• hi• hveo.promi-ed or paid in excess or the rate of interest as limited ill thiN Oct. All other deposits forh money
or its equivalent. and for which full value has been received by
the bank wherein shell deposit is Made, shall he guaranteed by
this Act. Each guaranteed bank shall certify under oath to the
Depositors' Iluaranty Fund commission at the date of statements as hereinbcfore orovided. the amount of money it has on
deposit not eligible to gaiaranty under the provisions of this
Act, and in assessihmg. such bank this amount shall be deducted
front the total deposits.
Sec. 11. INTEUEsT ox DI:VosiTs.
No bank transacting a
ban ki ng hitsitiess 'n u ke this Act
pay interest on deposits,
directly or indirectly at a greater rate titan four per cent. per
annum, unless authoriz-d . h
the Depositors Guaranty Fund
Commission to pay a greater rate whieli in 110 ease shall exceed
six per cent per annum. and said Depositors' Guaranty Fund
Commission is hereby authorized and empowered to grant
permission to pay such higher rate; provided, that the rate so
granted shall he uniform within any county.
Any officer. director or employee of any bank violating the
----li movisions of this section. direetl.
‘ or indirectly. shall be deemed
guilty of a felony and on conviction thereof shall be
punished
by a tine or not less than one hundred dollars nor more
titan five
hundred dollars or by imprisonment in the state penitentia
ry
for a term of not less than one year nor more than three
years
or both, in the discretion or the eourt.
Sec. 12. FALsr STATEMENTS. PENAETy.) Any person making
oath to any of the statelnelltS herein required. knowing the
same
to false. shall be deemed guilty of a felony and be punished
by a fine a „„f
th a t th rv,• hundred dollars nor more
than
one thousand dollars. or by imprisonment in the
state penitentiary for a term of not more than five years or both, in the
diseretion of the eourt.
Nee. 13. Voi.[NT %UV 1,RIEIDATION Oa CHANGE TO A
NATIONAL
B.% N m.
If any batik desires to go into voluntary liquidation
or change to a National bank before the assessment
provided
for in section tcn beeomes due and payable, the provisions
of
this 'Act. shall not relieve said bank from the payment
of any
assessments then due from it to the Depositors' Guaranty
Fund.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2:Is
cfrAPTEU
.2a0
11(i)' trout a 11 y
IitliIit.
‘ I It he vollie (I Ile
()1 I
I la &S 11'11 ICII
re
()se(' ;11 hit' I inie
‘,11(.11
GUARANTY FUND
;lc C
I 111
I)f
10SSeS
iii
hank applies ft) liquidate
vilafig..(• ilit 0 a Nalin:NII hank
.
S(.1.. ii. NI
0 I ()It(i.kNizEn
vt'n)\ ‘1, 11 \
A11.1* 1)111 1 k
1111(1e1 hIlc
11*,
to flit'
I akin g'
a lid.
and
ftlil'Iu'ijl;itoiii111111‘.1* lir Delti N1mitif.,1 III 1 11C I *(1111111iSSIIIII 1 It
rsii ors (;11;11';1111.1'
Shall pay
into siteli fund an almond
equal to three iter veld Of if
Caitlin!
0OCk. 1111 ic11 n111011111 S111 11
ct)1!1 111 c
(.1...dif nun! snhi,vi 10
adin,inn.nt
snid
o v,n•ag.,, dad.N• depo,its
as shown
,d
c nn.nt rerol
i red
or
;
Ilk
all 1"1"•
aS a St
aim It
and
nil
dily
I
hnlik•,',IulI
In
1 In. I n.1 insn ni•N
'Milk
1 nd 1
n.v S,
(.1 14)1 1
10
IldS 1.1•011-rall'
ilA41
II 1..1;
;11d
Y
'Mid :OHM /III
11111011111 ;(S Will. illacC 1 111.111 (01
;III (.4 1 11;11 fool
115 respeek such
hind,
1111' Stall' 1);1111i,...
111111cdialC1.1" ficr !wing
rav(trahl.
‘
linsif
De
(;Ilaratil.k ritilti
SO,•reliir.‘ Shall Mil icy
Site', 111'W luiiiks lid HO' Slat
(' 1.:7,;1 OH11,'1.
SOVII
1011(.11 Mit ifieal
Shall /ff. hi‘‘ 1.11 f f17.! in 1 1 1f. fo r m
ttI Ii cell In_
Call% Signed it
h e 1 'h a j rniti 11 ;111,1 at
.
(..;,,,erviar.‘,
1 111. '0111111ISSi011.
ccri
,11;1 11
h.\ Ho( Ha nk ce,(,(j v _
ing 1lie same l'ratned and kept at
all times displa.
‘,(41 ii a eon
Spiel101IS
1(t1 111y
HO' hank,
TIO. )(pOSil OrS
11:1 1%1 111.\
COalitiiSSiOil is
and (sin nnyk.(9.(fd to
tif f an ad ills,iliVO1 Or
1
rat l'S
iiSSeSS
111(.11! to1 he Paid 11,V ;111.‘" I"1"l
i ‘v 1 ii(.11 "gag" in !to' 1)11111611'4
b usi ness sii hsewiffit i
'
sag,.. ;a p prova l and / a k
lot I li,. im,
of I IliS A'1, WhiC11 Shall 11;1 1'1'
11(191 ad 11111 i(41 hereunde
r and
shall require such ha nk to CO10111)11
11' ill 1114' I )11)0Sil OrS'
Ilar
alli.1" F1111(1, /I josh 1111(1
SI1111. and for that purpose
shall
adjust asse'sstnents or such batik so that
the first 1 wo assessments
1 °gel 111.1* 11'11 11
(.1.,.(tit fund or throe
per CC111 Of flit' CJI1111
St Old( paid by Said 11;11Ik 11'11C11
1111•1110SS, S11;111 :11
equal otie halt' Of 011e
la' a VITa‘,.1.1' 11:14 Ill'pOSik Or Said
hal&as ShOWII 11.‘.
Slat
1 1.14111i i'f'd It, S1'0.14)11
CO Or this article.
Provided, however. that said
Hire,.
cent ‘‘ ill Ind hi.
1'1.1 I I I
of flit' OVW
renri
g:aniza 11111
consolidation or o
I ati, s 11:11 have previously
c11111pliell ‘vith the
i,,,•„,s of this A,•1 with rer,
n•enc,. 10 flit' 10:1.1'111v111
;ISSI.SS1110111 S.
See. 15.
T„ I.1;1,1,1,1% )\\?hitiitvtiany
a 1 11.1.
114t1
die S1.1.1.11:ii.Y Or the
thuirafity 1.1ifi ld Cnniiiii,
,sion shall rail to pay nver Ihlinsilors'
eredit till
its hooks to flit' Depositors'
fltiaratity li'lltid ati.‘ a-,se
ssttient as
herein provided. for a peri
od of l‘‘etit.‘ (hos, site',
bank
still,teet to a penalty of 1
(4111.10 dollars loci' (lay for shall
(Niel,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
(11.11)TEli :2,111
Fl*NI)
to pay met or credit to stieh 1)eposiIa ii
'tior
tors' Cm:H.:tidy hind such as,essinetii :Ind penalty. and it the
expiration of thirty (Ia.\ from the date Id' notice of assessment
herein provided it.
said ;0,0,0.411(9d and pc:izdly still remains unpaid. Ike hank so delinquent may be deemed insolvent, an(1 in
I III diseret ion of the Cimitilission ina.\- he liiiitidate(t and its busiIleSS Wit1111(1 Up as pro \'itle(1 for It I he Slate Ft:int:lug Laws for
the liquidatinr of insolvent banks.
Sty. 16. 111141SIT))11.:- t;1".‘11kST1 VI" I). l'1111:,1. 1.II.N. EXCE1)\\AlelleVer ;in.\ bank done, business in this state under
Li
piovisions of this .ket shall suspend payntent or become
insolvent, 1 he alilt)11111 of motley •;tilliditig to the ere(lit of. the
‘ li'und on deposit in such bank shall be a
1)epositors' thiarant.
first lien upon the assets of slIell institution; save and except
funds deposited in 511(.11 institution and ')elong,ing to the estate
or ally itisolVent hank. deposited I herein by the lieceiver or
other p(brson oilieially iii charg:e. N‘ Ii Oil shall !MVO preferenee over
all other claims.
Arelz.‘ \I. IR I E.! "11()N.
\\ \II•\
Sec. 17. prei,s1.1'all any
\
\I 'nil
t or
I
CI: I
'vii
Li \iti
of
isions
this
\
pro
.ket suspends or
111111: doing business wider I he
becomes insolvent and •11;111 hii\t closed. the Commission shall,
\\ ithout unreasonahle dela.\ eau, each deposit in such elosed
hank to Ile examined. anditcd it shall determine such ;is may he
qualified for guarantee under thi. .‘et and certify thl it(tt)tlIiti iii rejeetion of cavil depo,ii to .1 he Seeretar.\ of the corn‘‘ho shall LiVt liorl it. It yogis'(Toil ma il. to t in, persons
heir last lino\vu post
hose deposits 11;1\ e
Alice address. or I o vaeli I hereof, in care ()I' the lieveiVer of such
litt\
11 10
.111. ;1 11/11
ttp
I..
1.11),
t1.11 I
111'1.11
ti ii
1
1.1.:11.1.11.11.
;It
I
.•ing
0
1.1..11.1.1 6.11 .1" 1111.1111 IWO \ 1 1 1.111 '11111 1 ,1 111111 111111eSS,
1).1'111 11;111' 14 111:11111112. 1110 1 1.1'S Of 1.1..ieVt i011.
111111.1.\ (h.\
\\itIi iii
litI v" th,ffia
\ 1.11
ht.:H.111g
111 ,1111 1111' S1.1.1.1.1 a 1.V Of
it It'
1 111. CO1111111SS1011.
(.1.1)td IlVe
iii
See. 1S.
:111(1
shall
The Commision shall nial,e rules
preserilie
tilt
111;11111er
b.\
\\ inch
it
:111(1 rt....illations
it elainis of tie-
po.itors for allo\vanee of claims 211arailt(bed under this .\ct shall
he Made, and shall (lesitotate the furitt :111.1 nlauitii'l ut veritivation
iii ,..aie h proof of Oahu.
nia.‘ It id,. for hearing upon re _
'l iii'
or ;in.\ meniher
jeeted elaims, either h( fore
i iivreor, or
rith(roe iii
e.I If
nlIllission. 111
iipon majority vote
Stale 1 'apitol, or else\% h ere fit h,„
of t he Coinmissi(m.
See. O. .‘t any hearitnz where testimony is la ken the Colnmission (it. i ts 1.,,r,,ree shill hav e authoril.\ to administer ()aths
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Federal Reserve Bank of St. Louis
-V
240
clIAPTER 200
(;17ARANTY FUND
and may retinire a stenog
scribed, or the test intony raphic report to be taken and tranreduced to writing and
by the witness. The Com
subscribed
mis
rejected claims enter their sion shall after hearing upon such
jected deposits shall be finaorder'determining whether such relly rejected or allowed as
teed.
guaranSec. 21. The Secretary
Certificate of Indebtedness of the Commission shall issue a
entitled thereto for the amo upon the Treasurer to the person
unt of all such accepted
deposits.
If there be not sufficient fun
ds available in the fund
pay such Certificate of Indebt
to
edness, the Treasurer shall
the same "presented for pay
endorse
men
t"
and date and sig
endorsement, and such Cert
ificate shall thereafter be n such
out of money in the Guaranty
payable
Fund, by order of the Com
sion, pro rata, upon all outstandi
misNotice of the amount of each ng Certificates of Indebtedness.
div
ide
nd
to be paid upon such
certificate, and the date whe
n
shall be published in a newspapersuch, payment is to he made,
bank was located. if no newspa in the place where the closed
where such closed bank was loca per is published at the place
published in an official newspaperted, then such notice shall be
of the county wherein
bank was located. Notice shal
'such
l be published in like
of the date upon which payment
manner
of any balance due on
certificate of indebtedness will be
such
made.
Sec. 22. Stiutow'rioN.) To the ext
ent of the deposits accepted and allowed as guaranteed,
the
Depositors' Guaranty
Fund Commission, for the use and
bene
be subroghted to all the rights of suc fit of said Fund, shall
h guaranteed deposito
thus accepted, to participate in the
rs
and the same shall be enforced and assets of such closed bank,
of the Commission accordingly; and collected by the Secretary
lected shall be distributed pro rata from time to time as colficates of indebtedness issued to theas payment upon the certiguaranteed depositors of
the closed bank from which such
pay
until full payment is made to the ment had been received,
Any surplus remaining after. paymen holder of such certificate.
t in full to holder
certificates shall he turned into
the depositors' guarans of such
ty fund
and be thereafter held and dist
ributed as herein
provided.
otherwise
All monies received shall be dep
subject to the provisions of the osited in the solvent banks
proportionate as to the several depoDepositors' Guaranty Fund,
sits to the assessmen
against each of said banks.
t levied
See. 23. REPoirrs.) The receiver
or other official in cha
of any suSpended or insolvent
rge
hank, possession of
been taken under the provisions of
whi
this Act, shall make ch has
to the
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Federal Reserve Bank of St. Louis
qUARANTY FUND
CHAPTER 200
241
,
Depositors' Guaranty Fund Commission not less than one report
quarterly, according to such form as may be prescribed, such
report to be verified by his oath.
See. 24. NoTicEs NoT OTHERwisE PRovinED FOR.) Whenever notice is required by the provisions of this Act, and such
notice is not otherwise provided for as to form or manner of
service thereof, the same may be served in the manner now
provided for the service of summons in civil action, or by
registered mail, and an affidavit of such mailing of such notice
by the person giving or serving same, shall be prima facie evidence of the service of such notice.
See. 25. FonNis. APPRov.m.) The Depositors' Guaranty
Fund Commission shall prescribe all such forms as may be
useful, or necessary Iii carrying out the provisions of this Act.
Sec. 26. PI N Is 101 ENT, W II ERE NOT OTHERWISE PROVIDED.)
no other punishment is provided herein, any person
v iola ting an y of the provisions of this Act shall be deemed
guilty of a in
and upon conviction thereof shall be
punished by a fine of not less than fifty ($501 dollars nor more
than three hundred ($300) dollars, or by imprisonment in the
county jail for not less than thirty nor more than ninety days,
or both. in the discretion of the court.
Where
See. 27. S‘viNG Ci,u.s.p..')
Nothing in this act contained
repcalin!, any act rot. the regulation or conduct, of banking,
shall be construed. to release any person front punishment for
9ty aets heretofore committed violating said act or acts nor
Aeet, in any manner any existing indictment or proseution by
reason of such repeal: and for that purpose such acts shall
continue in force and effect nohvithstanding such repeal.
See. 2$. FEnKR‘t,
AR A N TY LAW.)
Whenever by Act oi"
Congress, or by decision of the Federal Court, or departmental
construction of the National Ranking Act, National Banking
Assoviations located and doing business within this State are
permitted to avail their depositors of the protection of the Depositors' Guaranty Fund, established by the law of this State
for the re-payment of deposits in elosed banks, such association,
after examination at its expense by the Commission, as in this
Act provided for State Batiks and, upon its approval as to its
financial eondition .by the Commission, may participate in the
assets and benefits of the Depositors' Guaranty Fund upon
terms and conditions in harmony with the banking law of this
state to be fixed by the said Depositors' Guaranty Fund Commission, provided that in the event national banking associations shall be required by federal enactment to pay assessments
to any Depositors' Guaranty Fund of the Federal Government
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Federal Reserve Bank of St. Louis
I
H .\ l'TER
ARA N '1'
Ni)
and thereby the Depositors in sueh association in this state shall
be guaranteed by virtue of the Federal laws, the association
having availed themselves of the benefits of this Act, may
Wit hdraw therefrom and have paid to them the unused portion
of all assessments levied upon and paid by suet) assoeiation.
See. 29. UNApettoratATEn A SSESSM ENTS REFUNDED, WHEN.
If any bank organized under the laws of this State, having
paid any assessment or assessments to the Depositors' Guaranty Fund shall liquidate and go out of business, or shall desire
,to organize as a national bank and withdraw from the proteetion of the Depositors' Guaranty Fund for its depositors the
portion of such assessment or assessments, whieh shall not have
been used under the provisions of this Act shall be refunded
to any bank by the Depositors' Guaranty Fund Commi.ssion.
Provided, that no such bank shall be rod eased from its proper
proportion of all outstanding certificates of indebtedness of the
Depositors' Guaranty Fund, issued to the depositors of
failed
banks under the provisions of this Art, nor until it. shall have
received permission in writing so to do from the Deposit
ors'
Guaranty Fund Commission of this State and arter an examination of its con(hition.
See. 30. M.v 1{Esi. ME It-I •SIN ES&) Snell bank or trust (!Ompuny may upon re-payment of any money advaneed by
the
Depositors' Guaranty Fund to such bank or trust company, with
the consent of the Depositors' Guaranty Fund Commission
resume business upon such conditions as may he approved by
said
Commission.
See. 31. DP:PINANG BANKS AND B.1 N K I N“ Etat THE PITKPOsE oto
*
Tins Arr.) For the purpose or this art every corporation,
except natimml banks ‘vhose business, in whole or in part,
consists of the taking of deposits oi. buying and selling exchan
ge
shall be held to be and is hereby declared to be a bank,
and
as thus defined shall be subject to the provisions of this
net,
provided further. that, trust companies doing a general
banking
busitiesS as defined in this section separate and apart.
from the
writing of surety bonds and other general business,
and building and loan associations receiving savings deposits, shall be
declared to be a bank and shall also be subject to the
provisions of this act.
See. 32. OminNiziN(J.) Any banks organized and authorized to do business under the provisions or do. State Banking
Laws on and alter the passage, approval and taking effect;
this act, shall sell the capital stoek thereof at three ($3.00) of
dollars per sham above par and the amount received as
a result
of such advance shall be credited on the hooks of
such hank
to the Depositors' Guaranty Fund as hereinbefore Provide
d.
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Federal Reserve Bank of St. Louis
.:TARANTY FUND
CHAPTER 200
243
Sec. 33. The Depositors' Guaranty Fund Commission shall
have the right and authority to examine, by any member or
inspector, the affairs of elosed banks and investigate the conduet of the reeeivership thereof and make report thereon to
the Commission.
See. 34. There is hereby appropriated out of the Depositors' Guaranty Fund twenty thousand dollars ($20,000.001 per
year, or so much thereof as shall lie neeessary to meet the expenses of the Guaranty Fund Conunission herein provided for.
and any ill111/1111t of such appropriation not so used. shall be at
the eml of each year. covered into the said Depositors Guaranty
Fund.
The ex pellSt'S fir t
(ilia ralitv liiiid C01111111SS.
1011 herein
Provided for shall ht. presented to the State Auditing Board
for allowanee. as claims ngainst the State are presented. and
Nolen ;w owed. shall be paid as other claims against
the State
are paid.
'ee 3.. 'Flue term "Speeial Deposit used in Ibis Act shall
constrned to Wean. .1 deposit received in either cash. eheek.
draft, or oilier common medium of exehange, but to be kept
separate and apart from the general funds of the bank reveiv_
ing the same; and to be kept on hand in the hank in cash, and
not be eons.idered as a part of its cash reserve; and not to. be
devoted to any purpose other than returning. it on demand to
the depositor; or permitting it to he withdrawn on order of
the depositor, which order may be in the form of a cheek or
- slier writing; and no part of suet, deposit shall be used, or the
issession thereof parted with by the bank. exeept the cheeks.
-drafts, and other common mediums ()I' exchange includ .(1 in such
deposits. shall be eolleeted and converted into money as in the
ordinary eourse or hankihg business, and the monvy so obt a Med.
11(.1(1 *11! said deposit in lieu of suvii medium of exchanyre, and so
long as the requirement of reeeiving Spevial Deposits emitinues,
the full amount thereof must be kept on hand by the bank. ON
eept as paid out to, or on the order of the depositor; or deposited in a bank within the slate, as 11 !pee la I dellOSit 1 11010111.
as may he designated hy the CMIIIIIISSIOn Or its
1 nsPVet or and
it s hall be a Special Trust Fund n t
i ,0
t v.a.ms of vrodi
tors of the bank.
Whenever Ole 119111 C(11111111Ssi011er
llsed 111 this A(.1
it
shall be deemed to mean a member of the Guaranty Fund Com
mission; HMI AvItenever the Ntord "Commission" is used, it shall
lie deellled 10 mean the 41naranty Fund Commission.
Whenever the term "Fund" is used in this Act, it shall lie
deemed to mean t he Depositors thia ratify Pond.
Sev,
ny onieer of any bank who shall reveive ;my
genera' deposit, while ati order is in foree, us hereiohefore pro
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Federal Reserve Bank of St. Louis
244
CHAPTER 200
GUARANTY 'UND
vided, as to the taking of Special Deposits, or who shall, while
such order is in force, after the receiving of any Such Special
Deposits, mingle the same with the general funds of the bank
or pay out, or use, or part with the possession of the same, except as in this Act provided, shal be guilty of a felony, and upon
conviction thereof shall be punished by a fine of not less than
One Thousand ($1,0(0.00) Dollars, or by imprisonment in the
County Jail for a term of not to exceed one year, or by both
such fine and imprisonment, or by being confined in the Penitentiary for not less than one, or more than five years; and in
addition thereto, such oftieer shal be civilly liable to any depositor whose deposit shall be thus unlawfully diverted.
See. 37. If any section, provision, clause, sentence or part
of this Act, shall be declared violative of any "constitutional"
provision, the Act shall be deemed and held to have been enacted
independent of the part so deelared unconstitutional, and any
operative part thereof that may remain shall be nevertheless
given full force and effect, to the eYid ,that the ultimate purpose
of the Act shall be as far as possible aeeomplished; and if that
part of the Act which permits the Guaranty Fund Commission
to resort to the Depositors' Guaranty Fund to ,pay any part of
the expenses incident to the performance of its duties as herein
provided for, shall be declared invalid, it shall nevertheless be
lawful for the Guaranty Fund Commission to employ the inspectors herein provided for, and pay their salaries and expenses, and to pay any other expenses herein provided for, out
of their own funds, or out of the funds of individuals or banking corporations voluntarily contributed for that purpose; and
the official eharact en of such inspertors and their powers and
authority shall nevertheless be. in all things, the same as though
they were fully paid and compensated out of the funds sought
to be appropriated for that purpose.
See. 38. T noun uv I'OW FAS
('OM M ISSION.)
The Depositors' Guaranty Fund Commission shall have the power and
authority to employ ally of the funds under its control for the
purpose or paying off the claims of Bills Payable holders in
closed banks whenever in its judgment and sound discretion
the security behind suet, Rills Payable is sufficient to pay the
same in full, and leave a substantial amount of security of
the kiml and charaeter that could reasonably be expected to be
collected upon and liquidated within one year from the expiration of the time Ii in of this section.
The Commission is empowered to deposit funds in banks
operating under this Aet, temporarily in aid of open banks, in
such amounts, and upon such tennis and eonditions, and upon
such security as it may determine aml des glut Ic, A nd such
banks shall be required to conduct their affairs in accordance
with and tinder the direction of the Commission until such
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Federal Reserve Bank of St. Louis
jUARANTY FUND
CHAFFER 200
245
temporary aid has been NOthdrawn.
It shall require the consent of four members of the Commi
ssion before funds can be
employed as provided for in this section.
This Section of this Act shall continue in
force and effect
until 'July 1st, 1927, unless sooner repeal
ed, but at that time
it shall expire and cease to be operat
ive without any repeal and
the powers and authorities conferred
therein shall terminate
without in any way limiting any other provisions
-of the Act.
See. :19. Fou moot
CERTAIN Am-Elm:LNG.) Any officer.
director, stockholder. agent or employee, or a
Bank whose deposits are guaranteed under the provisions
or this Act, who
shall state or represent in any advertisement,
pamphlet, book.
sign, or other manner. in writing or printi
ng. that the deposits
ot sueh bank are guaranteed by the State of
North Dakota shall
be deemed guilty of a mimlemeanor and
on conviction thereof
shall be punished by a tine or uot less
($1410.00‘u dollars nor more than live hundr than one hundred
ed (f:500.00) dollarR.
Approved Mareh 6th, 192:1.
ELECTIONS
I'1111"I`Elt 201.
1. No. PP), Kupp.'
I.
AssISTING F.I.Eclott '1'() m.k tzk RALL(yr.
An- Act To Amend and Reenaet Seelitm
11,4 of the Congiih.d Laws of
North Dakota for the Year
1911, Relating to the Disability of
Elee-
tors in Marking their Ballots.
Be It Enacted by the Legislative Assembly of
the Slate of North Dukoto:
Sr('. 1. AM ENnm rs T.1 That Seetiiat 9S4 of the
Compi
led
Laws of North Dakota for the year 191:1 be amend
ed and reenacted .so as to read as follows:
Set'. 9SS. In case of disabilii y or electo
r. any voter, who
declares to the judges of election or Own it appea
rs to the
judges or election that he eannot read that by blindness
or
other physieal disability he is tunable to mark his
ballot shall
upon request reeeive the assistanee of either his Fathe
r, Mother,
!husband, Wife, Son or Daughter in the marking of
his ballot ;
and no one assisting, under this act. any voter in
marking his
bulb it shall give information regarding the same.
The judges
may in their discretion require such declaration of disabi
lity to
be made by the voter 111111er oath and they are author
ized to
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
•
,
•
•
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Federal Reserve Bank of St. Louis
BANKS & BANKING
CHAPTER 92
91
BANKS AND BANKING
CHAPTER 92
(S. B. No. 210—Ingerson and Page.)
DEFINING AND REGULATING STAT
E BANKING ASSOCIATIONS
An Act Defining State Banking Associations
and
ing the Power of Such Associations to Re-Regulating and LimitDiscount, to Borrow
Money, to Pledge Assets, Forbidding Contr
acts to Re-Purchase Assets. Providing Procedure for the Foreclosur
demption Therefrom, Declaring Void Pledg e of Pledges with Ree Contracts in Violation
of the Provisions o: the Act, Providing
Money and Pledging Assets in Violation a Penalty for Borrcrwing
of the Act and Repealing
Laws in Conflict.
Be It Enacted by The Legislative Assembly of
the State of North
Dakota:
§ I. REDISCOUNTS, BORROWING, PLEDGING.] NO
State banking association, as defined herein, shall, directly or
indirectly, either
within or without the State, make any re-disc
ount, or contract to
borrow, or borrow money, or pledge or hypot
hecate, or contract to
pledge or hypothecate any of its assets, except
in accordance with
the provisions of this Act.
§ 2. NORMAL AND EMERGENCY BORROWING
TION.] Any State banking association, as defin POWER, LIMITAed herein, shall have
power to contract to and borrow money as follows:
1. A sum equal to twenty per centum of its depos
its without
the prior authorization therefor by the State Exam
iner.
2. A sum in excess of the preceding limitation
only after prior
authorization by the State Examiner, grant
ed upon the application
of such banking association, for the following
purposes only:
(a) Restoring depleted legal reserve, or in
anticipation of
such depletion within thirty (30) days,—
(b) to protect the assets of such bank,—
(c) to avert any other actual or imminent
emergency which,
in the judgment of the State Examiner,
woul
ous to the interests of such bank, or its d be dangerdepositors and
other creditors.
Such authorization shall be granted by the
State Examiner only
after examination by him of the affairs of
such banking association,
and such authorization shall be granted
and exercised under rules
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Federal Reserve Bank of St. Louis
92
CHAPTER 92
BANKS & BANKING
and regulations adopted, and orders presc
ribed by the State Banking Board. This section shall not apply to
loans made before this
act takes effect, nor to renewals thereof,
nor to renewals of loans
made hereunder.
§ 3. RATIO, PLEDGE, ASSETS.] It shall be unlaw
ful for any
State banking association, as defined herein,
to pledge or hypothecate more than one and one-half dollars
of
its assets for each one dollar of mone the face value of any of
y borrowed, excepting for
money borrowed upon authorization of
the
shall fix the amount and kind of assets which State Examiner, who
may be pledged or hypothecated for such purpose.
§ 4. RE-DISCOUNTS, CONTRACTS TO
to its power to borrow as herein prescribedPURCHASE.] In addition
,
ciation, as herein defined, shall have powe any State banking assor to
amount equal to ten per centum of its depos incur liability in an
its, upon endorsement
of notes and bills re-discounted, but no liability
or obligation upon
endorsements in excess of such ten per centum
of its deposits shall
be binding upon such association, and it shall have
no
cur any obligation or liability to re-purchase loans power to inand discounts,
bills receivable or other assets disposed of by it.
The State Examiner, under rules and regulations prescribed by the
State Banking
Board, shall have power to increase the limit of
liability upon endorsements by such State banking associations upon
notes and bills
re-discounted as in his judgment seems best. The
discount of bills
of exchange, drawn in good faith against agricultural
products, raw
or manufactured, and other commodities of trade
, in transit, shall
not come within the provisions hereof.
§5. DIRECTORS AUTHORT.ZE. OFFICERS EXEC
Every State Banking association as defined herei UTE. RECORD.]
n, shall, prior to
the borrowing of money, or re-discounting bearing
endorsement, receive approval by action of its Board of Direc
tors, to be evidenced
by resolution recorded upon its minute book,
and no banking association shall have power to contract and to
pledge or hypothecate
any of its assets without resolution of its Board
orizing the same, spread upon its minute book, of Directors authand each proposed
loan, either with or without security, or re-disc
ount
ment, shall be acted upon separately by such Board with endorseevidencing such loans, pledges and hypothecations . Instruments
upon re-discounts, shall be executed by the office and endorsement
r and officers designated in such• resolution, and all such loans
and re-discounts shall
immediately be entered and carried upon the
account books and
records of the Association as Bills Payab
le,
or
re-discounts as the
case may be. Copies of such minutes,
books and records authenticated by the oath of an officer of such
association shall be sufficient
to support such loan, rediscount or pledg
e. A complete record and
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Federal Reserve Bank of St. Louis
BANKS & BANKING
CHAPTER 92
93
description of the pledged assets and re-discou
nts shall be entered
and maintained by such banking associatio
ns in a book devoted to
the purpose, the form of which shall be prescribed
by the State Examiner.
§ 6. PLEDGEE MAY COLLECT, RENEW, ADDITION
ALLY SECURE,
RELEASE AND ASSIGN. EXPENSE.] Holders
of pledged or hypothecated notes or other evidence of indebtedness pledg
ing associations, as defined herein, shall have the ed by State bankright to collect and
enforce payment, and to renew or extend the time
of payment thereof, (if no endorser, guarantor or joint maker be,
by reason of such
renewal, released thereby), and, provided that
such extension is
for a period of not longer than fifteen (15) month
s, and to accept
from makers of such pledged or hypothecated
'notes and other evidences of indebtedness, security or additional
secur
ment thereof, and upon payment in full by any ity for the payexecute discharges and releases of instruments maker to give and
and securities, and
shall have the power to sell, assign and transfer
any note with the
security therefor so pledged, upon payment of
the full amount due
thereon from the maker. The pledgee shall
be
imbursed out of the pledged assets, or its proce entitled to be reeds, for his reasonable and necessary expenses incurred and expen
ded in collecting, renewing, securing and otherwise protecting the
assets pledged or hypothecated to him.
§ 7. FORECLOSURES.] Other than provi
ded by Section eight
(8) thereof no pledge contracts authorized
hereby, shall be foreclosed except by an action in equity, brought
in the District Court of
the County in which the Pledgor association is
located, and the Receiver of any such banking association shall have
the right to enjoin
anS, foreclosure under Section eight (8) of this
Act, of any such
pledge contracts, and to require such forec
losure to be by action
in equity, where there is a defense or count
erclaim to the debt secured, or the pledge contract.
§ 8. FORECLOSURE OF PLEDGE, CLOSED BANK
S.] In case of
default by the pledgor association, in the hands
of a Receiver, after
demand for and neglect of payment, the
pledgee shall have the right
in lieu of foreclosure by the action in
equit
Seven (7) hereof to apply to a Judge of the y provided in Section
County within which the closed bank is situa District Court for the
ted for an order authorizing the foreclosure and sale of the
pledge. Fifteen days notice
of such application shall be given by
personal service or registered
mail to the State Examiner and to the
Receiver of the closed pledgor
association.
The State Examiner, or receiver, or
any of the depositors or
other creditor of such closed bank may
contest the- granting of such
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Federal Reserve Bank of St. Louis
94
CHAPTER 92
BANKS & BANKING
order. Such order shall not be granted unles
s it appear by competent evidence that all reasonable efforts for
the collection of the
pledged paper have been made, and that there
is no reasonable probability of further collection thereof within a
reasonable period, and
at reasonable expense, nor unless it shall
appear that it is to the best
interest of the pledgee, the said close
d bank or its successor, or receiver, and the depositors and creditors
thereof that such foreclosure
and sale shall be had. The order for
foreclosure and sale shall direct the Sheriff of the County to make
the
given thereof, and the newspaper where sale, and the notice to be
in
lished, which notice shall not be less than such notice shall be pubbe served personally or by registered mailfifteen (15) days, and shall
upon the State Examiner,
and the Receiver, and by publication
at
weeks prior to the sale. All sales shall least for two successive
of the Court House of the County withi be made at the front door
ciation is situated, beginning at the hour n which said Pledgor assonoon of the day specified, separately, of two o'clock in the afterarticl
the highest bidder. Any amount received e by article, for cash, to
from said sale in excess
of the debt secured shall be paid to the Recei
ver, upon confirmation
of the sale. 'Within five (5) days after
the sale the Sheriff shall report the same in detail to the Clerk of the
District Court, and file a
copy thereof with the State Examiner and
the Receiver. The pledgee
may purchase at such sale, and upon confi
rmation, if the successful
bidder, the amount of such bid shall be credi
ted upon the debt secured.
§ 9. REDEMPTION.] The possession
of the property sold, and
of the proceeds thereof, shall be retained
by the Sheriff unless the
Court otherwise directs, until the expiration
of the Redemption period herein prescribed, whereupon, and upon the
confirmation of the
sale the same shall be delivered to the perso
ns entitled thereto. At
any time within fifteen (is) days after the
sale the Receiver may
give notice to the Sheriff of his intention
to redeem therefrom, and
shall have the full period of five (5) days
there
paying to the Sheriff the amount paid by the after to redeem by
purchaser; such redemption may be made of any or all of the
articles sold. Redemptions may also be made by depositors or other
creditors within ten
(To) days after such sale by depositing with
the Sheriff the amount
paid by the purchaser, and by serving
notice of such redemption
upon the Receiver and the Sheriff, which
said
amount which such Redemptioner will credi notice shall state the
privilege of redeeming from the purchaser. t upon his debt for the
Notice of Redemption
may be given by more than one credi
tor for any one note or other
article, and the creditor offering the
large
shall be awarded the right of redemption st credit upon his debt
. Provided, however, that
the Receiver's right of redemption
shall be sunerior to all other redemption rights. A redemption vests
in the Redemptioner or Re-
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95
ceiver the title to said notes or other articles upon confirmation of
the sale as provided .herein. Report of the sale and of the redemptions thereunder shall be made to the Court by the Sheriff within
thirty (30) days after the sale, and the Court may order hearing
thereon, with such notice as it may deem proper, not exceeding
Twenty (20) days and upon such hearing shall have power, either
to confirm or set aside the sale, or to order a new sale, or to direct
such other proceedings as may seem to the best interests of the
pledgee, the banking association, its successor, Receiver, its depositors and creditors, and thereupon all documents arising from proceedings hereunder shall be filed with the Clerk of the District Court.
Upon the confirmation of the sale, out of the proceeds thereof the
pledgee shall be reimbursed for the costs and disbursements paid
and incurred in connection therewith, including a reasonable attorney's fee,, not exceeding Fifty dollars ($50), to be allowed by the
Court in the order of confirmation; Sheriff shall receive the same
fees and commissions allowed him in the foreclosure of chattel
mortgages, not exceeding fifteen dollars ($15); the remainder of
such proceeds shall be applied upon the debt secured, upon which
debt interest shall be computed to the date of such payment, and any
residue shall be paid to the Receiver. During the period of foreclosure and redemption any debtor may pay upon his debt to the
person having custody of such pledged collateral, which person is
hereby authorized to receipt to the person paying, and upon full payment to release and discharge such debt and surrender the evidence
thereof.
§ io. PLEDGED CONTRACTS AND SALES VOID.] Any pledge Or
hypothecation of any of the assets of a State banking association.
or the sale of any of the pledged assets of any such state banking association made in violation of this Act shall be null and void, and of
no force and effect, and shall not be binding on any of the parties affected thereby.
§ ii. PENALTIES.] Any officer, director, agent or employee
of any State banking association, as defined herein, who shall borrow money for, or on behalf, or in the name of any such State banking association, or who shall obligate any such State banking association upon rediscounts, or who shall pledge or hypothecate any of
the assets of such State banking association in violation of the provisions of this Act, or make any false statement, report. record or
copy thereof provided for in Section five (5) hereof, and any person who shall counsel, aid or abet, or conspire with, or be accessory
thereto, shall be guilty of a felony, and upon conviction thereof shall
be punished by imprisonment in the State Penitentiary for a term
of not less than one year, nor more than five years. or a fine of not
less than One Hundred dollars nor more than One Thousand dollars, or by both such fine and imprisonment.
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§ 12. DEFINING STATE BANKING ASSOCIATIONS.] For the
purposes of this Act every corporation uganized under the laws of
this State for State Banking Association, Savings Banks, Trust
Companies, Building & Loan Associations, and all corporations or
other associations, excepting National banks, whose business, in
whole or in part consists of the taking of money on deposit, shall be
held and are hereby declared to be State Banking associations, and
as thus defined shall be subject to the provisions of this Act.
§ 13. REPEALED.] All laws and parts of laws in conflict herewith are hereby expressly repealed;
Approved March 6, 1925.
CHAPTER 93
(S. B. No. 117—Rusch.)
PAYMENT OF DEPOSITS IN TWO NAMES
An Act Relative to Payment of Deposits in Two Names.
Be It Enacted by The Legislative Assembly of the State of North
Dakota:
§ 1. When a deposit has been made or shall hereafter be made
in any bank, savings bank, or trust company, transacting business in
this state in the names of two persons, payable to either, or payable
to either or the survivor, such deposit, or any part thereof, or any
interest or dividend thereon, may be paid to either of said persons,
whether the other be living or not: and the receipt or acquittance
of the person so paid shall be a valid and sufficient release and discharge to the hank, savings bank or trust company, for any payment
so made.
Approved March 6, 1925.
CHAPTER 94
(H. B. No. 186—Voge1.)
REPORTS TO STATE EXAMINER BY BANKS AND TRUST
COMPANIES
An Act To Amend and Re-enact Section 5167 of the Compile
1913 Requiring Regular and Special Reports to the Stated Laws of
Examiner
by Banking Associations, Savings Banks and Trust
Providing Penalties for Failure to Make the Same. Companies, and
Be It Enacted by The Legislative Assembly of the
State of North
Dakota:
AMENDMENT.] That Section 5167 of the Compiled Laws
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97
of North Dakota for 1913 is hereby amended and re-enac
ted to read
as follows:
§ 5167. REGULAR AND SPECIAL REPORTS. PFNALTIES FOR
FAILURE TO MAKE.] Every banking association, savings bank,
and
trust company organized under this chapter, shall make three
or
more reports each year to the State Examiner, the number
to be determined by the State Banking Board, in such form as the State
Banking Board shall prescribe; such forms to be as nearly
as possible like those prescribed by the comptroller of the curren
cy for
similar reports for national banks. Such reports shall exhibit
in
detail, under appropriate heads, the resources and liabilities
of the
association at the close of the business on a past day by him specified, which shall if practicable, be the same day for which similar
reports are required from national banking associations within
the
state by the comptroller of the currency of the United States.
Each
report must be verified by the oath of the president or the
cashier
and attested as correct by at least two of the directors, and must
be
transmitted to the examiner within seven days after receipt of
the
request for the same, and an abstract of not less than three of
such
reports in a form prescribed by the Board, shall be publish
ed, at the
expense of the association, in some newspaper in the city,
town or
village where such bank is located, and in case there is no such
newspaper, then in the official newspaper of the county in which
such
association is located. The State Banking Board shall also call
for
a special report from any association whenever in their judgme
nt
the same is necessary in order to obtain full and complete knowle
dge
of its condition. Every association which fails to make
and transmit any report required in pursuance of this section, shall forfeit
and pay to the state a penalty of two hundred dollars for each delinquency.
Approved March ro, 1925.
CHAPTER 95
(S. B. No. 236—McLachlin.)
LEGAL RESERVE BANKING CORPORATIONS—BANKING
An Act to Amend and Re-enact Chapter 23, of the Laws
of the State of
North Dakota of the Special Session of 1919.
Be It Enacted by The Legislative Assembly of the State of
North
Dakota:
§ r. AMENDMENT.] Chapter 23 of the laws of North Dakota
of the special session of 1919 is hereby amended and re-enac
ted to
read as follows:
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CHAPTER 95
BANKS & BANKING
§ i. From and after January 1st, 1926, and
up until January
1st, 1927 each banking corporation or associ
ation shall at all times
have on hand in available funds an amount which
shall equal fifteen
per cent of its demand deposits and amounts due
to other banks and
ten per cent of its time deposits, and from and
after January 1st,
1927 such banking corporation or association shall
at all times have
on hand in available funds an amount which shall
equal twenty per
cent of its demand deposits and amounts due
to other banks and
ten per cent of itg time deposits; three-fifths
of this amount may
consist of balances due to the corporation or
association from the
Bank of North Dakota, or good solvent state
or national banks or
trust companies, which carry sufficient reserve
to entitle them to act
as such depository banks, and are located in such
commercial centers as will facilitate the purposes of banking
exchanges, and which
depository banks shall have been first appro
ved
ing Board, and the remaining two-fifths of suchby the State Bankreserve shall consist of actual cash on hand; Cash items shall not
be included in computing reserve, and no corporation or association
shall carry as cash,
or cash items, any paper or other matter except
legitimate bank exchange which will be cleared on the same or next
succeeding day.
Provided, however, that any state banking corporation
with the permission of the state banking board may or association
carry not to exceed one-fourth of its legal reserve in United States
Certificates of
indebtedness, United States Bonds, North Dakot
a Land series bonds,
North Dakota Bank of North Dakota bonds and
North Dakota Mill
and Elevator bonds. Whenever the available funds
within the meaning of this section, shall be below the requiremen
ts hereinbefore stated, such corporation or association shall not
increase its liabilities by
making any new loans or discounts other than
by discounting or purchasing bills of exchange, payable at sight, or
make any dividend of
its profits until the required proportion
between the aggregate
amount of the deposits and its lawful money reserv
e has been restored and the State Banking Board must notify
any corporation or
association whose lawful money reserve shall
be below the amount
required to be kept on hand to make good such
reserve and if such
corporation or association shall fail to do
so for a period of thirty
days after such notice, the State Banking Board
may impose a penalty of not less than one hundred dollars or more
than five hundred
dollars which shall be collected in the same
manner as other penalties prescribed in this chapter.
Approved March 10, 1925.
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Federal Reserve Bank of St. Louis
•
SESSION LAWS - NORTH DAKOTA - 1925
Interest rate.
Chapter 155. An act to amend sections 6072 and 6073 of tike compiled laws of North
Dakota for the year 1913 as amended by chapter 176 of the session laws of 1915,
prescribing lawful rates of interest for any legal indebtedness, and defining
usury.
Section 6072. Legal rate six per cent. Interest for any legal indebtedness
shall be at the rate of six per cent per annum, unless a different rate not
to exceed nine per cent per annum is contracted in writing and all contracts shall
bear the same rate of interest after they become due as before.
Section 6073. Usury defined. No person, firm, company or corporation shall directl,,
or indirectly take or receive, or agree to take or receive in money, goods or things
in action or in any other way, any greater sum or any greater value for the loan
or forbearance of money, goods or things in action, than nine per cent per annum,
and in the computation of interest, the same shall not be compounded. Any violation
of this section shall be deemed usury.
All acts or parts of acts in conflict with this act are hereby repealed.
Approved March
3, 1925.
State Examiner.
•
To amend and reenact Section 225 of the Compiled laws of North Dakota for the
year 1913, as amended by chapter 127 of the session laws of North Dakota for the
year 1919, relating to the duties of the State Examiner.
Section 225. It shall be the duty of the State Examiner to examine at least once
a year, and as much oftener as he in his discretion may deem advisable, the books
and accounts of the Secretary of State, State Auditor, State Treasurer, Clerk of the
Supreme Court, Commissioner of Insurance, Commissinner of Agriculture and Labor,
Department of University and School Lands, Supply Department of the National Guard,
Board of Administration, State Tax Commissioner, County Treasurers, County Clerks,
County Judges, Registers of Deeds, County Superintendents of Schools, Sheriffs
and County Auditors. Fees for such examinations to be charged by the State Examiner
only for the examination of books and accounts of City Auditors, City Treasurers,
County Treasurers, County Clerks, County Judges, Registers of Deeds, County Superintendents of Schools, Sheriffs and County Auditors at the rate of ten dollaws a day
for the time actually employed by himself or his deputies, in such examination. Such
fees to be paid into the State Treasury as provided by law for other fees collected
by his office; provided, that on petition of thirty-five per cent of the electors
of any school district, as determined by the number of votes cast at the last
general election held therein, or at the request of the Mayor or President of the
Board of City Commissioners of cities, it shall be the duty of the State Examiner
to examine and audit personally, or by a duly qualified deputy, within thirty days
after receipt of such petition or request, the books, records and accounts of the
Treasurer and Clerk of any school district, or of any City Auditor and City Treasurer,
as the case may be. Fees for such services shall be paid by such district or city
at the rate of ten dollars per day for the time actually employed in making said
examination and audit, and said fees shall be paid into the State Treasury as provided by law for other fees collected by the State Examiner.
All acts or parts of acts in conflict herewith are hereby repealed.
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Federal Reserve Bank of St. Louis
App. Feb. 24, 192`
.
•
•
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BANKS & BANKING
CHAPTER 91
89
under the provisions of this act by non-use thereof
for a period
of sixty days after the granting of such certific
ate.
§ 2976v16. BALANCE OF STATUTE NOT TO BE AFFECTED BY
UNCONSTITUTIONALITY OF ACT.] If any section, subsection, sentence, clause or phrase of this act is for any reason held to
be
unconstitutional, such decision shall not affect the validity
of the
remaining portions of this act.
§ 2. REPEAL.] All acts and parts of acts in conflict with
this act are hereby repealed.
§ 3. EMERGENCY.] An emergency is hereby declared to exist and does exist, and this act shall be in force and effect from
and after its passage and approval.
Approved March 7, 1927.
BANKS AND BANKING
CHAPTER 91
(H. B. No. 79—Committee on Banks and Banking)
CERTIFICATES OF AUTHORITY OF BANKS
An Act To Amend and Re-enact Section 5149 of the Compile
d Laws of
North Dakota for 1913, Relating to the Organization
Associations and Empowering the State Banking Board of Banking
to Supervise
and Control the Issuance of Certificates of Authority
Thereto.
Be /t Enacted by the Legislative Assembly of the State of North
Dakota:
§ 1. AMENDMENT.] Section 5149 of the Compiled Laws of
North Dakota for 1913 is hereby amended and re-enacted to read
as follows:
§ 5149. The organization certificate shall be acknowledged
before a clerk of some court of record or a notary public and
shall.be, together with the acknowledgment thereof, authenticated
by the seal of such court or notary. The same shall thereupon
be transmitted to the State Banking Board with a request for
permission to present the same to the Secretary of State,
with
application to him for the issuance of a certificate of authori
ty.
eiKUpon receiving such organization certificate the Board
shall
cause notice of the application therefor to be published in
the
official newspaper of the county within which such associa
tion is
proposed to be established, which notice shall contain
a statement of a time and place where the Board will hear such application and that any person objecting thereto may appear and
show cause why such application should not be approved. At
the time and place so stated the said Board shall diligently
inquire whether the place where said Banking Association is proposed to be located is in need of further banking facilities and
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Federal Reserve Bank of St. Louis
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CHAPTER 91
BANKS & BANKING
whether the proposed association is adapted to the filling of such
needs, and whether the proposed incorporators are possessed of
such character, integrity, reputation and financial standing as
shown by a detailed financial statement that their connection
with a Banking Association will not be detrimental to the public
welfare of the community in which such bank is proposed to be
established.) The Board shall hear any reasons advanced by the
applicants •why they should be permitted to organize the proposed association, and any reasons advanced by any person in
opposition thereto why such association should not be permitted
to be organized. At the termination of such hearing the Board
shall make a brief statement in writing of its conclusions whether such association should be permitted to be organized, and if
it finds that it should not, stating briefly the reasons why. A
copy of such conclusions shall be either indorsed upon or attached to the organization certificate, together with the refusal
or grant of permission to the proposed incorporators to present
the said organization certificate to the Secretary of State. PROVIDED, HOWEVER, the determination in favor of such organization must be joined in by all the members of the Board.
If the determination of the Banking Board is in favor of
the applicants, the organization certificate and permission of the
Board accompanying the same, shall be recorded in the office of
the Register of Deeds in the county where such Banking Association is to be established, and the same shall be transmitted to
the Secretary of State and received by him, and he shall record
and carefully preserve it in his office, and certify the facts to
the State Banking Board, and issue a certificate of authority to
the corporation, which certificate of authority shall be transmitted to and held by the state examiner until an examination
is made and the certificate of the state examiner or a deputy
examiner procured to the effect that the capital stock has been
paid in full and that all conditions of the law have been strictly
complied with. But if the determination of the Banking Board
is against the said application such organization certificate must
not be either recorded in the office of the Register of Deeds, or,
if presented, received by the Secretary of State.
§ 2. If any part of this act granting powers to the Banking
Board shall be held to be invalid, such part shall not be deemed
to have been the inducement to the granting of any other
powers, and shall not invalidate the act as to any such other
powers.
§ 3. All acts or parts of acts inconsistent herewith are
hereby repealed.
Approved February 28, 1927.
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CHAPTER 92
91
CHAPTER 92
(H. B. No. 249—Fowler)
COLLECTIONS BY BANKS AND LIABILITY
An Act To Amend and Re-enact Section 6954A1 Supplement to the
1913
Compiled Laws, Relating to the Collection of Items Through Banking
Channels and Establishing the Liability of Collecting Agencie
s.
Be It Enacted by the Legislative Assembly of the State of North
Dakota:
§ 1. AMENDMENT.] Section 6954A1 Supplement to the 1913
Compiled Laws is hereby amended and re-enacted to
read as
follows:
§ 6954A1. The Bank of North Dakota, or any national
bank
doing business in this state, or any state banking
association as
defined in Section 519Al2(5191A127)Supplement to the 1913
Compiled Laws, which shall cash, receive for application
on
an
obligation, or for collection or deposit and credit, any
check, note,
or other negotiable instrument drawn upon or payabl
e at any
other bank, savings bank, trust company, or other
financial institution located in another city or town, or which should
be
sented for acceptance or payment in another city or pretown,
whether within or without this state, may, at its option,
forward
such instrument for presentment or collection directly
to the bank
on which it is drawn, or at which it is made payable,
or may forward
it through the Federal Reserve Bank, or other recogni
zed banking
agencies, and in payment of such collection such bank
or other
agency may accept the exchange or draft of the
collecting or
payor bank. Such method of collection shall, in the
absence of
a special agreement to the contrary, be deemed to be
by the parties and the forwarding bank and successiveagreed to
agencies
shall not be liable to the owner or depositor until
actual final
payment is received by the collection of such exchange
or draft,
and until such final collection the depositor, indorse
r,
or surety of any check, draft, or other instrument guarantor,
so received,
deposited, cashed or credited, shall be liable to the bank
to the
extent of any money paid out or credit given by it on
accoun
t
of such instrument.
PROVIDED, HOWEVER, the bank and every other
agency
through whose hands such instrument or the proceeds thereof
shall pass shall be charged with ordinary business care,
be liable for any lack thereof, or for any default or and shall
on its part resulting in loss, but not for the default negligence
, negligence
or lack of care of any other agencies, and the owner
or
depositor
of such instrument shall have a cause of action
directly against
such bank, or other agencies, for his damage or loss on
account
of its default or lack of ordinary care.
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§ 2. EMERGENCY.] This act is hereby declared to be an
emergency .and shall take effect from and after its passage and
approval.
Approved March 5, 1927.
Note: The foregoing measure carried the following vote on
final passage:
House-92-16-5
Senate-30-17-2
CHAPTER 93
(H. B. No. 293—Committee on Banking.)
CONSOLIDATION OR MERGER OF BANKS
An Act Relating to the Consolidation or Merger of Banks.
Be It Enacted by the Legislative Assembly of the State of North
Dakota:
§ 1. Any two or more banks may, with the approval of the
State Examiner, consolidate or merge into one bank under the
charter of either existing bank, on such terms and conditions as
may be lawfully agreed upon by a majority of the board of directors of each bank proposing to consolidate or merge, and be
ratified and confirmed by the vote of the shareholders of each
such bank owning at least two-thirds of its capital stock outstanding, at a meeting to be held on the call of the directors, after
sending notice to each shareholder of record by registered mail at
least ten days prior to said meeting; provided, that the stockholders may unanimously waive such notice and may consent to
such meeting and consolidation or merger in writing. Provided
also, that the capital stock of such consolidated bank shall not be
less than that required under existing law for the organization
of a bank of the class of the largest consolidating bank.
The assets and liabilities of the consolidated bank shall be
reported by the surviving bank. All the rights, franchises, and
interest of said bank so consolidated in and to every species of
property, real, personal and mixed and choses in action thereto
belonging, shall be deemed to be transferred to and vested in
such bank into which it is consolidated without other instrument
of transfer, and the paid consolidated bank shall hold and enjoy
the same and all rights of property, franchises, and interests in
the same manner and to the same extent as was held and enjoyed
by the bank so consolidated therewith, provided, however, that
the merging bank shall transfer to the surviving bank all of its
real property by good and sufficient deed of conveyance and for
that and other purposes shall remain a body corporate for a
period of at least three years after merger and shall not then
dissolve without the approval of the State Examiner.
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§ 2. This Act is hereby declared to be an emergency measure and shall be in force and effect upon its passage and approval.
Approved March 5, 1927.
CHAPTER 94
(H. B. No. 152—Thompson of Ramsey)
REGULAR & SPECIAL REPORTS BY BANKS
An Act To amend and Re-enact Section 5167 of the Compiled Laws of
1913, as Amended by Chapter 94, Session Laws of 1925, Requiring
Regular and Special Reports to the State Examiner by Banking Associations, Savings Banks and Trust Companies, and Providing Penalties for Failure to Make the Same.
Be It Enacted by the Legislative Assembly of the State of North
Dakota:
§ 1. AMENDMENT.] That Section 5167 of the Compiled
Laws of North Dakota for 1913, as amended by Chapter 94, Session Laws of 1925, is hereby amended and re-enacted to read
as follows:
§ 5167. REGULAR AND SPECIAL REPORTS. PENALTIES FOR
FAILURE TO MAKE.] Every banking association, savings bank,
and trust company organized under this Chapter, shall make
three or more reports each year to the State Examiner, the
number to be determined by the State Banking Board, in such
form as the State Banking Board shall prescribe; such forms to
be as nearly as possible like those prescribed by the comptroller
of the currency for similar reports for national banks. Such
reports shall exhibit in detail, under appropriate heads, the resources and liabilities of the association at the close of the business on a past day by him specified, which shall if practicable,
be the same day for which similar reports are required from
national banking associations within the state by the comptroller
of She currency of the United States. Each report must be
verified by the oath .of the president or the cashier and attested
as correct by at least two of the directors, and must be transmitted to the examiner within seven days after receipt of the
request for the same, and an abstract of not less than three of
such reports in a form prescribed by the board, shall be published, at the expense of the association, in some newspaper in the
city, town or village where such bank is located, and in case
there is no such newspaper then ill a legal newspaper of the
county in which such association is located. The State Banking
Board shall also call for a special report from any association
whenever in their judgment the same is necessary in order to
obtain full and complete knowledge of its condition. Every
association which fails to make and transmit any report required
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in pursuance of this section, shall forfei
t and pay to the state a
penalty of two hundred dollars for each
delinquency.
Approved February 28, 1927.
CHAPTER 95
(H. B. No. 81—Committee on Banks and
Banking)
LIMITATION OF BANK LOAN
S
An Act To amend and re-enact Section 5172
of the Compiled Laws of
North Dakota for 1913, relating to the
limits of loans by Banking
Associations.
Be It Enacted by the Legislative Assembly of
the State of North
Dakota:
§ 1. AMENDMENT.] Section 5172 of the Compiled
Laws of
North Dakota for 1913 is hereby amended and re-ena
cted to read
as follows:
§ 5172. LIM4IT OP LOAN TO ONE CONCERN.] The
total
bility to any Association of any person, corporation, compa liany or
firm, including in the liabilities of the firm the liabili
ties of the
several members thereof for money borrowed and paper
,of
same parties as makers thereof purchased, shall not at any the
time
exceed fifteen percent of the capital stock and surplus
of
such
Association actually paid in when such surplus does
not
twenty percent of the capital stock; and if such surplus exceed
twenty percent but does not exceed fifty percent, such exceeds
liability
shall not exceed twelve and a half percent of the
capital stock
and surplus; and if such surplus exceeds fifty percent
of the
capital stock such liability shall not exceed ten percent
of
amount of the capital stock and surplus. But the disco the
unt
bills of exchange drawn in good faith against actual existiof
ng
values, or loans upon produce in transit or actually in
store as
collateral security—(provided that all paper relating to
such
transactions be made payable to and such paper and
security
therefor be and remain in the possession and control
Association until the advance or debt be paid)—shal of such
l
considered as money borrowed and such Association may not be
discount
commercial or business paper actually owned by
the
negotiating the same without it being deemed an addition person
to the
loan to said negotiator.
PROVIDED FURTHER. HOWEVER; That the liability which
may
be permitted to exist against any Association, corporation, person, company or firm, as hereinbefore provided, shall
lessened at any time by the increase of surplus, nor be not be
less
the liability permitted by law when this act takes effect. than
Approved February 28, 1927.
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BANKS fb BANKING
CHAPTER 9f;
95
CHAPTER 96
(S. B. No. 237—Ettestad.)
SECURED SAVINGS DEPOSITS
An Act Relating to Banks, Providing for Secured Savings Deposits, Fixing the Reserve, Limiting the Investment of Such Deposits, Exempting the Same from the Depositor's Guaranty Fund Law, Establishing
a First Lien on General Assets, Providing Notice of Withdrawal, the
Keeping of Separate Books and Records, and Providing a Penalty
for the Violation of the Provisions Hereof.
Be It Enacted by the Logislative Assembly of the State of North
Dakota:
§ 1. SECURED SAVINGS DEPOSITS; ESTABLISHED; LIMIT OF
AMOUNT; INTEREST.] Any bank or trust company may establish
a class of deposits to be known as "Secured Savings Deposits",
which shall not exceed in amount for any one depositor the sum
of Five Hundred Dollars. Interest thereon shall not be promised
or paid, either directly or indirectly, to such depositor in excess
of two and one-half per cent per annum, but the same may be
compounded quarterly or semi-annually.
Such banks shall maintain and keep as cash reserve an
amount which shall equal ten per cent of its total Secured Savings Deposits, four-fifths of which amount shall, as nearly as
practicable, consist of balances due from reserve agents to be
approved by the State Banking Board, and carried in the name
of such bank in an account entitled "Secured Savings Account
, N. Dak.", and as
Bank of
of
nearly as practicable, not exceeding one-fifth of such reserve
provided for herein may be kept in another department of such
bank.
-§ 2. INVESTMENTS RESTRICTED.] Any bank having Secured
Savings Deposits shall invest the deposits received in such department only in bonds or certificates of indebtedness of the
United States, the State of North Dakota, any County or School
District within the State, or such other political subdivisions of
the state, the bonds and certificates of indebtedness of which may,
from time to time, be approved for investment of such deposits
by the State Banking Board.
§ 3. RESERVE AND INVESTMENTS TO BE KEPT SEPARATE;
PLEDGING OR LOANING ASSETS PROHIBITED.] The reserve, bonds
and investments belonging to the Secured Savings Department of
any such bank shall be kept separate and apart from the other
reserves, bonds, investments, loans and discounts of the bank,
and shall be applicable only to the repayment of such Secured
Savings Deposits, and shall not be pledged, loaned or hypothecated as security for loans of such bank or otherwise, excepting
as permitted by section one of this act.
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§ 4. PROTECTION REMOVED WIIERE HIGHER INTEREST RATE
PAID; SECURED DEPOSITS No SUBJECT TO DEPOSITORS GUARANTY
FUND LAW.] The protection provided for in this act to depositors hereunder shall not apply to a depositor who accepts,
either directly or indirectly or by whatever device, interest or
compensation upon such deposit of a higher rate than provided
for in section one herein, but he shall in such event be treated
and considered as a common creditor of such bank. The deposits received by any bank under this act shall not be subject to
the provisions of the Depositors Guaranty Fund Law, and the
amount thereof shall not be included in making return for assessment for account of such Fund.
§ 5. FIRST LIEN ON BANK'S GENERAL ASSETS; EXCEPTION.]
The amount of the cash reserve standing to the credit of the Secured Savings Department in any such bank shall be, and is
hereby declared to be, secured by a first and paramount lien
upon the assets of such bank in favor of such Secured Savings
Depositors; save and except funds deposited in such institution
belonging to the estate of any insolvent bank, deposited therein
by the Receiver or other person officially in charge, which shall
have preference over all other claims. In the event of the closing of any bank having Secured Savings Deposits, if it shall
appear that such deposits or investments have been wrongfully
mingled with the other assets of such bank, or, except as otherwise hereinbefore provided, that such reserves and investments
have not been maintained separately, but have been unlawfully
co-mingled, such Secured Savings Deposits shall be deemed to be
especially secured by a first and paramount lien upon all the
other assets of such bank as in this section provided.
§ 6. DEPOSITS; NOTICE OF WITHDRAWAL; RULE AND REGULATIONS TO RECEIVE APPROVAL OF STATE BANKING BOARD.] Deposits received under the provisions of this act shall be paid
to the order of the depositor or his representative and shall be
kept, maintained and paid out, with interest as herein provided
for, under such rules and regulations as the Boards of Directors
from time to time prescribe, not inconsistent with the provisions
of this act and of the banking laws of the state, and shall be
effective upon approval of the State Banking Board, and which
shall be printed in a pass book furnished the depositor, and also
conspicuously posted in the lobby of the bank in some place accessible and visible to all, and no changes which may at any
time be made in such rules and regulations affecting the rights
of depositors acquired previously thereto in respect to the deposits or interest thereon shall be operative until approved by
the State Banking Board nor until sixty days after the posting
of such change; provided, however, that in order to prevent loss
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tO the depositor, by enforced sale of securities below their
real
value, it shall be lawful for the directors in their discreti
on, to
require notice of one week before the withdrawal of any part
of
aI':vings deposit of more than twenty dollars
and not
exceeding one hundred dollars; of two weeks before
the withdrawal of any part of any deposit of more than one
dollars and not exceeding two hundred fifty dollars; hundred
of three
weeks before the withdrawal of any part of any deposit
of more
than two hundred fifty dollars and not exceeding five
hundred
dollars, and in case where the deposit has been made Si
certificate for a definite time and the depositor fails to withdraw
the
sarne within ten days after such definite tirne, then notice for
withdrawal may be required as prescribed above, and provide
d,
further, that tearectos of any such bank may, and by
the
written consent of the State Banking Board shall, make any
changes deemed necessary in regard to the notices heretofo
re required to be given by the depositor for the withdrawal of their
deposits, by extending the time that notice shall be given by any
depositor for .the withdrawal of all such deposits, to a period of
time not exceeding three months, and provided, further, that the
directors Inv lirnit the aggregate amount that any depositor may
deposit to such sum as they deem expedient to receive, not exceeding the amount limited under section one of this act, and may
in their discretion refuse to receive any deposit, and may also,
at any time, return all or any part of any deposit and the
accrued interest thereon to any depositor without notice.
§ 7. SEPARATE BooKs TO BE KEPT ; REPORTS TO STATE Ex'MILNER.] Every bank which shall establish and maintain a
Secured Savings Department, shall be required to keep separate
books.and records of the deposits made therein, and of the investments made and belonging to such department, and shall be
required to make reports of the condition of such department to
the State Examiner on the last business day of each month, and
also at the time of making report of the condition of the general
business of the bank, and which last mentioned report shall show
separately therein the amount of such Secured Savings Deposits,
iI vestments and reserves, and upon form prescribed and
approved by the State Banking Board, and such Board may require in the published statement of condition of such bank that
the same shall be set forth as separate items in such published
report.
§ 8. NoT APPLICABLE UNITL SECURED SAVINGS DEPARTMENT
ESTABLISHED.] This act shall not apply to any deposit originating prior to the taking effect hereof, but shall apply only to new
deposits thereafter made, nor shall this act be construed to limit
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or interfere with the establishing or conducting of a general
savings department in State banks and Trust companies.
§ 9. PENALTY.] Every officer, agent, or clerk of any banking association who wilfully and knowingly subscribes or makes
any false statements or entries in books of such association, or
knowingly subscribes or exhibits any false paper with intent to
deceive any person authorized to examine as to the condition of
such association, or wilfully subscribes or makes false reports,
shall be punished by imprisonment in the state penitentiary not
less than one nor exceeding ten years, or in the county jail not
exceeding one year, or by a fine not exceeding ten thousand
dollars, or by both such fine and imprisonment.
§ 10. EMERGENCY.] This act is hereby declared to be an
emergency measure and shall take effect and be in force upon
its passage and approval.
Approved March 5, 1927.
CHAPTER 97
(H. B. No. 80—Committee on Banks and Banking)
SURPLUS OF BANKS
An Act Providing for an increase of surplus of Banking Associations and
Exempting such surplus from taxation.
Be It Enacted by the Legislative Assembly of the State of North
Dakota:
§ 1. From and after the first day of July, 1927, every
Banking Association and trust company doing business shall
semi-annually or annually, as its governing board shall deem advisable, ascertain and set apart and convert into a surplus fund
at least fifty percent of its net earnings until such surplus shall
equal one hundred percent of its capital stock, and no dividends
shall be declared upon its stock except from the remaining fifty
percent of its net earnings.
Such surplus is intended to
strengthen the banking associations of the state and safe-guard
the depositors and it shall, therefore, be exempt from taxation
and not taken into account in determining the taxable value of
the shares of stock of banking associations.
§ 2. If at any time the surplus of a banking association
shall fall below the highest point it shall have theretofore attained,
no dividends shall be declared on the capital stock until such
surplus has been restored to such highest point, and until it is
so restored all of the net earnings shall be converted into such
surplus fund.
§ 3. All acts and parts of acts inconsistent herewith are
hereby repealed.
Approved February 28, 1927.
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CHAPTER 98
(S. B. No. 249—Ployhar)
LIMITATION OF ACTIONS AGAINS
An Act Providing a Limitation for Filing T INSOLVENT BANKS
and Bringing Suit on Claims
Against Insolvent Banks or their Receivers.
Be It Enacted by the Legislative Assembly of the
State of North
Dakota:
§ 1. When any bank shall hereafter become insolvent and
go into the hands of a receiver he shall give notice thereof
by
registered mail to every creditor whose address appears
on the
records of the bank, or shall be known to the receiver,
within
sixty days after his appointment. Any claim against such
not presented to the receiver within two and a half years bank
after
his taking possession thereof shall be barred and cannot thereafter be presented or an action maintained thereon. In the
case
of any bank that has heretofore closed and gone into the hands
of a receiver where notice has already been mailed substantially
as provided herein, whether within sixty days from the time of
the taking possession by the receiver or not, and in which any
claim has not been filed, it shall be barred and cannot be presented or an action maintained thereon after two and a half years
from the date of the mailing of such notice.
PROVIDED, HOWEVER: no claimant shall have less than six
months after the taking effect of this Act within which to present
his claim or commence an action thereon; and provided further
any person bringing action on a claim against any such receiver
must allege in his complaint and prove that the action is
not
barred under the foregoing provisions.
An emergency is hereby declared to exist and this act shall
become effective immediately upon its passage and approval.
Approved March 5, 1927.
CHAPTER 99
(H. B. No. 215—Thatcher and Swett)
ADMINISTRATION AND LIQUIDATION OF INSOLVENT BANKS
An Act Relating to Banking, Regulating the Administration of the Affairs of Insolvent Banks, Providing for Their Liquidation, Vesting
the Supreme Court with Jurisdiction of such Liquidation Proceedings
and Requesting it to assume Original Jurisdiction in Furtherance
of
the Public Interest, Creating the position of Supreme Court Commissioner, Fixing his Compensation and Defining his Powers and Authority, and Providing for the Appointment of Receivers of Insolvent
Banks and Continuing Receiverships, and Making an Appropriation
to meet the Expenses Incident to Carrying out the Purpose
of this
Act, and Directing the Supreme Court to Exercise its Superviso
Authority over the District Court in Proceedings for Liquidating ry
Affairs of Insolvent Banks, and Providing for the Re-opening the
Reorganization of Closed or Suspended Banks, and Providin and
g for
Liquidation of Closed Banks by the Depositors therein, and
Designating a Custodian of Records and Property after Winding
ships, and Providing for the Covering into the General up ReceiverFund of the
State of Unclaimed Dividends.
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Be It Enacted by the Legislative Assembly
of the State of North
Dakota:
§ 1. JURISDICTION OF SUPREME COURT.]
The Supreme
Court of the State of North Dakota is hereby
given, and requested to exercise, original jurisdiction of the insolv
ency proceedings to liquidate and wind up the affairs
of all insolvent
state banks within the State, at the time of the taking
effect of
this Act, and all such as may become insolvent during
its continuance.
§ 2. LIST OF CLOSED BANKS TO BE CERTIFIED TO
ATTORNEY
GENERAL.] Immediately upon the taking effect of
this
Act the
State Examiner shall certify to the Attorney Genera
l a list of all
state banks in the State now closed as insolvent,
whether in the
hands of Receivers, the State Examiner's office, or
or agents of the State (except such banks as are other trustees
now in process
of liquidation by a receiver appointed pursuant to
Chapter 137
Session Laws of 1923 and such receiverships shall
contin
be governed by the provisions of this Act as though ue and
pointment had been made pursuant to this act) togethersuch apwith
concise statement, showing the time of insolvency, the name a
of
the Receiver in charge, and such other information as
the
State
Examiner believes will be of importance to the Attorney
General.
§ 3. PROCEEDINGS FOR WINDING UP.] Immediately
upon
receiving such certificate the Attorney General shall
institu
te
a proceeding in the Supreme Court entitled in the
name of the
State of North Dakota, for itself, and on behalf
of all creditors
of such banks, as plaintiffs, against all of said insolve
nt
as defendants, for the purpose of declaring them insolv banks
winding up their affairs as insolvent banking associations.ent and
proceedings shall be brought by the filing in the office Such
of the
Clerk of the Supreme Court of a complaint reciting
briefly the
facts as to the insolvency in each of such banks, and the
name
of the receiver or other officer in charge.
Upon the filing of such complaint the Attorney Genera
issue a summons in the usual form of summons issued in l shall
actions
in the district court of the State, and containing an additio
statement to the effect that a petition charging the bank in nal
tion with being insolvent is on file in the office of the Clerk quesof the
Supreme Court, and that unless answer is made thereto within
15 days from such service such complaint will be taken as confessed. Such summons, however, as prepared for service on individual banks need only name as a defendant, the particular
bank upon which service thereof is to be made, and such service
may be made upon any officer of such bank.
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Service of such Summons may be made in the same manner
as the service of summons in ordinary civil actions is made, and
the sheriff of the county in which the bank to be served is located shall upon request of the Attorney General immediately make
service, or cause service thereof to be made, as in ordinary
actions, but he shall not be entitled to collect any fees or expenses for making such service and he shall make return thereof
when served to the Attorney General.
§ 4. TIME TO ANSWER.] Upon the Service of the Summons
as aforesaid the defendant bank shall have fifteen days within
which to serve and file an Answer denying insolvency, or any
other material fact stated in the petition and unless within such
fifteen days such answer is served and filed the insolvency of
such defendant shall be deemed confessed.
§ 5. COURT COMMISSIONER ; QUALIFICATIONS; JURISDICTION;
REVIEW OF DECISION OF.] Upon the taking effect of this Act the
Supreme Court shall appoint a Court Commissioner who shall
have all the qualifications prescribed by law for a Judge of the
Supreme Court to whom it may refer any matters committed to
the jurisdiction of the Court by this Act, who shall act for and
on behalf of the Supreme Court in hearing evidence, finding
facts and making orders in any matter arising in connection with
the action or actions instituted in such court under the provisions
of this Act.
Such commissioner may sit for hearing and determination of
any question of law or fact that may arise in such action or
actions at any place within the State, and any such hearing may
be brought on upon reasonable notice given by the Commissioner
to the party in interest of the time and place of such hearing,
and in the exercise of the jurisdiction conferred upon him, said
Commissioner may permit matters to be brought before him
either upon ordinary notice served upon the parties or by order
to show cause, according to the practice of the district courts.
Any decision of the Commissioner may be reviewed by the
Supreme Court on the action [motion?] of any party aggrieved at
such times and under such rules as the Court may prescribe, and
unless objected to by motion to review as herein provided, the
court may deem the decision of the Commissioner correct and
without notice or application affirm the same.
Any party desiring to have a review of the decision of the
Commissioner by the Supreme Court must within three days
after the making of the same, if he is present personally or by
counsel, or within three days after written notice thereof, if not
present, file with the Commissioner a brief written statement of
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the grounds of his objection and containing the post office address of the party or his attorney upon which notice of hearing
shall be served. Such statement shall be filed by the Commissioner with the Clerk of the Supreme Court and Notice of the
Hearing of such Motion for review shall be given to the complaining party by letter addressed to him, or his attorney at the
place named in such statement. The time of giving notice of
such hearing to be fixed by rule or order of the Supreme Court.
§ 6. SAME; SALARY; CLERICAL ASSISTANCE; °Alm.] Such
Commissioner shall be paid out of the general funds of the State
the same salary as is paid to Justices of the Supreme Court
and
may employ such clerical assistance as shall be allowed by
the
Court, and shall be reimbursed by the State for all his actual
expenses incurred in connection with the performance of his
duties to be passed upon by the State Auditing Board as other
claims against the state. Such Commissioner shall take the constitutional oath to perform his duties according to the Constitution of the United States and the State of North Dakota.
§ 7. RULES AND REGULATIONS.] The Supreme Court shall
make rules and regulations from time to time governing the
reference of matters to the Commissioner and the exercise of his
jurisdiction and powers and the manner and method of reviewing his decision.
§ 8. RECEIVER; APPOINTMENT OF; SUPERSEDING OTIIER RECEIVER.] Upon the filing of the Complaint aforesaid the Court
shall appoint a Receiver, or two joint Receivers, of all said insolvent banks, which Receiver shall have all the powers and
authorities ordinarily possessed and exercised by receivers of
insolvent corporations or prescribed by statute and the Court
shall have all the power and authority with regard to the administration and closing of the affairs of such banks as are ordinarily possessed and exercised by courts of equity over the affairs
of insolvent corporations. If upon a hearing on an issue raised
by answer to the complaint, it shall be established that any Bank
proceeded against is not insolvent, then the Receiver shall be
deemed to have been a Temporary Receiver, and shall account
and be discharged accordingly as to such bank, in all other respects the Receiver shall be deemed to be a Permanent Receiver.
The Receiver so appointed by the Court shall supercede, and
supplant any receiver theretofore appointed by the Banking Department, or by any other court, or any examiner or officer of the
Banking Department that may be in charge of any of such
banks, but until the receiver appointed under this Act shall take
possession of any such batik the receiver, or other officer already
in charge. shall continue, and it. shall be his duty to protect, con-
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serve and administer its affairs to the best of his ability, and he
shall remain liable under his bond for all his acts committed
prior to being finally relieved of his trust.
§ 9. PROCEEDING AGAINST OTIIER BANKS DEEMED INSOLVENT.] If during the life of this Act any other banking association shall be deemed insolvent by the authorities vested by law
with the right to institute insolvency proceedings against the
banks, and such authorities desire to institute such proceedings,
they shall make report thereof to the Attorney General, with the
necessary facts as to insolvency, and he shall file a complaint
such as hereinbefore provided for, as to such other association or
associations, as to which it is desired to institute proceedings,
joining as many as is desirable in one proceeding; and the same
proceedings shall be had thereon as is provided with reference to
associations already insolvent, and the court shall thereupon in
like manner appoint the same receiver, or receivers, for such additional association, or associations, and the original proceeding
provided for herein, and all subsequent proceedings that may
be taken as in this section provided shall be deemed to be merged
and amalgamated into one proceeding, but the affairs of each
association shall be kept separate.
§ 10. RECEIVER; APPLICATION TO COMMISSIONER FOR INSTRUCTIONS.] The Receiver appointed hereunder shall from time
to time apply to the Commissioner for guidance and instructions
and for the purpose of obtaining orders and directions with reference to the administration of the affairs or the disposition of
the property of any of the Banks under his control, as receiver,
in the same way and as far ELS may be practicable under the
same course of procedure that receivers appointed by district
courts apply to such district courts, and the receiver or any
other partes aggrieved by any determination of the Commissioner may apply to the Court for a review thereof, as hereinbefore provided for.
•
§ 11. FIXING AMOUNT OF EXPENSES OF RECEIVERSHIP CHARGEABLE TO DIFFERENT BANKS.] At any time when the affairs of
any bank under the receivership aforesaid are ready to be closed,
the court shall fix the amount of the expense of the receivership
properly chargeable to such bank.
§ 12. PROCEDURE.] So far as practicable, except as herein otherwise provided, and except as inay be otherwise provided
by the Court, the ordinary rules of procedure applicable to like
actions in the district court shall govern the proceedings herein
provided for; but the Court may from time to time prescribe
such rules of procedure as it shall from time to time find best
adapted to the furtherance of the general purpose of expedi-
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tiously and economically winding up the
affairs of insolvent
banks.
§ 13. COMMISSIONER; POWERS OF.] The Commi
ssioner appointed hereunder shall have power and autho
rity to issue subpoenas for witnesses any place within the
ister oaths and to punish for contempt, to State, and to adminthe same extent as a
Judge of the District Court, subject to a
review of his decision
by the Supreme Court, as in case of
other decisions. At any
time when district court is not in session
in any county, in which
the Commissioner is holding a hearing,
he
take and use the court room of the distri shall have a right to
call upon the Clerk of such District Court ct court, and he may
to act as his clerk, in
issuing subpoenas, and may call upon
the Sheriff of the County
to act as his Court officer, and such office
r shall perform such
service without compensation.
§ 14. PLACE OF HEARING.] The Commission
er
as practicable, hold his hearings in the County shall, as far
Bank interested is located, and as far as pract in which the
icable and with
fair regard to the convenience and interest of
all parties at the
most accessible point within the County.
§ 15. WITNESS FEES AND MILEAGE; WHO LIABL
hearings before the Commissioner the parties procu E.] In all
ring the attendance of witnesses shall be liable for their
witness fees and
mileage, as is allowed in district court, and the Commi
ssioner may
make such order with reference to the payment
of costs by the
different parties as shall be just.
§ 16. JUDGMENTS; INTERLOCUTORY OR FINAL;
OF.] The Supreme Court may from time to time TRANSCRIPT
shall require enter interlocutory or final judgments as occasion
affecting the
rights of particular parties to the proceedings
without affecting
the rights of any other party, and any judgment
the Supreme Court may be at the request of any so entered in
transcripted to the district court of any countinterested party
where it shall be docketed by the Clerk of Court y in the State
the time of docketing be taken and considered , and shall from
such district court in all things the same as as a judgment of
entered, and it may be enforced as a judgmentthough originally
in such court.
§ 17. APPROPRIATION.] There is hereb
of the general funds of the State the sum of y appropriated out
$10,000.00 per year,
or so much thereof as may be necessary to
pay the salary of the
Court Commissioner and the expenses incid
ent to the performance of his duties hereunder.
§ 18. TRANSFER OF PROCEEDINGS TO
TRICT COURT; DESIGNATION OF DISTRICT BURLEIGH COUNTY DISJUDGE; REVIEW OF ACTS
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OP.] In case the Supreme Court shall be of the opinion that its
original jurisdiction does not extend to the controversy or controversies referred to in this Act, or if for any other reason the
Supreme Court shall refrain from exercising its original jurisdiction With respect thereto, the proceeding shall not be dismissed,
but all papers and files therein shall be transmitted to the
Clerk of the District Court of Burleigh County, and that court
shall be and is thereupon vested with full jurisdiction of such
proceeding, and thereupon .the Supreme Court, in the exercise of
its supervisory jurisdiction shall designate some district judge to
hear and try said controversy or controversies, and the judge so
designated shall give precedence to such controversy or controversies over all other work and in the disposition thereof he
shall be governed by the provisions of this Act, and endeavor in
every way to carry the same into effect. The District Judge so
designated shall perform all of the duties which the Act requires
to be performed by the Court Commissioner, and in such case
no Court Commissioner shall be appointed. In such case the
acts of the District Court shall be subject to review by the
Supreme Court in the same manner herein provided for review
by the Supreme Court of the acts of the Court Commissioner.
Provided that all acts of such district court performed under the
provisions of this Act, including the appointment of a receiver,
shall be subject to the supervisory control of the Supreme Court.
In case of the designation of a District Judge as herein provided
for, all his necessary traveling expenses incurred in carrying out
the provisions of this Act shall be paid out of the general fund
of the State upon vouchers duly presented, as in other cases of
the expenses of District Judges. In case of the designation of a
District Judge as in this Section provided, all further insolvency
proceedings, in this Act hereinbefore provided to be instituted in
the Supreme Court, shall be instituted in the District Court of
Burleigh County, and conducted in like manner.
In case of the designation of a District Judge as in this
Section provided for, the rules of procedure prescribed by the
Act for the Court Commissioner shall govern the procedure before such District Judge, and the Supreme Court shall likewise
make necessary rules governing the conduct of such proceeding
or proceedings.
§ 19. REOPENING WITHOUT RECEIVERSHIP.] Whenever any
bank shall for any reason be suspended or closed, or shall be
placed on Special Deposit order by the Guaranty Fund Commission pursuant to law, if twenty-five of the depositors therein
shall notify the state examiner or the secretary of the Guaranty
Fund Commission, as the case may be, that they desire to attempt to reorganize or otherwise reopen or consolidate such bank
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with some other banking insti
tution, a reasonable time shall be
given by the state examiner or
the
as the case may be, during whic Guaranty Fund Commission,
h receivership proceedings will
not be commenced: and thereupo
n the depositors must proceed
immediately with the perfection of
such plan and articles of
agreement, outlining in general the
prop
osed plan, which must be
signed by deposit creditors repr
esenting eighty per cent of the
amount of deposits in such bank
, exclusive of deposits of public
money secured by indemnity
bond or otherwise. All other unse
cured depositors shall be held to be
subj
terms of such agreement to the same ect to and bound by the
extent as though they had
joined in the execution thereof, and
in case of the restoration of
said bank to solvency and the re-open
ing thereof their claims
shall be treated in all respects as
if they had been parties to
the making thereof. If at any time
, in
anty Fund Commission or state exam the opinion of the Guariner, as the case may be,
reasonable progress is not being
made in the attempted reorganization the grant of time to depo
sitors may be withdrawn and
receivership proceedings immediat
ely instituted.
When eighty per cent of the depo
joined in such agreement the same sitors, as aforesaid, have
shall be presented to the
Guaranty Fund Commission and
the state examiner, with a full
report of what has been done in
adjusting the affairs of the bank
in anticipation of reopening: and the
state examiner and the
Guaranty Rind Commission may thereupo
n require any further
or additional things to be done that
in
their opinion will be
necessary to place the bank in position
to open and function as a
going concern, and be admitted to
participation in the Depositors
Guaranty Fund: and the state exam
iner may then grant such
reasonable time as seems necessary
to placing the bank in such
position and when the requirements
of
the Guaranty Fund Commission have the state examiner and
been complied with said
bank shall reopen and become in all
things a going bank, subject
to all provisions of law and regulations
ment and the Guaranty Fund Commissi of the banking departat any time in the opinion of the state on; PROVIDED, HOWEVER,
examiner the interests of
the creditors of said bank are being
jeopardized by delay he may
immediately withdraw all grants of time
and cause receivership
proceedings to be instituted.
I
§ 20. REORGANIZATION AND OPENING
OF BANKS.) Any bank
coming under the jurisdiction of the
Cour
t as provided for in
this Act, may be withdrawn from
the control of the receiver
hereinbefore. provided for, and its
may be undertaken by its deposito reorganization and opening
rs as
A reorganization plan and articles follows, to-wit:
of agreement in writing
may be entered into by deposit cred
itors of such bank represent-
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Federal Reserve Bank of St. Louis
BANKS & BANKING
CHAPTER tr.)
107
ing eighty per cent of the amount of deposits therein, exclusive of
deposits of public money secured by indemnity bond or otherwise. Thereupon all other unsecured depositors shall be held to
be subject to such agreement and bound by all the terms thereof
to the same extent and with like effect as if they had joined in
its execution, and in the event of the restoring of such bank to
solvency and the reopening of it for business all depositors shall
be bound to abide by the terms thereof. Such reorganization
agreement shall name a committee of three, who may or may not
be depositors, to put such organization into effect. The committee so named shall thereupon present said reorganization plan to
the Court, with a written request, which need be in no particular
form, for permission to perfect such plan and open such bank,
and thereupon the Court shall fix a time and place at the earliest
date the business of the Court will permit, when such request
will be considered, except that it must permit of the giving of
ten days notice thereof to the receiver in charge. If it shall
appear to the Court upon such hearing that the committee named
in such agreement is prepared to put the plan into operation and
that it is in compliance with law, the application shall be granted, unless good reason to the contrary is shown by some objecting
party; and an order shall thereupon be made by the Court permitting such reorganization, the withdrawal of such bank from
the receivership, and the reopening thereof, when the state examiner and the secretary of the Guaranty Fund Commission
shall certify that they have examined its affairs and that it is in
condition to open and proceed with business as a solvent bank
within the banking and Guaranty Fund statutes, and directing
the receiver, upon presentation of Such certificates, to turn over
to the said bank, or account for all of the assets and effects
thepeof that have been taken possession of by him, deducting,
however, the proper expenses of administration during the time
the same has been in his charge, such expenses to be agreed upon
by the said committee and the receiver, or in case of disagreement to be fixed by the Court. But the failure of the parties
to so agree shall not delay the turning. over of the assets other
than those which the receiver claims to be entitled to by way of
compensation, and the matter of the correctness of such claim
shall be thereafter determined. Upon so delivering the assets
and effects the receiver shall take the receipt of the said bank
and the said committee jointly for the same and he shall thereupon be absolved from all future responsibility on account of
the affairs of said bank, and the same shall thereupon become a
going banking association, subject to all the rules of law and
regulations applicable to other banking associations.
§ 21. LIQUIDATION BY DEPOSITORS.] When any bank shall
be closed and taken charge of by the receiver, as provided for
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Federal Reserve Bank of St. Louis
108
CHAPTER 99
BANKS It BANKING
in this Act, or while proceedings are pending for taking charge
thereof under this Act, a plan for liquidation and articles of
agreement may be executed in writing by deposit creditors thereof representing eighty per cent of the amount of deposits of
such bank, exclusive of public money secured by indemnity bonds
or otherwise; and all other unsecured depositors shall be held
subject to such agreement and all of the terms thereof to the
same extent and effect as if they had joined in its execution.
Such agreement must provide for a liquidating committee of
three, who may or may not be depositors, to be elected by the
signers of such agreement, the same to be elected at a meeting
held in the town where such bank is located, upon reasonable
notice to each signer of the time and place of such election, and
the vote of the holders of two-thirds of the amount of deposits
represented in the aggregate by such signers shall be necessary
to the election of each Member of the liquidating committee. A
full record of such election must be made in writing and signed
by the chairman and secretary of the meeting, and the same
must be preserved and presented to the state examiner and the
Court in the proceedings hereinafter provided for.
Before the said plan and agreement are presented to the
depositors for signing, as aforesaid, the same must be submitted
to the state examiner, whose duty it shall be to act in an advisory capacity to the persons interested in the plan, and who
shall pass upon the feasability and practicability of the same, and
either approve or disapprove thereof, and if he disapproves the
plan, it shall be his duty to formulate and present in lieu thereof a plan and agreement that meet with his approval.
Upon the liquidating committee being elected as herein provided for, it shall present to the Court an application to have
the liquidation of the said bank withdrawn from the receivership
and vested in it, and the Court shall thereupon make an order
fixing a time and place for the hearing of such application,
which shall be at as early a date as is consistent with the transaction of the business of the Court, except that it shall be at
a date that will permit of the giving of at least ten days notice
thereof to the receiver, which notice must be given by the applicants. Upon the hearing the Court shall advise itself fully
in regard to the status of the existing receivership, the feasibility
of the proposed plan, and the competency of the liquidating
committee and its several members to act in the proposed capacity, and it shall have power to prescribe the terms and conditions
upon which the liquidation of the affairs of such bank will be
transferred from the receivership to such committee, and it may
permit the applicants, with the consent of the state examiner, to
modify or amend the said proposed plan. If no good reason is
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Federal Reserve Bank of St. Louis
NKS & BANKING
CHAPTER 99
109
made to appear why the application as originally made or
amended should not be granted, the Court must make its order
appointing the members of the said committee as joint receivers
of said bank in the place and stead of the existing receiver, prescribe the amount of the bond, if any, they should be required
to give upon qualifying as receivers, and the manner of their
reporting and accounting to the Court, and directing the existing
receiver to account to them and turn over all of the assets of the
receivership, first deducting the proper expenses and charges for
administration of the receivership up to such time, the amount
thereof to be agreed upon between the existing and the new
receivers, or in case of disagreement to be settled by the Court;
but the failure of the parties to so agree shall not delay the
transfer of the assets and effects to the new receivers, except such
thereof as are claimed by the old receiver as compensation, as
aforesaid, and the correctness of such claim shall be subsequently
determined by the Court.
Upon so accounting and surrendering the assets and effects
to the said new receivers, the existing receiver 6hall take their
receipt therefor, and he shall be thereupon discharged from all
liability and responsibility in connection with the further liquidation of such bank, and the said new receivers shall be deemed to
have assumed the same liability, responsibility and accountability
to the Court as other receivers.
§ 22. CONSTRUCTION OF ACT.] The provisions of this Act
with reference to the withdrawal of banks from the receivership
for the purpose of reorganization and opening, or for the purpose of liquidation, shall be deemed to be highly remedial in
character and they contemplate the most expeditious disposal of
such mitters that is practicable, and shall be liberally construed
to accomplish this purpose, and it shall be the duty of the Court
and all other public officers having any connection therewith to
give such matters preference over ordinary matters to the fullest
extent that can be done without undue interferenc with other
official and judicial business.
§ 23. CUSTODY OF RECORDS AND ASSETS AFTER TERMINATION
OF RECEIVERSHIP.] When the affairs of any closed bank shall be
wound up and the receiver discharged, all books, records, documents, and other property of such bank and any dividends unclaimed by the creditors of such bank shall be by such receiver
delivered over to the State Examiner and his receipt taken
therefor and filed with the Clerk of the Court having jurisdiction
of such receivership.
The State Examiner is hereby appointed custodian of all
books, records, documents, and other property of such bank and
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Federal Reserve Bank of St. Louis
110
CHAPTER 100
BANKS & BANKING
of the dividends unclaimed by
creditors upon the winding up of
the receivership proceedings. Such
custodian shall be vested with
the title to any assets belonging to
such bank and not distributed
in such receivership, and he shall
have
to convert such assets into cash. Ile full power and authority
shall also have authority to
execute all deeds, satisfactions, assignme
nts or other documents
for the purpose of transferring such
assets or for the purpose of
clearing the records and quieting title
to property in which said
bank had an apparent interest.
Any
custodian, over and above his necessar money collected by such
y expenses, shall be distributed in the same manner as thou
gh the receivership had not
been terminated. Any dividends rema
period of two years from the terminat ining unclaimed for a
ion of the receivership or
other recoveries, shall be by said
custodian covered into the
Depositors Guaranty Fund of the state
.
§ 24. CONSTITUTIONALITY: INVALIDI
TY OF PART SHALL NOT
AFFECT REMAINDER.] Should any
section or provisions of this
Act be held unconstitutional or inval
id,
validity of the Act as a whole or any that shall not affect the
part thereof, other than
the part so held to be unconstitutiona
l.
§ 25. This Act is hereby declared to
be an emergency and
shall take effect from and after its
passage and approval.
Approved March 7, 1927.
CHAPTER 100
(H. B. No. 292—Twichell)
RECORDING SHERIFF'S DEED ACQU
IRED BY BANK OF
NORTH DAKOTA
An Act Relating to the Recording
of
veyances of Real Property Acquired Sheriff's Deeds and Other Conby the Bank of North Dakota,
as Agent for the State Treasurer as Trust
ee of the State of North
Dakota Under the Provisions of Chapt
of North Dakota for 1919 and Chapter er 154 of the Session Laws
North Dakota for 1923, and Acts Amen 292 of the Session Laws of
the Duties of the County Auditor anddatory Thereof; Prescribing
spect Thereto; and Providing that Secti Register of Deeds in Reon 2212 of the Supplement
to the Compiled Laws of North Dako
ta for 1913 Shall Not be
Applicable Thereto.
Be It Enacted by the Legislative Asse
mbly of the State of North
Dakota:
§ 1: Whenever any Sheriff's deed
or other conveyance of
real property acquired by the Bank
of North Dakota, as Agent
for the State Treasurer as Trustee
of
under the provisions of Chapter 154the State of North Dakota
of the Session Laws of
North Dakota for 1919 and Chap
ter 292 of the Session Laws
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Federal Reserve Bank of St. Louis
BARBERS
I
CHAPTER 101
111
amendatory thereof, is
of North Dakota for 1923 and Acts of the County Auditor
duty
the
be
offered for recording, it shall
of Deeds to record the
to enter such transfer and the Register any taxes due thereon;
of
ent
paym
same without regard to the
the Supplement to the
and the provisions of Section 2212 of shall not be applicable
1913
for
Compiled Laws of North Dakota
tor shall enter on every
thereto. In such case, the County Auditransferred, over his ofso
Sheriff's deed or other conveyances
r entered," and it shall
ficial signature the words, "transfe of Deeds to receive and
thereupon be the duty of the Register
record the same.
Approved March 3, 1927.
BARBERS
CHAPTER 101
(H. B. No. 41—Cox)
RD
BARBERS' EXAMINING BOA
of
Sections 560, 566, 567 and 571
An Act to Amend and Re-enact
for the Year
ta
Dako
h
Nort
of
Laws
iled
of
Article 22 of the Comp
Examining Board of the Stateand
1913, Relating to the Barbers'
Rules
ting
Adop
d
Boar
Said
for
ide
North Dakota; and to Prov
Conditions in Barber Shops, ProRegulations Relating to Sanitary
g upon Certain People, and Regerin
hibiting the Occupation of Barb
Supervision of Barber Schools.
in
ulating the Power of Said Board
of the State of North
Be It Enacted by the Legislative Assembly
Dakota:
After July 1, 1927,
§ 1. REQUIREMENT OF REGISTRATION.]
or attempt to practice
no person, male or female, shall practice tion as a registered
stra
regi
barbering without a certificate of
ns of this act, by the Board
barber issued pursuant to the provisio lished.
of Barber Examiners hereinafter estab
or female, shall serve
After July 1, 1927, no person, male r a registered barber
unde
or attempt to serve as an apprentice
a registered apprentice by
as
tion
stra
regi
of
e
ficat
certi
a
out
with
the board.
to operate a Barber
After July 1, 1927, it shall be unlawful
r the direct supervision and
Shop unless it is at all times unde
er.
management of a registered barb
or any combination of
§ 2. PRACTICE DEFINED.] Any one the upper part of the
the following practices (when done uponnot for the treatment of
human body for cosmetic purposes and and when done for pay,
disease or physical or mental ailments titutes the practice of barcons
ly),
rect
indi
or
tly
direc
er
eith
ment
beard or cutting the hair:
bering: Shaving or trimming the
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Federal Reserve Bank of St. Louis
SSSSION LAWS - NORTH DAKOTA - 1921
•
Depositors' Guaranty Fund Commission. Chapter 131. An Act tc amend and reenact
Section 9 of Chapter 200, Session Laws of 1923, the same being section 5220b9 of
the supplement to the 1913 compiled laws of North Dakota, 1913-1925, relating
to the Depositors' Guaranty Fund Commission.
Section (:?. (S. 5220b9) Whenever the Commission shall acquire information leading
It to believe that any bank admitted under such fund is being irregularly or
inefficiently, or dishonestly conducted, or is insolvent, as that term is defined by
the Banking Laws, it shall be its duty to investigate the same as promptly as
possible as in Section
hereof provided; and at any time during the progress of
such investigation if it appears that such bank is probably insolvent, such commissioner or inspector shall have authority to make an order requiring all deposits
received during such examination to be set aside and held intact as "Special Deposits," which shall only be used to reimburse the depositor; and if at the close
of such examination the commissioner or inspector shall find such bank to be insolvent within the meaning of the Banking Laws, he shall have authority to extend
such order for such further period as shall be necessary to enable the Commission
to meet and take action with reference to the affairs of such bank; but such meeting
and action must be taken within thirty days from the time of extending such order.
Upon completing such examination, such commissioner or inspector shall immediately
prepare a report of the result thereof, and submit the same to the Commission and
the State Examiner.
•
If from such report it shall appear to the Commission that the bank is involvent
within the meaning of the Banking Laws, it shall have authority to immediately institut
a proceeding in the district court of the county in which such bank is located, (or
in any other court that may be by any law then in force, given .'urisdiction of such
proceeding) to liquidate such bank as an insolvent corporation, and procure the
appointment of a Receiver to wind up its affairs, as provided for by Article 3 of
Chapter 2( of the Code of Civil Procedure, and the general equitable jurisdiction of
courts of equity to appoint receivers and wind up the affairs of insolvent corporations; or if by any law then in existence the exclusive right to institute such
proceedings shall be vested in any particular officer or Board, the Commission shall
certify the facts to such officer or Board, as the case may be, who must thereupon
Institute such proceedings.
In lieu of instituting such proceedings, the Commission may, in its discretion,
permit such bank, within a time to be prescribed by it, to comply with such conditions as the Commission shall deem necessary to make it a solvent institution, but
as a condition of granting such time, such bank must, by a resolution of its
directors, endorsed on its minutes, consent to the continuing of the order aforesaid
limiting the right tc receive deposits, and to such continued supervision of its
affairs as the Commission shall prescribe. The granting of such time to said bank
to remedy its condition shall not abridge or limit the right of the Commission to
institute such court proceedings, at any time it shall appear to its satisfaction
that such bank is hopelessly insolvent, or unable to comply with the conditions
prescribed.
Provided, however, the pendency of any proceedings for the liquidation of any such
bank shall not be a bar to its reorganization or continuance as a banking institution,
but at any time before toe final disposition of such proceedings, such bank may make
application to the Guaranty Fund Commission for leave to reorganize or remedy its condition, and be readmitted under the Guaranty Fund, and the COmmission may thereupon pxaa
prescribe the conditions as to assets, payment of liabilities, and the character and
competency of the managing officers to be placed in charge of the affairs of such ban
upon which it may be readmitted to said Guaranty Fund, which condition shall be submitted to the Court having ,,urisdiction, and if it approves thereof, it may make an
order to that effect, and thereupon and upon such bank complying with the said condi
..o
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Federal Reserve Bank of St. Louis
SESSION LAWS - NORTH DAKOTA - 1927.
•
Chapter 131. S. 9.
tions to the satisfaction of the Guaranty Fund Commission, it shallmx make an order
readmitting the said bank, and the liquidation proceedings shall be thereupon discontinued on such terms as the Court shall direct; but no deposits shall be received
by such reorganized bank until final approval of the Court is had, and the said
proceedings actually dismissed. All expenses incident to such proceedings incurred
by theCommission shall be presented matt to and audited by the State Auditing Board,
and be paid out of the funds provided for in this Act to meet the expenses of ti.,e
Guaranty Fund Commission.
Approved Feb. 11, 1927.
On Public Depositaries.
An Act to amend and reenact sections 714a and 714a13 of the supplement to the
compiled laws of North Dakota for the year 1913, relating to the designating of
depositories of public funds and fixing maximum and minimum rates of interest that
may be paid thereon.
Section. 71141F.
Board meetings, notice, proposals for deposits.
Section kikaigx 714a13. Interest rates. "The rate of interest on all public
funds deposited as herein provided shall not be less than one and one half per cent
(1 1/2%) or over three per cent (3%) on daily balances sub ect to check or draft,
credited monthly, and not less than three and one half per cent (3 1/2%) or over
five per cent (5%) on time deposits. It is the intention of this act that depositories
of public funds in this state shall pay substantially the same rate of interest
thereon as such banks pay to individual depositors upon individual deposits.
•
Approved March 5, 1927.
Report of Public Deposits by State Treasurer.
Section 714a15 (to amend and reenact section 714a15 of the supplement to the
compiled laws of 1913 relating to the report of the treasurer under the public
depository law (714a1 to 714a20 of the supplement to the compiled laws of 1913).
"State Treasurer ... cause to have printed in pamphlet form a report as of December 31s
and June 30th, showing the balances in all funds, the names of all depositories of
such state funds, stating the amount of average daily balances and the amount of time
deposits therein, tbgether with the rate of interest paid on each class of deposits,
Approved March 7, 1927
and the amount of the bond furnished by each depository,
State Examiner
To amend and reenact Section 234, Compiled laws 1913, and Section 5146(10) of the
Supptement to the compiled laws 1913, being subdivision 3 of chapter 219, Session
Laws 1917.
S. 234. The only salary of the State Examiner for all services rendered in
any capacity whatever shall be five thousand dollars per year, and his necessary
and actual expenses incurred in the discharge of his official duties, to be audited
and paid in the same manner as the salary and expenses of the state officers are
paid. Provided, however, that said State Examiner shall act as Secretary of the
Depositors' Guaranty Fund Commission without further compensation, and provided further
that the Depositors' Guaranty Fund shall pay into the general fund of the state the
sum of Two Thousand dollars until otherwise provided by law.
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Federal Reserve Bank of St. Louis
SESSION LAWS - NORTH DAKOTA - 1927.
Section 234 - cont'd.
S. 5146W (10). The salary of the office deputy shall be thirty-five hundred
dollars per annum, and the salary of each other deputy shall be not less than
fifteen hundred dollars nor more than three thousand dollars per annum, to be fixed by
the State Banking Board, and in addition thereto each deputy shall be paid his actual
and necessary traveling expenses when engaged in the discharge of his duties; the
salary of the reconcilement clerk shall be eighteen hundred dollars per annum; and
the salaries of all other clerks, stenographers and assistants shall be fixed by
the State Bel:acing Board.
Approved March 5, 1927.
Chapter 260. To amend and reenact section 224 of the compiled laws of North Dakota
for the year 1913.
•
S. 224. There shall be a state Examiner who shall be appointed by the Governor
and confirmed by the Senate. The State Examiner who holds office when this law
takes effect shall continue as such until a successor is appointed by the Governor
and confirmed by the Senate at its regular session in the year 1931, and
thereafter the State Examiner shall hold his office for the term of four years and
until his successor has been appointed, confirmed by the Senate, and qualified,
unless sooner removed as herein provided. The state examiner shall be a skilled
accountant, an expert in the theory and practice of bookkeeping, and shall not be an
incumbent of any public office in the state, or of any county, municipality or public
Institution therein, and shall not own, hold or control any stocks, capital or bonds,
or the office of trustee, assignee, officer, agent or employe of any banking, annuity,
safe deposit, trust company, moneyed or savings institution or corporation, or of
any corporation engaged in the business of guaranteeing or insuring the fidelity or
faithful performance of the duties of, or the solvency of public officers or of
public depositories, created under the laws of North Dakota, or created under the
laws of any other state, or under the laws of the United States. In case of
vacancy by death, removal, resignation or otherwise, the governor shall fill the
same by appointment. The governor is authorized to remove from office any state
examiner who violates, or fails faithfully to discharge the duties of his office,
or becomes disqualified under the provisions of this section, and to appoint his,ixzeim
successor, who shall hold office until the end of the next legislative assembly,
unless sooner removed as above provided.
Approved March 5, 1927.
•
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Federal Reserve Bank of St. Louis
1411)
CONSTITUTIONAL AMENDMENTS
If4
(Initiated Constitutional Amendment.)
PROHIBITION
That Section 217, Article 20, of the Constitution of the State of
North Dakota, be and the same is hereby repealed.
Disapproved June 27, 1928. 103696 to 96837.
(Initiated Constitutional Amendment.)
GUARANTEE OF BANK DEPOSITS
to
§ 1. By this Constitution the people of North Dakota do ordain
and establish: The State of North Dakota has long assumed and
exercised control of the business of banking within the state by regulating, restraining, and governing it, and in the year 1917 in pursuance
of such general policy the state caused to be enacted a law providing
for the establishment of a Depositors' Guaranty Fund, the purpose
of which was to guarantee the payment of general deposits in state
banks. Such fund has at all times been administered and controlled
by the state, acting through its public officers designated by it for
such purpose. By the enactment of such law and its administration
by the state through its public officers, the people were led to believe,
and did commonly understand and believe, that the credit of the
state was pledged to secure the payment of all deposits in state banks;
and relying upon such belief and understanding large numbers of the
citizens of the state entrusted their savings and other money to such
banks in the form of general deposits. Since the enactment of said
Depositors' Guaranty Fund Act and up to and including the 15th day
of May, 1928, more than three hundred (300) state banks have become insolvent and have closed, which insolvent banks have general
depositors numbering more than eighty thousand (80,000) people of
the state, whose deposits aggregate approximately $25,000,000.00
over and above the ability of such banks to liquidate. It has become
apparent that such deposits cannot be paid by the insolvent banks
nor by the Depositors' Guaranty Fund, nor by the combined resources
of said banks and said fund, and because thereof the depositors aforesaid will lose their earnings and savings and many thereof be reduced
t9 poverty and want unless the state shall assume the burden or reimbursing such depositors. By reason of its general policy of regulating
and controlling the banking business, and particularly by its enactment
of said Depositors' Guaranty Fund Act and its administration thereof
through public officers, the state is morally obligated to such de14
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Federal Reserve Bank of St. Louis
404
CONSTITUTIONAL AMENDMENTS
1efr
positors, and its failure to fulfill its moral duty to pay such claims will
adversely affect its credit and will engender in the minds of its
citizens distrust and lack of confidence in the Government. We
therefore declare it essential to the general vvelfare of the state and
the prosperity and tranquillity of the inhabitants thereof that the
State of North Dakota should discharge its moral obligation and pay
the claims of such depositors, and that eI.yme thereof is in the
furtherance of a public purpose to which money raised by general
taxation may be properly devoted.
§ 2. The State of North Dakota shall pay, without interest,
any balance that may remain due on all claims based on general deposits in state banking associations which have become insolvent and
closed between January 1, 1919, and May 15, 1928, after crediting
thereon payments that have been made or may hereafter be made by
dividends in the course of liquidation of such insolvent associations.
§ 3. Immediately upon the taking effect hereof the Governor
and State Treasurer shall prepare and issue under their hands,
attested by the Secretary of State and the great seal of the State,
bonds of the State of North Dakota in an amount not to exceed
$25,000,000, in denominations of from $100.00 to $5,000.00, bearing
interest at a rate not exceeding five per cent (5%) per annum. Such
bonds shall be issued in series payable 10, 15, 20, 25, and 30 years
after the date of issue, the amount of each series to be determined
P y the Governor and the State Treasurer. Such bonds shall be sold
from time to time as in the judgment of the Liquidating Board, hereinafter provided for, the proceeds shall be needed for the purposes
herein speed, but they shall not be sold for less than par.
§ 4. From and after the taking effect hereof the Depositors'
Guaranty Fund is abolished, and the Depositors' Guaranty Fund
Commission shall account to the Liquidating Board herein provided
for for all funds and assets in its possession for the benefit of the
state, and no law shall be enacted providing for the guarantee of
bank deposits.
§ 5. The Governor, State Treasurer, and Secretary of State
are hereby constituted a board to be known as the Liquidating
Board, which is charged with the administration of all matters connected with the allowance and payment of claims of depositors
herein provided for. In the event any question arises whether a
claim is based upon a deposit or as to the amount of such claim,'it
shall be the duty of the Liquidating Board to pass upon such question, and if it shall decide adversely to the claimant he shall have a
right within sixty (60) days after written notice of such decision to
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Federal Reserve Bank of St. Louis
•
a
CONSTITUTIONAL AMENDMENTS
405
bring an action against the Liquidating Board in the District Court
of Burleigh County to establish the deposit or the amount due thereon,
which action shall be triable to the court.
The Liquidating Board may employ and fix the salary of an
Executive Secretary, and delegate to him such part of its duties as
it shall see fit, his acts, however, to be always subject to the approval
of such board. The Executive Secretary shall take the constitutional
oath of office and devote his entire time to the duties of his office.
Such board may also employ and fix the salaries and duties of other
assistants and clerks as it shall deem necessary to the prompt discharge of its duties hereunder.
§ 6. Upon the payment of any deposit the state shall be subrogated to all rights of the depositor against the Receiver of the bank
of deposit, which right shall be enforced by the Liquidating Board;
and the proceeds thereof, together with any assets received from the
Depositors' Guaranty Fund Commission, shall be used in furtherance
of the purposes of this amendment, in such manner as shall be provided by the legislature.
•
§ 7. It is the purpose and intent hereof that money due depositors in excess of the amount that will be paid in course of liquidation of closed banks should be paid by the state speedily and to that
end the Liquidating Board is empowered to make rules and regulations for determining the validity of depositors' claims and the
amounts thereof in advance of the final liquidation of such banks;
and it may pay in advance of such liquidations such part of any
deposits as it may determine to be just and expedient.
§ 8. This article shall be construed as a separate, distinct, and
additional article to the Constitution as it now exists, and it shall not
affect the right of the state to incur indebtedness for other purposes
as now provided by the Constitution, and when any bonds issued
hereunder have been paid they shall not be reissued or other indebtedness incurred in their place.
§ 9. In the month of August, 1929, and each of the four succeeding years, the State Board of Equalization shall levy and certify
to the various county officers a tax of one mill on the dollar of the
assessed value of all taxable property in the State of North Dakota,
which tax as collected shall be set aside as a fund for the payment of
interest and principal of the bonds herein provided for. At the
regular session of 1933 the legislature shall by law provide for the
levy of a tax upon all taxable property in the state, sufficient to meet
the interest upon and pay the bonds issued hereunder when due,
which tax shall be in addition to all other taxes authorized by the
Constitution. In case of the failure of the legislature to make such
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A
CONSTITUTIONAL AMENDMENTS
404
•
provisions at such session, the Board of Equalization shall continue
to levy the said tax of one mill annually until such legislation has been
provided.
§ 10. The provisions of this amendment are hereby declared
to be self-executing, and shall be immediately carried out, but the
legislature shall pass laws to facilitate its operation and shall appropriate the necessary funds to meet the expenses thereof. Until such
appropriation shall have been made the Liquidating Board may meet
its expenses out of any funds accounted for by the Depositors' Guaranty Fund Commission.
•
§ 11. Speculation in depositors' claims shall be unlawful and
any purchase of such claims for speculative purposes shall be void.
§ 12. In the event any Court should declare any provision or
part of this Constitutional Amendment invalid for any reason, or
should declare the same invalid as applied to any class of deposits,
such adjudication shall not affect the validity of the remaining provisions or parts of this amendment or its applicability to other classes
of deposits.
Disapproved November 6, 1928. 218270 to 24755.
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ESSION LAWS - NORTH DAKOTA - 192n
Chapter 2'.
Financial Statement Receiver Closed Banks.
S.1.When any bank shall hereafter become insolvent and pass into the hands of a
11/1111
0111!
receiver, such receiver shall, within sixty days after the closing of such bank,
mail to each stockholder, depositor and creditor of such bank whose name and
aldress appears on the records of the closed bank, a statement showing the assets
and liabilities of such bank as of the date of its closing. It shall be the duty
of said receiver annually thereafter, to mail to each stockholder, depositor and
creditor of such closed bank, a statement of the affairs of the receivership,
which statement shall show the amounts collected since the last statement was
rendered, the disposition made of the funds collected and the amount of assets cn
hand at the time of rendering such annual statement.
S. 2. The receiver of a bank which passed into receivership prior to the taking
effect of this act, shall, not later than September 1, 1929, prepare and mail to
each person described in Section 1 hereof, a statement showing the assets and
liabilities of such bank as of the date upon which said receiver took charge
thereof; said receiver shall at the same time prepare and mail statements showing
the true condition of the affairs of the said bank as shown by the last report
submitted by the receiver to, and approved by, the court. Annually thereafter
statements shall be prepared and mailed as provided in Section 1 of this act.
Approved March 2, 1929.
Chapter
88. Investment of funds by savings banks.
Amending S. 51
of the Supplement to the compiled laws of 1913 relating to
investmen,_ of funds by savings banks.
•
S. 519. A savings bank incorporated hereunder shall invest its deposits as
follows:
1. In bonds of the United States.
2. In bonds or evidences of debt in this state or in the bonds of other states
In the Union.
3. In bonds or warrants of any county in this state or in the bonds or warrants
of any city in this state, or in the bonds or warrants of any village, township,
or school district in this state, issued pursuant to the authority of law, but
not exceeding thirty per cent of the assets of such savings bank shall be invested
In such bonds or warrants.
4. In notes or bonds secured by mortgage or deed of trust upon unincumbered real
estate in this state, which real estate shall be worth, exclusive of all improvements, at least twice the amount loaned thereon, but in addition thereto, there
may be loaned thirty per cent of an appraised value of any buildings on said real
estate provided fire insurance policies are maintained and deposited as collateral
to such mortgage.
•
5. In the mortgage bonds cf any railraod corporation, incorporated under te
laws of any State of the United States, provided that during each of the ten
fiscal years of such railroad corporation next preceding the date of such investment:
Such railroad corporation kx shall have paid the matured principal and interet
of all its mortgage indebtedness.
Such railroad shall have paid in dividends in cash to its stockholders, an
amount of at least four per cent per annum upon all its outstanding stock of
every class.
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Session Laws - North Dakota - 1929 - continued
6. In listed first lien, public utility, industrial or foreign bonds, but not
111/
more than ten percent of the capital and surplus shall be invested in any one
issue thereof; and not more than twenty-five per cent of the total deposits shall
be invested in bonds of all of the above classes, in this section.
7.In promissory notes, not to exceed forty per cent of the total deposits, due
not more than one year from the date of the loan; when securities as permitted
In above sections, are pledged as collateral to a loan, there may be loaned
thereon an amount not in excess of eighty per cent of the value thereof. In no
event shall more than fifteen per cent of the capital and surplus of a savings
bank be loaned to any one person, firm or corporation.
Approved March
8, 1929.
Depositors guaranty fund.
An Act providing for the discontinuance of further assessments by the Depositors'
Guaranty Fund Commission for the collection and distribution of its assets, the
dissolution of such commission, the disposition of its books, records and assets,
and repealing all acts or parts of acts in conflict herewith.
•
S. 1. Discontinuance of assessments. From and after July 1st, 1929, the Impend:1a
depositors A guaranty fund commission shall levy no further assessments under the
provisions of Chapter Rx 31-B of the Supplement to the Compiled Laws of the
State of North Dakota for the year 1913, known as the Depositors' Guaranty Fund
Act, but shall under the provisions of said Chapter 31-B of the Supplement proceed
to complete its records as to all banks closing prior to said date, collect all
assessments theretofore levied, and convert its assets, or as much thereof as
is possible, into cash and except as to assessments as in this section provided,
the said Chapter 31-B of the Supplement shall continue in full force and effect
during the continuance of this act.
S. 2. Disbursement of find. On or before the 1st day of December, 1930, said
depositors' guaranty fund commission shall disburse and pay the balance of the
funds in its hands to depositors in banks closing prior to July 1st, 1929, such
funds so remaining in its hands at said time to be disbursed among depositors
holding claims approved and allowed by said depositorWguaranty fund commission
who have not theretofore received a divided from said fund and to be disbursed
in the manner now in operation under said Chapter 31-B of the Supplement.
S. 3. Dissolution of Commission. On December 31st, 1930, the depositors' guaranly
fund commission shall deliver tc the state examiner for the State of North Dakota,
all of the books, records, assets and property leacmging to it or then in its
custody; make and deliver to the governor for the benefit of the next legislative
assembly, a final report of its operations; and such commission shall thereupon
cease to exist.
S. 4.. Custody of records and remaining assets. The state examiner for the State
of North Dakota, shall, as speedily as possible, convert all assets so received
by him into cash and deposit the proceeds thereof in a fund to be known as the
Depositors' Guaranty Fund, which fund shall be disbursed pro-rata by the state
examiner among depositors holding claims approved and allowed by said depositors'
guaranty fund commission who have not theretofore received a dividend from the
Guaranty Fund.
•
S. 5. Repeal. All acts or parts of acts in conflict herewith are hereby repealed;
provided, however,
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that the provisions of this act shall not release any bank, tru3t
company or ccrporation from any assessment which has been levied by the guaranty
fund commission prior to the time this act becomes effective.
Approved March
6, 1929.
NOTE - Referendum petition has been filed against Senate Bill 104, Chapter 122
herein, requesting that said measure be submitted to the electors at the
primary election to be held June 25, 1930.
p
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Federal Reserve Bank of St. Louis
SESSION LAWS - NORTH DAKOTA - 1931
DEPOSITORS GUARANTY FUND.
•
Chapter 135.
An Act relating to the administration of the Depositors' -uaranty Fund by the State
Examiner, limiting the time within which claims may be presented against the Depositors' Guaranty Fund, providing for the distribution of unclaimed dividends,
providing for the disposition of receiver's certificates held by said fund, and
providing for a transfer of any balance in the appropriation made for the
Depositors' Guaranty Fund Commission to the credit of the State Examiner.
S. 1. A depositor whose claim shall have heretofore been certified for approval
by the Depositors' Guaranty Fund Commission may perfect such claim by filing with
the State Examiner the proofs required by said Depositors' Guaranty Fund Commission at any time within six months after this act shall take effect, but in the
event of the failure of such depositor to so perfect his claim within such period,
such claim shall be forever barred as a claim against the said Depositors'
Guaranty Fund.
S. 2. The State Examiner is hereby authorized to pass upon the sufficiency of the
proofs so adduced, and his action in accepting or re:ecting such proofs shall be
final and conclusive.
S. 3. Any dividends heretofore declared by theDepositors' Guaranty Fund Commission
•
which shall remain unclaimed for a period of six months after this Act takes effect,
and any dividend checks heretofore issued which shall not be presented for payment
within said six months' period, shall be annulled and cancelled and no payment shall
be made thereon; and the claims upon which such dividends were based shall be barred
as claims against the Depositors' Guaranty Fund. The funds reserved for the payment of such dividends shall be covered into the general fund of the said Depositors'
Guaranty Fund.
S. 4. After the dividends heretofore declared by the Depcsitors' Guaranty Fund
Commission have been paid or the same have been barred as hereinbefore provided,
the moneys then remaining in the Depositors' Guaranty Fund shall be disbursed pro
rata by the State Examiner among depositors holding claims approved by said Depositors' Guaranty Fund Commission who have not theretofore received a dividend
from the Guaranty Fund.
S. 5. The State Examiner in paying dividends from said Depositors' Guaranty Fund
may make such distribution directly or through the receivess of the several banks,
and said State Examiner is hereby authorized to make all necessary rules and regulations for the distribution of the said fund.
S. 6. In the event any depositor shall fail to present his certificate of indebtedness, or do any other act requisite for the payment of any dividend within
six mzmik months after the same shall have been reluired
by the State Examiner, or
in the event any depositor shall fail to present for payment any dividend check
hereafter issued to him within six months after the same shall have been issued,
all rights of such' depositor to such dividend shall cease and terminate, and no
payment shall be made upon such dividend check; and the same shall be cancelled upon
the records of the State Examiner and the funds represented thereby shall revert to
the Depositors' Guaranty Fund.
•S. 7. All right, title, and interest of theDepositors' Guaranty Fund, in and to all
receiver's certificates which have heretofore been assigned or issued to said
Depositors' Guaranty Fund, shall inure to the benefit of the holder of the certificate
of indebtedness issued by Depositors' Guaranty Fund Commission upon the claim
represented by such receiver's certificate. All such receiver's certificates, issued
liquidation, shall be, by
upon claims against banks which are still in process of
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Federal Reserve Bank of St. Louis
Chapter 135 - continued.
•
the State Examiner, surrendered to the receiver of such bank, together with a
certificate showing the name and address of the holder of the respective certificates
of indebtedness as shown by the records in his office, and the receiver of said
bank may thereafter pay all dividends payable by him to the holder of such
certificate of indebtedness. The person, shown by the certificate of the State
Examiner to be the owner of such certificate of indebtedness, shall be deemed the
owner thereof until prof prof proof to the contrary shall be made, in acccrdance
with the rules of such receiver, and the ccurt having jurisdiction thereof.
S. 8. Any claims of depositors which had been presented to the receiver of a
closed bank before December 1, 1930 and allowed by such receiver, but upon which
final action has not been taken by the Depositors' Guaranty Fund Commission ma:" be
heard and determined by the State Examiner, and his action thereon shall be final.
The State Examiner may make rules and regulations for the hearing and determination
of such claims.
S. 9. The State Examiner shall have authority to issue certificates of indebtedness
in lieu of those which have heretofore been issued, provided no additional liability
is created thereby, and he may prescribe rules and regulations in connection therewith.
S. 10. The State Examiner may employ such assistance, as may be necessary, to carry
out the provisions of this act.
•
S. 11. Any balance, remaining in the biennial appropriation made by the Twenty-first
Legislative Assembly for the benefit of the Depositors' Guaranty Fund Commission, is
hereby transferred to the State Examiner for his use in carrying out the provisions
of this act.
S. 12. In the event such appropriation shall be insufficient to meet the expenses
of administering such Fund and carrying out the provisions of this act, the State
Examiner may pay such expenses out of the Guaranty Fund, but all expenses so paid
shall be audited as are other expenses.
S. 13. Any moneys which shall remain in the Guaranty Fund after the paymen - of the
expenses of administration, and after the payment of said dividends has been completed,
either by reason of unclaimed dividends or otherwise, shall be transferred into the
general fund of the state.
S. 14. Emergency. An emergency is hereby declared to exist and this act shall take
effect and be in force from and after its passage and approval.
Approved March 9, 1.31.
Referred Measure -
Chapter 122 (S.B. 104 - Session Laws 1929)
Repeal Depositors' Guaranty Fund Act - An act providing fcr t e discontinuance of
further assessments by the Depositors' Guaranty Fund Commission for the collection
and distribution of its assets, the dissolution of such commission, the disposition
of its books, records and assets, and repealing all acts or parts of acts in conflict herewith.
40
Approved June 25, 1930.
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Federal Reserve Bank of St. Louis
•
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Federal Reserve Bank of St. Louis
S
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DECISIONS OF THE NORTH DAKOTA SUPREME COURT.
iv0/ 3
5-11 A/W
eaL:nr
Mc-66AL/till v
N. D. REPO5TS. Vol. 50.
SUMMARY p. 229.
E. McQuerry, Appellant, v. State of North Dakota, The Depositors Guaranty Fund Commission of the State of North Dakota, and R. A.
Nestos, B. J. Schorregge, M. R. Porter, S. C. Severtson and Gilbert
Semingson, as Members of the Gunranty Fund Commission of the State of
North Dakota, Respondents. (195 A. W. 432.)
Banks and banking - holder of certificate of deposit drawing excessive
interest held not within protection of depositors' guaranty fund.
Where money is advanced to a bank under an arrangement whereby it is
to purchase liberty bonds under par and issue to the one advancing
the money a certificate of deposit in an amount equal to the par
value of the bonds, and where a time certificate is subsequently issued
in an amount representing a rate of return on the money advanced in
excess of that permitted by paragraph 8, ch. 126, Session Laws for 1917 r
(tne Depositors' Guaranty Law), the holder of the certificate of deposit,
does not have a valid claim against the depositors' guaranty fund.
ri
V.
N. D. REPORTS.
6,0
Le;-.7) A/ Yv
Parts - Summary -p.604.
Vol. 51.
Banks and Banking - legislature in absence of statutory procedure of
depositors to liquidate and certify claims to commission authorized
to nodify plan of original act as to order of payment.
3. Altho depositors, as plaintiffs contend, may, under the law of
1917, in some circumstances, have been entitled to payment in full
out of the Guaranty, Fund in the order in whicL banks closed, yet, since
aminor, the plaintiff, and others similarly situated with
the State
him, had not taken the required steps to deterine, liquidate, and
certify claims to the Guaranty Fund Commission, prior to the taking
effect of the law of 1923, altho the Security State Dank and the Havelock
Bank closed in November 1920, it was competent for the legislature of
1923 to modify the plan of the original act so as to authorize the
Guaranty Fund Commission, in its discretion, to pro rata payments upon
claims of depositors in the numerous banks that had closed when the
legislature convened, rather than to require payment in full to a few
depositors, leaving the large majority to wait indefinitely.
Question as to use of guaranty fund to aid banks not decided.
•
7. Whether the Guaranty Fund Commission may use the Fund temporarily
to aid going banks or to salvage the assets of closed banks, for the
benefit of the Fund, is not involved or decided.
Banks and banking -- constitutional law -- discretion of commission
under guaranty fund law in passing on depositor's claims cannot be
controlled or directed by the courts.
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Federal
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-
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•
8. The Commission, under the law of 1923, is required to deterine
whether claims presented are valid and legal claims against the Guaranty
Fund; under that law the Commission must exercise legal discretion and judgment
in passing upon such claims; such discretion cannot be controlled or directed
by the courts.
o. 612.
The basic theory of the plaintiff is that depositors in banks that
closed Prior to July 1, 1925, when the new or amended act went into effect,
are, as a matter of law, entitled to payment fron. the Guarant:, Fund in
the order of time in which the banks closed. Manifestly, if the lew does
not thus prescribe the order of payment, and if the Commission have zoN.e
discretion in that regard, and there has been neither fraud nor abuse
in the exercise thereof, payment cannot be compelled by the courts contrary
to the statute, or the decision of the Commission in the lawful exercise
of its discretion.
P. 614.
It is strongly urged that under the law of 1917 it was the Handatory
duty of the Guaranty Fund Commission to pay all claims against the
Fund immediately and in the order in which banks became insolvent and
Assuming that the law of 1917 contemplated that payment be made
closed.
irniaediatelr and in the order in which the banks closed, was it competent .
for the legislature to amend this act, as it did in 1925, so as to measure
plaintiff's rights as to time and order of payment and procedure in acting
on his claim by the new act, whicl unquestionably gives the Commission
wide discretion in these respects?
n. 616.
•
It is evident that extensive bank failures were not anticioated by
the legislature of 1917, which enacted the original Guaranty Fund Law,
Section 15 of that act provided that when a bank within the act suspended
or became insolvent, the State Examiner must determine "the pro rata amount
due from each bank necessary to pay the unsecured depositors in full and
cause the same to be certified to the Depositors Guaranty Fund;" this
section then required the State Examiner at the same time to "certify
to said Depositors Guaranty Fund Commission the amounts due to the several
depositors of such insolvent bank and also, at the same time, certify any
amounts that may be owing by said depositors to said bank." The treasurer
of the commission "shall thereupon draw against the Depositors Guaranty
Fund on deposit in the several banks in the amount thus certified, and shalli
immediately transmit to such depositors the amounts due them, less any am— ,
If the fund on i
aunts that may be owing by said depositors to such bank."
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Federal Reserve Bank of St. Louis
•
•
ha_id be inadequate to pay the claims, certificates of indebtedness were
to be issued, negotiable in form, in favor of the bank and such certificates
were to be paid out of the first money accruing to the Fund. Sec. 16
provided that the commission, for the use and benefit of the fund, should
be subrogated to the rights of depositors paid and might narticipate in
the assets of the insolvent bank; this right the State Examiner was required to enforce.
The legislature of 1923, when chapter 200 of the laws of that session
was enacted, had before it a serious condition, caused by the closing of
a large number of banks, the first of which rent down in 1920, with large
claims, actual and potential, against the Guaranty Fund. The situation,
contrary to that which was before the legislature in 1917, clearly disclosed that it would be possible to pay immediately, or within a reasonable
tiffle, fron. assessments levied against functioning banks, only a comparatively
small number of the depositors in the banks then closed, without imposing
burdens on open banks that would lead to general insolvency and collapse
of the state banking system. Whether the power exist to impose such a
burden, we need not decide. It was also evident frow the extent of the
liabilities of closed banks to depositors and consequent potential and probable liability of the Guaranty Fund to such depositors, that if the
depositors were paid in full by levying assessment to the maximum legally
permissible, as well as practically possible, under the law, in the order
in which closed, the result would be that depositors in banks which closed
last, or even a few months after those which first suspended, could not be
paid any portion of their claims for a long period. Consequently, and doubtless in the interest of justice, as it seemed to the legislature, the provision for payment to depositors under the law of 1917, as made in paragraph 15,
thereof, was fundamentally changed. It is provided in paragraph 21, ch. 200,
Session Laws 1925, that if the Guaranty Fund be insufficient to pay the
claims of depositors duly allowed, the Commission may pro rate payments
upon certificates of indebtedness from the fund on hand. That is, the
legislature decided that instead of exhausting the Fund in payinF depositors
in banks that first closed and leaving others to wt for an indefinite period,
it would be more just and equitable to provide that as 9any claimants as
possible should receive a dividend upon their claims within a reasonable
tine.
In further contrast with the provisions of paragraphs 15 and 16, Act.
of 1917, supra, paragraph 22 of the law of 1923 provides that to the extent
of deposits allowed as guaranteed the Guaranty Fund Commission is subrogated
to the rights of such depositors to participate in the assets of "such closed
bank," and that such right shall be enforced by the Secretary of the Commission; that from time to time, as the assets are liquidated and cash realized
thereon, the same shall be pro rated as a payment upon the certificates issued
"to the gparanteed depositors of the closed bank from which such ppympnt had been
received until full payment is made to the holder of such certificate." The
surplus remaining after payment to holders of certificates as aforesaid is turned
into the Fund and becomes available for payment as a general dividend upon
all outstanding certificates of indebtedness.
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MP
Federal Reserve Bank of St. Louis
•
4Some of the changes made by the act of 1923, not already indicated, so
far as pertinent to any matter involved in this appeal, are as follows:
The commission acts on all depositors' claims against the fund; under the
old law, the State Examiner acted thereon; provision is made for a hearing
on all claims disallowed; no such provision was made in the original act;
it is expressly provided that the decision of the commission shall be final;
the commission may pro rate payments from the fund and may use the fund in
giving temporary aid to open banks and in salvaging assets of closed banks,
when so doing seems likely to benefit the fund and depositors in closed banks;
the original act was silent or contained no express provisions on these
points; whether the power could have been implied need not be decided. The
State Examiner is no longer a member of the commission. Other changes are
referred to in the course of the opinion.
It will be perceived that the legislature of 1923 undertook to change
substantially, not only the time end manner of paying: the claims of
depositors in closed banks, but the relation of depositors to the Guaranty
Fund and of the Guaranty Fund to the individual banks. It, therefore, becomes necessary to determine to what extent, if any, depositors in banks that
had closed before the law of 1923 went into effect, but whose claims had not
been submitted to or acted on by the State Examiner and by him certified to
the commission, had acquired vested rights or vested interests in the fund
which at that time had been accumulated by the Commission pursuant to the
law of 1917. Specifically, in the case at bar, had the right of the plaintiff
to participate in the Guaranty Fund become a vested right or a vested interest
which the legislature of 1923 could not disturb or substantially change? If
his right or interest had become vested, it is contended that the legislature
of 1923 possessed no power either to take it from him, or to postpone materially
his enjoyment of it , by giving the commission discretion as to the time and
order of payment where, it is assumed, none existed before.
bottom o. 619.
•
We think plaintiff's claim was, at most, an imperfect, inchoate degree
of property and not a vested right or interest. A cause of action in his favor'
and against the commission had not come into existence when the new law rent
into effect for the reason that the Bank Examiner had certified nothing
pertaining thereto to the commission, as required by the old law. If the
I\
plaintiff acquired a vested right in that portion of the Guaranty Fund which
depositor
a
was
he
because
bank'merely
the
had been collected at the time
therein, then all depositors in banks that closed before the law of 1923 went
into effect acquired a similar vested right to payment in full from that part
of thefund which had been accumulated through assessments made prior to
July 1, 1923, in the order in which the banks closed. If that were the correctl
construction of the statute, it would operate to deprive the overwhelming
majority of the depositors in closed banks of any payment whatever on teir
claims from the existing, althgether inadequate Guaranty Fund. Payment as
to them would necessarily be postponed to such remote period as would be
reLuired to replenish the fund. The result would be that a plan obviously
devised to protect all depositors equally would, through judicial construction,
be made to give full protection to some and practically no protection to others.
The difficulties, complications and injustice that v.ould arise from such a construction of the law would render its administration cumbersoe and costly, would
to a great e:tent defeat the legislative purpose common to the act of 1917 and to
that of 1923. Tiese considerations doubtless influenced the
legislature to enact
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Federal Reserve Bank of St. Louis
5
chapter 200, Session La-,s 1923. Whether approval of a claim as guaranteed by the
State Examiner would have created a vested right which the legislature could not
have disturbed by subsequent legislation, is not decided. But see Louisiana ex
re. Folsom v. New Orleans, 109 U. S. 285, 27 L. ed. 936, 3 Sup. Ct. Rep. 211.
•
In determining the question whether any vested right of the plaintiff, or
of others similarly situated, was violated by the law of 1923, regard must be
had for the purpose the legislature had in view. It is a familiar rule that there
is no vested right in wrong; with particular reference to the situation before us,
it may likewise be said that there is no vested right in inequity. Considering,
for the moment, that aspect of the legislative purpose which bore directly upon
the interest of depositors in banks, as apart from the general public interest,
that purpose could be fully accomplished under the law of 1917, operating under
normal conditions as then known, understood and anticipated by the legislature.
Abnormal and unforeseen calamities overtook the banking business during the period
intervening the enactment of the law of 1917 and that of 1923, apparently commencing in 1920, with the result that the legislative purpose, the same in each instance,
both with respect to the public interest and the specific interest of individual
depositors, could have been but very inadequately accomplished in the manner prescribed by the act of 1917, but could be, to a greater, and, in the judgment of the
legislature, a more equitable extent, attained by the beneficent purpose of the law,
from the general standpoint of the public interest, as well as from the viewpoint
of individual depositors, would be better served by providing an equitable, pro
rata distribution of the Guaranty Fund among a large nunber of depositors than
by paying all the depositors in one, two or three banks, while leaving the depositors in eighty or a hundred banks to wait indefinitely for payment from the
guaranty fund. We think that the general statement of the rule in 2 Story, Const. r
5th ed. 674, applies to the situation presented in the record. "A party has no
vested right in a rule of law which would give him an inequitable advantage over
another; and such rule may, therefore, be repealed and the advantage thereby taken
away." (Italics are ours.) The assessment, creation, and administration of the
'
fund, from whatever standpoint considered, are made pursuant to a legislative
policy, which may be changed at will; the payment of the assessment is compulsory,
(failure to pay it is followed by results substantially identical iith those that ;
follow when special assessments against property are not paid, the property--here
the right to do a banking business--may be taken) does not rest uJon contract in
any respect, and the legislative wisdom which dictated the adoption of that policy
may likewise alter or abondon it. We are, therefore, of the opinion that t'ae depositors in closed banks, who had taken no steps to have their claims determined,
liquidated, and allowed in the manner provided by the act of 1917, or concerning
which facts had not been certified to the Coaaission, as provided in that law
prior to July 1, 1923, had no such vested right or interest in the continuance of
the plan of payment from the Guaranty Fund provided in that act as to render it
incompetent for the legislature to change this plan in 1923 so as 4-,o provide for
the paying of dividends upon a large number of claims, according to the sound discretion of the commission, rather than to pay the depositors in one or two banks
in fall, while leaving all others to wait indefinitely.
•
The majority opinion draws a shadowy line between an imperfect, inchoate degree of property and a vested right. I am satisfied that the complaint is sufficient under liberal rules of construction to show an accrued right, indeed, a
vested right, if highly technical distinctions are to be drawn. If plaintiff's
claim must be termed an imperfect, inchoate degree of property, the degree results
not from plaintiff's acts but from the failure of state officials to follow the
law. Under fair rules of construction applied to the allegations of the ccuplaint,
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Federal Reserve Bank of St. Louis
-6such as should be applied in cases of a demurrer thereto, considered in connection
with the law applicable to such allegations, plaintiff's claim may have received
every act of approval requisite for its payment out of the old Guaranty Fund.
In my opinion the state chargeable as a trustee of the old Guaranty Fund
to whatever extent plaintiff may establish his right under the allegations of
his complaint. In this proceeding I am not concerned, so far as plaintiff's right, ,
!
is concerned, with the powers and duties, or even concerning the suability, of
the Guaranty Fund Commission under the new law. The point is that depositors in
closed and insolvent banks, whose right under the old Guaranty law had accrued
before the enactment of a new Guaranty law, possess the right to charge the state
as trustee of the fund established and constituted so for their benefit; and
to maintain an action against officers of the state charged with its administration
to riforce their rights.
I deny that the state, or any of its officers, with respect to plaintiff's
accrued right, may take this trust fund from John Jones or Henry Smith and hold
it for some different Jones or Smith who may, some time in years to come t perhaps, be a depositor in another insolvent bank; or likewise, that this trust fund,
under the old Guaranty Fund law, so far as it must be devoted to the right of
Smith or Jones, can be taken by a state officer and used for the purpose of rehabilitating or financing various or any going banks in this state.
A/p. /6
E,A4,1
Celip, ad
fir44gaCapl
66'' INDIANA, a oroora ion, appellant, v. A. W. ENGEL,
T MUD OIL
H. A. Fischer, S. G. Severtson, A. U. Sorlie, C. R. Green, as le:ubers of and constituting the Depositors' Guaranty Fund Commission of the State of North Dakota,
Respondents. (212 N.W. 822.)
•
bLiKS AND BANKING - POWER OF GUARANTY FUND CO.LISSION.
1. The Guaranty Fund Act, chapter 126, Sess. Laws 1917, amended and reenacted
as chapter 200, Sess. Laws 1923, providing for the creation and administration of
the depositors' guaranty fund for the purpose of insuring the repayment of deposits made in banks chartered and from time to time inspected and examined by
state authority, reposes in the guaranty fund commission the power to pass upon and
finally allow or reject the claims of alleged depositors against the fund.
BANKS AND BANKING - DUE PROCESS OF LAW.
2. The Guaranty Fund Act empowering the guaranty fund commission to pass
upon and finally allow or reject claims of alleged depositors against the guaranty
fund is not subject to the objection that it is unconstitutional in that it deprives claimants against the fund of their property without due process of law,
vests judicial power in the commission, an administrative board, and denies to
claimants the right to their day in court.
TAANDAMUS - DOES NOT LIE AGAINST GUARANTY FUND COMMISSION.
3. The guaranty fund commission exercises legal discretion and judgment in
passing upon claims against the guaranty fund, and mandamus will not lie to control or direct the action of the comnission in passing upon the validity of such
claims.
•
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Federal Reserve Bank of St. Louis
I\
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DELLA BISHOP an WM VAUGHAN, Appella ts, v. DEPOSITORS' GUARANTY FUND COMMISSiON,
Respondent. (212 N. a. 828)
HANDA'AUS DOES NOT CONTROL BANK DEPOSITORS' GUIANTY FUND COMIIISSION.
1. The writ of mandamus will not issue to control the action of the Depositors'
Guaranty Fund Commission in the p(rformance of its duties in passing on the claims
of alleged depositors against the depositors' guaranty fund. Standard Oil Co. v.
Engel, ante, 163.
CERTIORARI DOES NOT LIE TO REVIEW ACTION OF BANK DEPOSITORS' GUARANTY FUND
OMISSION.
2. Certiorari will not lie to review the action of the Depositors' Guaranty
Fund Commission in passing upon the merits of claims of alleged depositors agtinst
the depositors' guaranty fund.
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*Gilbert Semingson
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*L. E. Wambheim
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R. J. Murphey
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*Jap,. M. Shirek
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T. G. Ahern
Jas. A. Brown
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W. . Edwards
*Hermann Scheffer
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Chap. E. Fouts
T. J. Hagen
Chas. J. Hemptfling
M. 2. Howland
C. J. Hopperstad
R. W. Kennard
O. T. Nelson
Andrew Sathe
Hermann Scheffer
J. R. Snyder
J. W. Tanger
39
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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0. A. Engemoen
0. H. Erickson
9
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P. E. Halldorson
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Albert Lonson
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J. X. Nesvik
Harald Nomland
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H. A. Norman
jL. C. Reep
Crosby Richards
24
F. J. Seeba
25
R. S. See
26
Gi1bert Semingson
21
22
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Jas. M. Shirek
R. M. Stangler
J. A. Stoen
L. C. Vobayda
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L. E. Wambheim
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John Will
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
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10
Eeport ef eer
r eeek
ended
Se2t. 7
•
eeit
I. eight States
(fee-,
some claims subject to review), which
in met ceses total mach lase than
all deposit,. The reason fer the
large differences are not full; ap_arenL.
Aeeeerck,
Dae./, Sept. 7)
Arrived inBiamarck Tuesday afternoon, Spent :eedneedyl _Thursdey,
eed ::ridey at the Office of the Bank
tiWeidtitternoon
miner, ,ith
et tee effice of the Cierle ef the L;u„Teee) Curt.
Th, records of the Depositeres Guaranty 2und Ooeeissi n that
eee eerte eeeeining are Mean teuee: (1) to lerge volueee of einutes
of tee meetin6s of the Coceiseion, totaLingebout 1,9,)0 pages; (2) a
eeeleer volume with Bowe utateeents and miscelleneeue eateriai; eed (3:
rerte of four audite of the Gueraut:i
coy ring, respectively, the
;eeeiod froL, the begineinL of the f nd t- midyear 1924, midyear ljeel to
Je4ear 10A, midyeer 196 te midyear 19,X, eed mi4year 19e8 te eielyear
19O.
Duplicate c atop 4,1the audit le„)orte ure avuilebee, aei I have
44D e c
beeeoeed a carbon op7o elirleeck t eaebin,:ten. The laet report 's
c' ens
e,eeia_ly useful, ae itc
a eLate ithe'or dtiell bAliVjE that closed e ile
the olera,ty fund seas o.. reti,e, ehoe'eng de,eelits at date of :e-ilure,
dividende ,
,
- aid fron the gueraety fund oe gueranteed depoeit,, dividando on
the guerenteed de_eeit cleiee pole by the re...elver to the Coe. ieeicn and
thence_ to the deeositors.
2h some furth r divi,ends were paid after
June .,, 1930, so the data in the audit repoet are not final figures for
veiatf,hee banks.
The audit roiiortu elso •,-,teele eata OD expenses of
I neve gone through nearly half of the ,inutes .)f the me tiegs
of the Goueeission. FroL. tilt:km mieutee I ae teanecribing ustetemente uf
,trial balaneee for eidyeur aext yearend dates after 19.e.4
conditienu or '
and a fee euch statements eeeeh for earlier eetes, checkin6 liets ,f Lne
.closecl —Lea and traescribin,, ee .e infermatien ,.. rtainiig te- thew, and
*Atkins noted of various acteenu of the oeuieeion ieiuding dates of regular
and simetal asseesmeets,
or u-me of the baeee information is give.. on the
anount or guaranteed deosits r cognise. .:e the OceJiseion (but otekt. with
I have g yen the Liece--aneoue stete,eete only a ha:3.4 glance,
but it ap_ears likely that the; wil- sup,eloeeet tee data from the minuLes
and the audit re?ortu sufficiently to pr ele e fairly complete picture
of the fund until its fieal closing.
•
Wr. Lewton, clerk of the El udreee Coert, volunteered to loan
me the only remainine, copy of the r_port of '1... Baird about which he had
writt n. It in a cur. on „el), eed seiRiai the oagoo would not be likely
to be clear in a phetectatic rt .1y1 *twit might I, ' made. Ebb-ever, sinee the
report deals with a let of beelee tliat failed after repeal of the guaranty
law, and only a fee columns of _eta wiel be useful to us, I think I had
bete,er take off the data here, end n .t carry it to Washington nor bother
with a leeotostat. I boerowed it for %se eve. the weekend. The data teat
will be uneful L eludef thi tote- liabilities of eac'e eaek at time of
failure, and the aeo nts erd )roc* aVediei,ends )aid bj the receiver, anl
For tha banksk that closed
expeeted future divieends (after oflyehere1957)..
prior to rep :al of the guarante law as of ..1.40-1. 199 tie All be relatively
coe1 te ieforeation. Howe:dr, it ei_i not cover receiverships of banes that
cloeed during t;'e early yeees of the jueraet, syetem, ,u they ,,erepf net under
MO. Bird's jurisdiction.
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Federal Reserve Bank of St. Louis
prosaeI ill k.03 isorking here most of naxt week, and
be in ?Jerre t start .;orl.: thre xxszak fraxxidenday, the :onday morning
the 17th.
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Federal Reserve Bank of St. Louis
0
•
S
o: ‘dork for week ended 3ept14.
sit guarat. 1 eii-Jat States (fr. Bib
1, 'Yak., Sept 15)
looked over and
.
Monday and Tuosday xxxcx.Nnt%ie:aei;.
made notes' on the second half of tlie d Utui f the De.,Aositc;rs Giaranty
ff seriannual fina.:cial statements (trial
Fund CLADIUssio, taki
ba:Lanc•Js) of bo fund.
Saturdso- and Sundayl the 8th al..1 9th, 1 t.ailcribed the data
ltre
given in Mr. Baird's report for the rcentage dividends ?aid je
:H*,rat _.n.„ and
in tiie banks that closed wh. e the ei.1r..nty find *6.3
esthatad future dividends (as of the end of 19364 to,2,,V;er with t,e
tottL 1iab.1jtt,s of the 'Lanka at data :Jt failure. l'his re..o.rt .as
returnad to Mr. Newton during the weAc.
•
4 wd
Wednesday rottmaccak.A. it4r. ;Ind took me KM into the 'eau/4 in
th ca itul basement in which records clAile Stat, 1..a, in rls office are
vari us volumes of deteile.: platorial, such as jour.als
kept. 4.e found
of ro._.eivts and 0-1.enses, and files of 1.41i-4:ants, which are not inu form
usable for our purposes, but oly a little additional material i.
form. TO04 Ire usable data. Then tutte altrnoon Mr. Alm Lentik.ned
in, closed banks in eaxxx one Jr the rows of ii office.
the fil
reg
These were the oricinal receirarehip files of Ver. Baird, together with
lator corr a,ondance. In tht the file f:r ealkbank was a sumlacry cad
givint. both the cet.ecnigge ad aw-unt of each diviAend t, deposit re,
includinc not only tiwse sh,wn in his sumary report to the Su,:re;,e
the various
Cs urt but also later dividends until the final closin„
These
middle
19401s.
not
was
unIil the
l'e..,:iv ,rships, which in ma/leases
and
Thurslay.
data I trancribed that aft moon
Thursday ma I xattaix mentiene again to Ur. aud the final
1 'rent dividend that had been oaid in pursuance of a la* of 1951
to the depositors of the benk3 that had not be-n given a 10 perent
divi—n• fro- the guaranty fund before the Gem ission expired on DeceMber
rot,)nt ditilnum dividedd had been paid by the 3tate
1, 1J3. This 1
un,'„: I thought the record should be available. Agter sow
further sarching in a kamplocmult in the 'xaminerts office, Pie fouid
a book, ,ith no title on the outside, uhich gave not Arily the 1 pircent
diviexii paid out to depositors in
dividend, but alsY*arliar 10 prc
it gave the amount '_11 reserve for
each of the faile.:; banks. A
-claims that had not bo-m ;reuented for
the 10 i-Lorent dividend
1J31 reverted to the fund for use in
pgya,nt„ and which undpr the law
depositc,rs .f b4Oiss that had
distributin a divideila(the 1 ,)ercent)
received nothing. All Mese data were an of the last transactions, in
some cases with paymutto in the lute 19501s. These ,ata I tanscrib d
Thursday afternoon aLd Friday.
•
I also examined the first volume of a record .:f the Cow.List_nl
review of decistAis on anass.L4at.hadlleervuTesiedx of deposit:rot claims
that had beoi. rejected by t.e exaaalihtTs of he Commission an a 2ea1ed to
the Commisstm.There were:: several thousOfof suci oases. It xxxxxixtx
gel.ral reading of
gessibiNpand did nA a. i ar A.ofittable to attemp
these records, for after the first few it was a2-arent that also,t of them
fell into a few gko.: rui classes. This gives sufficent infrmati_ni JD indicate
Vie reasons
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Federal Reserve Bank of St. Louis
deposits.
for the difference between total and guaranteed
e tti. staying inLisux, today, dill ex:)ect Lo gc to Pierre
tomorrow. with the :
.1,..roval of tne Divi8in Chief, I a$ take u day
pixzwmaycx ut next week—end (or later) X ds ingiax eom,x4m,atory leave
for tii time apent lazit
2hisx
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Federal Reserve Bank of St. Louis
•
•
NOTES ON StLRY REPORT BY L. h. BAIRD, RECEIVER , dated January 6, 1957
bvrrowed from Clerk oftte North Dakota Supreme Court and examined on
Sept. 9, 1056, by Clark Warburton
This typed rpport consists of 2 pages of intoduction and 8 pages of
It is addressed:
tabulations (1 line pr bank) - pages 16" by 17".
TO THE HONORABLE MEMBERS OF THE SUPhEidE COURT
OF NORTH DAKOTA, THROWGH THE HONORABLE JNO. C.
LOWE, JUDGE OF THE FITH JUDICIAL DISTRICT
IL'SIGNATED AS PRESIDING JUDGE IN THE FOURTH
JUDICIAL DISTRICT IN 4ATTERS INVOLVING THE
LIQUIDATION OF INSOLVENT STATE BANES OF NORTH
DAKOTA UNDER SECTION 51, CHAPTER 96 SESSICN
LAWS OF 1931 (ADMINISTRATIGN OF INSOLVENT BA1...5)
Pertinent parts of the introduction are quoted below, with notes on the
remainder.
"Th:.re is submitted herewith a compilation and report covertly certain
features ofthe liquidation of insolvent state banks. Annual reports on
the con4ion of each individual trust including collections, expensez,
dividends paid and other matters, which have been submitted to the District
Court are all on file. This compilation is an effort to give in short form,
the statuB of the trusts administered under one general head. It is in no
way concerned with an attempt to furnish information relative to some thirty
or forty other banks in process of liquidation. Each trust is actually
administered separately, being charged for its expense only and credited
with its own collections. The trusts are in no way confus d or mixed one
with another.
The so-called general receivership was inaugurated on October 6, 1923,
and pursuant to Chapter 137 of the Session Laws of 1923. This law expired
on July 1, 1926, by virtue of a provision incorporated in the or_ginal law.
The law was virtually reenacted with some additional provisions as Chapter
99 of the sessin laws of 1927. When the so-called Banking Code (Chapter
96 of the Session Laws of 1931) was enacted this law became Section 51,
Chapter q6 of the Session Laws of 1931. The additional provisions above
referred to are now subdivisien'Uf Section 51, Chapter 96 of the Session
Laws of 1931. By these provisions depositors have the power of selecting
three individuals (no qtalifications being res_:uired) who are ap;ointed as
receivers by the Court. These three receivers then li suidate the bank in
the usual manner und,-r supervision of the Court. This procedure may be
invoked by the depositors at any time during the ordinary receivership
proceedings or may be used immediately upon the closing of the bank and
while it is still in the hands of the State Examin r. The following is a
list of banks which have been withdrawn from the so-called general
receivership and committed to the charge of three indiviaual receivers
commonly termed joint receivers. Records relative to other individual
receiverships can be obtained from the State Examiner."
•
Then follows a list of twenty banks, of which the following six closed
during the period of operation of the cruaranty fund. Data given for these
banks pertinent to the FDIC study are @hown on the worksheet with other data
from Mr. Baird's report.
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Federal Reserve Bank of St. Louis
Notes on summar;, report by L. R. Baird — page 2
•
Flora: Flora State Bank
closed Dec. 12, 1928'
Oct. 13, 1927'
Minto: First State Bank
Feb. 6, 1928 M'ylo: First State Bank
closed Feb. 9, 1927
Rock Lake: Rock Lake S tate Banks
Mar. 29, 1929
"
Rolle: Farmers & Merchants Bank
Dec. 21, 1927'
"
Walhalla: Citizens State Bank
"Certain other banks closed and committed to the receivership have been
closed out by special proceedin03: Such banks are: "
Then follows a list of 11 banks, with notes, of which seven closed during the
period of operation of the guaranty fund. The names and notes regardiee these
are given below, with date of closin- inserted for identification on the
worksheets:
Farmers State Bank of Alamo (June ed6, 1924). The assets of this bank were
sold to the First State Bank of Alamo for an amount sufficient to pay the
depositors their account) in full b acceptance of deposits in the First State
Bank of Alamo. This was done udder a depositors' agreement.
Scandinavia/. Am rican Bank of Grafton (June 1, 1929).- Upon petition of
the depositors the Receiver made a Receivership Termination Loan under the
provisions of the Reconstrucion Finance Corporation Act, paid the final
dividend, making total dividends of forty percent. Approximately thirty
percent was collected by the Receiver before the Receivership Termination Loan
was completed. It is believed that this type of liquidation is unsatisfactory
unless more liberal appraisals are made. Despite representations made, the
requirements are tco severe, too umberso7e ar.d too voluminous. It is estimated
that the loan resulted in a net loss to the depositors of approximately fiteen
or twenty per cent.
Peoples State Bank of Hatton (Oct. 22, 1921). Upon petition of all tie
creditors, the assets were turned over to three individuals as trustees for
the benefit of the creditors.
Farmers and Merchants Bank of McHenry,(Dec. 24, 1928). Upon petition of
creditors the assets of this bank were turned over to the McHenry Holdin,Company.
Springbvook State Bank, and Trenton State Bank (both Nov. 26, 1923). The
assets of these two banks were sold to the Commercial State Bank of Williston
for en,ugh to pay the depositors in full.
Farmers State Bank of Verendyre (Oct. 20, 1926). Upon petition of the
creditors of this bank the assets were turned over to the Verendyre Holding
Company.
•
"There have been approximately five hundred banks involved Q'proceedings
under the special law passed for the liquidation of closed sLate banks. Some
fifteen of these were only technically involved and henee are not included in
the detail of this report. The re)ort cov,rs 486 banks. 148 of these rere
under individuel receivers of various characters, prior to the time of being
taken over by the preset receiver. Ihe deplorable and hopeless sittuatien in
which most of them were is fully set out in a report printed in the Senate
Journal of 1923 (page 110). The compilation attached hereto shows that the
total am unt of ass.ts involved in the 486 banks amounted to 73,231,970.51;
the liabilities amounted to $64,879,382.25; these amounts havebeen reduced by
orderly liquidation in a substantial amount, the present fame value of the
remaining assets being $14,065,946.85 while the face value of the remaining
liabilities amounts to 'e25,420,695.61. The actual value of the remaining
assts determined by recent appraisals, reports and investigations estimates
the remaining assets having a face value of ;24,065,946.85 to be actually
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
lots on sur
resort b - T. R. Baird - page 3
Witieth the= &hi Of $2,376,790.52. If there is a return of better times and norniel
prices for real estate within the next two or three years a grJater sum should
careful,
be realized. This estir.ate of value is made upon a continuance of
d by
sacrifice
are
assets
the
If
.
efficient handling and vigorous attention
recovery
net
the
on
liquidati
forced
being put up at auction or other forms of
This parggraph goes on to note that
would not much more than pa:, expenses."
'zest ef the remaining assets consists of real estate which is slog to more, and
continued. "The fact must not be overltoked that the ba ks involved herein were
been
closed only after their reserve was exhausted and every liquid asset h*a
had
offic_rs
add
ers
used. In addition to that, in most cases, the stockhold
400%
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much
as
cases
been called upon and did contribute large sums, :n some
of their capital investmeht. The result was that when the banks finally closed
nothing readily convertible into money remained and the only eay in which it was
possible to realize a part of the losses incurred was to start in and rebuild
the questionable assets remaining. If rlthless tactics, sometimes used, had been
followed, none of the collateral would have been recovered and ,he resulting
liquidation would hardly have paid expenses. On the other hand the results
would have been even more disasterous had the old methods continued. jeost of
such cases taken over the recordswere in hopeless confusion and large amounts
of unpaidlki-juidation expeiles had to be assumed and paid. Liquidation of assets
of this character requires constant and vigcrous attention by men skilled as
collectors, Nerely balaning accounts and renewing paper does not liquidate.
These banks had Bills Payable of between twelve and fifteen million dollars
for which tg most cases ample collatral was pledged, often to the extent of ten
to one. This item has been eliminated. In some cases the Bolder took a small
loss but in most cases they were aaid in full. However, in order to be conservative it is estimated that bills payable in the sum of :1.0,000,000.00 have been
of ,5,767,209.97 have been paid
_ aid. Dividends to g,neral creditors in the sum
a total net
and preferred claims amounting to :M7,259.00 have been paid, making
into considtake
not
does
This
recovery to creditors of U6,564,468.97 to date.
in
deposits
accepting
by
paid
eration special cases w Pre creditors have been
going banks or other set ements have been made."
Receiver and
One additional paragraph relates to the nu*ber of employees of the
to the costs of liquidation.
•
operation of deposit
NOTE. A count of the banks that failed during the period of
some data (as
showed
report
Baird's
guaranty biareepdoleiccixilaxxximx for which Mr.
shows 559. His
ed)
transcrib
were
data
counted from worksheets on which pertinent
teed, leaving
no/guaran
were
that
1920
t,
report includes five banks failed prior
1929.
midyear
of
as
law
guaranty
122 as failures subsequent to the re,a1 of the
Baird's
Mr.
in
listed
those
(This last number has hut been verified by counting
report).
The first ix refers
Two notes at the end of the tabulaon are also important.
and states: "These
to the banks for which estimat3s or future dividends are given
s. lath
conditi-n
banks in process of closing. lilues estimated under present
The other is as follows:
good conditions a dividend probe."
this receivership assets and
"Note: In cases where banks had dosed long prior to
original bank records
books,
liabilities given are those from former receiver's
not being availa.le."
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were perhaps somewhat negligent in execution of their duties.
If Directors generally could be made to fully understand
and realize their responsibilities and liabilities as such
officers and act accordingly, there would be fewer defalcations,
there would be fewer bad loans, there would be fewer closed
banks and the whole banking fraternity would grow stronger in
public confidence and public trust. A Director is not merely
a figurehead, or rather should not be, although he oftentimes
is . . . He is placed on the governing board of his institution
for a definite purpose and he has certain well defined and
definite duties to perform. Those duties include the careful
and thorough examination of the assets of the bank at least
twice each year at which examination a thorough check-up should
be made of the cash, checks, stocks, certificates of deposit,
cashier's checks and most important of all, the loans and
discounts.
. . It is not of course possible to guard completely against loss by bad loans but proper authorization and
and supervision by Directors will go a long way toward reducing
. . . The law calls for at least two meetings a year
them.
in which thorough examination should be had and if such examinations were in fact made, I am satisfied that there would be
fewer bank failures in the State of North Dakota. . . . The
whole difficulty seems to lie in the indifference with which men
holding the position of directors seem to look upon their
positions and the child-like trust and confidence they seem to
have in their acting managers. They assume the attitude that
there is no use to bother about the paper of the bank or any
of the transactions carred on within it. . .
•
It is not only dishonesty that must be guarded against but
also inefficiency and poor business judgment and it is for the
Director to know what the man in actual charge of the bank is
doing. His responsibility is not only to the stockholders who
have elected him to safe-guard their interests but he is also
under a moral obligation to the depositors. 1/
Except for the tw - instances cited above reports of the
s
State Bank Examiner and State Banking Board give no other statement
ry
of evidence regarding the general status of the State's superviso
practices, procedures, and recommendations.
1/ Resort of State Examiner to the State Banking Board,
Tune 30, 1922, pp. 7-8.
In 1922, just after the first onslaught of bank failures, a
O
circular letter to directors of all State banks pointing out their
responsibilities in regard to bank management indicates that directors
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Document type: Journal article
Pages
Removed:
Author(s): Cooke, Thornton
Title:
The Collapse of Bank-Deposit Guaranty in Oklahoma and Its Position in Other States
Date:
November 1923
Journal:
The Quarterly Journal of Economics
Volume:
Vol. 38, No. 1
URL:
www.jstor.org/stable/1885771
Federal Reserve Bank of St. Louis
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COMMERCIAL WEST, Vol. 42, July-Dec., 1922
•
•
-
Excerpt from ftport of "Twentieth Annual Convention North Dakota Bankers' -My
1922, p. 19-20.
DEPOSITS IN CLOSED BANKS AND BANK GUARANTY LAW
Deposits in 46 closed banks of the state total $7,437,036.90, George H.
Hollister, Fargo, told members of the bankers' association. He reportV; el i phairman
of a special committee appointed last year to look into the situation eae4a—by closure
of a large number of banks in the state.
Of this amount 32,984,712.28 is unguaranteed, S803,386.71 is questioned and
$3,648,937.91 is guaranteed, he added. The state guarantee fund is $426,000. The
figures are the result of an audit made by H.P. Goddard of the committee, and others.
The unguaranteed and questioned deposits include -any item that was not a
good faith deposit as ordinarily understood," the report adds.
After working on the matter nearly a year, the report says: "We believe that
the real underlying reason why such conditions should develop is inadequate laws and
lax supervision on the part of the state banking department. True, there were many
contributing causes-questionable practices, dishonesty, inexperience, zeal to make
money, too many banks in many places, banks owned by those who only looked to
dividends, and political banks, but were there strict and intelligent supervision,
backed up by proper* laws, the dishonest, inexperienced, greeay or partisan ownership would not find the field available nor profitable."
Mr. Hollister says the committee will oppose the proposition that approximately
$800,000 of redeposits by the Bank of North Dakota in the closed banks, are recovered
by the state guaranty law.
Mr. Hollister's report showed that all told 65 banks had been closed, and
that 19 of them had been reopened.
"The first problem facing your committee was the invention of a comprehensive
system of audit and report," says Mr. Hollister in his report, "and a close second
the matter of expense of the audit. The system was developed by the committee at
the members' own expense. This system was to go to the closed bank, tabulate
each deposit, by name, address, amount and terms; then each deposit was carefully
investigated and the condition surrounding each one unearthed. The law specifically
excepts 'bills payable' as not guaranteed, and also, ' deposits otherwise secured'
are not guaranteed. The law fixes the maximum rate of interest that may be paid, and
court decisions of other states lay down the rule that deposits upon which an
excess rate is paid, or were created by an exchange of credits, are not guaranteed.
All of which led us to the basis of rejecting the following classes of liabilities
that are commonly carried as 'deposits' in the ordinary bank:
"Certificates of deposit for money borrowed.
"Certificates of deposit upon which an excess rate was paid or promised.
"Certificates of deposit given in exchange for paper taken.
"Certificates of deposit guaranteed by officers or directors personally.
"Cashier's checks.
"Open accounts or certificates which were not expected to be drawn except by
some special arrangement.
"Any item that was not a good faith deposit as ordinarily understood*
"The matter of expense of auditing 50 banks was a more serious problem; but
after much thought, negotiation and argument, your committee prevailed upon
the guaranty fund commission, supported by proper opinion of the attorney
general, to allow this expense to be a charge upon the guaranty fund; this
upon the broad ground that the expense of administering any fund where the
law is called into operation for that purpose, is properly chargeable to
such fund. The secretary of the committee, Mr. Goddard, has audited nearly xi
all of these banks, having been continuously at work for the past six
months; others having helped out lately in order to have the work complete
for this convention.
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Commercial West, Vol.
46,
July - Dec. 1924, October 25, p. 36.
"Depositors in North Dakota's Closed Banks to be Paid in Part"
Bismarck, N. D. -- The state guaranty fund commission, in charge of the
administration of the fund derived from assessments on state banks to reimburse
depositors in closed banks, has announced its intention to make the first
payment under the guarantee law to depositors of banks closing before July 1,
1923.
A 10 per cent, dividend will be paid depositors of this class of banks,
with this exception: All deposits of $10 or less will be paid in full. Also
the commission will not issue a puomatg guaranty fund certificate for less
than $2, 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,
a dividend of 10 per cent, on all deposit of more than $100.
The commission will expend about $'600,000 of its fund of about $1,000,000
in making this fist dividend payment to depositors. It is contemplated under
the plan that depositors of banks closing after July 1, 1923, will in the
subsequent payments will 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 th.- first distribution of the fund was
worked out by the guaranty fund commission, composed of Governor Nestos,
ex-officio chairman; C. R. Green, manager of the Bank of North Dakota, exofficio member; S. G. Severtson of Bismarck, appointive member; C. B. McMillan
of Hannah, appointive member, and Gilbert Semingson, state examiner, ex-officio
secretary. Much of the detailed work has been done by Mr. 3evertson and
Mr. McMillan, as appointive members.
There are about 21,000 depositors of 58 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 compiled by the commission. By paying
off the small depositors in full, many thousands of dollars in administrative
expense will be saved the commission, it is said. The total amount of deposits
in these banks guaranteed is estimated to be about $5,000,000.
The commission, in deciding to pay a dividend to depositors of banks
closing before July 1, 1923, announced 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 a large proportion of the banks closing after that time
had not been audited or claim made so that payment 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 dividend could not well go back of the point
where a closed bank may reopen.
It also is declared that to audit all banks, classify all deposits, hold
hearings on disputed claims, and to do other things necessary before deposits
can be paid, would require so great a clerical force as to be a burden on the
fund and an injury to depositors, and would delay the dividend payment, if
made absolutely pro-rata at this time.
"Effect of Reopening Banks in North Dakota"
•
Bismarck, N. D. -- The policies of the guaranty fund commission and the
state banking department during the last year and half, the most crucial period
in the history of the banking business in North Dakota, has reduced the
liabilities of the depositors guaranty fund commission by $4,228,104.84,
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Federal Reserve Bank of St. Louis
Commercial West, Vol.
1
46,
July - Dec. 1924, October 25, p. 36. - continued
through the reopening of banks, officials believe.
It is pointed out that each time a bank closes, the aeposits become a
liability of the depositors guaranty fund commission, and since that commission
has not, and will not for years, have sufficient funds to pay all depositors,
the reopening of one of these closed banks increases the dividend it is possible
to pay to the depositors of banks that cannot be reopened.
The depositors guaranty fund commission and state banking department,
with faith in the future of the state and acting under the bank administration
act of July 1, 1923, endeavored to keep many banks open and to reopen many
closed banks. Thirty-one of the closed banks iq the state, having deposits
totaling $4,228,104.84 have reopened for office. Several more banks are
scheduled to reopen within the next month, so that it is expected soon banks
having total deposits of more than $5,000,000 will have reopened. Nith the
liability of the gauranty (sic) fund commission to depositors ofclosed banks
reduced this much, it will be able to pay larger dividends as assessments on
open banks are received.
The bank administration act of July 1, 1923, enabled the commission to
reopen banks. But it applied enough, officials say, to accomplish reopening
of many banks and the keeping open of many.
•
•
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Federal Reserve Bank of St. Louis
From Commercial West, Vol.
•
48,
July-Dec. 1925, August 1, p. 36.
Bismarck, N.D. -- The Bank of North Dakota is not entitled to
recover from the depositors guaranty fund commission *12,632.83 which it
had redeposited in the First State Bank of Crystal Springs, it is held by
Judge C. J. Fisk, referee of the commission, in findings of fact and conclusions
of law submitted to the commission in the case.
The decision contrclling in many similar cases, involves claims of
the Bank of North Dakota approximating *1,000,000 against the commission.
Failure of the Bank of North Dakota to secure participation in dividencs of
the guaranty fund commissiol.. would increase money available for other
depositors. The bank plans to appeal from thL refereels decision.
An exhaustive review of the case is made by Referee Fisk, because
of its importance in deciding other cases in which the depositors guaranty
fund commission has refused to accept liability on deposits.
The referee holds, in this case, that there was no actual deposit
of cash, or its equivalent, as required by the guaranty fund law; the transaction
was not a deposit at all, but a mere loan by a correspondent bank and the
transaction was otherwise secured.
The money in the Crystal S4ngs bank as a "redeposit" was placed
there by private treasurers and the deposit taken over by the Bank of North
Dakota, and later other deposits were made, called redeposits by F. W.
Cathro, then director general of the bank.
•
•
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Federal Reserve Bank of St. Louis
24
OMMERCIAL WEST
Saturday, March 28, 1925
'Ian of North Dakota Depositors Guarantee Fund Commission
How Liabilities Were Reduced, Receiverships Avoided and Closed Banks Were Reopened
Bismarck, N. D.—Liability of the depositors guaranty
fund commission to depositors of closed banks has been
reduced $6,090,926 by the commission by the reopening of
special deposit and closed banks and sale of assets and
claims, extending over a period of two years, investigation
of records of the commission reveals. The task undertaken
by the body, under laws enacted in 1923, with especial
reference to supervision of banks placed on special deposit and reopening of banks, is now nearly ended, and
the 'task soon will be left entirely with the receiver to wind
up the affairs of the banks and the guaranty fund commission will accept the liability to depositors.
During the time the commission was endeavoring to
carry out the spirit of the law and meet an unusual condition in banking circles, an entirely new procedure in
banking history was invoked, and a new plan evolved
which has since been put into effect in other sections
where similar conditions were met.
Special Deposit Plan Valuable
One of the unique features of the law, which was placed
on the statute books during the 1923 legislature, when Independents controlled both houses, provided that where a
bank was temporarily embarrassed, and probably could
make recovery, it might be placed on "special deposit"—
permitted to remain open, handle existing business and
receive new deposits which, however, should be placed in
a special trust fund and exempted from the receiver's ass should the bank again be forced to close. The method
invoked to make possible reorganization and strengthg of banks in financial straits, with a view of avoidlug receivership' which, experience had shown, usually
proved costly to depositors in the dissipation of assets.
Officials of the depositors' guaranty fund commission
were somewhat surprised to learn, a few months ago, that
the same principle had been applied in Norway during a
serious financial strain. Apparently both plans were
worked out independently, at about the same time, and
to meet substantially the same conditions.
Depositor Agreement Helps
The socalled "Center plan" worked out by the guaranty
fund commission and its depositors' agreement plan, under
which depositors agree to leave funds in a bank for a
stated time, if it is reorganized and reopened, have been
used within the last year in South Dakota and Montana,
and affairs of some national banks have been brought
under the latter plan, with the approval of the comptroller
general. Banking officials here point with some pride to
this development, as an evidence that their pioneer work
in an uncharted field has spread beyond the borders of
the state, and been approved as sound elsewhere.
The socalled "Center plan" was worked out by the guaranty fund commission, and gets its name from the fact
that it was first adopted for the purpose of reorganizing
and salvaging the assets of the closed Bank of Oliver
County of Center. The plan is one whereby either depositors or others interested in having an open bank in
the town where a bank has closed, organize a new bank
,
r arrange to have an open bank move in from some other
iwn. The new bank bids for the good and bankable assets of the closed bank at 100 cents on the dollar and is
allowed a year in which to exchange any of the notes
taken over under its bid with the receiver for any notes
which remain in his hands. Under the plan the new banks
have really a year in which to make a selection of the
bankable assets and no depositor or creditor is injured, it
Is claimed by members of the commission. Notes are not
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t
sold at a discount, but at a full 100 per cent. All issets
not included in the bid remain in the hands of the receiver. Depositors sign agreements to accept certificates
of deposit of the new bank, to the extent of the proportion
due each, as the amount of bankable assets compares with
the closed bank's entire liabilities. The virtues of the plan,
as seen by the guaranty fund commission, are that it permits a greater salvaging of assets in a shorter time than
would be possible under a receivership and provides banking facilities for the community.
38 Banks Are Restored
During its work of reopening of closed banks, through
strengthening and reorganization, the depositors guaranty
fund commission auditors have examined 108 banks, including 60 special deposit and 48 closed banks. It has reopened in full 26 special deposit banks and 12 closed banks,
a total of.38. The deposits of the 26 special deposit banks
totaled $4,040,178.00 and of 12 reopened closed banks
$877,818.00. In addition there was sold on bid to open
banks acceptable assets of four special deposit banks, taking over part of the depositors' claims, totaling $672,598.00
and a similar sale of assets of closed banks, which were
reopened made totaling $500,332. The total liability of
which the guaranty fund was relieved under this plan
reached 66,090,926.00.
Commission Has Been Busy
The depositors guaranty fund commission, which has
been criticized in various quarters during the last t
years, at least has not been idle, according to members..
resume of the work required in the examinations and
openings is furnished as follows:
Inspectors of commission examined 108 banks. The co
mission examined every item in these reports which included examination of 31,228 loans together with the
curity attached to each, such as listing and valuing ch
tels, real estate, collateral, notes, financial statements of
makers, chattel and real estate abstracts. Valuing 104
banking houses, 108 sets of furniture and fixtures in which
every item from a burglar proof screw door safe down
an ink well was invoiced and appraised, fire, tornado
burglary insurance policies checked and verified.
Caused to be listed and appraised other real estate.
timated number of pieces over 500 and acreage over 8
besides valuing town properties carried on the real e
accounts. Checked and verified depositors' accounts
the number of 44,496.
Verified 540 accounts with correspondent banks or
serve banks. Also 432 accounts bills payable with all t
thousands of notes and securities pledged as collateral.
Five copies of each report are required to be made in
in each bank, and these reports, if piled one on top of
the other, would make a pile over 20 feet high and estimated weight would be half a ton. The minutes of the
commission since the inauguration of the guaranty fund
amount to 428 pages, of which 286 pages have been made
since July 1, 1923, and equal to 363 closely typewritten letter size pages.
WISCONSIN TELEPHONE EARNINGS
Madison, Wis.—The Wisconsin Telephone Company,
of the 26 companies making up the Bell System,
operating revenues of $11,520.010 for 1924, and a net
taxes of $2,338,992. Other income was $107,986, in
a $2,446,978 gross. Net income after all charges
$2,320,670. It was $2,013,579 in 1923.
•
•
)ki\ Vol.
is a privet -unThe Bryk c.
c;ratin a priv
pr1vileF7es or prroga-L
transactinns of the corI)ora.t
is u-,corstitaticnal to
state 1-,ncause the tte &bt
1;e.1, 2. 20, luor 1M8. Article, "The Non*Partisan League and Its E
DPkota.”
Revie s origin and any
so: the hank of North Dakota, ass, rtir
!.'the handiinL: of public funLs completely upset the entin: fi-ancialstructure of ti
state, and that when later on a law was passed lylhe people of the state under our
Initiative and Referendu- Act, initiatinf, a law that ctrtailed the amount of funds
that could be concentrated in the state owned ban., and --akin a re-distributi:
the funds necessary, a number of 'an -s v.ore forced to susl)end parienti on account of
heavy withdrawals of funds made fro-, them by the Bank of North Dakota, ii order to
meet the demands of the Treasurers of the sub-divisions of the state who, under -C-e
provisions of the initiated law preferred to transfer funds from the Bank of Nor-L._
Dakota to local banks." (p. 108).
This was Foss.fle because 3a:k of Forth Dlkot,,,
had redeposited the public deposits -filth 't with other banks, but concentrated in
certain banks.
Jane 1921, p. 168.
uotes from address before a district bankers association b
!I. E. Sevaried, cashier of Yerchants State Bank of /elva. Says there are 30 to i4u
State balks that have teen closed, of which some will soon reopen, but others will
have to close before fall. Some losses will be heavy, and loenas necessary in sone
of those that reopen. Crites law because bankers have no part in handing receiversh. ps and liquidations,thou,h they pay the losses. Says many banks have abused t
law, thoufh the law has helped to -ainta:n CQ!didence in the banks.
•
1921, •80. quotes fro- auc,ress c)
.
North Dakota Bankers Ass,,ciati n, before convention of the association. Makes so
point as Sevaried. Not s, however, that "House Bill No. 157 nassed at the lase sessi
at the rfov-rnor shall anr4nt all future
of the le@aturP takes it imnr,rative
mernh.rs oi tne uaant.T furd coo'r'ission from a ii8t oT nine names, wnich names shall
t:le law."
the'state 1:?Dk4=, Or those aff cted
scict-d
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Iso rier's to House Bill
1.)i—depositors guarantr cen-ission, :Thas:- d by lerislature.
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VI. NORTH DAKOTA
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•
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The fifth and last state to adopt a compulsory guaranty of bank deposits plan was North Dakota. The law went into effect here in 1917. It
provided for a regular annual assessment of 1/20 of 1 per cent of average
daily deposits until the fund should reach 2 per cent of deposits when
assessments ceased until it fell below 11/2 per cent. In case of emergency
four extra assessments of 1/20 of 1 per cent in any one year could be called
for, making the maximum total levy 1/4 of 1 per cent.
The banking law in this state gave the banking authorities full dis- cretionary authority to investigate and pass upon the desirability of granting charters for new banks both from the point of view of the qualifications
of the organizers and of the public need for additional banking facilities.
They had powers to submit to careful scrutiny all established banks before
admitting them to the guaranty plan and to close those that could not
comply with the prescribed requirements of condition and management;
under this power several banks were closed. Minimum capitalization for
a new bank was $15,000, in places up to 1000 population, with a rising
scale for larger places. When the guaranty law went into effect there were
430 banks with capital less than $15,000, of which 414 had capital of $10,000 or less. For several years immediately prior to the passage of the act
there were no state bank failures reported in North Dakota. The apparent
success of the plan in other states during the first years of its operations
under favorable conditions was a factor in its adoption in North Dakota
rather than any immediate situation there as an argument for its adoption.
When the plan started there were all told 695 state banks in North
Dakota, with deposits of $90,300,000, and 158 national banks with $59,000,000. Thus there was a total of 853 banks with $149,300,000 in deposits,
of which 80 per cent were in the state system, holding 60 per cent of the
deposits. At this time there were only 910 persons per bank in this state.
Moderate Expansion of State Banking
In the first three prosperous years of the plan the number of state banks
increased moderately. On June 30, 1920, there were 717 state banks, an
increase of only 22 units, with deposits of $124,100,000, or an expansion
of $33,800,000. In the same period the number of national banks rose to
181, a gain of 23 units, with deposits of $76,800,000, a gain of $17,800,000.
At this stage there were 898 banks of both classes, a gain of 45, or 5 per
cent, and $200,900,000 in deposits, an expansion of $51,600,000, or 34 per
cent. State banks now constittued 80 per cent of the total as to numbers
and held about 62 per cent of the deposits. At this point there were only
720 persons per bank, so that the condition of over-banking had become
even more acute.
The contribution of state banking to the inward weakening of the
banking situation during this initial period of the guaranty plan was
greater than appears on the surface of the foregoing figures, which indicate
but a moderate expansion. Between June 30, 1917 and June 30, 1920, 89
new state banks were chartered, a number that was partially offset by
consolidations and liquidations among state banks and by conversions to
national charters. Among the newly chartered state banks 62 had capital
of $20,000 or less and 50 had the minimum of $15,000. The net result of
these shifts tended to increase the number of banks in the state with small
capital and located in small places. The number of banks in the $15,000
to $20,000 classes increased from 169 in 1917 to 221 in 1920.
During its first three years the North Dakota guaranty plan experienced no difficulties. In this period, in the third year, two banks were sus{ 30
•e10,
=
sh,
pended and their depositors were promptly paid in full with the aid of the
guaranty fund. In the fourth year the collapse began.
•
The Basic Fallacy of the Guaranty
In the year ended June 30, 1921, 51 state banks failed. Crop failures
'among bank borrowing customers and national money stringency were
attributed as the main causes in the report of the state bank commissioner.
This,then,accentuates in clear-cut terms the basic fallacy of the guaranty
idea. It attempts by means of premiums on the limited basis of the banks,
which are only a _Dalt of the financial structure, to insure against the
results of risks which originate outside the banks and are as wide in their
source as the entire economic situation. It is as though a single insurance
rate, based on fire experience alone, were made to serve for indemnity
against all kinds of disaster.
In 1922, 12 state banks closed, in 1923, 20, and in 1924, 127. The aggregate liabilities of the 210 banks that closed in the four year period, 1921-24,
were $39,600,000. The number of suspended banks was 29 per cent of those
in operation at the beginning of the trouble in 1920. During this period
28 national banks, or 15 per cent of those at the outset, were suspended.
Bank Failures Under the Plan
•
During the next five years, 1925-29, 175 more state banks closed in a
steady average of 35 a year. In 1929 the law was repealed. In the ten
years of the operation of the plan from 1919 to 1929, a total of 387 state
banks suspended, out of 710, or more than 50 per cent, with aggregate
liabilities of $67,000,000. In this period 61 national banks in North Dakota
also failed, which was 35 per cent of those in operation at the outset. This
unusually high ratio for national banks doubtless was indicative of the
unusually difficult conditions that were prevalent and which created
economic risks that were wider than banking and entirely uninsurable
through the limited medium of assessments against banks, based on their
deposits for computation, but falling wholly on the much narrower basis
of capital earnings for source of payment.
Financial Breakdown of the Plan
The financial disaster of the North Dakota guaranty plan was complete. The assessments during the life of the fund amounted to about
$2,000,000. This was sufficient only to pay 10 per cent on the claims of
depositors of about 200 of the closed banks. At the close of 1928 the out--standing certificates and claims eligible to guaranty totalled $25,000,000,
against which there were estimated assets in the hands of the fund totalling
•
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Federal Reserve Bank of St. Louis
approximately $13,000,000, leaving a then apparent deficit of $12,000,000,
which was increased to some $14,000,000 by subsequent claims.
There was, in this case, no provision for interest, so that all the income
from assessments was applicable against the principle, but this income
in 1928 was only about $140,000, and the deposits in state banks were
rapidly shrinking. The prospects of ever actually wiping out the deficit
by this means were therefore hopeless. A proposal to issue state bonds to
pay off the depositors of the closed banks was overwhelmingly defeated.
The guaranty law was repealed in 1929.
GUilhAin Y ()re Bi.,NK DLOJIs
N0f-LTH DAKOri A
Frow Federal hcservc BulletU, SepteiLber 1925
Guaranteed deposits in North Dakota State
banks on March 14, 1925, amounted nearly to
$86,000,000. In the eight years 1917 to 1924
participating banks had paid assessments totaling $1,274,000. Complete settlements had
been effected in the case of two failed banks
by the payment of $169,156, and 10 per cent
dividend payments to depositors in 58 closed
banks had been made totaling $212,710. The
number of participating banks is given as
504; the amount in the fund as $915,505, and
the amount of outstanding certificates of indebtedness as approximately $21,000,000. No
estimate, it is stated, can be made of the
amount of guaranteed deposits in failed banks.
Recoveries realized on the assets of closed
banks have amounted approximately to
$200,000. Assets in the hands of receivers
totpl approximately $35,000,000 and are estimated to be worth not more than 40 per cent
of this value. Under present arrangements a
very long period of time would be required to
provide out of assessments for claims admittedly valid against the fund.
NORTH DAKOTA
Institutions included.—Every corporation, 01460
national banks, whose business in whole or in -rhut
consists of the taking of deposits or buying and selling
exchange, shall be subject to the provisions of this
act, and trust companies doing a general banking business separate and apart from the writing of surety
bonds and other general business, and building and
loan associations receiving savings deposits shall also
be subject to the provisions of this act.
Participation.—Compulsory.
Character of deposits guaranteed.—All deposits for
full
which money or its equivalent, and for which such
value has been received by the bank wherein
deposit is made shall be guaranteed, but the guaranty
provided for in the act shall not apply to a bank's
obligations as indorser upon bills rediscounted nor to
bills payable, nor to money borrowed from its correspondents or others, nor deposits otherwise secured,
nor deposits upon which compensation in any manner
or
or form or by whatever device has been promised
paid in excess of the rate of interest as limited in this act.
•
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Federal Reserve Bank of St. Louis
Basis and rate of (a) regular and (b) special assess
ments.—(a) One-twentieth of 1 per cent of the average
daily deposits annually until the fund reaches 2 per
cent of the average daily deposits, when the aese-ments shall cease until such time as the guaranty f(II,
is depleted below 13v per cent of the average dail
deposits, when the necessary assessment may be again
levied at one-twentieth of 1 per cent per ginum until
the fund again reaches 2 per cent of the Alltrage daily
deposits. (b) The commission is authorized to levy
additional assessments of one-twentieth of 1 per cent,
but not to exceed four such additional assessments
shall be made in any one year. r-Xe-W-Uanks admitted
to the system shall pay in an amount equal to 3 per
cent of their capital, and the assessments on such banks
shall be so adjusted that the first two assessments,
together with the 3 per cent payment, shall equal at
least one-half of 1 per cent of the average daily deposits
as shown by the first annual statement. National
banks that have reorganized as State banks shall set
apart and credit to the depositors' guaranty fund such
amount as will place them on an equal footing as
respects such fund with other State banks.
Method of payment of depositors.—The secretary of
the commission shall issue certificates of indebtedness
to the persons entitled thereto for the amount of all
accepted deposits. If there are not sufficient funds
in the guaranty fund to pay such certificates, such
certificates shall be payable out of such fund pro rata.
To the extent of the deposits accepted and allowed as
guaranteed the commission shall be subrogated to all
the rights of the guaranteed depositors to participate
in the assets of the bank and as such assets are collected they shall from time to time be distributed pro
rata among the holders of certificates issued to the
guaranteed depositors until full payment is made to
the holders of the certificates.
Powers of State board or commissioner.—The
commission shall have the supervision and control of
the guaranty fund and shall have power to adopt all
necessary rules and regulations not inconsistent with
The comlaw for the management of such fund. (1)
banks
time
any
at
examine
to
d
authorize
is
mission
in
admitted to the guaranty fund. The act provides
condition
detail for the taking charge of banks in bad
up of
by the commission and if necessary the winding
is author.
the affairs of such banks. The commission If a bank
ized to levy assessments as set out above. the act, the
fails to pay any assessments as provided in
the case
commission is authorized to liquidate it as in
of insolvent banks.
Disposition of guaranty fund.—Assessments levied
maintained in
on banks shall be set apart, kept and guaranty fund
such banks payable to the depositors'
e the
commission on demand, and shall constitut
depositors' guaranty fund.
assessMaximum assessment in any one year.—Five of the
each
ments of one-twentieth of 1 per cent
average daily deposits.
•
Sec. 2. Commissioners—Qualifications—Oaths
The act provides for the taking of the oath of office by
members of the commission and an oath to keep secret
information obtained in the performance of their duties;
it also provides for the bonding of members of the commission.
Sec. 3. Regular and special meetings, how called,
and where held.
The act provides for the holding of four regular
meetings of the commission each year and also provides in detail for the calling and holding of specia
meetings.
Sec. 4. Depositors' guaranty fund commission—Duties.
This section is substantially the same as section 9009
of the South Dakota laws above quoted.
•
Sec. 5. Guaranty fund—Assessment.
"For the purpose of providing a depositors' guaranty
fund for the protection of depositors in banks, every
institution engaged in the business of banking under
the laws of this State, shall be subject to assessment
to be levied, collected, administered, kept and applied
NORTH DAKOTA
as hereinafter provided."
The balance of this section deals in detail with the
appointment of inspectors by the guaranty fund comfLaws of 1023, Senate Bill No. 250, chapter 2001
mission and the adoption of reports of examination
Sec. 1. Guaranty fund commission—Depositors' guar- of banks of such inspectors by the State 'examiner's
nsaablished—Compe
commission—Est
anty fund
department.
tion----Expense.
"There is hereby established a depositors' guaranty Sec. 6. Expenses of examination.
This section sets out in detail the charges which
fund commission of the State of North Dakota to be
composed of five members, viz, the governor of the the commission may make for the examination of banks.
State of North Dakota, the manager of the Bank of
North Dakota, and thrc members to be appointed by Sec. 7. Information to be acquired by commission.
This section requires the commission to be informed
the governor of the State. 111 appointments to membership of said commission, whether to fill a vacancy or of the condition and management of banks admitted
otherwise, shall be made by the gove.nor of the State of to the guaranty fund in order to determine whether
North Dakota from a list of names of nine men fur- the interest of the guaranty fund is endangered by
nished by the banks directly affected by the provisions further guaranteeing the deposits of any bank.
of this act. All members of this commission shall be Sec. 8. Manner of acquiring information.
residents of the State of North Dakota and all members
"For the purpose of acquiring information as to the
except the governor shall have at least five years'
experience in the management of some bank or banks condition of any such banks, the commission, by its
located within the State of North Dakota. The pres- members or its inspectors, as provided for in this act,
ent appointive members shall serve out the term for shall have full access to all the records and files of the
which they were appointed and each succeeding ap- banking department of the State; and it shall also,
pointment, except to fill a vacancy caused by death, by its members or its said inspectors, have full power
resignation or removal of a member,shall be for a period and authority to enter into any bank admitted under
of three years. The governor shall be the chairman of said fund, at any time, and take charge of its assets,
said commission, arid the attorney general shall be ex- papers, documents and records, for the purpose of
officio the attorney for the commission, and the State examination and investigation, during such time as
treasurer shall be its treasurer, and the secretary shall shall be necessary for the purpose of auditing its affairs,
be appointed by the commission, and the commission and ascertaining its condition and its methods of conshall have power to fix the compensation of such secre- ducting business; and either the individual members
tary to be paid from the depositors' guaranty fund, of the commission or the inspectors of the commission
which Alto not in any case exceed the sum of $2,000 shall have power and authority to call and put under
per annum. The State examiner may be appointed as oath, and examine any officer, stockholder or employee,
such secretary. The members of the commission, creditor or debtor of any bank, in connection with the
ot her than the governor, shall receive for their services examination of its affairs, or to obtain explanation of
records or
$5 per day for the time actually served and their actual anything connected with its business,
expenses incurred in the performance of their duties, management; and in case of the refusal of any such
the same to he paid out of the general fund of the person to appear for the purposes of examination,
State. Sail commission shall have the supervision and any judge, clerk of court, or justice of the peace,
control of the depositors' guaranty fund and shall have within the jurisdiction of whom such bank is located,
power to adopt all necessary rules and regulations, not shall upon request of such commissioner or inspector
inconsistent with law, for the management and admin- issue a subpoena for such person, commanding him
to appear at a time and place stated, and to submit to
istration of said fund."
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Federal Reserve Bank of St. Louis
•
662
FEDERAL RESERVE BULLETIN
such examination, and answer questions and sign his
testimony, if reduced to writing, and if any person so
subpoenaed shall fail to appear or to obey such order,
the judge of the court from which such. subpoena is
issued, or the justice issuing the same, shall have
authority and jurisdiction to punish such person for
contempt. The testimony so taken may be, by the
commissioner or inspector, reduced, or caused to be
reduced, to writing, and at his direction shall be subscribed by the person examined.
"Whenever any member of the guaranty fund commission shall acquire information leading him to
believe that the condition of any bank is such that
an immediate examination of its affairs should be made,
he shall have authority to immediately order an inspector or assistant inspector to enter upon an examination of the same, and if he deem it necessary, he
may call upon the State examiner to furnish a deputy
examiner to work with such inspector, and the two
officers shall as far as practicable cooperate in the
examination of such bank."
•
•
Sec. 9. Banks in bad condition—Examination and
taking charge by commission—Winding up of
affairs—Reorganization.
"Whenever the commission shall acquire information
leading it to believe that any bank admitted under
such fund is being irregularly or inefficiently, or dishonestly conducted, or is insolvent, as that term is
defined by the banking laws, it shall be its duty to
investigate the same as promptly as possible as in
section 8 hereof provided; and at any time during the
progress of such investigation if it appears that such
bank is probably insolvent, such commissioner or inspector shall have authority to make an order requiring
all deposits received during such examination to be set
aside and held intact as 'special deposits,' which shall
only be used to reimburse the depositor; and if at the
close of such examination the commissioner or inspector
shall find such bank to be insolvent within the meaning
of the banking laws, he shall have authority to extend
such order for such further period as shall be necessary
to enable the commission to meet and take action with
reference to the affairs of such bank; but such meeting
and action must be taken within 30 days from the time
of extending such order. Upon completing such examination such commissioner or inspector shall
immediately prepare a report of the result thereof, and
submit the same to the commission and the State
examiner.
"If from such report it shall appear to the commission that the bank is insolvent within the meaning of
the banking laws, it shall have authority to immediately
institute a proceeding in the district court of the county
in which such bank is located (or in any other court
that may be by any law then in force, given jurisdiction of such proceeding) to liquidate such bank as
an insolvent corporation, and procure the appointment
of a receiver to wind up its affairs, as provided for by
article 3 of chapter 27 of the Code of Civil Procedure,
and the general equitable jurisdiction of courts of
equity to appoint receivers and wind up the affairs of
insolvent corporations; or if by any law then in existence the exclusive right to institute such proceedings
shall be vested in any particular officer or board, the
commission shall certify the facts to such officer or
board, as the case may be, who must thereupon institute such proceedings.
"In lieu of instituting such proceedings, the commission may, in its discretion, permit such bank,
within a time to be prescribed by it, to comply with
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Federal Reserve Bank of St. Louis
Sum 1:m arm•
such conditions as the commission shall deem neceNtry
to make it a solvent institution, but as a condition of
granting such time, such bank must, 42, a resollok of
its directors, endorsed on its mina* consent
he
continuing of the order aforesaid limiting the right to
receive deposits, and to such continued upervision of
its affairs as the commission sh
ie. The
granting of such time to said bank to
its condition shall not abridge or limit the right of the commission to institute such court proceedings, at any time
it shall appear to its satisfaction that such bank is
hopelessly insolvent, or unable to comply with the conditions prescribed.
"Provided, however, The pendency of any proceedings
for the liquidat on of any such bank shall not be a
bar to its reorganization or continuance as a banking
institution, but at any time before the final disposition
of such proceedings, such bank may make application
to the guaranty fund commission for leave to reorganize
or remedy its condition, and be readmitted under the
guaranty fund, and the commission may thereupon
prescribe the conditions as to assets, payment of
liabilities, and the character and competency of the
managing officers to be placed in charge of the affairs
of such bank upon which it may be readmitted to said
guaranty fund, which condition shall be submitted to
the court having jurisdiction, and if it approves thereof,
it may make an order to that effect, and thereupon and
upon such bank complying with the said conditions to
the satisfaction of the guaranty fund commission, it
shall make an order readmitting the said bank, and the
liquidation proceedings shall be thereupon discontinued
on such terms as the court shall direct; but no deposits
shall be received by such reorganized bank until final
approval of the court is had, and the said proceedings
actually dismissed. All expenses incident to such proceedings incurred by the commission shall be presented
to and audited by the State auditing board and be
paid out of the general funds of the State and there is
hereby appropriated for the purpose of meeting such
expenses the sum of $1,000 per year, or so much thereof
as shall be necessary."
Sec. 10. Filing statements—Assessments.
"On June 30 of each year, every State bank engaged
in the business of banking in this State shall make and
file with the depositors' guaranty fund commission, a
statement in writing, verified by the oath of its president, vice president or cashier, showing the average
daily deposits in its bank for the preceding 12 months.
"Immediately after the date fixed for the making
and filing of such statements, the depositors' guaranty
fund commission shall levy assessments against the
assets of each of said banks as follows!
"One-twentieth of 1 per cent on the average daily
deposits as shown by the statement of such average
daily deposits to be made and filed by the provisions
of this section.
"For each and every year thereafter one-twentieth of
1 per cent of the average daily deposits aa shown by
the statement required to be made and filed und the
provisions of this act in each year, until the
tal
amount of money in the guaranty fund re
es 2
per cent of the average daily deposits: Provide Avivever, That said depositors' guaranty fund commission
shall have power to make and levy additional assessments of one-twentieth of 1 per cent, but not to
exceed four such additional assessments shall be made
in any one year.
"Due and legal notice of such assessment or assessments shall be deemed to have been given when such
•
S
•
SEPTUM BDR, 1925
FEDERAL RESERVE BULLETIN
663
Sec. 14. New banks and reorganized hiftional banks.
"Any bank organized under the State law subsequent
to the taking effect of this act, and admitted by the
commission to participation under the depositors'
guaranty fund, shall pay into such fund an amount
equal to 3 per cent of its capital stock, will* amgunt
shall constitute a credit fund subject to adjustmea on
the basis of said bank's average daily deposits as shown
by the first annual statement required by section 10 of
this article. And any national bank that has reorganized as a State bank shall likewise, before engaging
in business, set apart and credit to the depositors'
guaranty fund such an amount as will place them on
an equal footing as respects such fund, with other State
banks.
"Immediately after being passed upon favorably by
the depositors' guaranty fund commission the secretary
shall notify such new banks and the State examiner of
such admission, which notification shall be in writing,
in the form of a certificate, signed by the chairman and
attested by the secretary of the commission. Such certificates shall be by the bank receiving the same framed
and kept at all times displayed in a conspicuous place
in the lobby of the bank.
"The depositors' guaranty fund commission is
authorized and empowered to make an adjustment of
the rates of assessment to be paid by any bank which
engages in the banking business subsequent to the passage, approval, and taking effect of this act, which shall
have been admitted hereunder and shall require such
bank to contribute to the depositors' guaranty fund a
just and equitable sum, and for that purpose shall
adjust assessments of such bank so that the first two
assessments, together with the credit fund of 3 per
cent of the capital stoek paid by said bank when it
begins business, shall at least equal one-half of 1 per
cent of the average daily deposits of said bank as shown
Sec. 11. Interest on deposits.
by the first annual statement required by section 10
"No bank transacting a banking business under this of this article: Provided, however, That said 3 Iper
,
indirectly
act shall pay interest on deposits, directly or
cent will not be required of the new banks formed by
at a greater rate than 4 per cent per annum, unless the reorganization or consolidation of banks that have
commisfund
authorized by the depositors' guaranty
previously complied with the terms of this act with
sion to pay a greater rate which in no case shall exceed reference to the payment of assessments."
guaranty
'
depositors
6 per cent per annum, and said
fund commission is hereby authorized and empowered Sec. 15. Assessment—Failure to credit.
to grant permission to pay such higher rate: Provided,
"Whenever any bank, after due notice from the
That the rate so granted shall be uniform within any
of the depositors' guaranty fund commission,
secretary
county.
pay over or credit on its books to the deposto
fail
shall
bank
any
of
employee
or
director,
"Any officer,
fund any assessment as herein proguaranty
inor
itors'
directly
section,
of
this
provisions
violating the
of 20 days, such bank shall be subperiod
a
for
on
and
vided,
felony
a
of
guilty
deemed
be
directly, shall
$10 per day for each day it so
of
penalty
a
to
not
of
fine
ject
a
by
be
punished
shall
thereof
conviction
over or credit to such depositors'
to
pay
fails
or
refuses
ment
imprison
by
or
$500
than
more
nor
less than $100
t and penalty, and at the
assessmen
such
fund
guaranty
one
than
less
not
of
a
term
ry
for
penitentia
in the State
date of notice of assessthe
from
days
30
of
expiration
discretion
the
in
or
both,
years,
three
than
year nor more
if said assessment and penalty
provided,
herein
ment
of the court."
still remains unpaid, the bank so delinquent may be
deemed insolvent, and in the discretion of the commisSec. 12. False statements. penalty.
sion may be liquidated and its business wound up as
for the liquiThe act provides that any person making oath to provided for by the State banking laws
statements required by the act, knowing the same to dating of insolvent banks."
be false, shall be guilty of a felony.
Sec. 16. Depositors' guaranty fund — First lien —
national
a
to
change
Exception.
or
n
liquidatio
Sec. 13. Voluntary
bank.
"Whenever any bank doing business in this State
provisions of this act shall suspend payment
This section provides that any bank liquidating or under the insolvent, the amount of money standing to
become
or
relieved
be
not
shall
bank
national
a
converting to
credit of the depositors' guaranty fund on deposit
from the payment of any assessments then due from thesuch bank shall be a first lien upon the assets of such
in
any
from
nor
fund
guaranty
'
depositors
it to the
n; save and except funds deposited in web
liability to the bank due on account of losses in banks institutio
n and belonging to the estate of any insolvent
institutio
time.
the
at
closed
are
which
notice as shall be prepared by the secretary of the
commission has been placed in an envelope, securely
sealed, and postage prepaid, directed to each of said
banks and deposited, in the United States mail, and
said banks shall thereupon set apart, keep and maintain in their said banks the amounts thus levied
against them and the amounts shall be and constitute
what shall be designated as the depositors' guaranty
fund, payable to the depositors' guaranty fund commission on demand,for the uses, and purposes provided:
Provided, That when the depositors' guaranty fund
reaches the total sum of 2 per cent of the average daily
deposits, said assessments shall cease until such time
as the guaranty fund is depleted below 13/ per cent
of the average daily deposits, when the necessary
assessment may be again levied at one-twentieth of 1
per cent per annum until said fund again reaches 2
per cent of the average daily deposits.
"The guaranty as provided for in this act shall not
apply to a bank's obligation as indorser upon bills
rediscounted nor to bills payable, nor to money borrowed from its correspondents or others, nor deposits
otherwise secured, nor deposits upon which compensation in any manner or form or by whatever device has
been promised or paid in excess of the rate of interest
as limited in this act. All other deposits for which
money or its equivalent, and for which full value has
been received by the bank wherein such deposit is
made, shall be guaranteed by this act. Each guaranteed bank shall certify under oath to the depositors'
guaranty fund commission at the date of statements
as hereinbefore provided the amount of money it has
on deposit not eligible to guaranty under the provisions of this act, and in assessing such bank this amount
shall be deducted from the total deposits."
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Federal Reserve Bank of St. Louis
•
rship.
Sec. 33. Examination of closed banks and receive
shall
sion
commis
fund
ty
guaran
"The depositors'
have the right and authority to examine, by any meminvestiber or inspector, the affairs of closed banks and
gate the conduct of the receivership thereof and make
report thereon to the commission."
•
Sec. 34. Payment of expenses of commission.
"There is hereby appropriated out of the depositors'
as
guaranty fund $20,000 per year, or so much thereof ty
shall be necessary to tneet the expenses of the guaran
fund commission herein provided for, and any amount
end
of such appropriation not so used, shall be at the ty
of each year, covered into the said depositors' guaran
fund.
"The expenses of the guaranty fund commission
herein provided for shall be presented to the State
the
auditing board for allowance, as claims against paid
State are presented, and when allowed, shall be
as other claims against the State are paid."
Sec. 38. Temporary powers of commission.
"The depositors' guaranty fund commission shall
have the power and authority to employ any of the
funds under its control for the purpose of paying off
the claims of bills payable holders in closed banks
whenever in its judgment and sound discretion the
security behind such bills payable is sufficient to pay
of
the same in full, and leave a substantial amount
security of the kind and character that could reasonably be expected to be collected upon and liquidated
within one year from the expiration of the time limit
of this section.
"The commission is empowered to deposit funds in
of
banks operating under this act, temporarily in aidand
open banks, in such amounts, and upon such terms
conditions, and upon such security as it may determine and designate. And such banks shall be required
to conduct their affairs in accordance with and under
the direction of the commission until such temporary
aid has been withdrawn. It shall require the consent
of four members of the commission before funds can
be employed as provided for in this section.
"This section of this act shall continue in force and
effect until July 1, 1927, mgess sooner repealed, but at
that time it shall expire and cease to be operative
without any repeal and the powers and authorities
conferred therein shall terminate without in any way
limiting any other provisions of the act."
Sec. 39. Forbidding certain advertising.
"Any officer, director, stockholder, agent or employee, of a bank whose deposits are guaranteed under
the provisions of this act, who shall state or represent
in any advertisement, pamphlet, book, sign, or other
manner, in writing or printing, that the deposits of
such bank are guaranteed by the State of North
Dakota shall be deemed guilty of a misdemeanor and
on conviction thereof shall be punished by a fine of
not less than $100 nor more than $500."
•
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Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN
SEPTIMINI, 11)25
•'V
bank, deposited therein by the receiver or other person Secs. 23, 24, 25, 26, 27.
officially in charge, which shall have preference over all
These sections provide for the reports by receivers
other claims."
of insolvent banks, notices not otherwise provided for,
forms, penalties where not otherwise provided for, and
Sec. 17. Deposits—Payment—Approval or rejection provides that nothing in the act repealing former acts
of liability—Issuance of certificates of indebtedness. shall release anyone from punishment for acts hereto"When any bank doing business under the provisions fore committed.
of this act suspends or becomes insolvent and shall
have closed, the commission shall, without unreason- Sec. 28. Federal guaranty law.
able delay, cause each deposit in such closed bank to be
National banks are authorized to participate in the
examined, audited and shall determine such as may
fund when they are permitted to do so by the
guaranty
certify
and
for
this
guarantee
act
under
be qualified
and if such national banks are
authorities,
Federal
the
to
deposit
or
of
rejection
each
acceptance
the
to contribute to a Federal guaranty fund they
secretary of the commission, who shall give notice, by required
from the
Dakota guaranty
registered mail, to the persons whose deposits have may withdraw returned to North
them all of the unused
been rejected, at their last known post office address, fund and have assessments paid by them into such
or to each thereof, in care of the receiver of such portion of all
closed bank. The action of the commission in certify- guaranty fund.
ing acceptance or rejection as herein provided shall be
final unless, within ninety days from date of mailing Sec. 29. Unappropriated assessments refunded—when.
notices of rejection, written demand for hearing is
"If any bank organized under the laws of this State,
served upon the secretary of the commission."
having paid any assessment or assessments to the
depositors' guaranty fund shall liquidate and go out of
Secs. 18, 19, 20. Filing and hearing of claims.
business, or shall desire to organize as a national bank
claims
hearingZof
The act provides for the filing and
and withdraw from the protection of the depositors'
of guaranteed depositors by the commission.
guaranty fund for its depositors the portion of such
Sec. 21. Issuance of certificates of indebtedness by assessment or assessments, which shall not have been
used under the provisions of this act shall be refunded
the commission.
guaranty fund commis"The secretary of the commission shall issue a to any bank by the depositors' bank shall be released
certificate of indebtedness upon the treasurer to the sion: Provided, That no such
of all outstanding certifiperson entitled thereto for the amount of all such ac- from its proper proportion depositors' guaranty fund,
cates of indebtedness of the
cepted deposits.
failed banks under the pro"If there be not sufficient funds available in the issued to the depositors of
shall have received perfund to pay such certificate of indebtedness, the visions of this act, nor until it
the depositors' guaranty
treasurer shall indorse the same 'presented for pay- mission in writing so to do fromand after an examination
State
ment' and date and sign such indorsement, and such fund commission of this
certificate shall thereafter be payable out of money of its condition."
in the guaranty fund, by order of the commission, pro
rata, upon all outstanding certificates of indebtedness. Sec. 30. May resume business.
Notice of the amount of each dividend to be paid upon
"Such bank or trust company may upon repayment
such certificate, and the date when such payment is to of any money advanced by the depositors' guaranty
be made, shall be published in a newspaper in the fund to such bank or trust company, with the conplace where the closed bank was located. If no sent of the depositors' guaranty fund commission, renewspaper is published at the place where such closed sume business upon such conditions as may be approved
bank was located, then such notice shall be published by said commission."
in an official newspaper of the county wherein such
bank was located. Notice shall be published in like Sec. 31. Defining banks and banking for the purpose
manner of the date upon which payment of any balance
of this act.
due on such certificate of indebtedness will be made."
"For the purpose of this act every corporation, except national banks whose business, in whole or in
Sec. 22. Subrogation.
and
"To the extent of the deposits accepted and allowed part, consists of the taking of deposits or buying
is hereby deas guaranteed, the depositors' guaranty fund commis- selling exchange shall be held to be and
shall be subject
sion, for the use and benefit of said fund, shall be clared to be a bank, and as thus defined further, That
subrogated to all the rights of such guaranteed de- to the provisions of this act: Provided
business as
positors thus accepted, to participate in the assets of trust companies doing a general banking
separate and apart from the
such closed bank, and the same shall be enforced and defined in this section
business,
collected by the secretary of the commission accord- writing of surety bonds and other general savings
ingly; and from time to time as collected shall be dis- and building and loan associations receiving
shall also
tributed pro rata as payment upon the certificates of deposits, shall be declared to be a bank and
indebtedness issued to the guaranteed depositors of be subject to the provisions of this act."
the closed bank from which such payment had been
received, until full payment is made to the holder of Sec. 32. Organizing.
"Any banks organized and authorized to do business
such certificate. Any surplus remaining after payment
in full to holders of such certificates shall be turned under the provisions of the State banking laws on arid
into the depositors' guaranty fund and be thereafter after the passage, approval and taking effect of this
act shall sell the capital stock thereof at $3 per share
held and distributed as herein otherwise provided.
"All moneys received shall be deposited in the solvent above par and the amount received as a result of such
banks subject to the provisions of the depositors' advance shall be credited on the books of such bank
guaranty fund, proportionate as to the several deposits to the depositors' guaranty fund as hereinbefore
provided."
to the assessment levied against each of said banks."
•
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Federal Reserve Bank of St. Louis
MEMORANDUM: MR. Van AFossen
•
April 29, 1926
Subject?! °peration of State Deposit Guaranty_Laws
NORTE DAKOTA:
Date of approval of law- '
l arch 10, 1917.
In the eight years from 1917 to 1924 participating banks
had paid assessments totaling $1,274,000. In 1925 the amount in the fund was
$915,5051 and the amount of outstanding certificates was approximately $2,000,000.
Recoveries realized on the assets of closed banks amounted to about $200,000 and
approximately $35,000,000 of assets still in the hands of receivers are estimated
to be worth not more than 40 per cent of their nominal value. On Dec. 31, 1925,
$320,497.95 of "Guaranty fund deposits" were on deposit with state banks
and trust companies. It was estimated in 1925 that it would probably be anywhere
from 30 to 50 years before all claims which will ultimately be admitted are paid
off under the present arrangement.
MEMORANDUM: Mr. Van Fossen
Subject:
NORTH DAKOTA:
Jan. 4.2_1927
Supplement to memorandum of April 29, 1926, on
operation of State deposit guaranty laws.
Mr. C. R. Green, Manager of the Bank of North Dakota is quite
in expressing the belief that the guaranty fund law in North Dakota has
111 frank
failed miserably. It has some $30,000,000 in liabilities piled up against it
and a prospect that it will not fight clear for years even if the burden gets no
greater. He proposes an amendment to create a special investment fund for
savings accounts of $1,000 or less with a guaranty protection fund similar to
that now in use. The next step would be to limit the use which banks could make
of funds so deposited. (See Commercial Vest, September 25, 1926).
Fro,1:
"The Financial Age" - Dec. 22, 1928
Vol. LVIII - No. 27 -_page 686
Subject:
Jan. 52 1929
The Guaranty Fund Law in North Dakota
The Guaranty Fund law is still on the statute books of N. D. and depositors
in failed banks in that State have been reimbursed to the extent of only about
10 per cent of their deposits by the Fund.
As the law was passed by a former legislature and was opposed by the bankers
as an unscientific measure, which assumption is now proved true, from the fact
that at the present rate of assessment it will take nearly a century to pay the
debts of the failed banks if no other member of the Fund fails in -hat time, it
was thought that possibly the people would consider the debt more or less one of
honor and vote a bond issue not to exceed $25,000,000 to pay those who had been
induced to place their deposits in the banks because they were guaranteed by the Fund.
S
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Federal Reserve Bank of St. Louis
2
On this theory a constitutional amendment providing for a bond issue for
the purpose was submitted to the voters of the State at a recent election
in November and was overwhelmingly defected by a vote of 218,197 to 24,787,
every one of the 53 counties in the State returning a majority against it.
(The law was repealed in April 1929 -- Northwestern Banker, April
1929, Page 91.)
idEMORANDUM:
Mr. Foster.
Subject:
October 2 1929.
Present status of the Guaranty Fund Law.
States in which GuarantL_Law has been recently repealed.
NORTE_LAKOTA - The law was repealed by an overwhelming majority in
both houses of the State Legislature in April, 1929.
At the end of 1928 an attempt was made to liquidate
the debts of failed banks by means of floating a bond
issue supported by a constitutional amendment. Voters
of the State at the last November election defected
the amendment by a vote of 218,197 to 24,787, and
every one of the 53 counties returned a majority
against it.
In July, 1917, when the law became effective, there
695 State banks and trust companies; from that date to June 1929, 322
banks had been closed, 47 consolidated or liquidated without loss, and the
remaining institutions subject to the law stood at 326. Final repeal, then,
came about as the result of the considerable amount of public sentiment in
favor of the abolishment of this obnoixious law and the concentrated pressure
brought to bear upon the 1929 Legislative session by State bankers.
vvere
MEMORANDUM:
Mr. Foster.
Subject:
Apr. 1, 1930.
Review of the Guaranty Law System in 8 States.
DIEIR DAKOTA: North Dakota ratified the compulsory guaranty law in 1917.
Until the depression of 1920 and 1921 no serious problems were encountered.
Between November 15, 1920 and December 31, 1928, 322 state banks closed their
doors. The assessments on the 377 participating banks since 1917 had brought
in $1,957,679, which was enough to pay only 10 per cent on the claims of depositors in 201 of the 322 closed banks. At the time of repeal, April, 1929,
there was a net deficit of $14,000,000.
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
October 28, 1965
Hon. Evessis Rich
State Ihmainer
State Capitol, Room 1301
MOSIIrek, North Dakota 58501
Dear Mr. Rich:
In September 1956 I spent two woks in illeaerck, mostly
at the Officect the State ESsniner, collectimg infONSation about
the egerations of the Diresitor's Guaranty Alma Maar the law
emetei in 1917. It map thea contemplated that the results of our
eimity or this Fund, ales' with studies of deposit guaranty systems
in other States, would be published in book farm. This has not been
done.
Enclosed is a copy of my report an Deposit Guaranty in
North Dakota, Which was completed in January 1959. This report is
in its final form, except for editorial and minor revisions if
publication of the group of studies should be undertaken at a later
time.
In connaetion with the study of the Berth Dakota fund,
a
comp, of each of four audit meets of the fund (1918-24,
borrowed
I
1924-26, 1926-28, and 1928-30), with the undinistanding that they
would be returned to your office. These mere digleate copies, and
if you still wish them returned, I will mai them to you. However,
we are now putting together a reference file of the materials
collected regarding the various State deposit guaranty pystame,
so that they will be available in the future to parlous vho my be
interested in the history of insurance of bank obligations prior to
establiShmant of the Federal Deposit Insurance Corporation. If it
is egreeible with your office, we would be glad to include these
audit reports in this file.
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Federal Reserve Bank of St. Louis
Cordially yours,
Clark Warburton, Cftief
Banking and Business'Section
Division of Research and Statistics
/.
NORTH DAKOTA
From - John A. Graham
State Examiner
Bismarck, North Dakota
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Federal Reserve Bank of St. Louis
To - Georze H. Russ, Jr.
State Examiner
Bismarck, North Dakota
Vance L. Sailor
Chief, Division of Examination
110
•
CW:
J1C
Stat
August 22,
1956
Mr. G. R. Russ, Jr.
State kamminer
State of North Dakota
Bismarck, North Dakota
Dear Kr. Russ:
Reference is made to our previous correspondence regarding a
possible trip to Bismarck by a member of our staff. Dr. Clark Warburtcn„
who has been in charge of our studies of the State systems of deposit
guaranty, plans to be in Bismarck on approximately September 5 and will
communicate 'Pith you on his arrival.
Any assistance you may be able to render to Dr. Warburton in his
effort to locate as much data as possible on the North Dakota guaranty
system will be appreciated.
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Federal Reserve Bank of St. Louis
Very truly yours,
Zdison H. Cramer, Chief
Division of Research and Statistics
CW:jk
Stat
July 9, 1956
Mt. G. H. Russ, Jr.
State Examiner
State of North Dakota
Bismarck, North Dakota
Deer Mr. Russ:
Thank you very much for your letter of June 21. Our plan to send
someone to the Deactals to obtain mcre information about deposit guaranty
in the Dakotas is not yet in final shape. However, we anticipate that
a
member of our staff will be in Bismarck early in September to see what
material can be obtained from the records in your office and from the
report by Mr. Baird to the Supx.eme Court which the c..- .erk of that coart
has offered to make available to us.
We uppreciato greatly your cooperation in locating as much as possibl
e
of the records of the Depositors Ouaranty Fund Commissioas and will conmunicate with you later whom our plans for the trip have been completed.
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Federal Reserve Bank of St. Louis
Very truly yours,
Edison H. Cromer, Chief
Division of Mesearch and Statistics
OFFICE OF STATE EXAMINER
1 H. RUSS. JR.
17112A1-1A.
STATE OF NORTH DAKOTA
STATE EXAMINER
BISMARCK
11111J. B. RHUD
CHIEF
DEPUTY
EXAMINER
June "1., 1956
Mr. Edison H. Cramer, Chief
Division of Research and Statistics
Federal Deposit Insurance Corporation
Washington 25, D.C.
Dear Er. Cramer:
Replying to your inquiry of June 19, 1956, re the
N rth Dakota Depositors' Guaranty Fund, it will take
some little time to run down the various leads which
we have discovered concerning this now long defunct
operation.
11/
It was first operated by a commission, but after
becoming hopelessly insolvent was dissolved by the
Legislature according to the provisions of Chapter 122,
1929 Session Laws.
The Session Laws of 1931, Chapter 135, turned over
whatever was left of the relics to the State Examiner as
custodian. I believe there is approximately $300.00
left in the Fund, which has never been distributed to
the creditors of the some five or six hundred banks
which failed during the life of the Commission.
To add to the confusion, the North Dakota State
Capitol was burned to the ground on December 28, 1930,
and practically all of the closed banks records which
were stored in the Capitol were destroyed.
We will continue our search in the archives and
if anything is found besides corresnondence which we
have in this office since 1935, I will communicate with
you.
Unless something worthwhile can be dicovered it
would not pay to have anyone from your office attempt
to compile statistics, but we will keep you informed in
the matter.
Sincerely
•
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Federal Reserve Bank of St. Louis
State Examiner
Buy "Dakota Maid" Flour
CW:jk
Stat
June 1r,,
,
Colonel George N. Russ, Jr.
3tate Examiner
siamarcx, North Dakota
Dear Colonel autiss
soon after the beginning of Feleral deposit insurance, we 4egan to
collect information on the experience of various States with deposit
guaranty. Our studies of these State ystems were not broug)-.t tk, completion at that time. They 'have rc,zeil4ly been resumed, end VS are now
preparin!, rer.,rto on each of then vhie we plan to complete for publicsWe have founq comparatively little published information aoout the
operations and financial results of the North Dakota depositiTs' guaranty
fund. We would now like to make two in.luiries about the plasiirility of
obtaining alUtional ittformatL.u.
First, do you knew of any studies of the North Dakota depositors'
guaranty system that have been made silos 1935, such as reports for
offioials of the State or for the Lejis..ature, or studies by ustiversity
professors or graduate students?
Second, would records of the Depositksre Guaranty Fund ;:ouaission,
which we pres,pie may now be ia archives or storage, lot available for the
use of a newer of our staff whc might come to Bismarck to wits them?
We would lie very such to obtain sufficient information to euable
to prepare a tabulation, by years, of thy receipts and disbursements
of the guaranty fund, and also a tabulation or the faileu Winks by year
of failqre showing such item' as their total deposits, the claims allowed
for guarantee, payments from the guaranty fund, and recoveries from li4uiaation of the assets.
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Federal Reserve Bank of St. Louis
Very truly yours,
Edison S. Cramer, Chief
Division of Research and Statistics
CW:
JK
Stat
August 22, 1956
Mr. J. H. Newton
Clerk of the Supreme Court
State of North Dakota
Bismarck, North Dakota
Dear Mr. Newton:
Reference is made to our previous correspondence regarding a
possible trip to Bismarck by a member of our staff. Dr. Clark Warburton,
who has been in charge of our studies of the State systems of deposit
guaranty, plans tc. be in Bismarck on approximately September 5 and
will communicate with you and Mr. Russ, State Examiner, on his arrival.
Any assistance you may be able to render to Dr. Warburton in
his effort to locate as much data as possible on the Korth Dakota guaranty
system vill be appreciated.
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Federal Reserve Bank of St. Louis
Very truly yours,
Edison K. Cramer, Chief
Division of Research and Statistics
CW:jk
Stat
July 9, .1.956
Mr. J. H. Newton
Clerk of the Supreme Court
State of North Dakota
Bismarck, North Dakota
Dear Mr. Newton:
Thank you very much for your letter of June 29. Our plan for sending
someone to the Dakotas to obtain more information about deposit guaran
ty
in those States is not yet finalized. However, we anticipate that a
member of our staff will be in Bismarck early in ,Aptembar.
We appreciate greatly your cooperation in making Mr. Baird's report
and other materials available, and will communicate with you later
when
our plans for the trip have been completed.
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Federal Reserve Bank of St. Louis
Very truly yours,
Edison H. Cramer, Chief
Division of Research and Statistics
OFFICE OF STATE EXAMINER
G. H. RUSS. JR-
STATE OF NORTH DAKOTA
GRAHAM
STATE
EXAMINER
BISMARCK
•J. B. RHUD
CHIEF
DEPUTY
EXAMINER
July 9, 1956
Mr. Edison H. Cramer, Chief
Division of Research & Statistics
Federal Deposit Insurance Corporation
Washington 25, D.C.
Dear Mr. Cramer:
Referring to your enquiry of June 19, 1956, and continuing
our reply ,of June 21, 1956, re the North Dakota Depositors
Guaranty l'und.
We have found a number of large volumes and also smaller
record ledgers of the operations of the North Dakota Depositors
Guaranty Fund, stored in the Capitol basement vault.
We also have files of correspondence pertaining to the Fund.
The Bureau of Business and Economic Research of the University
of horth Dakota at Urand Forks informs us that one chapter of a
thesis hy Dr. W.E. Koenker, of that Department, entitled "Banking
Trends in North Dakota 1922-1947", was devoted to the Depositors
Guaranty Fund. This work is now in the Library of Ohio 6tate
University, Columbus, Ohio. We presume it could he borrowed, but
doubt its value in your study.
•
We have been unable to trace any other studies, and it
would seem that the people of North Dakota were only too glad to
forget the whole thing.
Our "Closed 3anks" Department's records might also assist a
meMber of your staff, and we will be glad to provide facilities
if you decide to send a representative to Bismarck.
Unfortunately this Denartment does not have the personnel
to assist in your study beyond the presentation of whatever
records now in our possession.which would be of assistance.
•
CiA t
)2
1
-4;
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A_
Federal Reserve Bank of St. Louis
Buy "Dakota Maid" Flour
pA,2 41c,0
*fah- of North Ilattotzt
CLERKS OFFICE
J.H.NEWTON
CLERK
SUPREME COURT
BISMARCK
June 29, 1956
Mr. Edison H. Cramer, Chief
Division of Research and Statistics
Federal Deposit Insurance Corporation
Washington 25, D. C.
Dear Mr. Cramer:
I am today in receipt of your letter of June 25 dealing
with the question of records of insolvent banks
formerly in charge of the late L. R. Baird. All records
in this connection were turned over to the State Examiner
who continues to handle certain administrative details
in connection with insolvent banks. After receiving
your letter I called Mr. George H. Russ, Jr., the present
Examiner, and he informs me that he has had some
correspondence with you relative to the available records
and is making an effort to locate as many as he can.
You may be interested in knowing that I have in my
possession a report prepared by Mr. Baird in 1937, in
which he makes a complete report to the Supreme Court on
all banks coming under his supervision. I apprehend
that this would be very valuable to whoever you send
out to North Dakota to make an investip;ation and I shall
be glad to make the same available. Outside of this
report and copies of various petitions for administration
and minute orders of the Court referring the same to the
District Court of Burleigh County I do not have any other
records.
Regretting I can not be of any greater service to you, I
remain
Very truly yours,
J. J ITEWTON
Clerk
JHN:D
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Federal Reserve Bank of St. Louis
Stat
CW:jk
June 25, 1956
Clerk of the Supreme Court
State of North Dakota
Bismarck, North Dakota
Dear Sir:
Soon after the beginning of Federal deposit insurance, we began
to collect information on the experience of various States with deposit
guaranty. Our studies of these State systems were not brought to completion at that time. They have recently been resumed, and we are now
preparing reports on each of then which we plan to complete for publication.
In North Dakota most of the banks which failed while the depositors'
guaranty fund was in operation were liquidated under the direction of a
receiver appointed in accordance with the law of 1927 which gave original
jurisdiction of bank insolvency proceedings to the Supreme Court of the
State. In 1935 we had same correspondence with Mr. L. R. Baird, the receiver, who remained in charge of completion of liquidation of those banks
after the change in law in 1933 which vested appointment of receivers for
future bank failures in the State Banking Board.
In resuming our study of the North Dakota deposit guaranty fund
we would like to have more detailed information regarding the liquidation
of the failed basks that participated in the guaranty system than wit obtained
through correspcmidag with Kr. Baird. Therefore, we would like to ask whether
the records left by xi.. Baird when the receivership proceedings under his
jurisdiction were completed would be available to a member of our staff who
might come to Bismarck to use them. We would like very much to obtain sufficient information to enable us to prepare a tabulation of the failed banks
by year of failure showing Such items as their total deposits, the claims
allowed for guaranty, other claims, payments from the guaranty fund, and other
payments to creditors by the receiver.
We presume the receivership records from Nt. Baird'5 office are now
in archives or storage. We would appreciate it very such if you could inform us whether these files and records would oe available for our use in
obtaining data for such tabulations.
Very truly yours,
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Federal Reserve Bank of St. Louis
Edison H. Cramer, Chief
Division of Research and Statistics
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Federal Reserve Bank of St. Louis
Septeiber 21, 1955
Mr. Ndis‘n H. Cramer
Drake Hotel
Lake Shore Drive and Upper Michiga, Ave.
Cllicago 11, Ill.
Dear Ed:
I've been wondering whether you might have a chance to
talk with Mr. Oralmn4 the North Dakota State Examiner, about
the materiel we vould like to obtain regarding the depcsit
guaranty system of that State. We have not yet received a
reply to our letter of September 1 (copy enclosed).
Very truly yours,
Clark Warburton
Enclosure
CW:jk
STAT
IIT:evp
August 12, 1955
Mr. Zorah Pender, Secretary
Northvestern Banker
306 15th Street
Des Moines 9, Iowa
Dear Mr. Pender:
This Division is making a study of the history of deposit
guaranty in Nebraska, North Dakota, and South Dakota and we would
like to inspect as much published material as possible pertaining
to the experience of these States. The period which is of particular interest to us is from 1905 through 1929.
Was the Northwestern Banker being published during this
time, and if so could you tell us where a file might be available?
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Federal Reserve Bank of St. Louis
Very truly yours,
Edison R. Cramer, Chief
Division of Research and Statistics
0
October 18, 1939
4110
Mr. John Graham,
State Examiner,
Bismarck, North Dakota.
Dear Mr. Graham:
Five years ago this Division collected some material relating to
guaranty of bank deposits in the various States, prior to the creation of
,sible to complete
the Federal Deposit Insurance Corporation. It was impo,
our study at that time and we are now attempting to obtain further information regarding the various State funds.
Your office and Mr. L. R. Baird, Receiver, supplied us with
considerable information regarding the operation of the guaranty fund in
North Dakota. However, we would like to obtain the information described
below which we do not have. We understand that considerable work will
probably be necessary in compiling this information from the records of
the Depositors' Guaranty Fund Commission and of the Receiver. We shall be
glad to supply clerical or stenographic assistance or to reimburse you
for expenses incurred in compiling the material for us.
•
1. A statement of the annual receipts and disbursements of the
fund showing the amounts received from various sources (assessments, liquidation of assets, interest, etc.) and of disbursements for various purposes
(payments on de,oAtors' claims, expenses, etc.).
2. A table giving the following information for each guaranteed bank
which failed:
a.
b.
c.
d.
e.
f.
Total deposits at date of failure;
Depositors' claims approved by the Depositors' Guaranty
Fund Commission;
Dividends paid on claims approved by Commission
i from the proceeds of liquidation of the bank
ii from the guaranty fund
Claims approved by the Commission which have not been paid;
Payments by the bank on liabilities included in "total
paymnatx deposits" but not approved by the Commission;
Amount of non-guaranteed "deposits" remaining unpaid.
Very truly yours,
Donald S. Thompson, Chief,
Division of Research and Statistics.
/• /
Ae-7
'
4004
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Federal Reserve Bank of St. Louis
/
40,4,
••••••mm••••
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Federal Reserve Bank of St. Louis
THE FIEST NATIMAL BANK DI' SAINT PAUL
Capital and Surplus 0_0,000,r/00
Februrry 14, 1264.
Gilbert Semingson,
State Examiner,
Banking Deprtment,
Bismarck, North Dakota.
Dear
r. Semingson:
Ve are undertaking a very thorough study and analysis
of the Guaranty of Deposits section of the Banking Act of
1963. Now that the temporary plan is well under wry, it
does seem that it is meeting witn the approval of not daily
the public but conservative bankers as well. It seems that
those wno oppose the guaranty most strenuously frequently
refer to the unsatisfactory experience in several states
where it has been tried. Sponsors seem to be able to show,
however, that simply because it failed in a number cbf indidual states this does not prove at all that it will not
work on a national basis.
Inasmuch as the State of North Dakota vas among those
where it was tried, you natul.a.11y have first-hand information and undoubtedly some very concrete ideas as to what
the possibilities are.
We are enclosing a stamped, addressed envelope and
sincerely hope you will find it convenient to let us have
the benefit of your opinion.
Very truly yours,
(s) I. D. Maier
Chairman Educational Committee.
TDm h
THE BANK 'ff NORTH DAKOU
Jperated by
State of
North Dakota
Manager and Director
General - E, . Stangler
Bismarck, North Dakota
January
5, 1235
f41r. Lortimer J. Fox, Jr.
Chief Statistician
Federal Deposit Insurance Corporation
':41shington, D. C.
Dear A:I-. Fox:
I am certtinly sorry I neglected answering your it,
ter of recent date but I have been terribly rushed rith
I am enclosing letter received from Mr. R. S. See which,
I believe, ansv;ers your questions under date of December 19.
Ae are terribly rushed here in the Bank. I am also enclosing
Bank statemcnt.
I certainly was pleased to hear from you and if I have
occasion to core to V,ashington, I certainly will be pleased
to call on you at least for a few minutes.
Thank you, I am
Very truly yours,
(s) h. A. Stangler
h. St. Stangler
MANAGEF,
Cries
•
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Federal Reserve Bank of St. Louis
ildm A. Lefor
State i'-xLiner
F.S. See
Deputy Examiner
Office of State Examiner
State of NOrth Dakota
Bismarck
January 3, 1935.
lu.r. Theo. W. Sette, Auditor,
The Bank of North Dakota,
Bismarck, North Dakota.
Dear &a-. Sette:
Replying to your letter of December 31, we wish to furnish
the following information in regard to the Guaranty Fund of this State:
Receipts:
Assessments of banks
Liquidation of suspended banks by Fund
Earnings and othe receipts
$ 1,938,410.35
18,133.36
63,021.70
I
Disbursements:
Payment of depositor's claims
Interest on borrowings
Expense of operation
Unexpended balance
Mr. L.
by nim
we any
in the
assets
by the
n,869,078.35
None
167,241.06
13,246.00
# The general liquidation of closed banks has been handled by
h. Baird, heceiver, and information as to what has been collected
through such liquidation is not available in this office, norhave
record as to dividends paid by him. The item of (1o,133.36 inciuded
above statement represents the amount which was collected on the
of the two banks in connection with whie claims were paid in full
Fund.
* In addition to the expenditures from the Guaranty Fund, there
has been appropriated and .expended from the State generaL fund for administration expense the sum of t156,222.77.
The above figures are furnished as of Januz,ry 1st, 1935. We trust
that they will furnish he information desired by the Federal De7o8it
Insurance Corporation.
Yours very truly,
(s)
It. S. See
Deputy Examiner.
•
FCL.
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Federal Reserve Bank of St. Louis
0,
410.
L. h. BAIRD, Receiver
Bismarck, North Dakota
January 29, 1935
Mr. Mortimer J. Fox, Jr., Chief Statistician
Federal Deposit Insurance Corporation
Washington, D. C.
My dear Mr. Fox:
I don't see how I can give you an intelligent answer to
inquiries indicated as "First" and "Second" in your letter of January
24th. Probably you have made a study of our Guaranty Fund Law and
find some reference to the liquidation of banks by the Depositors
Guaranty Fund Commssion. This, however, was never undertaken. The
way in which the Guaranty Fund operated was about as follows:
•
A receiver was appointed for the banks. He accepted
claims, and after the same were duly checked over, they were either
allowed or disallowed. Of course, any claim as shown by the books of
the bank as a liability was ordinarily allowed and a receiver's certificete issued therefor. When the receiver's certificates were issued,
then these were used as the basis of a claim against the Depositors
Guaranty Fund, and the Commission made it a general rule not to consider
any claim until the same had been passed upon by the receiver. The
receiver, however, did not undertake to pass upon the question of whether
or not such claims were bona fide deposits coming under the provision
of the Guaranty Fund law. He simply accepted them as liabilities against
the bank. The Depositors Guaranty Fund Commission, through its auditors,
then tent through the books of the bank and determined whether or not
each claim was a bona fide deposit or whether it was in the nature of an
exchange of credit, secured deposit, bills payable, or some other
liability.
This procedure of the Depositors Guaranty Fund accounts for
the difference between the total amount of so-called deposits and the amount
approved for payment by the Fund.
•
By way of explanation I might inject right here tha a large
portion of the rejected claims are accounted for by a practice ihich seemed
to have grown up in this country. Ahere insurance companies, or other
concerns who had something to sell in the community, would take its customer's notes, and then take them to the bank and turn them over t') the
bank and receive in lieu thereof the bank's certificates of deposits. Such
transactions the Depositors Guaranty Fund listed as an "exchange of credit."
Personally it is my opinion that if a claimant could have shown that the
bank had its legal reserve, there was absolutely no reason thy the bank
could not have purchased such notes, or other obligations, and either paid
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Federal Reserve Bank of St. Louis
#2
•
up the same in cash or issued cfrtificates of denosit, thus making
the claim a bona fide deposit. /However, under the law the Depositors
Guaranty Fund was practically final as to the status of claims, and the
result was as indicated above.
The value of the assets, referred to in your letter under
paragraph three, was an estiate which I believe I prepared many years
ago for the Depositors Guaranty Fund. It is our practice As soon as
we have taken over a closed bank to make a very careful survey and
appraisal of the assets. This enables us to determine tae value of the
clains against the bank, and right here I might say that our value is
usually a conservative one from the standpoint of the bank. Having
fixed a value upon the chims by determining the value of the assets, we
then are in a position to accept claims against the bank in payment of
oblik,ations, real estate or other assets which we are trying to liquidate
at a certain percentage of the face of the claims. We then accept such
claims in payment of obligations, real estate or anything else, for what
we consider them to be reasonably worth. An exchange of claims on this
basis for assets, of course, will have thc result of liquidating a large
portion of both the assets and liabilities of the bank, but is not in a
true sense of the word covered under the heading of 'bffsets", hence the
reason why I am not able to answer your inquiry under paragraph listed
as "First".
With reference to your paragraph listed as "Third," as I
stated above the recoverable value of the assets at the time the
Guaranty Fund Law became inoperative was compiled by myself but has
worked out about as follows:
We have paid in general dividends to creditors on banks
which properly came under the Guaranty Fund Law the sum
of 44,291,594.32 in general dividends.
We made a recent appraisal of the remaining assets and
have determined their recoverable value to be 41,807,403.25.
You will note that the recoverable value of the assets was, therefore,
about 46,000,000.00 in place of 45,000,000.00, the larger amount
given under the recoverable value and referred to by yourself. However,
the apparent discrepancy between 45,000,000.00 and 46,000,000.00 can
probably be accounted for in this manner: At the time we made our estimate and reported the same to tne Guaranty Fund Commission, whicn has
been reported to you, we had paid dividends of approxilLately Z1,000,000.00.
Consequently our appraisal was probably about correct.
You understand, of course, that during the time the Guaranty
Fund was in operation the Receiver continued to pay dividends just as
though no Guaranty Fund was in operation. The only difference between
our operations at that time and now was that when we paid a dividend,
dividends going to creditors who had been accepted under the Guaranty
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Federal Reserve Bank of St. Louis
Fund Law Tere paid to the Commission, and in turn by the Commission
disbursed to the individual claimants.
I don't know whether I have made myself entirely clear or
not, but if not, I wish you would fee'lperfectly free to write and ask any
questions you may desire.
Yours very truly,
(s) L. R. Baird
L.
Lf1B:JS
•
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Federal Reserve Bank of St. Louis
4. Baird, Receiver
C
L. R. InkIED, Receiver
Bismarck, North Dakota
January 17, 1965
Lortier J. Fox, Jr.,
Chief Statistician,
Federal Deposit Insurance Corporation,
Washington, D. C.
Dear Sir:We do not keep our records so that it is possible to
furnish much of the exact information which is being asked for, for
statistical purposes, and therefore this reply to your favor of Janutry
7th, I fear will not be as comprehensive and correct as you would like
to have it. The information, of course, could be compiled, but it would
require an enormous amount of labor and expense, and we do not feel
"warranted in incurring such expense. liowever, 1 am going to give you
the information as nearly correct as I can, with some explanations.
Your first question is as to the amount of deposits in
banks which failed during the time the Guaranty Fund was in force.
This information has been furnished you by the State
Examiner, under date of January 6, 1965. His records are more complete
on this informLtion than ours are, and therefore I shall not attempt to
modify the figures whicA no has given you, as I feel sure they are quite
correctYour next question is - what dividends were paid to
deositors through the liquidation of assets of closed banks.
I take it that this question means, during the tidie in
which the Guaranty Fund Law was in force, and as to sucn banks which
closed subject to the law. Many claims against banks are eliminated
through off-sets, compromise settlements, etc., and as to such claims,
' of course they will not participate in dividends. On tanks which closed
during the time the Guaranty Fund Law was in operation we have thus far
paid, in casn dividends, the sum of 4_51670,541.90: There are still 199
banks on which the final dividend has ria - teen paid.
Since the Guaranty Fund Law became inoperative, which was on
July 1, 1929, the banks whicn have closed had general clair.s, which
included some ciiims other than deposits, in the sum of $11,862,786.1)0,
and on these banks we have paid, in actual cash dividends up to January 1,
1935, the sum of $1,305.881.29. Most of these banks are still in the
process of liquidation.
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Federal Reserve Bank of St. Louis
•
MFF-2
It is impossible to give you an accurate estimate of the
actual amount of cash that was collected on statutory stockholders
liability. In nearly every case, most stockholders were also liable
on guarantees and direct paper, and in such financial condition, that
it was impossible to collect all that they awed, and consequently the
settlement was generally that of a settlement of all of the individual's
liabilities, whether the same was incurred on account of the ownership
of stock, direct obligations to the banks, or guarantees. I have tried
to esti ate this recovery, and as near as I can tell it amounts to
somewhere between 3D and 40%.
I do not believe that it is possible, from these figures, to
drat any general c)aclusions, but from my experience in nandling closed
banks in this State for the past 11 years, it seems to me that the banks
which have closed after the Guaranty Fund Law became inoperative, were in
better condition and a larger percentage has or till be returned to the
depositors than in those banks which closed during the time the Guaranty
Fund law was in operation. The only way that I can account for this is
that there were stricter examinations and more attention given to the
condition of banks after July 1, 1929, than there was prior to that time.
Then, too, from complaints which te have received from time to time, it
seems to me that the Guaranty Fund Law, as operated in this State, was
conducive of loose banking.
I feer that this does not give you the desired information,
but as I explained in the first part of this letter, without the exnenditure of a large amount of money, and trouble, it is impossible to get this
information for you with any degree of accuracy.
Yours, very truly,.
•
(s) L. R. Baird
L. h. Baird
LEE:H
•
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Federal Reserve Bank of St. Louis
heceiver
C
111
laylor
'tenor ter
jriAIE OF ri0h1H DAKO1A
SUPhEME GOUhl
Bismarck
December lu, 1934
Dear Judge Biruzell:
Your favor of December 6 came to hand last evening and
I hasten to send such information regarding the experience of North
Dakota with the Guaranty Fund as i have been ahle to secure from the
State Examiner's office.
Enclosed you will find copy of a letter written by Gilbert
Semingson when he was State Examiner to Mr. 1. li. Maier of St. Paul.
I am told by those in charge of the examiner's office that this letter
contains all the statistics qvailable with reference to receipts and
disbursements of the Guaranty Fund while the law was in operation.
I am also sending you under separate cover copy of the
guaranty laws, which you probably already nave, but a duplicate copy
may be of use to some member of your office force.
If the information contained in Mr. SeminEson's letter
is not all that you wish, please write me again and give me further
instructions as to the information you desire.
I presume you are awareof the political situation that has
developed in North Dakota. It seems we go from just one sensation to
another. What the outcome of this latest move will be, it is impossible
to say at this time. About all we are able to determine definitely is
that the Supreme Court will have another nasty mess on its hands, and
no matter which way they decide they will be condemned by somebody. It
is surely a most unfortunate matter, and that the effects will be on the
politics of this state I do not know. Things seem to be getting worse
rather than better.
We were all very happy over the re-election of Judges Burr
and we feel that r. Yorris will make a valuable member of
Nuesile,
and
he qualifies. I presume it is really not necessary for me
when
court
the
the
comment
on
political situation in this state, as I suppose you are
to
fully informed already.
•
Thus far we have had a very pleasant winter. There is practically no snow and we have had no bitter cold weather. The states to the
east and south of us have suffered greatly from deep snow and extremely
cold weather. We have had only one morning rhen the temperature fell how
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Federal Reserve Bank of St. Louis
zero and then not more than six degrees. At hochester, bannesota,
two or three day3ago the thermometer registered 24 degrees below and they
have had a lot of snow all over that pert of Linnesota, Iowa, and most
of Wisconsin. The open winter here has been a great boon to stock
raisers particularly.
i trust that you and your family are well and that you will
enjoy all of the good things tht-A the holiday season offers.
Very truly yours,
(s) h. J. Taylor
EJT/s
411
Hon. L. E. Birdzell
Federal Deposit Insurance Corporation
National Press Building
liashington, D. C.
•
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Federal Reserve Bank of St. Louis
CWsk
eTAT
January 24, 1935.
Mr. L. R. Baird, Receiver,
Bismarck, North De.kota.
Dear Mr. Bairds
We wish to thank you for the Information contained in
your letter of January 17th. The nill be very useful in our study
of deposit guartnty, especially the figure in regard to dividends
paid on ciaLas.
There
have inforau,tion,
If the records do
proxiwto amounts
are still questions about which we would like to
if it can be given without an undue amount of work.
not show the exact figures, your opinion of the apvould be useful.
First. The State Exa liner, in his letter of January 3,
reported the total amount of deposits in banks which failed during
the ti:se the gu4;renty Law was in operttion at 08,816,340. He reorted, also, that the total amount of certificate° issued and
approved by the fUnd equalled (23,029,191. There is thus a diMrence
of t15,787,149. Is it possible to tell how much of this difference
was composed of secured deposits, !ind how much of unsecured deposits
which were eliminated through offsets, compromise settlements, etc?
Second. What MOP the amount of payments on secured claims,
and the &count of parafnts (by offsets, etc.) an unsecured claims which
were eliainated and for which no certificates were issued?
Third. What is the present estimated recoverable value of
assets of these banks still in the hands of the receivers? We have un
est1-114,te that the recoverable value at the time the law became inoperative was from three to five million dollars. Presumably a Art of this
has been collected sinoe that data.
Wirer() anxious to obtain the fullest possible information
regarding the operation of state deposit gubranty plans, and are very
grateful to you for your coo?erstion.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Very truly yours,
Mortimer J. Fox, Jr.,
Chief Statistician.
FHOM
STAT
00111NO,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
February
6,
1)55
Mr. LW 14 Mardi Meceiver,
Diamerek, North Dakota.
Deer Mr. lairds
Tour letter of January 29 made clear
several of the points which vere making diffieult for
U5 a reeonclliatioa of the statements
whisk ve have
rthored tree various source* concerning the Depositors'
1-rAnty rum or North Dakota.
tAZICi
Thank you very such for your careful
detailed explanation.
Very truly yours,
Mortimer J. Fox, Jr.,
Chief Statistician.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
STAT
MAW CON
October
19S4
In, Adam Leer,
North Dakota nate ,Mba. Laaminer,
do Nntional Conference of State
SupervL:ing Officials,
Lord Baltimore Hotel,
Baltimore, Maryltad.
Doer Mr. Lefors
In connaQtion with our studies or the
banking laws and their osertl:pn in the stntei ahlch
have in the pest hid depoldt inurance or raarsnty lame,
it would be of valualls a:Jaince if one of t!2e .;:istabers -I' this Division ao-.:zic have a peron,1 interview
with you while yau .re in this neighborhood.
nur fir3thand knowledge or tho eituntion in North Dakota woui zhed light on how the variow
parts of the law operated.
Will you plesue sdvi3e us ow to wen
and where thi, interview amy be ha40 either hale in
Washington or in Baltimore. As the tine t so short a
telegram seat collect to the StatisWel Diviaion,
Federal Deposit Inurance Corporation, WaAhrngten,
Do C. would be appreti&ted.
Very tru4 yxr
tMaued) ug.r
Mortiror J. Fox, Jr.,
Chief Statistician.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
STAT.
B.
DecostNAr 21,
Mr. Ades A. Wort
State Itaaatair of illkarth Dakuta,
Bismarck, North Dakota*
7tear Wr. Lefors
The jtetistical Division of the Pedaral
Deposit Insurance Cororatioa is welxisp s otier of the
f:vierratty of bask deposits by vmriow ststits• We are
experie3sise sews difficulty in securing stctistics
concernist the o,:eratloo of the rum: in Morth Dakota'
We would like to have the followinr
ferustions
The total *nowt of deposits in bane., which
failed iuring tha tine the g4arenty law was
in force;
The saewst which was recovered frorl the liquid/Ai** of closed `ren,,s. *soots;
The total **count of certificates issued.
ra regard to the rued itself, whst were
the reeelpto froo aseesementa of Wake sal eat. fr3a
Whereat aid other souroire? What was the ipx,mas,
‘ of
seavetteg the teen What av:ount vas paid la the car.
tifiostsal lere there alms *later for interest?
IS iihindid be very sled if you woald
eamwar say of these quov.tionsi. If rush Laforse.f.ion
ham been pJblAShed, we sovad ap_Taciftto your telling us
whore it Can be seeered. on will be very grateful for
sr* aralstanoe vhioh you cAn ronder 12114
Very truly yours,
Marti...Ler J. For, Jr.,
Chief -tatisticten.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
IsTPT
October 11, 1134
Wt, F. D* McCvrtney, President,
North Dakota Dtmkern Associationa
American telkt;ra hmsociation Convention,
Nillcrd kir,tels
luahington, D. C.
Dear Mr. 2c0-rtney1
In connection with our studies of the bait.
in.,:41 laws end their optratiQn in the ntnteA which heiro la
t!lc part htd deFwAt inzurance or rni,ranty Uwe,
it would
cf
nc,
,trtance tf onl,, of the members of Vqn
Division could have a peroonol interview with you white
you are in Washington*
Tour firrthzial "tnowlIdvc of the situation
in North Dakota would, he liz,ht on how the vario
us pbrts
of the law operated*
The offices of thc Xrdr-21 re:3volt Insurance
Corporptim mrf, locnted in the Wtiontil PreNs DuPdl.ng,
rtich
juot across the strPot fron 4 h,
; ?!4.11Ard Heel.
Our room nyetty'r is 433 1(1. 19r telfr-,hone number is
District
1240, ratenston 112.
Is would alorecthte your granting us un inter.
view and advising us when L.ad where it 19,7 Ns
had.
Very truay your.4
Kortimar J. Fox, Jr.,
Chief Stntistician.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
STAT
PIII7111
December 19, 1934.
Mr. R. M. Ittengler, President,
leak of Borth Dakota,
Disnark, North Dakota.
Dear Mr. btamglert
While lerking in St. Paul for the Yarn Credit
Adelnistration under Mr. Crowley I cane is pleasant contact with
you4 I an now in Dashington with the littoral Deposit Innurance
Corporation, still working with Mr. Crowley.
The etatistiocl DLvision is making a study of
Sauk Deposits by various states. Mere has been
of
Guaranty
the
eene difficulty in securing statistics relating to the Guaranty
Fund of North Dakota. Naturally my thoughts turned to you as
ome well fitted to give as assistance in this matter.
The following is the information wbieh is desired*
Receipts,
Assessments of banks,
Liquidation of suspended banks in fund,
laraing and other receipts.
Disbwreementss
Payment of depositors' claims,
Interest on borrowings,
Xxpons* of operation.
It may be that you can refer as to some printed
report in which I will find all of this informatiou Any asoistwice which you can give se will be greatly pwreciated.
Very truly yours,
Mortimer J. Vex, Jr.,
Chief 8tatistician4
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
MEM
T
OctoLor 19, 1):54
Mr. C. C. Wattc-m, SecretLry,
North Dakota Ltnx;reOCiLtip
Americvn Bankers Asz,ociation Convention,
WjllrdNotel,
Washington, D. C.
Dear Mr. Wattt.as
In eor,uvctlfra with o'.:r studies of the bank.
ing laws and their opftration in tht. states which h4ve in
the post hp,d deposit inruranco or guaranty laws, it would
he of vcrlable csristn,nce if one of the members of this
Division co414 h, ye n personal interview with you while
you z„re, in Washington*
Xour firsthand knowle4e of the situttion
would shod 1iht on how thc various vrts
Lakota
North
In
of the law opev,tad*
The offices o!' tht- Pcdnr,.1 T)eposit :7,e7n nee
.1 Press Buildinc,
Corpon,tion are locnted in *he Mr.tt<in,
lAilch to just across th.9 strAset from the Wille;rd Hotel*
Our room numhtr ts 133 tnd our telephone number is District
140, Yxtmsion 11:1*
We would appreciate your grantinz ua cn inter—
view and advising us when and *htre it say be had.
Very truly yours,
J .roz, Jr.
Aortim=r J. Fox, Jr.,
Chief St tisticivn*
1
0
FEMEAAL DEPOSIT FLISURANCE CORPORATION
St. Paul, Minnesota
October 2, 1934
r. J.
Chief, ,..)- uining Division,
/*Ural Deposit Insurance Corl.A)ration
Vaildagton, D. C.
Dear Mr. Nichols:
At the tiue of our recent conference in Washington,
you
requested that you be furnished Tith all information pertin
ent to the
Operation of the Guaranty Iltrids in the States of North
Dakota and South
Dakota. The history of the luaranty 2und of the State
of North Dakota
is as follows:
The oricten1 law creitine a Depositors Duaranty 'land in
that State as 'passed by the Lec7islature at its 1917 Sossion
and the
Fund bean its operation on July 1st of that year. This
Pet, being Chapter
126 of the 1917 Session Laws, provided for a guaranty Fund Cc:omis
sion to be
composed of five members, the Governor, the State Examiner,
and three men
bers a-nointed by the governor from a list of Mine men select
ed
the
banks directly affected by the provisions of the Act.
7sach bank admitted to the Fund, under the provisions of the
Act, was reuired to file a statenent of its average annual
deposits with
the Coaqission. The Law provided that an assessment of one-twe
ntieth of
one percent of its averaze amenal deposits was to be levied
against each
member brink, and four additional assessments of a like amount
could be
levied against endh mesiber bank until the casAireserv of
the Depositors
- uaranty Fund had reached a level of one percent of
l
the total averace annual
denosits of all member banks. When the casgreserve of the Fund
had reached
this fiL;ure, the assessments were then to be discontinaed
uhtil the cash reserve had been depleted below one percent through the closin
7 of a member
bank. Zhe oili4na1 Law provided that upon the dlosin of
a bank it wa.,ild
be the duty of the State 7xaminer to prepare an iterniz
ed list of all of the
liabilities of such bank and certify same to the Depositors
Garranty Pund
Commission for payment.
The 1917 Law was revised and rewritten at the lUZ Sessio
n
of the Le -iilsture and I ani sending you, hereAth a copy
of the 199 Conipilation of L,
Ies aelatilv to State Banks, Savincs Banks and Trust Coopani
es. On
pa,;e 90 of this Compilation you will find Chapter 31B of the Supplem
ent to
the 1913 Compiled Laws, which sets forth the entire Law relatin
g to the
Depositors Guaranty Fund, as revised at the 1923 Session.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
F
...••••pif
Guaranty of Deposits Act was repealed by the Legislature
at its 1929 Session, the repeal measure being Chapter 122 of the 1929 Session
Laws, Which became effective July let of that year. A copy of the repeal
measure will be found on Page 104 of the 1929 Commilatien.
The luaranty Fund Law in the Statc of north Dakota was ther. a
fore in operation twave years. Duriree this time there was an income, tie •
assessments levied against member banks and miscellaneous fees eherged, of
$2,076,169.98. During the same period there eere three hundred and fortmember banks closed, creating a liability in the Fund of approximately
$25,000,000.00. The first two banks to close were paid out in fullN t.
Guaranty 7Und. These two banks closed in 1919. /In 1920 banks clos‘d so fast
that it was impossible for the Commission to wait the claims filed aeainst
the 2und, and they then adopted the policy of mine a ten percent dividend on
banks in the order in which they closed. fhis practice was continued until
1929, at 'which time the Act was repealed. Duriaa this time the CommIssie paid a ten percent dividend in connection with two hundred and one State
and there were one hundred and thirty seven State belare which had closed bet
in connection with which no dividends had eeen paid. 24e Repeal Measure previded that the funds remainine: on hand. be prorated to the creditors of these
one hundred and thirty seven banks, and in accordance therewith a final dividend of one percent was then declared. The total dividends paidout by the
Guaranty Fund in connection with the three heeAred and forty member banks
which closed amounted to approxieately $2,000,000.00.
In addition to the reduction of 4,000,000.00 throudh the
dividends declared by the ?and, the liability of the Fund had been reduced
in the amount of ap:raxlmately $3,0 ,Oee.00 Chrouah dividend payments made
by the aeceiver of the insolvent banks, leavina. a net unpaid liability at
the time of the hepeal of approximately •e20,006,0 -.00. Most of these bwere still in the arocess of liquidation and it is aeobable that the net
liability of the 2und in connection with these three hundred and forty banks,
after all liquidation by the Receiver had been applied ther-on, would have
been between $l5,00.,00:.00 and 4;17,0 0,000.00. At the time of the repeal
measure, the annucl income of the Fund through assessments aeainst croon
members was approximately $l00,00..00. With this incoee, it wo-dei have taken
over one hundred years to have liquidated the determined liabilety of the
Fund at that time. There have been many' banks closed since the repeilof the
Act, idildh would have added to the liability of the .?and, had the Act not
been repealed, and eh/eh also would have decreased the income of the Fiend
throueeh assessments.
Of the Guaranty of Bank Deposit laws enacted by eleven or
twelve states, I believe all were repealed, with the exception of the law ir
the state of Mississippi. In that ease, the state issued bonds for about
$20,0 ),000.00, in order to pay off the liability of the Depositors Guararte
Fund. There was an initiated measure introduced in the state of North Dal:
attemptine to float a bond issue of $25,000,0 1 .00 for the same purpose, b .
it was hopelessly defeated by a vote of thirteen to one majority.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
" A:142a
—4111"
,
*"
VRA,
The Guaranty Fund law of the state of north Dakota can
hardly be compared with the Federal Guaranty ff Deposits Section of the
1933 Rankiiv Act, inasmuch as in that state the z;Ilarantee of Jeposits was
unlimited and under the new Federal Act the de7,osits are olaranteed only
to the extent of $5,000.00 Then again, the Fede sal Government has lent
its support, both financially and morally, to this Law, litale the State 7'
North Dakota made no financial contribution Whatever to the FUnd. In that
State, onl:f ;1. of
of the total ., e.posits could be levied in assessments
in any one year,
the federal law provides for a levy of * of l and
additional assessment of a like amount may be levied in any one year.
North Dakota banIcs, urcler the Guaranty Fund, did not have the opportunitto rehabilitate their capital structures as isiiminc done under this a
Mama Act Iv tl,e Government thwoudh the Reconstruction limamoe GorporaL
North Dakota pioneered in this movement and did not have a
okaase to profit by the experiences of others in a Ulm undertaktmg.
There
mew have been too much haste in qualifyiw: banks for admission and the
requirements were not as stringent as they are under the Federal Act. The fund
in that state had to be built up tkrourh assessments and had not been in
operation long enough to create a reserve that would be sufficient to core
with the gre;:t numb,Ir o: sank c1osiN7s, which were due primarily to depressed
agricultural conditions. Agriculture, during the time that bank closings
were
at the peak, wag at the loweqt ebb that it had been in a hundred years.
The above is believed to be a comprehensive survey of the
operation of the Depositors •luaranty Fund in the state of North Dakotrl
and
it is hoped that it will convey to yon adequate infornrAtion.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Yours very truly,
L. J. 17221 Brunt
Sirlervisint7 11xa -liner
T,mn District
February 17. 1934.
Vr. T. D. Maier,
Chairman Tducational Committee,
The First National Bank of qt. Paul,
St. Paul, Minnesota.
Dear Sir:Replying to your letter of the 14th inst., the original lAw
oreatinp a Depoeitors Guaranty Fund in the State of North Dskota
was passed V.7-67ii-Legislature at it 1917 Session, and the Depositors Guaranty Fund began its operation on July 1st of that
year. This Act, being Chapter 12b of the 1917 Seseion Laws, .)rovided for a Gliarhnty Pand Com&Assion to be composed of five
members, the Governor, the State EAFeiminer, and three members
appointed by the Governor from a list of nine men selected by
the banks directly affected by the provisions of the Act.
410
fl
Zach bank admitted to the repoeitore Guaranty fund under the
provisions of the Act as required to file a statement of its
average annuA. deposits Tith the aomission. The lar provided
that an assessment of one-tventieth of rne per cent of its average annual deposits was to be livied against each member bank
each year, and four additienal assessmente of
like iJmount
could be levied against each member bank annually until the cash
reserve of the Depositors Guaranty Fund had reched an amount
eaual to one per cent of the totA. average Lnnual depoits of
all member brics. Then the cash reserve of the Fund had reached
this figure, the assessments were then to be discontinued until
the cash reserve had been depleted below one per cent threuFh
the closinq of a member bank. The original law provided that
upon the closing of a. bank it would be the duty of the State Txato prepare an itemized list of all of the liabilities of
such bank and certify the same to the Depositors ronranty Fund
Commission for payment.
The 1017 Law was revir-zed and rewritten at the 1923 Session
of our Legislature. lre are sending you underseparate cover a
copy of the 1029 Compilation of Laws relating to Stte Banks,
Savings Banks and Trust Companies. On page 00 of this Compilation you will find Chapter 319 of the Supplement to the 1°13
Compiled Laws, which sets forth the entire law relatinF to the
Depositors Guaranty Fund, as revised at the 1973 Session.
4011
The Guaranty of Deposits Act was repealed by our Legislature at its 107•0 Session, th.-! repeal measure being Chapter 12 of
the 1929 qession Lars, which became effective July let of that
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2.
Page
Yr. T. D. Maier.
4411
year. A copy of the repeal measure will be found on page 104 of
the 1929 Compilation. The Guaranty Fund law in this State was
therefore in operation twelve years. During this time there was
an income, through assessment levied against member banks and
miscellaneous fees. charged, of $2,076,169.98. During the same
period there were three hundred and forty member banks closed,
creatirv a liability in the Fund of approxim&tely t25,0000000.00.
At the time of the repeal of the Act, this liability had been
reduced approximately $2,T)00,000.00 through dividends declared by
the Fund, :nd ap9roximately 3,000,000.00 through dividends made
by the Receiver of the insolvent member banks, leaving a net unpaid liability at the time of the Repeal of approximately
$20,000,000.00. It is probable, however, that the net liability
of the Fund in connection with these three hundred and forty banks
after all liolidation by the Receiver had been applied thereon,
would have been between 15,000,000.00 and 117,000,000.00. At
the time of the repeal measure the annual income of the Fund
through assessments against open member banks was approximately
t100,000.00. "Ath this income, it would have taken over one
hundred yaars to have liouidated the determined liability of the
Fund at that time. There have been many banks closed since the
repeal of the Act, which rould have added to the liability of the
Fund, had the Act not been repealed, and rhich alo ro,ild have
decreed the income of the Fund through assessments.
410
Of the Guaranty of Bank Deposit laws enacted by eleven or
tirelve states, we believe all were repealed with the exception
of the law in the State of Mississippi. In that case the ltate
issued bonds for about I20,000,000.00 in order to pay off the
liability of its Depositors Guaranty Fund. There wa.' an initiated
measure introduced in this state attempting to float a bond issue
of 125,000,000.00 for the same purpose, but it
hopelessly
defeated by a vote of a thirteen to one majority.
As to some of the differences between our North De<ota plan
and the Guaranteed Deposit Section of the 1933 Bankin Act, the
guarantee in this state was unlimited and the State was not behind
it. The Federal Government is behind the new Federal Act, and
only guarantees deposits in full to the extent of 12,500.00. In
our state law, only one-fourth of one per cent of the total deposits could be levied in assessments in any one year, while the
Federal Law provides for a levy of one-half of one per eent and
an additional aseessment of a like amount may be levied in any
one year.
:
North Dakota pioneered in this movement and did not have a
chance to profit by the experiences of others in a like undertaking. There may have been too much haste in oualifying banks
for admission and the requirements were not. as stringent a ,- they
are under the Federal kat. The fund In this state had to be built
up through assessments and had not been in operation long enough
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
_A
A
T
1
Pa e
3.
r. T. D. Maier.
to create a reserve that would be quffloient to cope with the great
number of closings, which were due to the agricultural economic
conditions which were at the lowest ebb they had been in a hundred
years, and North Dakota is entirely dependent on its agricultural
resources.
Very truly yo,Irs,
Deputy Txaminer.
.T"TG: L.
I
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
E. J. LANDER & CO.
ESTABLISHED 1889
•
INVESTMENTS
GRAND FORKS. NORTH DAKOTA
FILE
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
November 6th, 1934.
Miss Winifred M. Mulloy,
c/o Federal Deposit Ins. Corp.,
Washington, D. C.
Dear Winifred:
Your letter of October 23rd, asking me to give you
my views with respect to the guaranty of deposit law
which was in effect in our State some years ago, came duly.
I laid it aside hoping to get to it within a day or two
but here it turns up today wholly unanswered.
Now, Winifred, you know th-t I would go a long ways
out of my way to do most anything that you would ask of
me, However, I have been so tremendously involved in
details and business generally during the last few weeks
that I scarcely know which way to turn and my mind is far
from being settled--but like a grasshopper jumping from
firct one thing then to another almost blindly; and now
I am unexpectedly leaving for about a week's trip in
Montana. Upon my return there will be a mountain of work
awaiting my attention, so under these conditions, I am
sure that you will excuse me from giving even a minuteb
thought to the proposition you submits
Frankly, I am in favor of the F. D. I. C. notwithstanding the fact that North Dakota's experience with the
guaranty law was unouestionably of little advantage to
depositors and of distinct disadvantage to even reasonably
well managed banks. During the period of its existance
however, conditions were so abnormal that it seems to me
that even the crude law which we had did not have even a
fair chance to demonstrate itself.
Our agricultural depression out here really started
following the winter of 1919-20, but most of us did not
then and do not now, recognize that as a fact. You know
of course th-t we lost more than two-thirds of our State
Banks that were in existance, in 1920. What could the
poor country banker do anyhow with land values vanishing,
short crops, crop failures, and unheard of low prices?
That's what we have had, not every year, but most of the
time since the beginning of 1920; so with or without a
guaranty law, country bankers out here found their
securities and notes and mortgages largely uncollectable.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
E. J. LANDER & COMPANY
November 6, 1934.
Miss Winifred Mulloy
Page No. 2
In 1929 and following, if they were so fortunate as to
be carrying bonds as a secondary reserve, they found
thpt they were faced with tremendous losses when
obliged to realize on them. So, there you are:
With sincere best wishes and kindest personal
regards, I am
EJLVP
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Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A A/ 7-
eive
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YC-eel
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of
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4)e
:
-*DLI
,
ei
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,r.2
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ite
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4644.0.7
Tablei.
End of
year
Number of banks
National
Total Guaranteed
banks (not
all
banks State
guaranbanks 1/ teed) •2/
1917
861ft
705
1918
1919
87#11
899
875
844
850
744
679
643
556
513
471
709
723
694
661
665
569
513
482
409
371
337
1920
1921
1922
1923
1924
1925
1926
1927
1928
NUMBER AND DEPOSITS OF STATE, AND NATIONAL BANKS IN
NORTH DAKOTA, 1917-1928
1641
16fg
176
181
183
185
175
166
161
147
142
134
Deposits (in thousands
Guaran-National
Total
banks (not
teed State
all
guaranbanks 1/
banks
teed) 2/
$171,495
$104,590
210,361
229,712
186,769
158,999
122,882
130,837
103,955
85,489
180,123
162,868
196,818
197,749
175,182
175,896
174,184
95,499
80,006
88,078
86,351
69,613
65,159
59,773
$66,905
87,479
98,875
82,814
73,510
84,624
82,862
108,740
111,398
105,569
110,737
114,411
Source: State Banks and./Trust Companies, North Dakota State Bankin
Reports; National Banks,"-31gpOrtt of Comptroller of the Currency;
Includes tr_4A,c.OV.11:)11. es.
of North Dakota•4/.1‘
;
Includes
IV
•
'
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
41‘if;44"/
Guaranteed
banks as percentage of
total
Number Deposits
81.1",
80.8
80.4
79.3
78.3
78.2
76.5
75.6
75.0
73.6
72.3
71.5
Bo9.71 Lay
61.0%
58.4
57.0
55.7
53.8
53.0
49.1
44.8
43.7
39.7
37.0
34.3
•
End of
year
1917
1918
1919
192o
1921
1922
1923
1924
1925
1926
1927
1928
Table
NUMBER AND DEPOSITS OF STATE AND NATIONAL BANKS IN
NORTH DAKOTA, 1917-1928, BY YEARS
Number of banks
National
Total Guaranteed Statebanks (not
all
banks banks 1/ guaranteed)
866
877
898
874
843
849
743
678
642
555
512
47o
7o5
7o9
723
694
661
665
569
513
482
4o9
371
337
161
168
175
180
182
184
174
165
16o
'46
141
133
Deposits (in thousands)
Total
GuaranNational
all
teed State
banks (not
banks
banks 1/
guaranteed)
$171,495
210,361
$104,590
122,882
214,258
173,658
152,384
173,002
155,747
184,136
181,505
153,466
149,210
143,659
130,837
1°3,955
85,489
95,499
8o,006
88,o78
86,351
69,613
65,159
59,773
$66,9o5
87,479
83,421
69,703
66,895
77,503
75,741
96,o58
95,154
83,853
84,o51
83,886
Guaranteed
banks as percentage of
total
Number Deposits
81.4%
80.8
80.5
79.4
78.4
78.3
76.6
75.7
75.1
73.7
72.5
71.7
Source: State Banks and Trust Companies, North Dakota State Banking Board
lofts; National Banks, Reports of Comptroller of the Currency.
1/ Includes trust companies.
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
61.o%
58.4
61.1
59.9
56.1
55.2
51.4
47.8
47.6
45.4
43.7
41.6
12 -
Table 3.
4
,
NUMBER OF GUARANTEED AND NON-GUARANTEED
BANKS IN NORTH DAKOTA%
,
,4
Years
1917
1918
1919
1929
1921
1922
1925
1924
1925
1926
1927
1923
-1929
,
Nutsber-aVguaranteed banks:
\..
Total
State
Pri a
.-,
P14\1
banks
b
fr-‘gt
166
8'71
i'/• `--------
lbs
70n
-7,y3 v,s---
Vg
7i
VP/
F13
0,1
743
6-(0.1
Of
61 3
77.1
7f3
76,(1C7
7V7
337
VP
7/,7
7/4
/
0
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
53 10 29)14-
k.
(ts, -4
1
National banks
(Not guaranteed)
-13-
Table 4. DEPOSITS OF BANKS PARTLCIPATING
AND NOT PARTICIPATING IN THE DEPOSIT GUARANTY
PLAN IN NORTH DAKOTA
4
4
Years
Nunttr
-tOtal
iaranteed bmi&sir
State
ftte
,
P24
bankw4
banks- t-Le4
National banks
(not guaranteed)
I
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
Iaaa
moo
173,Cr?
/6-.2,3P9
t )0 ii,Sq0
1,1; 3i1
‘3c)s3 -1
o3ciLS
gS
Y99
trS7V 1
iSY /34
/81(r
ro66
RiZ 071?
R (.31/431
13
S9
sct )1
cI
4/,0
6/./
6-1.4
st, 1
6,6 9or
Li77
?1 t4.11
4ct '7 t).3
57,
tc, els'
fl S3
1 s7 J41
97,6
Y,S7Y
t/3,7
9‘osi
cis Is4
,r, 8s 3
24 osl
at?
,
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-
A
TABLE 7) . NUMBER4OF OPERATING BANKS IN NORTH DAKOTA PARTICIPATING AND NOT
PARTICIPATING IN THE DEPOSIT GUARANTY SYSTEM, JULY 1, 1917 TO
JULY 1, 1929.
Participating
•
Deposits of operating banks,e4.„.. .4.-jbanks as perParticiTotal
Not partici- centage of
pating
pating
operating banks
Number Deposits
Number of operating banks
Not particiTotal
Year
pating L31
end:1
47.<
Al0341
1 1.0.5Z
5
/73‘58
/5R38//
/7306'215P1q1
9
1?f13(
1920
1921
1922
1923
1924
121.5,6
/53464
?Pi0
II/365T
•
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Federal Reserve Bank of St. Louis
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5r1/5
01V32,
3/8
/1 0/0,W
?'1.,1
FD,?
E0.5
6.0.9
58% 1-1
6.V103
/7'7,V
S7,1
'77563
7,5-qqr
g605V
753
76,‘
75:7
55„-2,
s1.4
41.8
838'3'3
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Federal Reserve Bank of St. Louis
yi
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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All banks in State,
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or trim'
Total
Aoaa depos
cludin
Date
ts
trI;St
and
coz.panies (thous ds)
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
STATISTICAL jATA 1-14GARDING DEPOSIT GUARAliTY .;.1) L A/gv4 (.742_4!
1. JOVERAGE AND ASSESS.
iE State(State reports or
Al]. banks 1_ State - averae of call dates
abstracts) Call date nearest Janr 1
Date
ur-ber
Total I
depositS
Tota
depos
•
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6-eh-Let.0
rvja7
9-3.301
9pz 76 /
/p2 b
0—a7-g)
17
f ;t:t
lir
/2-31-11
/ay 76,3
f.814
765' Jog 590
707 V g2.2gga
7,23
1308v37
0315
77'i *-t'p6
7/6 *1
.r.76 44/
76 i76
6:3 7.57
76
500.311
5'1,3 10
31i:44,1
i21-2
o
75499
5109
5/3
1-4,
12.-3t-'a.
I W31-2
0
i? r/9
G7,03
77tre 3
7 7(H
tios.
-t
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3
yap
88/01
86351
Vlie
1251 59
57,1
iraSt
705
biq
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a
3
707
6114
le
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G(04 (047 /
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371 3 ct
.33-i 33
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/4/GI
/7314
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930
/03M
/;775
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'/i7'15 113 Ls'?.11
/544r
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1( 8'30
/0 bq I
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8769q
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7567 it4as! t12-1
67141
55'
qo:0 I
02.00
(
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ifyq
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ri
Assessments
rriount
De15esits!on ilcte oi
which i
assessme4 aspescrA
assessmts percent
icvlea!
ere based deposit
445
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,
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Federal Reserve Bank of St. Louis
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bx •
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i. 3,0
Sit
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fraiJ
•.
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410.rit
r
.77,14
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1117
61
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3.47851
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2:7`1,0P.•
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33
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I
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as4.
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1417-
Lis
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•
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Federal Reserve Bank of St. Louis
3611 40
635'
160R70
p_r796"97o
0313 14.51/ 77,25/6
,'••••( Po;• •
th
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,
j
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Table
•
Year
6.
NUMBER AND DEPOSITS OF STATE BANKS IN NORTH DAKOTA CLOSED BECAUSE OF
FINANCIAL DIFFICULTIES, JULY 1, 1918 TO JULY 1, 1929
--.CALLQIILits-141-1.4etteemole.).,Number of banks
Deposits
Annual failure rates
Total Involving Reopened
Total
Banks with Banks with Number Deposits
1/
payments
with no
payments
no payment per 100 per $100
from -c obligation
from
from
active in active
guaranty on the fund
guaranty
guaranty
banks
banks
fund
fund
fund
1/
1/
Total El
1919
1
1920
18
1921
35
1922
9
1923
85
1924
65
1925
25
1926
48
1927
33
1928
33
1929 4/ 19
•
340
1
18
27
7
77
61 3/
25
31
OBI/.
MOON.
8
2
8
4
43
5
33
30
18
3
1
11,4
1;
45%rlLf
i
il
$43,wwv
4,73- 7--r
$4,141
Q41
.a
t
'
3,478, i 3,478,-7---/
4,923,5v 4,062)6/7
1,278,1-21,071,2,03
10,260039,13i5;5# if
6,98i16,74%t
2,394P-32,39,0423
5,167,;498 4,383/7/
3,691/4°1' 3,691,./a 32,744132,160,1.7o
2,03179ov 1,772. f,/ 6
5.5 2/ $3-60 2/
.of
.1
.
2.5
2.66
859,5-Ci
3.9
3.91
20r,0.20
1.1
1.25
1,131,.217 11.6
9.57
gj 10.7
8.43
4.9
2.72
784.991 8.9
5.08
8.1
5.30
63t#1,;/3 8.1
3.3213
259,0S-0
10.7 2/ .54..94
2/
1/ Tabulated from data in the records of the Depositors Guaranty Fund Commission.
There was no failure among participating banks prior to 1919. Four banks which did
not become participants in the guaranty system, and were placed in receivership /
during the third quarter of 1918!,
,are omitted from this table.
•"
(
40-ire. ,14
Ara—
41.41.1
2/ Annual rates.
7/ Includes 1 bank with deposits at closing of $4,859 for which no guaranteed
claims were allowed.
4/ To July 1, 1929.
.4-1
'
*4)
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
t,4 id
it
,
/#7
1
/ 1Y441°!-V1
TABLE
4111
Year
NUMBER AND DEPOSITS OF STATE BANKS IN NORTH DAKOTA CLOSED BECAUSE OF
TO JULY 1, 1929
FINANCIAL DIFFICULTIES, JULY 1,
•
194
Total
number of
failed
bankslk
Failed banks entailing obligations on the fund
Reppened
Deposits in
Numbert, Deposits (in Number
with no
suspended closed banks
dol1ars)0--obligation
per, OCIL per $100 of
on the funde,.
-7 deposits in
active banks
banks
1
ilmir"
19J44.1919
-
1920
1921
1922
1923
,3,q ta,251
Li-,062.,C3/1
/) 07/, an,,3
,icrt;r1
'If
1r
g5'
,
c 44,r
1924 (,
1925
1926
1927
1928_L _
1929ePr
*al
'
2,5
ti?
11-:3
33
90
Pi?
33
33
lq
q,363,///
60,210
g1q;31
3
543 ,O11LI Lt c7Sd
31.k
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1
1
/1
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
„
,9
TABLE
SIZE DISTRIBUTION OF
. /NUMBER AND TOM DEPOSITS OF PARTICIPATING BANKS IN NORTH DAKOTA
CLOSED BECAUSE OF FINANCIAL DIFFICULTIES, 1917-1929
Number
of
banks
Deposits
(in thousands of
dollars)
Total
qbQjj
Banks with deposits of $100,000 or less
$100,000 to $250,000
5250,000 to $500,000
23
ti PZQ
3
i 7g(i
$500,000 to $1,000,000
$1,000,000 to $2,000,000
52,000,000 or more
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Percentage of total
Number
Deposits
6,
3
,2.,J
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
/
TABLE
STATE BAITS T-
C\A-X441b,-
ii
, GROUPED BY Al20u_1 uF
ig,101
g
1917
1,T111,,IER
F BAZKS--
ktee-
19 14
1.9z.0
192-/
1_
totaL
xi
92-r.'
14'
/rz-7
1P-7
( ,7/
446
Group d by amou_l of deposit
100 S)00 or lessl
100
00 to 250 J100
250 00 to 500 400
500
,
1 7
/r
00 to 1 00 000
1 00
GOO to 2
00000
2 00
000 to 5
00 000
0
V
5 000 000 ad ov
/
tdtal
by amount of deposits
-77;
DEPOSt/
T'S
Groupe
100
00 or
100
00 to 250 d00
250
qd 72
1V
000 to 5
o 47 0
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:
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X'24 94
6‘2
:5•
,
14140;vAiQ
01).
L
I
/
10
r44,
47
I
/2 i
5 000 000 and o'er
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Federal Reserve Bank of St. Louis
/ 2)
/O
/7 7
7•
500 00 to 1 001 000
1.00 000 to 2 400 000
00
9a4,7.34
I/6 X 3'
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Federal Reserve Bank of St. Louis
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Tabulated from data from the following sources:
For failed state banks:x
North Dakota xxf , 1919-1928; South Dakota, 1919-1926 - from deposit guaranty
studies; South Dakota, 1927-1928 - fram Banking and Monetary Statistics,
pp. 288-292.
For remaining states - 1919-1920, from Willis, Banking Inquiry
of 1925; 1921-1928, from Banking and Mbnetary Statistics, pp. 288-292.
For failed state and national banks, 1901)(192i
1919-1926, homodix
contiguous let
ibit
entire United States,
from Texas worksheet "Suspension ratios in States
with Texas, 1910-1926"; 1927-1928, from Banking and Mbnetary
Statistics, pp. 2 88-292.
For failed national banks:
all states, 1919-1920
Annual Report of Comptroller of the Currency for 1931; 1921-1928 - Banking
and Monetary Statistics, pp. 286-287.
runs of revised "all-bank" data.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
For
operating banks, from IBM
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
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Managerial incompetence, inadequate earnings, or excessive
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The annual reports of the State Examiner to the State Banking Bo6rd
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Board, contain no information or discussion of the causes of bank failure.
An observer of banking conditions in North Dakota, in his address at the
North Dakota State Banking Association in 1926, placed relatively little
emphasis upon dishonesty and much emphais upon deflation of agricultural values
and excessive competition in his discussion of the causes of bank failure.
The following quotations are taken from the address of this observer:
....I doyi not think that corrupt conduct or dishonesty played
any material part in bringing about the catastrophe. tt is true
that the failure of some of the banks was hastened and, perhaps, actually
caused, by embezA.ements and dishonesty, but such instances are rare;
though there were many laws subsequently violated in perhaps mistaken
attempts to protect the depositors by keeping the banks from closing.
1
Beyond controversy, the chief cause was the deflation in
values which began during the summer of 1920 and which within the
next three years reduced such values at least 50%, bringing financial
distress to the agricultural interests and to all activites and business
dependent thereon.
....At high water mark, in Decemker 1920, there were 723 banks
and trust coiapanies to a population of 646,000, or an average of one
bank for each 800 people, men, women and childred, in the State.
Assuming the normal average of one bread winner tJ each five
inhabitiants, there was one bank for every 160 bread winners; in other
words, each group of 160, men or women of 0171,1 earring capacity, was
required to support one bank, if the banking business was to prosper;
obviously, this was impossible. 1/
70/0)444/M500/10/AM/$40/WAVAO/Xn Nol'1 1/0004///://
Causes of failures occurring during the years 1921 to 1930, as
reported by the State Examiner on schedules submitted to the Federal Reserve
Committee on Branch, Group, and Chain Banking are summarized in Table ;.
X1/ George A. Bangs, address at the North Dakota State Bankers Association:
June 22, 1926.
The causes specified on these schedules are classified as nearly as
possible in accordance with the four categories mentioned above.
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Federal Reserve Bank of St. Louis
f)
Table.e CAUSES OF SUSPENSIONS OF GUARANTEED BANKS 1921-1930
AS REPORTED ON SCHEDULES PREPARED BY STATE EXAMINER IN NORTH
DAKOTA FOR THE FEDERAL RESERVE COMMITTEE ON BRANCH, GROUP,
AND CHAIN BANKING
Primary
cause
Total number of suspensions, 1921-1930
Dishonesty of officers or employees:
Defalcation
•
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416
9
8
Excessive loans to management and collapse
of sDecultaive booms:
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Regional emonomic disaster or adverse
conditions in specific industries:
Losses due to unforeseen agricultural
or industrial diasters, such as floods,
drought, boll weevil, etc.
Decline in real estate values
-03
-033
Managerial incompetence, inadequate earnings,
and excessive competition:
Incompetent management
Insufficient diversification
209
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59
79
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Table If,SAEt=======.ASSESSMENTSAND OTHR-P14.061410401WPINIM0440, NORTH DAKOTA DEPOSITORS' GUARANTY FUND, BY YEARS, 1917-1929
Calendar
year
--
Total
Assessmentiftnz.fmg.
Credits, refunds
Assessments levied
and adjustments
Regular
Assessment
rate (percent of
deposits)
1/
,062,03/$513,285
42,973
60,21g.
42,973
47,518
.05
74,891Z
62,009
58,953
63,269
1921
1922
.25
.25
284,766
249,315
50,764
42,939
1923
1924
.25
.30
2O4,5f
222,
1925
1926
1927
1928
.30
.25
.25
.25
1929
.10
1917
1918
1919
.05
.05
.05
1920
1
A4t
47
$1,414,699
71
71
NM OW
12,692
15,939
1,260
40,121
34,283
240,149
205,347
165,921
184,715
6,147
71 1,029
1,496
it 3,316
255,49k
185,501
167,907
147,699 ;
36,981
36,201
31,259
28,024
173,597
143,634
131,321
115,258
44,919
/ 5,666
/ 5,327
7/ 4,417
44,4021
flab IM
54,757
- 10,355
A
1/ Regular assessments at 1/20 of 1 percent and special asses ments levied
(not eRceeding 4 per year at same rate). For calendar years, 1924-1925, the
number of special assessments was 5 because of change in timing (the maximum of
4 was applied to years ending June- 30).
.-5/ Includes assessments on capital stock of new banks, later adjustments in
such assessments, additional assessments levied on banks after closing, refunds
of ‘)venlayments, refunds and cancellations to nationalizing banks, and other
adjustments.
- 4.'
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Year
Total
Net Assessments
t(friebelf14..q7) /0//,/8-7-ckrivt3
C-."Piass
1
AND BALANCE OF THE NORTH DAKOTA DEPOSITORS' GUARANTY FUND,(Y
B YEARS, 1917-1932
/
t(461.44,4‘ • rf4,,,i, g4,
atA.t.&2,...
,
Receipts
Disbursement
Assets of
Total
Payments on
Administrative
Interest
Fees
failed
deposits of
and other
recspred
banks
failed
banks
expenses
4.1!/
s
y
$2,080,534
Total
42,973
60,21.t°
1917
1918
1919
1920
•
$2,002,031
Nmr.:
42,973
60,214°
714,8968.,10i4s
19,482
t32,977
•••
---
1.0411M
$2,080,
4 532/
4,838,346
-
'1
42,1867
62,009
284,766
249,315
295,720
249,354_
212,206'
240,7K
222,314
1925
1926
1927
1928
265,308-1
189,572
172,333
149,988
255,490
185,501
167,907
147,699
1929
1930
47,645
11,502
44,402
204,546
5,565
6,000
$
6,472
,
531
/Mb
110
170,507
11,580
,E3,2c9
17,154->
170,507
4,954
39
64
10,239
1,124
8,174
--
5,560
2,94o
2,490
1,464
4,153
1,131
1,936
825
583,463
270,281
471,33%
229,91i.
560,538
252,899
451,268
210,998
22.925
17,382
20,071
18,912
1,927
2,770
1,316
7,908
81,612
103,484?
1014,1261
62,639
29,485
83,327
18,973
73,991
20,4g1r
97
Moo ea
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824
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dm am,
4 .
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mm. bob
410 Mm•
1921
1922
1923
1924
*g..
1931-1532
:t26,041
fji
10,829
1,693
4,163
28,874
751
6,516
12,986
28,874
vii" 004 ve.044_,(e-rili.61.,,,
40,
.
4,44e#Neatamikw:,wiagawilimisorm;ii-the two banks the deposits of which were
in
interest on assessmentieSeceipts which had beenjtdrawn
. participating banks and de os ted
citeet; 4.e.i%
North Dakota for 54gatel-a4 making payments to depositors in failed banks,
AY;9/..r.4-Pcti,ia eat
charges
other
Examination fees and
whicerMmission authorized to levy undeltmenUg act of 1923.
-of two b nks eposits of whic paid in full froreqUnd •
Payments during years 1920-1923, totaling $167,192 were to de/w1j.
in the years 945-1930 and a portion oLthe amount for 1931-1932, totaling I
„r.
lb .
the 10 percent dividend0Pon_guarRnted c
depositors olTailed banks; '73,359 of;TaYments in 1931-1932 are the 1 percent dividend Upon final closing of fund ttositJrs L): 13(
01
cr)r 1920
fulLby fund./h
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Table
/..3 . TOTAL DEPOSITS, INSUFED DEPOSITS AND OBLIGATIONS TO DEPOSITORS OF
FAILED BANKS, NORTH DAKOTA DEPO8ITOPSI GUARANTY FUND, BY YEARS ki."
•
_zimegt
,
Total
Total
deposits
3Y,9490
44,4910.1.499 $24,273,647 $4,153,667 $26,041 $1,812,305
1917
1918
1919
1920
--
MID =ID
MIS
101.
86,561
2,098,466
1922
1923
1924
4,062,017
1,071,203
9,135,514
6,744,868
2,618,868
590,650
5,668,423
4,721,078
,...1925
/71926
1927
1928
2,394,923
4,383,171
3,691,402
2,160,270
1,618,636
2,276,128
2,326,464
1,333,692
416,119
566,078
251,536
1929
1,772,316
934,681
279,260
.1M.
220,551
4110
6,568
11,565
20,422
588,789
1,165,312
.0110
011POW
278,941
--
tiv
/e-e.e4C-47
-
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1,581,726
244,112
57,557
549,730
438,248
2,008,097
512,671
4,529,904
3,117,518
99,013
22,152
22,981
1,240,682
1,837,857
1,737,405
1,069,70o
9,347
MOD MI.
7,908
646,074
- 7,908
4eloW9411.4.4*4
/
,6t 0111../e4e-edimg.
79,993
284,624
12,456
WIDOW
I
„Ad4.440.
•••
OM OM
366,659
4
4.--
ik74/.1;ti
$18,281,634
--
173'004
560
3,478,251
1921
•
0401,0%;
Insured deposit obligations paid and unpaid Slv,1
Insured
Paid directUnpaid
Paid by fund
depositAk ly from ii7Envered
(loss
Not recoverquidation of from liqui- ed from iito depositassets
dation of
quidation of
ors)
assets
assets (loss
to fund)
'1g4i,m6/(eirw.41.4.1".40.4.44.,
‘
- ,frot,,
4,5=XV-4r00e4*'
7
yleo...-q /
-
TABLE :.
N
—Year
TOTAL DEPOSITS, INSURED DEPOSITS AND OBLIGATIONS TO DEPOSITORS OF FAILED
BARKS, NORTH DAKOTA DEPOSITORS GUARANTY FUND, BY YEARS
Total
deposits
Insured
deposits
Insured deposit obligations paid and unpaid
Unpaid (loss
Paid by fund
Paid directly
Not recovered to deposiRecovered
from liquitors)
from liquifrom liquidation of
dation of
assets
dation of
assets (loss
assets
to fund)
1918
t•
1919
0 1920
•
I
3,47‘/
1921 if,042,0i7
1922 1,ort/i203
535/
1923
0/ '1
p.
1924
1925 2,3qq,?2.3
cli
1926
'7?
i
1927 3,6? 1,407_
1928
•
929
C)., 60,770
i 17 17Z,314,
790?
Vc/
Total
444444:3-
vq,a731 6147
4.-(5f/
•
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
/3q7
— 741.-0
•
t.•
1-10 6?2,
I ?3tr857
. 1 113q 1.105
ogq r
646 7Y
igi n1,1134
PP
146-4-4111ti
Tab eft
PERC oi
GE OF DEPOSITS INSURED AND PERCENTAGE OF INSURED DEPOSITS PAID
- BY GUARANTY FUND AND RECOVERED FROM LIQUIDATION OF ASSETS, BANK FAILURES UNDER
fl NOPTH DAKOTA DEPOSITORS' GUARANTY FUND, BY YEAR
.
Percentage
of total
Percentage of insured deposits
.Paid dipaid by guaranty fund, Unpaid
rectly froa:t____tHyt rorw-(loss to liquidation ed from ered i.e., depositors)
Total
deposits insured
1066
r-r--- -
fund
2
motbl
//
1
'74'7
2
3
4 — 1931_
4
1918
5
6 i 192-9
7
1920
8
'-'-'
,2
_/1
3
1921 19: 2
10
1923
11 _
1924
17 _
19?5
19p8
16
1929
'
_,J/__
799/
4 )
--V (
rr
1926_
n
.:,
-L
:
47
,--:).:: .,./ '-':
TO " 1927
11111, 18
/
H.)
9
1: 13
4o.2
/7kA&
I 4- . --L,
w_1 4.3
4J. J .2-,
,??
1
6 i• ?V
pzi;g
,90
14
16
/ rit 41,
-"-
7
...••••••
19
9
20
?0
21
11
4
22
?2
23
24
25
75
26
27
28
29
44-
4
30
31
32
33
-4
34
3 --4----
4
35
35
36
36
_
37
38
39
40
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
37
38
39
40
TABLE/C.
Year
ANNUAL ASSESSMENT RECEIPTS, LIABILITY FOR DEPOSITS IN FAILED BANKS, AND
CUMULATIVE DEFICIENCY, NORTH DAKOTA DEPOSITORS' GUARANTY FUND
AssessRate
ments
of
assess4collecte
ment
Deposit
liability of
the fund
41111111.
"
105103
1/7gort5'
j c je
410 plici Jog
Cumulative
Deposit ha- Excess of
bility of the receipts
fund :?!.';
Assessment
receipts
elc?,? -?3
/,8 66. 35-0
Z,P 5 :209
5-t/0
g
5',019 63
3,5 5,5
pt/0061/
5:;?qi.50
1651
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1V34t04
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, 25'
,
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to5 1Pe
71,=.143
I ?,i6"3,?.3
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3 67,3f70.:.
3 civ161.5'
8S6?703
./V /051711
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id 96/
/6 5547?7
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1951407
2,,0000?
••=11.•••••••••••
(170S.2.
/41 7V381521tAi
/ q31/08?,
/6(P022.
/ 801'473
Deficiency
(excess liability)
••••••••••••
If
PO /0/
,18 ag1g3F
•Tot'
,
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Federal Reserve Bank of St. Louis
••••
‘21
f/1fr4• "Y.,)
I
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
ALTDIT REPORT
DEPOSITORS GUARANTY FUND
STATE OF NORTH DAKOTA
Bismarck, N. D.
October 31, 1924
1 1'
/-
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
41r,
fl ten 1.,ilvtt,
egtrt
Temple Brissman & Co.
Certified Public Accountants
Minneapolis
St. Pal
Washington, D. C.
Fargo, N.D.
TEMPLE,BRISS MAN & CO.
CERTIFIED PUE3LIC ACCOUNTANTS
SAINT PAUL
FARGO, N. D.
MINNEAPOLIS
WASHINGTON,D.C.
Saint Paul, ninn000ta,
locesiber 29.bl924,
411
Jepositors Guaranty iund Commission,
Bismarck, North Jekota.
Jear
igreestble with your directione we have audited the
accounts of
ItIAARerlt FUND
from the inaugeration of the fund to October 31.'1974, and we
eubmit herewith the deport thereof together with rtatements,
and a discussion of the result!, of the audit, as follows
rtatement:
110
Of eund at October 11..1924, ouonorted
by etails 1-8G inclusive.
Review of
'1.10retn is discursed the details of
the audit and sundry information
relative thereto.
Commenp.:
44
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Attention is directed to the fact that
the ;Amount of Liability of the Commission
had not been determined at the date of
the audit, and no amount iv exoreesed
in the .Statement covering the Liability
1 ,anky,
of the iund to 3spositore of Closed ?
as such determination was not contemolated
as being within the scope of this audit.
The amount available for the 7urporne of
the o'und war, about 1800,000.00 exclusive
of Jecoeits in Closed lianke. aggregating
some .:200,000.00.
J.I.S0.2211ASAVA 19
Acknowledgment is made that every facility and courtesy
was afforded during the -,rogropp of this examination.
gepopectfully rtibmitted„
T.;',PL3t
Certifi
Y
Br;I!'rmAN /6, CO.
IVblic Accountants.
Aller,i0.040411#411.1*
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11.711-;:.
.'1:%
.3ubJeot
*4
41
Pi.re.
STAT414T3
Statement
1
Revolvinc Funl Banks
2
Special leposit Banks
Oren
from
due
hanks
of
3
nts
Assennme
Balitnce
4
Balance of Assessments due from Closed Banks
r
)
liotes Receivable
6
Warrants Payable
7
Vouchers Payable
8
Assessment Fund
8
A
1918 Assessment Account
8
B
1919 Assessment Account
8C
1,20 Assessment Account
n
8
1921 Assessment Account
3
8
1922 Assessmont 'iscount
P. F
1923 Assessment Account
r
P
Account
nt
Asselsne
To October 11-3.924
1
e
5che4u1
Rsfunde
•
2
Adjustment
1
2
3
4
14
17
18
18
19
20
20
20
21
22
23
24
25
26
OF NX.,111.4.TI:*
Depositors Cuaranty Fund, Authorization
and Powers
Revolvins Fund - Banks
Special Deposit g. Banks
Balancesof Assessments due from Banks
Assessment Jeposits lue from Closed banks
Investments
hotes lieceivable
Warrants Payable
Vouchers Payable
Liability on Deposits in Closed Banks
Assessment Fund
lxpense of Guaranty 'Fund Commission
Computation of AsnPrJ9ments
Conclusions
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3C
31
36
40
42
42
42
42
43
43
47
51
53
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
NNW
TEMPLE,BRISS MAN & CO.
CERTIFIED PUBLIC ACCOUNTANTS
SAINT PAUL
FARGO. N. D.
•
MINNEAPOLIS
WASH I NGTON,D.C.
STATSIONT
.)-1191iS GUARANTY FUND
STATIC OF NORTH DAKOTA
•
BISMARCK, N. D.
October
11324
Detail
Revolving Fund Iffinke
Special Depoeit Danko Open
Assessments due from Open
Banks
U.L.Certificates of Indebted
none 4-1/4,., due 12/154.1924
Opecial atoosit Banks Closed
Assessments due from Closed
banks
Notes iieceivable Closed Banks
1 .207 134.12
2
21 515 26
3
563 239
48
t8o6
15 009 33
2
898.24
112 966.29
19 303 25
2 341 99-'
1
204
v
I':
,
6n 53
LIABILITIRS)
Warrants Payable
Vouchers Payable
6
7
Assessment Fund
8
t,2 054.46
il
j_6977
724.23
100778554
..•••••••••Arni...011.11111.......10
on 509.77 $1 on 99.77
1111=1=110=121*=======*======111**111
CWIFICATg "
We hereby certify, that we have audited the record,and accounts of
the Depositors Guaranty Fund of the State of North Dakota for the leriod
from the opening of Guaranty Fund Recorip, Arril 164w1911 to October
31-1924 inclusive, and subject to record values of rnnaid Aecesements,
and Notes of and 301)osits in Closed Banks, we certify that, in our
opinion, the foregoing Statement prepared from their records, is
properly drawn up to present a correct view of the Depositors Guaranty
gund at uctober 31-1924.
TrAPLE
Certified
BRISSMAN 8- CO.
tiblio Acqrantante.
17)/41-47,1R-•,:i
Saint PrIul, T.'inneeota,
1.)ecember 101.1924.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
•
•
•
======31GC:=111X=
et• vEt Loz4
aL
9
19 109 E
9•6ob tr6t-;
1110TUOVVV8o.ltrnoure
Xo.retasTri I)Tuvg 4C4lanoeS telTd130
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uo 4uoTl3attoo
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9)11CdEr Clir1J ONIAIOAah
I III!ilkisa
•
•
DETAIL 2
•
•
•
SP.6CIAL DOPOSIT BALMS
Interest
on
Bank
(dther
Charges
aulta RumilL_
First State Bank
State bank of Hannah
Scandinavian American bank
merchants State Bank
underwood State Bank
Clyde 6tate Bank
Bank of Cogswell
Farmers Bank of Dunn Co.
Farmers state Bank of East Fairview
Sawyer State Bank
Willieton State Bank
Farmers Bank of Carrion
State Bank of Grenora
Farmers Bank
Security State sank
State Bank of Maxbase
Farmers State Bank
0
•
Farmers Bank of Ray
Farmers & kerchants State Bank
Tolley State Bank
Farmers State Bank
Williams Co. State Bank
State Bank of Bowman
(
Calvin
Hannah
141not
Sarles
Underwood
Clyde
Cogswell
Dunn Center
East 'airview
Sawyer
i11.ieton
Garrison
Grenora
Hampden
Hanks
Maxbass
Nome
Rawson
Ray
;3herwood
Tolley
iiatford City
Williston
Bowman
Aealization
With.
of
drawals Collateral
t21 522.13
;;1 002.66
5 000 00
5
44th.
drawals
since
10/31-24
t5 117.92
1 500 00
1 500 00v
10 400 00
1 500 00/
2 997 34e
4 658.62
1 500 00
2 997 34
000.0O-
000 00
2 500 00 1 500 00
14 336 97 /
1 348 24
804 80
1 335 95
34'
1 000 00
12 000 00"/
2 COO 00
balance
Closed
Banks
0 117.92,
4,117.92
v5 000.00
• 1 500 00
31 922 13
/1 500 00
4 000 00
, 5 000 00-/
11 034
Balance
Open
Banks
1 151
695
13 001
11 034
'
761
20e
844 90
02v
34..
1 OCO 00
"
e2.28
8 °cc 00/
5 011 74
1 370
42
708 44
10 000 00
10 COO 00
2 000 00
700 00
13 562 13
15 000 00
400 00
25 000 00
937
(
A417
0
3 872
10 000 00 1 450 00 +784 55
3
12
27
272 49
601 61
234 55
54
l(C
1 001
6 629 581'
430
55
9 291 56"
9 062 53v
252
1 194 00e
372 28
700 00.1
13 562 13e
519 30
11 127 73
, 931 05
4 34
127 51"
21 398 39
....................mmummoormarmsasimmor/.11momammsmamodirmormworsmassupumselwow
0.92 955.57
43.
567.92 4;786.83 427 522.13 03 306.64
Amounts to Statement
421 515.26 $112 966.29 .418-901.55
vierwswrrawirmwerwrorewwwwwyrmwvarywur
Remarks:
• .erotest Fees
•
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
Refund to Receiver
'TM AIL
DAT4 ANC!, 0
•
•
•
3stute Bank of Aercrombie,
F;elndia American Dank,
3ecurity State Bank,
?trot '3tate Bank of Adrian,
4
" Alamo,
"
"
a
a
0
0
4
4
3tate Bank of Alice,
2irst 3tAte hank of Alkabo,
II
" Almont,
2ariners 4
4
It
4
" Al sen
a
Citizens "
4
farmers "
The Amenia State Bank,
Farmers State Bank,
Yarmers and L.erchants Lank,
Peoples state IJank,
a
Citizens "
Union Bank of Antler,
Appam 3tate Bank,
3tate Bank of Ardock,
Arena State Bank,
Ar7usvi11e State Bank,
Farmers Itate Bank,
ft
•
t4
4
a
a
a
0
0
0
First
Arvilla
Ashley
4
4
First
State Bank of Aurelia,
Ayr State sank,
0
First "
iarmers State Bank,
0
4
"
Balfour
Fierce Co. 3tAte Lank
Union Bank,
Lank,te ank,
Farmers St
Barney
of
c
&
Ba.
Bartlett 3tate Bank,
farmers and kerchants Lank,
first 3tate Lank,
0
Farmers "
Farmers and lilerchants Ban.,
Golden Valley 3tate Lank,
Citizens 3tate Bank,
0
0
Farmers
a
Bank of Lervin,
Farmers and Merchants atate Bank,
Bank of Berthold,
State Bank of Berthold,
Berwick State Bank,
.
•
ASIE3311T,NT3 DUlt ?ROM OPRT BANKS
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
„
Continued
Abercrombie
Adams
0
Adrian
Alamo
Alexander
Alfred
Alice
i1,1 kato
AlNont
Al;len
Ambrose
A
Nnenia
Anwioose
Anita
"
Antler
0
Appam
Ardock
Arena
Armusville
Arnegaard
Arthur
"
Arvilla
/1sh1ey
"
Aurelia
Ayr
Backoo
Baker
Baldwin
1Balfour
'Bantry
:ilInoev;
Lartlett
Barton
0
"
Leach
0
Belfield
Bently
Bergen
Berlin
Berthold
0
Berwick
4,1 221.80
1 019 31
1 293 96
( g
4
7
2 000 26
990 40
668 90
571. 93
537
;j24 02
735
2325.2 ';',';
1 612
1 (2
9
)
)
(
ii3.:i 00
483 o6
592 27
222 13
854 21
1 g; 2A
q49 70
1 077 20
2 191 63
1 482 20
715 03
565 81
641 42
na .9,1
697 62
454 59
526 62
,54 24
690 72
716 46
5/ o6
p.
663 66
1 672 37
1 618 t32
500 24
659 29
pl 44
34 23
fig
1 F6I
tl
'
527 ql
DETAIL
3.Continued
1..
h, ah
- 3eula
of J
l
Bank
irst State
u
e
F
$
0
German "
Binford
" Binford
"
4
First
Bisbee
Citizens 3tate Bank,
Biwriarck
Bisnarok Bank,
s
Capital Security Bank,
•
c,
First Guaranty Pani
Blabon
Blabon State Bank,
Blanchard
First '3tate Bank,
Bordulac
Pordulac tate Bank,
Bowdon
,
Bank
State
ants
Merch
and
rs
Farme
Boweeront
Wiret State Bank,
Braddock
,
Bank
e
Stat
Co.
Samrrons
*
,
Bank
"Farmers State
0
s
Brampton
0
Bremer
er,
of
Brem
State Bank
Brinsmade
,
Bank
Citizens State
krisbane
,
Dank
e
?irst Stat
Brocket
,
7ank
ants
Merch
and
Farnere
0
State Bank of Erocket,
Buchanan
Buchanan State Bank,
0
Bucyrus
"
Bucyrus
Luford
2iret State bunk,
0
0
Burlington
4
4
0
burnstad
.
0
Burt
0
Burt
d
ille
Lutzv
Farmers "
n
4
Buxto
0
"
Cali°
.
41
bank
and Merchants State
Calvin
First State Bank,
s
Peoples Bank of Calvin,
Carrington
Foster County State Bank,
Carson
Carson State Bank,
4
"
of Carson
"
?irst
y
Catha
Cathay State Bank,
s
"
Tamers "
Caviller
Merchants and Farmers Bank,
(
!enter
First 3tate Bank,
Cliaffee
Farmers Security Bank,
lanish
C;ommercial 3tate Panic.
Chaseley
,
Chaseley Co-rn ercial State Bank
s
O
a
(Thristine
'Farmers
Clemensville
Farmers and 1:erchants Bank,
Cleveland
Cleveland 3tNte Bank,
Clifford
Clifford 3tate Bank,
Coswell
Bank of Cogswell,
Coleharbor
,
Parmers State Bank
•
,
Bank
lorthwestern State
Colfax
First 3tate Bank,
Colgan
s
4
Farmers
a
Colgate
0
Colgate
Columbus
tt
0
Yarraers
s
s
0
First
Concrete
0
4
s
Conway
Bank of Conway
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Continued
41 789.10
757 92
735 56
770 15
4 186 05
1 68o 23
2 194 T.3
767 13
256 q8
959 41
2 205 7B
331 65
727 A9
562 14
1 g
:
;N
2 292 19
756 31
421 05
1 188 87
911 BO
1 001 31
870 23
647 95
1 (A) 03
591 15
1 366 97
537 64
1 508 05
979 41
1 120 67
1 655 9f,
646 a
726 78
122 16
1 257 53
279 33
450
1 434
*94
46
1 89R
630
00
61
25
10
43
02
1 iii
77
1 369 31
8 .,', 31
1 612
540
353
1 612
711
270
656
o7
17
72
21
j2
34
43
DE:A1L
3-
Continued
larmere 6eourity Bank,
Farmers and kerchants Bank,
State bank of Cooperstown,
First :itate Bank,
•
•
•
0
..
Coulee Dairy Bank,
Crete State Bank,
First Security State Bank,
Crystal State 15ank,
•
Cummings "
First State Bank,
0
Farmere "
Farmers and Merchants State Bank,
Security State Bank,
Deering State Bank,
First State Bank,
State Bank of Der Lacs,
Devils Lake State Bank,
Farmers and Merchants Bank,
•
State Bank,
a
"
Dodge
•
•
Ikrmere
•
0
First
•
Citizens 0
ro
N
Douglas
Bank of Doyon,
iarmers State Bank,
Citizens Bank,
.itate Bank of Dresden,
*Farmers and !Aerchants state Bunk,
Union 1;ank of Dunn Center,
Lecurity btate bank,
•
"
' Iirst
0
"
Eckeleon
First 1.tate Bank, Eckman • now, Citizens,
Stute bank of Edinburg,
L.ecurity state Bank,
kirc't State Bank,
•
Eldridge s
•
•
Elgin
•
•
First
•
•
Embden
•
Guaranty "
$
Citizens °
•
•
Enderlin
Peoples Bank of Enderlin,
First State Bank,
Citizens Bank,
Farmers State lank,
•
•
Esmond
First Interm,tional Bank,
Farmers State Bank,
Falkirk State Bank,
•
Farmers "
Northern Trust Co.
Northwestern 41tual Savings and Loan Aess ne
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Continued
Conway
Cooperstown
0
Corinth
Coteau
Coulee
Crete
ti
rs(y ial
Cummings
Dahlen
Danzig
Davenport
Dazey
Deering
Denhoff
Des Lace
Devils Lake
Dickey
Dickinson
Dodge
Dodge
1:ogden
Douglas
se
Doyon
Drake
Dayton
Dresden
Driscoll
Dunn Center
Dunseith
Dwight
Eckeleon
Lansford
Edinburg
Edmore
Edmunds
Eldridge
Elgin
•
Embden
I;merado
Enderlin
•
Enderlin
Fnglevale
Epping
Erie
Esmond
•
Fairdale
Falkirk
Ialsen
Fargo
Fargo
40(3.81
1 150 43
1 520 41
732 55
790 48
125
71g 99
2 279 59
452”
892 4ti
975 17
822 58
1 409 16
765 18
1 287 76
943 22
1 342 54
2 140 79
752 87
1 le 40
750 87
1 289 53
957 95
679 52
971 75
543
980
2 105
826
1 105
450
1 822
9
43
74
91
98
32
00
45
27
19 '
72
1 236 23
1 4113 95
610 01
694 82
883 91
20
92
40
65
14
359 63
516 38
936 18
651 85
504 35
787
582
245
2 S22
2 652
767 99
972 02
880 39
693 14
40
12 T2
DETAIL 3
S
1
•
•
Continued
ieseenden
Wells Co. State Bank,
Finley
State Bank of binley,
Flacher
Bank,
Ilasher State
0
0
1,ecurity "
Flaxton
kiret ltat 6' Banx.
0
Flora
"
Flora
0
Forbes
larmers "4
•
0
lorbes "
ille
Farmers and gerchants State Bank,1ordv
*
liret StLte bank,
Forest liver
Forest River State Jank e
Forman
Farmers State Bank,
a
Fort Rice
Citizens "
Fortuna
First International Bank,
Fort Yater
State Bank,
*
•
Foxholm
"
Yoxholm
0
Freeonia
'I
Yirst
0
0
0
German
0
Yryburg
"
First
• of Pullerton,
Fullerton
Farmers *
Gackle
Logan County 0
0
State Bank of Gackle,
Galchutt
Galchutt State :dank,
0
Galesburg
Galesburg "
0
0
Gardar
Ohrdar
Gardner
State Bank of Gardner.
Garriron
n.
lamer° State Bank of Garriso
$$
0
le
0
liret
Gartke
Bank ol Garske,
Gaecoyne
Bank,
State
First
Genesco
"
Genesco "
Gilby
Bank of Gilby,
Gladatone
Farmers State Bank,
0
0
Gladstone 0
•
0
Glenburn
Lincoln
0
•
ld
Glenfie
First
Ullin
Glen
"
0
Farmers
0
0
0
Merchants *
Golden Valley
Farmers Bank,
First State Bank,
*
Goodrich
Citizens °
Grace City
Bank,
ts
Farmers and Merchan
•
0
First State Bank,
Grafton
Scandinavian American Bank,
Grand Yorks
Northern State Bank,
*
*
,
Northwestern Trust Company
Grandin
Guaranty State 1.ank,
Grand Rapids
State Bank of Grand .tapids,
Grano
Citizens etate Brnk.
Granville
Bank,
State
Farmers and Verchntr
Grassy Butte
First State Bank,
Great Bend
Farmers State Bank,
Grenora
Northwestern State Bank,
Guelph
Guelph State Bank,
Guthrie
'Ldte bank of Guthrie.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
42 158.17
1 094 43
993 99
789 76
1 495 07
822 43
WI 15
1 060 95
1 062 95
786 30
1 074 04
BA2 68
P78
2
623
1 093
447
1
1
1
1
1
1
1
1
1
1
1
1
P4
97
68
74
iii 6!
'97
910 63
355 02
170 68
198 28
75 95
722 34
192 60
300 17
423 57
793 44
123 24
844 58
202 29
913 81
200 60
940 92
577 28
335 74
667 42
634 03
i$1
41
7 4 BO
1 047 39
559 45
888 76
)% 61
1 404
09
817 50
313 62
762
5
ci5
13'
Continued
•
igTAIL 3 - Continued
•
?Amara State Bank,
4
41
awinner
4
0
First
d
larmors
4
0
3ecurity "
d
0
First
Bank of Hamilton.
nrst Stute Bank,
?armers and Merchants Dank,
v035.46
Liwinner
0
1
571
69
1 777 05
820 62
446 76
1 237 55
1 034 91
989 26
634 99
1 621 00
3tate Bank of liannah.
2 313 42
Bank of Hansboro,
1 023 52
Hansboro Stqte rAnk,
q47 60
0
Hartland
576 29
"
Hartland
0
0
Harvey
?armors
1 258 39
"
State Guaranty
Harvey
970 22
Harwood State Pank
Harwood
599 00
48
04
"
245
rirst
UnAtinlel
1
0
Farmers
"
Havana
612 69
4
0
Havana
"
1 346 83
iazelton
Bank of Hazelton.
1 312 56
"
Farmers State Bank.
1 619 49
0
0
O
Heaton
782 50
0
O
0
Hebron
663 57
0
0
1 313 43
tiercants 4
0
622 26
Heil
Yarmers
"
934 53
Heimdal
State Bank of ileimdal,
1 364 77
Hettinger
Adams Co. State Bank.
Ililleboro
1 660 25
oples State 1,ank,
0
626 25
Aoneyford
Honeyford "
2 62U 62
Hoopla
3tate Bank of Loople,
•
601 40
Farmers 3tate Bank,
'ciy4
43
Hurdefield
Bank.
The Farmers and gerohants
1
414
31
Inkster
Bank of Inkster,
0
y64
08
Dank
10erehants
State
',armers and
.
Jamestown
926 91
3ecurity Sxvintis Bank.
8o6
90
Jessie
State Bank of Jessie.
562 10
Juanita
7irst State Bank,
judson
nrIt 3tate Bank.
775 93
.
817 75
Karlsruhe
:3eourity 4
1 753 37
Kathryn
Uheyenne Valley Bank.
66o 95
Kempton
First Strite Ban14',
Kensal
Farmer, and Uerchants Bank,
994 93
945 21
Kief
Virst 3tate Bank,
2 249 68
Kindred
Farmers and Merchants Bank.
2 020 25
"
Kindred State Bank
1 163 )0
Kintyre
Kintyre State Bank,
3ecurity10
0
•
736 78
Kloten
7irst
•6
0
690 90
Knox
Farmers
0
0
•
463 53
l'eoples
Konsberg
Konsberg 3tate Dank
329 57
972 37
Kreno
0
Security '
0
0
1 292 51
Kulm
First
*
0
williams
Lake
177•),9
?armors
O
2 503 68
Lakota
and .ierchants State Bank.
1 052 34
La ia)ure
La goure 3tate Bank,
1 151 u6
Landa
First International Bank.
Langdon
3 535 19
Citizens State Bank,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Hague
Halliday
"
Hamar
Hamilton
Hamlet
Hankinson
Hannaford
Hannah
Hansboro
0
Continued
DTTAIL 1 - Continued
State Iank of Landon,
Citizens State Bank,
"
Tirst
s
Mlk Valley Bank,
Security 3tate Lank,
Lefor ,itte Bank,
Flrmers and Yerchants Bank,
State Dank of Lehr,
Farmers State rank,
Farmers Bank,
First State Bank,
Lincoln Valley State Bank,
Peoples 3tate iiank,
3t4te Bank of Lisbon,
First State Bank,
Aountrail Co. State Lank,
First State Lank,
4
S
•
0
"
4
Farmers "
0
Luverne "
0
Pioneer "
Bank of iuloCanna.
Sheridan s Co. State Bank,
McGregor state Bank,
Farmers and Merchants Bank,
McKenzie State Bank,
4
0
McLeod
State Bank of 7cVi11e,
Farmers State Bank,
Reservation State Ban',
4
4
Farmers
if
9
First
Farmers and Merchants Bawf,
*Farmers State Bank,
" of rintador
Guaranty "
0
0
First
0
Farmers
"
0
Wapleton 4
10
"
Marion
Stockgrowers Bank,
"
Martin State
0
0
First
Maxbass Security Bank,
Goose River Bank,
kaza State bank,
Security State Bank,
Stockmens State Bank
*
Mekinnock 'S
Bank of :4e1vi11e,
First State Bank,
0
"
Mercer
0
0
First
Michigul City Bank,
killarton 3tate Bank,
Minnewaukon 3tate Bpnk,
Citizens Bank of Minot,
First International Bank,
Scandinavian American Bank,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Langdon
Lankin
"
Larimore
Lawton
Lefor
Lehr
"
Leith
Leonard
Lignite
Lincoln Valley
Linton
Lisbon
Loma
Lostwood
Lucca
Ludden
Lun,Js Valley
Luverne
0
McCanna
AcClusky
McGregor
McHenry
MCKenzie
McLeod
MoVille
Vaddock
Yakoti
Mandan
Venfred
Vanitou
Eantador
0
Manvel
Mapes
MaDleton
Marion
Marmarth
Martin
Max
i4axbass
Mayville
Laza
Aiedina
Medora
kekinnock
1i.e1vil1e
ilercer
0
kerricourt
Michigan
Millarton
Minnewaukon
Minot
•
•
Continued
S70.00
1 /65 47
1 320 14
1 673 15
367 14
532 73
1 097 bo
799 98
740 70
2 137 43
1 129 91
896 63
613 06
2 853 04
927
464 6o
515 bo
755 29
405
1 532
6J7
584
847
1 107
921
633
762
1 437
56
61
61
16
19
41
56
32
66
72
3 047 35
1 253 11
2 991 79
320 13
310 01
907 85
406. 26
845. 13
173 19
755 73
1 169
780
1 207
1 102
543
35
44
15
42
64
3 b54 72
266 04
578 47
732 02
735 43
724 22
815 17
704 61
710 09
1 411 29
468 75
8ci7 78
29
2 146
2 215
1 796
61
21
Continued
•
•
•
•
•
Eank of YAnto, of6o8.A
Minto
First 9tate Dank
836 71
0
iloffit
w
Uoffit
524 54
0
:tmerican'
Uohall
315 87
Lan of tionango,
7,;.k onango
1 260 90
Montpelier 3tate Bank s
654 00
;Zontpelier
Flamers Jtate Bank s
550 74
Mooreton
State Guaranty bank s
o
1 990 63
Mtt
140untain State Bank,
ountain
)5a 98
armers Bank of ;.,iunich s
L
funich
2 640 8(
:First State Bank,
iiiglo
923 75
State Bank of Nanson,
606 64
Nanson
Merchants Bank s
Napoleon
State Bank of Nekoma
Nekama
M U'
Bow 4ingland
1 696 98
Aamers and UerchantS State Bank,
liew flgland State Bank s
"
291 22
Farmers State Bank,
New Leipzig
00
046
1
0
0
0
First
931 93
0
New Leipzig State Bank,
670 09
%mire and Uerchants State Bank,
New Salem
1 724 95
w
State Forsk of Hew Salem,
3 828 35
is
Union Farmers State Banks
1 334 70
Bank of Niagara,
Viagarn
1 190 24
0
Security Itate rank,
119 93
Farmers and Merchants 3tate rank,
Mote
637 51
N OMA qtate Bank,
/Tome
450 00
Farmer!, State nank s
Noonan
614 09
0
First international Eanks
1 344 00
0
Security State Banks
2 121 15
No rma 3tate Bank,
Norma
5 1;
,0
67
1 2
0
First
Northgate
s
kortonville State Flank,
Nortonville
1 7
e o
4.
6
Obrn
Bank of Oberon,
.1. '2iT
Orr
175 09
Security Bank,
272 09
Orrin
Farmers State Bank,
362 26
Overly
Security State Bank s
1 31. 47
Page
Farmers 3tate Bank,
'2; 31
Palermo
Soandia American Bank s
Park hiver
larriers :lecurity Bank,
1 569 b4
Parshal
Farmers Axohange Bank,
0
741 06
Peoples Stat;! Bank,
Pekin
1 205 40
Bank of Pekin
2 426 29
Pembina
Merchants tank of Pemb
806 25
Penn
Penn State Bank,
1
323 07
Perth
kerth,
Bank of
"
1 048 90
Towner County Bank,
Petersburg
1 117 21
Farmers State Bank s
Pettibone
Bog 68
Pettibone 3t1te Bank,
w
w
563 o6
Pingree
Pingree
?:
7 ,(
7
17
6
"
"
Pisek
Pisek
1 (3
0
"
I
FiJneer
PP:t
600 00
z:1
Union Bank of Portal,
Yiret State Bank,
Powere Lake
1 500 71
0
ltate Bank of Powers Lake
1 805 38
584 80
Raleigh
First Security Bank,
Raub
539 SO
Pioneer 3tate Bank,
Hay
Arst 3tAe Bank,
1 020 64
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Continued
DETAIL
•
•
•
•
•
3
- Continued
Linville 'State Bank.
*Yarmers & ialrohants State Bank,
Virst State Bank,
N
41
a
Regan State Bank,
0
first
'4
State Eank of Levere
State lank of henolds
Bank of Rhome
First State Bank of Rho:me
Farmers State Lank,
0
Uerohnnts "
Security
0
Rock Lake "
First
Rolette
Farmers and Merchants Pink
Roseglen State Bank,
Itate Bank of Ross,
State Bank of Roth,
Citizens State Bank,
Merchants rank,
Security Bank of Rugby,
First State Bank,
0
St. John State Bank,
?armers 3tate lank,
Farmers _Lxechange Utate Bank,
iZerohants State Lank,
Lank of Scranton
Citizens State bank,
•
3e1fridge "
ti'armers
Interstate Bank of Billings Co.
Citizens State Bank,
0
N
Parmers
Arst International Bank,
Fqxmers and kerchants Bank,
Shields State Bank,
First 3tate Bank,
Solen
State Lank of Souris,
Southam State Bank,
South Heart State Bank,
IS
•
Spiritwood
Citizens State Bank,
0
First
0
41
Union
'Ilarmers Rank of 'itarkweather,
I
IS
11
State
Kidder Co. Bank,
, State Bank,
Sterlirv,
a
a
Stirum
Security
First
Citizens
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Continued
Ray
Reeder
0
hegan
Legent
Revere
Reynolds
Rhone
Richardton
473V.”'
r/20 OY
2 019
645
679
1 034
33x
2 eivo
36
63
50
25
75
394
23
1 219 72
1 143 40
3319
Robinson
Rock Lake
Rogers
Rolette
Rolla
Pomeqlen
Ross
Roth
Rugby
Rugby
0
Rutland
Ryder
St. John
St. Thomas
Sanger
Sarles
Scranton
3elfridge
76(i
Flail 48
1 104 55
1 94
7: 92
55 e
541 70
690 83
557 660
1 276 77
1 455 71
3 959 82
1 049 93
860 99
563 24
1 775 45
544 01
1 187 41
942 83
:4
1 (1
Selz
Sentinel hutte
Sharon
Sheldon
Sherwood
Sheyenne
Shields
Silva
Solen
Souris
Southam
South Heart
Seiritwood
Stanley
Stnnton
Hazen
3tarkweather
•
Steele
Sterling
Stirum
Strasburg
•
Surry
Sutton
547
Cap
46
1 431
1 580
3 715
614
542
1 072
1
36
4
46
31
62
74
37
44
52
15
66
1 055 o8
548 50
6fl.o
%166 95
2 229 69
87
4; 15
610
1 E:
789 93
567 86
662 83
90o 07
910 2
35
2A7 9
5 5g
381 80
1 507 58
2
2
DTTA1L 3.Continued
•
•
•
%mere State Bank
0
Citizen*
*
u
Sykeston
"
4
"
Tappan
to
is
Taylor
•
Security
"
•
Templeton "
Farmers and LArchants i41k,
Tioga Stqte Bank,
4
Tokio
"
Security State Bank,
Faxinfira and lerchants State Bank,
Pioneer 3tate Bank,
Towner 14erc1ants Bank,
Towner State Bank,
0
0
"first
$
0
Tuttle
•
Security "
A Bank,
Underw ood Ste
Farmers Squity State Bane,
Security Stnte Bank,
American .xchan ge Bank,
Yank of Valley City,
:Addlewest Trust Corp.
F••trmers State Bank,
n rst State Bank,
Peoples State Bank,
"
"
First
Farmers and 7:erc hants State Bank
State Bank of Verona
Voss State Bank,
Parmers and Uerchants State Bank,
Wahpeton State Bank,
0
•
Arst
•
"
Citihens
State bank of Wales
Citizens Bank of Wa):halla
Yarmers and lylerchants Bank,
Security State Bank,
Farmers Security Bank,
Washburn State Bank,
Yirst State Bank,
Security State Bank,
Bank of Webster,
larmers State Bank,
First 3tate Bank,
Bank of Westhope,
Peoples State Bank.
0
4
Armors
State Bank of Theatland
Citizens State Bank,
u
"
:ilret
0
#
4
Lambs .:!fink,
Security State Bank,
Commercial State - Bank,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Continued
Sutton
3ykeston
"
Tappan
Talor
Temple
Temvik
lioga
"
Tokio
Tolley
Tolna
Towner
•
0
t
=
It
Lake
Underwood
0
Urham
•
Valley City
0
$8.14,
777 71
9bil 17
978 33
119 31
369 31
1 049 53
779 60
1 155 04
564 0
107 66
951 50
627 07
756 82
325 61
1 522 14
641 05
1 587 77
1 162 62
561 95
1 521 6o
3 213 11
1 959 61
N
676
,6
Van !l
rook
Velva
u
4
nEl 4
14
Venturia
Verona
Verona
Voss
Wahpeton
0
Walcott
Wales
•
Walhalla
Warwick
u
Washburn
0
gatford City
0
s
Webter
Wellsburg
Werner
Westhope
1 323
643
922
1 228
233
1 109
2 461
1 200
1 593
3 154
1 £'2
•
Wheatland
0
Wheelock
"
ilhite r,arth
Whitmin
Wildrose
Williston
42
24
07
$3
93
75
71
97
36
63
71
ei ?i
v61 d2
1 191 91
325 60
963 75
638 86
815 25
842 58
890 48
554
395'
711
289
69
22
72
34
51,47 29
25
1
6o
041
1
1 200 00
3-
S
•
Continued
::::on
'4,1 400.86
The Wilton Bank,
517 85
Windsor
Farners State Lank,
l'urleigh Co. State Bank,
0
3
7/2 1(;
e4
Bank,
at
YarmersSt
63
366
Vishek
1
Yirst 3tute Bank,
0
1 265 40
3eourity State Bank,
164 66
Walford
"
"
Yarmers
1 k) ,i 63
Yarmers State Bank,
Woodworth
2 368 44
Wyndmere
Bank of 4:yn dmsre,
1 032 23
York
Bank of 'York.
"
1 015 01
York State Bank,
«
563 66
Ypsilanti
"
Farmers
0
0
69
472
Lahl
First
«
45
504
ltate Bank of .:,ahl,
1 866 64
Zap
First State Bank,
193 80
Zeeland
German State Bank,
“
*
2 782 91
Zeeland "
Arount to ltatement
$561 239.48
===========
* Tanks closed since
October 314924.
•
•
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
DETAIL 4
BALOCh QV Asssopialp DJE FRUil
BA1K4
Receipts
Balance
since
10/31-24
10/12-24
110
,
1
411
!
!
;
.
O
'
Farmers State Bank
Alamo
First State Bank
Amidon
0
Slope County State Bank
State Bank of Antler
Antler
1
Baldwin State Bank
Baldwin
Amerial.n State Bank
Balfour
State Bank of Bantry
Bantry
Citizenn State bank
bathaate
First State Bank
Benedict
fll
Security State Bank
First State Bank
Bergen
Blaisdell State Bank
Blaisdell
Security State Bank
Bonetraill
Bottineau County Bank
Bottineau
Burke Co. State Bank
Bowbells
0
First State Bank
Farmers & Mechanics State
Bank
Bowman
0
State Bank of 'Bowman
Farmers State Bank of
Brantford
American State Bank
1
Burlington
Bank of Carbury
Carbury
First State Bank of Carpi* Carpio
Commorcial State Bank
Carrincton
First State Bank
Cartwright
Peoples State Bank
Cannelton
Cayuga State Bank
Cayuga
Bank of Oliver Oounty
Center
?armers State Bank
Charboneau
Farmers Bank of McKenzie Co.Charlson
Farmers State Bank
Church. Ferry
Firrt State Bank
Cleveland
Clyde State Bank
Clyde
Cogswell State Bank
Cogswell
•
Farmers & Y.erchants ank
1
Stutsman Co. Bank
Court enay
Farmers Bank
Crary
Farmers State Bank
Dawson
0
First State Sank
Dazey State Bank
Dazey
Security State Bank
Deering
Ds Lamer° State Bank
De Laricre1
Farmcrs Bank of Derri ok
Derrick
Driscoll State Bank
Driscoll
Farmers Bank of Dunn Center Dunn Center
First State Bank
Dunn Center
Dunseith State Bank
Dunseith
First State Bank
Eaeby
1
Farmers State Bank
tast Fairview
1
Bank of geland
Xgeland
State Bank of Elliott
Klliott
1
Farmers Bank
Emerado
First State sank
Epping
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
096.20
379 20
776 51
722 78
611 57
603 67
249 05
4611.57 SR 341
603
67 SR
378
579 69 SR
379
457 45
216 49
.s.10 65
706 30
6c() 73
Ile
678 84
527 30
579 69
ell
77 46
804 o6
331 70
300 00
657 99
567 79
925 05
797 20
404 39
809 35
o6i 75
196 o6
552
669
111
035
331
70 SR 344
797
20 SA 392
809 35
SA 376
196 06 SR
393
65
70
6o
53
141 40
500 oo
338 15
389 15
831 35
(Continued)
538 15
389
881
g15
SR 346
SR 394
SR 372
D!!,IAIL 4.Continued
13alanoo
k0/11-24
Lau
•
Security State Bank
Yairdale
Fessenden
Farmers Bank
First State Bank
Fillmore
Mercha.nts State Bank
Fingal
Citizens State Bank
Flaxton
Gardena State Bank
Gardena
Security State Dank
Glasston
Glenburn State Bank
Glenburn
The Glover State Bank
Glover
First American State Bank Golden Valley
First Savinfm Bank
Granl Forks
Granville State Bank
Granville
Farmers 2tate Bank
Grenora
State Bank of Grenora
Farmers State Bank
Halliday
Security Bank
Ramberg
Farmers Bank of Hampden
Hanpden
3ecurity State Lank of Hank s Hanks
Peoples State Bank of Hatt on Hatton
Fnrmers State Bank
Havelock
First State Bank
Haynes
Citizens State Bank
Hazen
0
Farmers Bank of Mercer Co.
0
First State Bank
State Bank of Hensel
Hensel
Farmers State Bank
Hooper
Hickson State Bank
Hiason
Horace ;.;tate Bank
Horace
Farmers & Merchants Bank
Hunter
Hurdsfield State Bank
Rurdsfield
First State Bank
Joliette
Farmers & Merchants ;1:quity
Bank
Jud
Karnak State Bank
Karnak
Farmers State Bank
Kathryn
Security State Bank
Keneal
First State Bank
Killdeer
State Bank of Kramer
Kramer
First State Bank
Lansford
Farmers State Bank
Lawton
Farmers & Merchants Bank
Leeds
Security Bank
Aansom Co.Farmers Bank
Lisbon
First State Bank
Litchville
First State Bank
Lone Tree
Loraine State Bank
Loraine
Citizens State Bank
Maddock
Bank of Maida
Maids
Mercer Co.State Bank
Mannhaven
First State Bank
Manning
State Bank of Maxbaes
Maxbass
Menoken Farmers State Bank Menolcen
Mohan Security Bank
Uohall
Farmers & Merohants State
Bank
Monango
Bank of Mowbray
Mowbray
Farmers State Bank
Wachs
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Receipts
since
34.
'0636.98
409 46
848 04
i)409.46 3A
84
395
04 SA 342
898 80
744 30
735 29
652 85
2 715 40
457 61
2 715 40 SR 386
457 61 SR 374
1 005 70
34 42
2 037 95
366 42 St 396
1 631 28
1 631 28 SR 380
503
90
857 25
109 89
503
90 SR 368
857 25 SR 397
109 89 SR 398
1 097 10
452 10
218 22
6C9 77
852 32
466 50
1 437 00
1 192 12
2 203 70
473 27
1 518
200
588
750
544
300
85
01
63
54
23
00
745 61
1 123 32
15; 68
(Continued)
852 32
466 50 SA 371
1 192 12 SR 399
2 203 70 Sit 400
473 27 R 401
1 518 85 WI 411
750 54 SR 402
300 00 SR 370
A
DETAIL 4 - Continued
liana
•
•
•
•
•
State Bank of Newburg
Farmers & Merchants State
Bank
Mayville State Bank
Farmers State Bank
First State Bank
Security Bank of Oberon
First State bank
State Bank of Olmstead
Citizens Bane of Gmemee
Farmers State Bank
State Bank of Oriika
Bank of Orr
Great Wentern Bank
Farmers & Verchants Bank
Bank of Park River
Pillsbury State Bank
Citizene State Bank
Firet International Bank
Portal State Bank
Vilrmers State Bank
"armers State Bank
armers State Bank
Farmers & Merchants Bank
State Bank of Rolla
Firet State Bank
First State Bank
Farmers State Bank
Bank of Sanborn
American State Bank
Farmers State Bank
Farmers & Merchants St.Bk.
First State Bank
Farmers & Merchants St.Bk.
Security Bank
Mouse River Valley Bank
Spring Brook State Bank
First State Bank
Farmers State Bank
Citizens State Bank
Tolley State Bank
First State Bank
Tower City State Bank
Trenton State Bank
Scand.Amer.State Bank
Merchants State Bank
Farmers State Bank
American Ixchange Bank
Yarmers State Bank
Merchants State Bank
Farmers State Bank
Firnt State Bank
Williams Co.State Bank
State Bank of Wolford
First State Bank
Firnt State Bank
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Newburg
New Ltockford
Newville
Irome
Nome
Oberon
Olga
Olmstead
Omemee
Crinka
Oriska
Orr
Osnabrock
Overly
Park River
Pillsbury
Pingree
Portal
Ramon
Ray
Regan
Robinson
Rolla
lq/11.24
41 367.80
$1 347.80 SR 382
30; 96
Amount to Statement
309 96
SR 413
910 14
1 231 10
910 14 SA 40.3
553 80
1 070 20
553
80 SR 412
311 70
1 548 35
1 340 43
948 51
94 80
960 80
SR 343
435 37
1 623 20
435 37
345
55
56 55
SR 367
54g
770 00
868 46
Rue0
Rursell
Rutland
Sanborn
Sanish
0
Sarles
Sawyer
Sherwood
Sheyenne
Souris
Spring Brook
Stady
Strasburg
Tagus
Tolley
Tower City
0
•
Trenton
Van Hook
Velva
Voltaire
Watford City
0
Werner
Wildrose
0
Williston
Wolf ord
Fort Cl.Irk
Norwich
eceipta
since
Balance
A0/11-a4
868 46 SR
377
el
142 64
1 015 30
517 45
424 65
1 015 30 3R 340
891 58
947 66
891 58 SR 404
414 43
1
543 55
656 41
142 65
934 05
1 999 17
1
934 05 511 339
999 17 3it 381
25 00
1
1
2
1
598
111
841
771
631
730
356
40
00
25
15
17
07
75
1
41 25
730 27 SR 369
156 75 82 375
,;-.34 625.69
==========
)89 303.25
1111======ale
d 347
D1TAIL 5
F....11c31.1432NYLLLa
AT OCT015771 31-1,924
,,Dr.
Amsuvt
,4Yor
Date
Rate
If
Due
'Rt.
Amount
Amount
Int.
Amount
Date
llote Principal Int. due
Lull, , Paid ,Paid 3tOill-;4
6/18-21 First State Lank. CrystEt1 Springs ,;>250.00 11/ 1-21 10% 12/ 7-22 425o.00 $36.66
8/ 1-21 Fttrmers & M^rchvnts Bank,
Robinson
0
n
•
9/ lis21 *
125 00 1/ 1-22
8
1/ 1-22
8
31 72
125 00
10/ 1-21 "
0
0
0
125 00 1/ 1..22
8
3o 86
10/ 1..21 "
0
•
•
136 50 1/ 1-22
8
33 67
10/ 1-21 "
0
0
0
381 00 1/ 1-22
8
93 98
4/11-22 s
•
•
•
Demnd
10
356 33
1 449 49
#2 591.99
25o oo
Amlunt tn Statement
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
42 141.99
4====n===
;25o.00 ;36.66 079.14
===========MICM=====
D'ITAIL
S
•
6
gcTt.,,
111N
Amotta
of IaY e
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130 '
•
$166.66
133 33
Gilbert Senningson
Geo. H. HielAnd
B. J. Shoregge
J. C. Desmond
The bismarck Tribune
The Bismarck Tribune
V. A. Tompkins
D. J. Heaney
M. ly. Arndt
Dorothy M. Sohneeker
D. J. Heaney
D. J. Heaney
D. J. Heaney
A. J. Holmes
4:i11a Martin
200 00
166 66
11 30
162 50
266 65
111 10
87 50
50 00
92 56
200 00
200 .00
20G oo
6 oo
Amount: to 3tatement
? .2. 054.46
M========
DETAIL
VUCHC
7
PAYA1541
BILLS INCURRE1 PRIOR TO OCTODM 31-1924, 'iW1RAVT'm ISSUED
ArTIZ AYD tA1D AFTV1 OC1rCB,17-. 11-19?,4
}Twit
131
J. C. Desmond
H. H. kilmoor
Caldwell Stamp Co.
R. J. Holmes
J. C. Desmond
V. A. Tompkins
t;reo. H. Rieland
Bismarck Tribune
0
"
J. j. Shorezge
C. B. raillan
Geo. H. Aieland
L. R. Baird
132
133
•
ol by ee
El&
134
135
136
137
138
139,
10—
141"/
142
143
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Amount to L;tatement
A:Ma
$166.66
13 25 .
15 35111
87
62
134
13
96
00
40
38
00
875 ,,,,
)/
152,47/'
713.35 ,/
151 20
40 00
1 669.77
in=======
•
DUTA1L 8
Azasti;;Iaill FUND
•
1918..
Total Assessments
Less: Refunds and Adjustments
Net Assessments
1919
/921
1920,
1922,
192A
Total
1924
t103 891.58 C76 412.92 :'..68 769.38 .C2290 386.50 *249 334.25 e206 230.80 $223 329.20 4;1 218 354.63
1 521 48
5 620 33
707 79
6760 33
19 29
1 684 83
17 329 74
1 015 69
$103 183.79 t74 891.44 -612 009.05 e284 766.17 *249 314.96 t204 545.97 4222 313.51 41 201 024.89
Received in Liquidation of
Closed Banks
6 coo oc
5 564 65
6 471 55
6103 183.79 t74 891.44 :67 573.7c 7290 766.17 .-249 314.96 211 017.52
Payments on Account of Closed
Banks
170 506 62
10 c,29 14
1 692 92
18 036 20
4222
313.51 fa 219 061.09
4 163 15
187 191 83
...............bnbsmobbsuimtmtwb.....bimrrewnmoobmmomoolmMmummos•.dk
4103 163.79 #74 691.44 002 (.52,92 k279 937.03 4-.247 624.04 g206 654.37
Other Income
530 64
4 953 95
39 41
1 188 05
242 313.51 41 031
10 156 63
869.26
16 868 68
4103 183.79 t74 891.44 1 1'4 40Z.d8 ;284 890.98 t247 661.45 4;•208 042.42 4252 470.14 41 04.8 737.94
kmpenses
750 50
Amount to ;Aatail 6
A
6 516 31
12 986 49
20 699 10
40 952 40
4103 183.79
wrirvirswestrlor
•
813
'474 891.44
erter.erwarrvw
11
•
8c
4
bt
8 1)
002 402.28
serslywwwwwww
1284
140.48
wwwwwwwwrirw
$
s
4
$
8 F
4
d
8c
8
4
*241 145.14
2PWWWWMTCVW
0.95 055.93
WINSYVVINICVVrW
4,211 771.04
WWWNICrWWWWW
Amount to 3tatement
007 785.54
Vel!'lltarWWWWWWW
•
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
OLTAIL
8
A
1" ACC(4JT
Asresement
973.15'
47 518_43.//
*42
J2
Zg Assessment
ImAL Refunds
•
11 400 09
3103 891.58
7Q7 .22
Schedule 1
Ailount to Detail
8
)103 183.79
403 183.79
$103
183.79 44103 183.79
sn================m====s
DETUL
8
B
)119 AS3L05ME1T
Assessment 43
Assessment
$56 952.921/
2%
76
jitual
Refunds
Adjustments
4395.6o
1, 125 88
93ohedu1e I
2
Amount to Detail
46Q Q
412.92
2_52,1
8
„?74 891.44
$74 891.44
74
DETAIL
891.44
474 891.44
8
1949jkq3EWAgi1 Accoulg
Assessment #4
Assessment
Zi63 269.38/
2g
Refunds
Adjustment
5Q9 0
$6g 769,3
Schedule 1
•
2
2 151.62
4 600 71
6 76q 11k
$62 e09.05
Received from T.Swenseid in
liquidation of Varmarth
O
Payments on account of
closed Airplks;
First State Lank, Jud
Farmers 3tate iank, Marmarth
Interevt on Bank Deposits
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Amount to Detail
5 564 65
t.86 561.63
4170 506.62
530 64
8
102 402 28
1011.1111114101•1111•0011.11i.m..••••••••••.......••••••••••••.......•••••••1•111.1111110.01.......1111111
$170 506.62 4i170 5o6.62
Ilt====V=================
Lqqqi
Schedule 1
Aefunds
0
Adjurtments
2
526 .Q1
5 09
5 62Q 11
;284 766.17
Received of T. Swenseid in
liquidation of Marmarth
6 coo oo
Payments on account of closed
J34*(0;
Marmarth
jud-To corroct payment 1920
.0.0 829.34
20
:0.0 329.14
all.
gthST_JD210all.
interest on Bank Deposits
•
4
h41111.11tAL
Salary B. J. Schoregge
Zxchange
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Amount to letail
$60.
(do
5Q
8
953 95
750 50
284 140 48
'295 720.12 $295 720.12
==========ww===========
DaAIL 8
•
1922 AS$47AlitaiT ACCOUNT
lst Additional Assessment
0
0
2nd
0
3rd
•
4th
Assesament #6
2% Assesament
51
51
51
42
4 1
4249
;Atm Assessment Credits
jami. Adjustment
9r
486.41
„,;249 314.96
okoectd ,134nIcs:
0.. 692.92
Interest on Ba.nk Deposits
Interest on Notes Receivable
•
278 0,6/
933 96
200 00
;.6
y249 334.25
VI 29.
Schedule 2
kwannts on accowat
Marmarth
492.25
288 56
288 56
Ventleig
Salary-B.J.Schoregge
Salary-H.P.Goddard
Nxpense-H.P.Goddard
11;xpense-G.Semingeon
Expense-Committee State Banking
Advertisini.; re closed 1,fulks
Legal Lxpense
Amount to Detail
8
32.75
16 66
6 516 31
241 145 14
4249 354.37 4249 354.37
===
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
=
= =
===
ISTAIL 8
Less; Assesawent credits
I4BC, Adjustments
•i:204
Schedule 2
Received in liquidfition or
First State Bank. Jud
6 471 55
kNymonts on accoupt _pf oloted rdamke:
Marmarth
,'04 163.15
cth,er Income:
interest on Bank leposits
463.76
144 29
Pees,1,,
•
111xpenses:
Salary-H.r.Goddard
Forpenses-H.P.Godlard
Salary-C.W.Conroy
Expenses-C.W.Conroy
Salary-G.H.Rieland
Sxrenses-G.M.Rieland
Salary-J.C.Deemond
Expenses-J.C.Desmond
Salarp.B.J.Schoregge
Salary-G.Semingson
Stationery and krinting
gal ixpense
Audit and Legal
Miscellaneous bxpense
Amount to Detail 8
545.97
1 188 05
300.00
125 88
246 67
163 82
433
395
2 249
211
1 310
1 899
33
85
91
1
08
96
591 59
4 946 14
11,2 11
12 986 49
195 055 93
.)
4 212 205.57 ;212 205.57
=======================
•
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-a
Dr.TAIL 8
TQ
•
aL19a4-A2114211-6„264:4Mt.
1st AAditional Assesiment
4. 138 507.61)
•
•
2nd
),k
37 755 47(
•
i37 51(
) 43\1
,
„Y
4.th
P
L-37 op 13)
34 22 87
fl,'? Assessment '18
r t --.1st Additional Assessment
•.33 861 87.
3% Misescnent
4 50'
P13 67.3
jam Aosernment oredits
. 463 18
329.20
223
4
Lgsra, WjusLments Schedule 2
interent on Bank Deposits
Interest on 1Lveqtments
Profit on Sale of 3rd Liberty Loan
Bonds
Loss oi a1e of U.S.Treasury Lotns
Serice A 1924
Pees
•
114Rensesi
Salary-B.J.Sohoreixe
•
LxpenresCklary-G.Semingeon
Salary-V,R.Tompkins
Exreneas.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Zapences. *
%1ary-3,0,1elsond
Expenses.. "
Salary.R.J.Yolmes
Expenses. °
Salary-N.eld
Expenses* "
Salary-D.J.Heaney
Bxpenses- "
Expennes'C.1i.Yeillan
Salmry-M.W.Arndt
3a1aryorothy U.3chnecker
Zalary-113rielvo
Stationery and Printing
4xpense
liircellarieous
Amount to Detail 8
t.
'
4222
313.51
168 75
7
7 229
10 156 63
';.2 200.0C
786 85
1 666 6o
2 963 26
931
3-43
25
3 424
22
36
58
57
87 00
n51 61
485 75
350 00
124 73
400 00
203 66
713 35
67 5e
50 00
40 (A)
271 35
3 244 98
1q8
al
120 699.10
211 771 04
••••
4011111.11Maill.....00
232 470.14 .,a32 470.14
111=========XMIUMItten=======
S •
3CEV:DUL
1
IITTPUND3
--k-----
.Dat e,
1/17-18
1/17-18
1/17-18
1/17-18
1/17-18
1/17-18
1/17-18
1/17-18
2/ 9-18
•
•
•
•
7/16-19
7/16-19
7/16-19
7/16-19
• 10/15-19
•
1
•
•
•
•
•
•
•
2/10•20
2/10-20
4/13-20
4/13-20
4/13..20
4/13-20
4/13-20
4/i3-20
4/13-20
4/13-20
4/13-20
7/13-20
7/13-20
7/13-20
7/13-20
10/13-20
Namq of Barlk
Fullerton State Donk
Bank of Purvey
Farmers & Merchants 3tate Bk.Kenmare
Security Bank of Knox
Overly State Bank
First '3tate bank
Parshal
Bank of Petersburg
Rolette County Lank
Staohn
Underwood
First State Lpnk
Amount to Detail BA
Imunt
77.69
46 30
133 09
State Bank of Alexander
Security State Lank
First State Bank
First State Bank
Adams Cosatate Lank
Amount to Detail
0.34.11
74 66
104 12
8
First International Bank
Montpelier 3tate Bank
Peoples State 11k
3quity State hank
Farmers State 1:/nk
Uooreton State bank
Bank of Fairmount
Stookgrowers .tank
First State Bank
Aneta State Bank
First State Bank
Bettinger State Bank
Farmers 'nate ,,t-nk
First International bank
Union Farmers State P.ank
Northwestern State Bank
Farmers State Bank
Citizens State Bank of Max
Amount to Detail g
•
4/12-21
Menoken Farmers State Bank
Farmers State Bank
10/31-21
Chaseley State Bank
10/31-21
Amount to Detail 8
likinntoct
rcr
https://fraser.stlouisfed.org
'ituthcrized
w,
• 10/13-20
• 10/13-20
Federal Reserve Bank of St. Louis
V •
Galva
Tuttle
Woodworth
Hettinger
B
Minot
Watipeton
Fargo
Thompson
Napoleon
Uskoti
Esst -'estby
Linton
Columbus
New alem
:111deer
Mayville
Hemarks
Nationalized
Liquidated
Never admitted
0
64 40
25 40
60 12
Nationalized
95 06
53 95
Never admitted
Nationalised
146 f7
-:41707.79
NE,tionalized
75 95
6 76
Over-assessment '2
395 60
$.02
05
144 16
Correction
Nationcllized
75 49
132 98
47 72
145 31
212 66
75 71
243 65
300 00
140 68
162 23
59 42
Dissolution
Capital reduced
Taken over by 1st International ?illdeer
(Taken over by let Inter( national vilnmnre
200 00
75 80
23
48)
Ix 21)
2 151 62
Dawson
200.00
250 00
Capital Stook reduced
Over-assessment 19a)e1
76 lo
1)
.52.S 70
761.71
SCHSDipLA 2
ADJUSTMOIT
•
Date
•
•
•
2%
Assessment
Courtenay
Security State Bank
Bast Westby
First State Bank
Glover
Glover State Bank
Grand Yorks
keoples State Bank
Soneyford
Honeyford State Bank
Karnak
Karnak State Bank
Security State Bank
Kintyre
Kongsberg
Kongsberg State Bank
State bank of Lehr
Lehr
Farmers & Merchanta
Lngland
State Bank
l)ecurity Bank of Woeron,Oberon
Farmers & Merchants
es
Tolna
State Bank
First State Bank of
Watford City
**atford City
"
9.18
Farmers State Bank
3/15.18
kioneer State Bank
4/15-18
keoples State Bank
0
0
5/ 8-18
Farmers Ltate Bank
6/ 44.8
Farmers BRnk of Sutton
7/ 5.18
Farmers State Bank
American Zxchange Bk. Watford City 8/22.18
MazR
km:a State Bank
9/9-18
Knox
9/10.18
Peoples State bank
St.John
9/10.18
St.John State Bank
liagara
9/24.18
Security State Bank
Leith
9/26.18
Peoples State Bank
Golden Valley10/ 2.18
Equity State Bank
Carpio
First Security Bank
10/ 7-18
Oneta
10/28-18
keoples State Bank
Farmers & Merchants
Cooperstown
bank
zmerado
Guaranty State bank
uverly
Security State Bank
Farmers Bank
Derrick
Peoples State .iiank
Casselton
American Sxchange Bank Valley City
Farmers & Merchants BY .Kindred
Farmers State Bank
*indoor
kayville
Farmers State Bank
Christine
Farmers State Bank
isrmers State bank
Rutland
Bank of kaida
Maida
Farmers State Bank
Neche
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Adlustment
ar.
Dr,
$54.40
Refunded
Date of
Adjustment
10/10-19
442.71
115 76
10/17-.19
10/15.19
10/23.19
11/15..19
11/15.19
10/20.19
11/15.19
lst
2nd
Total
Assmts.
including
Average
Deposits
Assess. Assess. Original Average
pent , Assmt. Deposits
pent
56 000.00
$6.40
t28.00
4534.4o
33 944 02
51 895 53
33 775 63
53 765 co
319 35
327 89
34o 52
244 10
146 20
11/15.19
127 657 lo
la 95o oo
394 19
365 55
400 00
377 67
10/17-19
175 699 39 .12
436 83
74
94
58
68
165
72
88
85
64
28
109
115
80
46
82
34
PO 57
362 96
300
300
300
1 COO
1 000
300
300
400
400
300
500
500
300
400
300
300
500
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
800
300
300
300
1 000
4 000
400
300
400
500
400
300
300
00
00
00
00
00
00
00
00
00
00
00
00
00
279 10/17-19
10/23-20
10/20-19
17 45
95 89
10/15-19
io/15.19
ic/23.3.9
9
ic/23-20
io/23-20
10/23.20
ic/23-2o
10/23-2c
io/23-2o
156
323
18o
219
217
799
489
57
74
48
20
6o
15
672
552
103
052
151
582
662
402
915
025
P90
002
373
795
790
094
S.
7?
36
44
31
o7
oo
93
00
22
56
00
26
11
9°
75
61
39
33
15
10
23
es
10/26.21
(Continued)
54.40
244 10
146 20
et-frol*
345 46
42
2C
38
3o
35
86
27
4587
368 08
641 40
c7
926 57
329 57
73
30
09
69
324
314
043
585
590
345
27
39
22
649
435
335
332
36
99
49
co
65
9
27
8
3 66
4 68
dO
39
464.00
233 49
339 88
o57 86
091 75
347
471
456
321
597
588
357
5•4
13
6
3
13
305
24
15
96 91
Diseolved
4,280.00
Adjustment
Afference
351 29
639 66
366 76
324 59
78 800 00
220 800 00
96 504 55
00
00
10/21-19
1/2
of 1%
784 98
143 58
57
34
39
42
97
224,298.07
53
96
ScHEDULF
, 2 - Continued
•
Date
4/22.19
heoples Bank of Calvin
5/21.19
Union Farmers State Bk.lrew Salem
5/27.19
havana
Farmers State Bank
7/ 8.19
First State Bank
joliette
Farmers State Bank
Starkweather 8/ 2.19
Menoken Farmers State
8/ 2.19
Bank
:lenoken
Aarwood State Bank
8/ 8-19
Harwood
Farmers State Bank
8/14.19
Fullerton
Oriska
Farmers State Bank
8/15-19
Farmers State Bank
Ambrose
8/4-19
Yarmers State Bank
Mapes
6130.19
Farmers & Merchants
ilquity Bank
Jud
9/15.19
Farmers state Bank
Brampton
9/22.19
First State Bank
Tower City
9/22.19
Farmers tate bank
Lake Wi11iams1.1/7.19
Security Savings Bank Jamestown
10/17.19
Security Aate Bank
Warwick
10/27.19
Farmers State Bank
Dickinson
10/28.19
Farmers Security Bank Washburn
10/30.19
Farmers State Bank
Gladstone
11/20.19
Stockgrowers Bank
11/26.19
Marmarth
Crystal State Bank
Crystal
12/19.19
Tower City State Bank Tower City
1/20.20
•
•
Farmers State Bank
Farmers State bank
Farmers State Bank
Amenia State Bank
Farmers z,ecurity Bank
Wahpeton state Bank
Peoples tate Sank
Security Bank
Voss State Bank
Guaranty State Bank
Security State Bank
Cathay State Bank
Farmers State Bank
Farmers State Bank
Peoples Bank
+American State Bank
liGuaranty State Bank
security State bank
Security State Bank
Bank of Cogswell
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Arthur
Hesper
Moo pie
Amenia
Conway
'.;ahpeton
Linton
hamberg
Voss
Mantador
Lawton
Cathay
Watford
Tolley
ind en in
Mohan
Medina
Robinson
Milton )
now Orr)
Cogswell
2%
Assessment
400.00
800 00
500 00
300 00
300 00
300
400
300
300
1 coo
300
800
300
300
300
300
500
00
00
00
00
00
00
00
00
00
00
00
00
Closed
297 87
231 12
220 84
760 36
145 98
366 17
35 13
209 30
300 00
10/ 8.20
8/15.21
11/22.21
12/ 5.21
260 62
247 25
18 92
204
199
270
160
bo
234
9/21.22
8/18.20
9A7.20
9/30.20
639.95
00
00
00
00
00
00
8/14.22
8/28.22
9/ 8.22
5/15.20
6/30.20
7/10-20
8/ 6.20
8/16.20
4156.39
500
360
500
300
300
300
400
300
500
300
400
700
500
300
300
300
300
300
400
300
500
300
300
300
300
1/26.20
2/ 2.20
I/ 2.20
3/29.20
Adjustment
00
00
00
CC
CO
00
00
00
00
00
00.
CC
00
00
00
00
00
00
CO
93
56
68
60
54
97
176
241
319
296
206
231
143
196
260
349
242
321
92
29)
41)
05
37
4.
95
74
64
oc
73
40
80
96
21
73
68
39
11/15..21
10/26•21
•
A
A
6288
14et
Average
;Deposits
10/23-20 ;;109 885.65
11/15-21 173 973 93
10/23-20
54 681 00
10/26-21
g 694 95
a
603 46
ft
12 41
66
19
276
156
229
Date of
Adjust..
ment
11/156
'21
10/26-21
34
70
72
49
50
21
4.
156 54
169 23
so
125 85
41
(Continued)
'
s 54.94
86 99
2754
16 35
43 80
57
22
74
25
40
17
15 34
22 13
28 05
18 12
27 77
799
17
35
36
24
25
10
11
05
04
98
40
74
43 34
11 75
626
853
29 36
15 66
58 27
31 72
714
20 26
17 80
23 92
39
25
17
12
47
22
61
52
13
44
20
28
4567.66.
963 50
534 50
327 52
360 03
532
417
564
343
45
18
09
10
4149.43
869 87
273 41
163 48
438 02
418.23
93 630.53.5b
261 09
164 04
57 99
318 73
15
50
40
76
08
35
82
03
44
92
66
99
69
75
62
90
20
95
436 78
52370
52125
1 077 02
538 65
919 96
384 47
320 76
365 16
347 00
552 85
250
174
129
476
229
616
527
156
449
292
289
26
37
24
59
90
92
48
25
04
00
35
13 74
4 50
42 70
724
122
996
21 46
11 48
814
16 04
675
395
652
643
14 50
15 87
25 66
920
72 51
17 24
19 96
52 07
40 44
21 79
1201
17 84
22 17
585
6 33
655
25 56
439 40
31570
615 21
52448
421 18
762 03
561 90
33327
320 1
3” 88
32890
50960
412 85
312 78
540 06
221
58
63
63
255
34 995 12
26 021 00
825
11 66
17 50
13 Cl
32575
324 67
174 98
130 11
150 75
194 56
25 33
21 303 89
206
1c65
312 71
106 52
206 19
80 34
50
34
25
95
45
123
105
27
89
58
57
051
874
848
317
980
383
495
249
807
400
869
60
00
28
63
00
20
00
25
00
00
41
51
18
145
34
338
390
089
491
915
132
899
596
037
695
351
715
679
705
134
73
00
14
59
104
80
43
24
55
3/ 4•24
0.2.72
76 51
716
11 17
36 23
Adjustment
Dr.
cr..
....._
171
550
360
249
254
107
39
2/24..5
229
099
079
952
815
470
Total
Assmts.
1/2
2nd
let
including of 1Z
Assess. Assess. Original ivferage
merit
ment
Assmt. Deposits Differences
44
11
12
12
51
57
22
59
7
54
41
90
oo
43
cc
353 17
256 69
91 95
725 46
172 46
199 58
520 66
404 50
217 98
120 19
178 48
76
58
40
53
67
0.40.16
19 53
83 21
76 91
361 30 156 37
66 68
203 69
93 34
99 09
211 38
132 68
66 99
67 26
38
55
23 59
166 52
35
192
600
108
303
143
184
83
55
263
111
81
28
159
35
63
178
24
71
11
32
01
43
75
04
Olv
51
88
00
50-
,182 71
221 75
26 66
762
110 25
152
221
241
157
115
199
155
107
251
349
249
284
47
24
20
78
136
91
31
02
6o
57
40
29
96
40
14
22
45
25
39
35
79
83
93
23
13
14
79
47
92
20
37
93
14
27
60
44
44
11 60
89 82
69
6 57
37 00
6 79
SCHIDULE 2
Continued
•
•
Date
11/19-23
.horthwestern State Bank•Sawyer
Union State Bank
Dunn Center 8/13.24
9/15.24
First State Bank
Alamo
Nome state Bank
9/16.24
Nome
9/16-24
First btate Bank
Center
Commercial state Bank
9/23-24
Williston
Union Bank of kortal
10/17.24
Portal
Union Bank of Antler
10/17.24
Antler
State Bank of Lanpdon
10/25.24
Langdon
Date of
Adjust.
sent
Adjustment
Cr.
Dr.
2%
Aosessmsnt
.et
Average
Deposits
lit
Assesssent
Total
Assmts.
1/2
2nd
including of 1,%
Assess. Criginal Average
Adjustment
ment
Assmt. Deposits Differences _LI,
Cr.
$300.00
450 00
450 00
450 00
450 00
1 200 00
600 00
450 00
750 00
111•01.10r
eiirrirmismoserdmiemosnmeMillaremdmowirearellsiorill.
$3,760.00 t15 490.24 tl 942.21
077.07
IrVT*WW1rW*WVWWWWWWWWWW'WWWWIrlftr=
.ww..
4,4 632.90
777 07
4.3 855.83
wrIstreTriTlew
•
Sul:NARY
Dr. Adjustments
0
Cr.
Amount to Detail
O
0
"
II
01
•
a
4
"
•
*
I.
PI
•
415 490.24
1 942 21 413,548.03
8B
8 c
8D
8 IN
8Y
8 G
gl
125.88
4 606 71
5 093
19
1 684
1 015
63
29
83
69
ka3 548.03 t13 548.03
rworr- Trztrwwwwwwrve-rvrwir
Remarks:
*
Consolidated with state Bank of Tolna
April 30-1919 assessment #3 includes
both Banks. 2nd assessment ebove taken
in ratio of assessment.
1ot analyzed.
#
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Consolidated with Security State Bank.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
" tiV14W OF 44A'!ITIATIOki
iht.;:eVATO
q6A.:?.A1:4Y PUFD,
1
AU II-C 14ATLLI—L2-12Ljial.
411
The 1G
cretin; the lopositors Gu4ranty Fund and
defining the powers of the Commission, %re found in Chapter 126
of the
Le.WFT
of 1917 as amended by Chapter 110 of the Laws of 1919,
and further amended by Chapter .21 of the Laws of 1911 and amended
and reenacted by Chapter 200 S. L. 1923.
Under the present laws the Depositors GuarwIty Fund
Commission shall be comosed of five mt!mbrs, namely, the ;overnor
of the State of North jakota, the Maner of the 13rlic of Iorth
Dq.kotI and three members to be apTointed by the :;overnor, all
appointments to membership of said Commission, whether to fill a
•
vacancy or otherwise, shall be made by the ;overnor.
The statutes appear to provide that the Commission shall
h9.ve the supervision aril control of the Depositors Guaranty ?und
and shall have power to 3lopt all necessary rules and ret:;ulations,
not inconsistent with law, for the mann •c7rcnt and administrl.tion of
said Fund.
The Commission at the date of this examination, October
31-1924, was oomo-ed of the followin,' members:
Eonorable R. A. Nestor, lovernor of North )akota
Mr. C. B. YoVillan
Vr. S. G. Severtson
•
Mr. (;ilbert 3emini?;son holdin,, the appointmerA of
Ireasurer of the C omm issi on.
•
ecretary and
Under the law Ur. C. A. ,ireen,
Mana er of the 1.ani,c of North Dakota, by virtue of hIS position
would be a member of the Cossion but he has not :At this dz,le
qualified as a members
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
••••••■•
The statute appears to require the -tate Tre..1f,!urer
to be the Treauurer of the Guaranty Fund.
It appeare that
Ur. IA en, prenent State Treauurer, has not qualified.
•
The bonds of the mebern of the ',:ommission and of
the 3ecretary and Treanurer were examined and are as follow*:
Mr. C. B. Lclallan
Mr. 6. G. Oevertson
Mr. Gilbert "..;emingson, :;ecretary
•
Treasurer
310
10
20
25
OrJ0.00
000 00
000 00
000 00
Vter.elftWINIOWWW
The oaths of office subscribe' to Ly the above menbers
and offiners, were examined ant! found as conforminr to the
statute.
RKVOLVIIX FUltp.BANKS:
411
At letai3 1 of the Report herewith, is disclosed the
/Janke in which funds are nor being mobilized for the part payment
of apnroYed deponitors claims in certain elpsei :banks.
The bank
accounts were reconciled and the balinces verified by correspondence with the Banks.
The amount of A3,601.61 represents realizati9n of
collateral of the '*illiams County State Lank, "alliston,
Vorth Dakota, in which the Lank of tiorth -)akota and the
Depositors Cuaranty 'und have a pool intere,It.
The sum of
$3,601.61 represente the ')epositors Guaranty Viands share of
411
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
rellizatiln which has not as yet been transferred to their
checking account.
the Imnk.
The amount w;s verified to the reoords of
•
S'ECIAL DEPOSIT 9.Etajaatal.
:A Detail 2 of the aeport herewith, is disclosed the
1110
'Special Deposits with Banks.
The amount on deposit with Iallke
that are o .n is 121,515.26.
The balances were verified by
correspondence with the 1)anks and found to be in apreement.
The First state Bank, Calvin, North lakota, is
secured by a depository bond in the sun of '10,000.00 signed
by the Yiret Itatie Bank, Calvin, by Archie Fillers, Cashier,
al3o sirned by the followinp an surety, namely,
1ins Porter,
Sillern.
1an J. Porter, Celrfre ilenderson ant!
The deposits with the following Banks are unsecured:
State Lank of Hannah
Soandinavian American Bank
Merchants :itate Bank
•
Hannah, Lorth lakota
liorth lakota
Juries, north Dakota
kll the above Special 7)epos1t Accounts, exceptinF the
3eandinavian Imerican Bank, Lariat, North Dakota, have been
closed out since the date of the audit, October 31-1)24.
The Receiver of Closed Banks holds Lank of hew
Rockford collateral for collection for the account of the
lepositore Cunranty Fund Commission totaling .1.62,274.93.
It was reported that this collateral was acquired
in the fo]lowinp manner.
The Bank of New l‘ockforl had obli-
(rations which were eec .ired by collateral.
The cAlateral had
drawinp
been forecloeed and the time for redemption watt! rapidly
to a close.
111
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The Commission deemed it expedient to buy the
their
claim and acquire the collateral in order to protect
intereets.
The transaction was made through the ,candinavian
American Bank of Linot who held the collateral as Trustee.
•
This
collateral was later on transferred to the Aeceiver of A.osed
.banks for collection.
Clotted
The amount of the balances in Closed Banke is
411 ,96().29 as disclosed at 7)etail 2of the Report herewith.
The Receiver of Cloeed Banks furnished a schedule of balances
of Special 7)eposits in nosed Lanc, and the following differences
were nnted:
AddreRs
Nane
•
Farmers bank of Dunn Co.
State bank of Crenora
Security jtate bank
Farmers and kerchants
Squity Bank
State Bank of Maxbass
Tolley State Bank
Farers State Bank
Farriers Bank of Hampden
Farers State iank
Farmers & Merchants
State Bank
Williams 3o. State Bank
Balance
Balance
10/31-24
10/31-24
reported
Cuaranty
'Fund aecords by Receiver
Dunn %Ienter
Crenora
Hanks
jud
1.axbass
Tolley
e..Fairview
Hampden
Rawson
Sherrood
lilliston
14 32C 09
13 562 13
25 000 00
wwwwwwinu======lemwsmw==
A Schedule of the above differences, an yell an the
nosed Bankn, was
differences of assessment accounts in (
submittod to the Receiver of 'nosed Banks and the (7ecretltry
•
of the lepositors Cuaranty runl lommission.
The Receiver
arreee. to investirate these diffororcec anl report on them.
In his subsenuent report, it was ltat 1 that the rlajority of
•
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Federal Reserve Bank of St. Louis
these differences would be reconciled with the records of the
Guaranty Fund.
The P,000.00 at the 'Farriers Bank of Hampden
and the $25,000.:):J at the Alliau.s County 2tate Lank, Williston,
•
were reported to have been carried by the Banke aR
Payable
and had therefore not been reported by the Receiver.
The
epecial depositA in Closed Banks which are secured by collateral,
•
are as follows.
Depository .iond for $10,000.00 signed by Clyde State
Bank by Chan. Sillers, Cashier, a/so signed by the following
as surety, namely, Archie Sillers, Dan. J. Porter, Zam Bateman,
C. B. Harmond and W. h. Schroeder.
The bond was found on file
and examined.
From the :ieceiver of Closed Banks it
WaS
ascert:Lined
that collateral was held by him in the face value amounts
shiwn below on October 31.1924 for t)--,P following banks:
•
Farmers tate Lank
Tolley .,;tate Bank
state Bank of Crenora
Security "Aate Bank
Gawyer state bank
Maxbass State Bank
Farmers & izerchants State hank
$17 648.06
tome
Tolley
Grenora
Hanks
Sawyer
Maxbass
Sherwood
55
758 41
8 331 35
14 705 5R
31 392 31
1P 981 20
26 212 75
W=WWW===l0r=
To secure the deposits made by the
epositors Guaranty
Fund and the Bank of North Dakota, the Williams County state Bank,
Williston, pledged certain collateral which is held Jointly by
the 'Depositors Cuaranty Fund and the bank of Lorth Irkkota, and
which is now in the hlnds of the Bank of North Dakota for
•
collection.
Their records at October 31-1j24 revealed face
value collateral belonrinr to the Guaranty Fund in the amount
of 430,086.23.
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Federal Reserve Bank of St. Louis
It was reported that the Fir,,A i;ational
ainneapolis, ::Linnetiotri, held certain collateral in withth
the Depositors Guaranty Fund have a pool interent.
S
•
This
collateral is to secure deposits male lt the followinr hanks:
Farmers
Farers
Farmers
Farmers
Farmers
Bank of Dunn County
Jtate Bank
Bank
bank
3tate 15ank
Dunn center
Rawson
Ray
Watford Jity
3ant Yairview
Correspondence was had with the 'First :tional Bank,
ainneapolts,
irinesota,to o.certain the amount of unrealized
collateral at October 31-1921.
In reply they stated that this
collateral ras out in the hands of their collectors, and as
this was in the midst of the collection season, it would greatly
hanlioap them to call in this collateral to compile the information reoulred,and requested that they be allowed to furnish
this information after the collection season.
•
It
Was
aloo reported that the Northwestern National
Bank, Linneapolls, Annenota, held certain collateral in which
the Depositors Guaranty Fund have a pool interest.
This
collateral is to secre the deposit nade at the Farmers sank,
Hampden, North lakota.
c;orresponderice was had with the
northwestern liational Bank, Linneapolis, to asaertin the
amount of the unrealized collateral at October 31-1..v:4 and
It was letermined that the collateral at that date amounted
to $67,610.73.
To explain further the 7awyer
•
Lorth Dakota transaction, the followinr infornation was
furnished by t.r. McMillan.
to secure certain loans.
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Federal Reserve Bank of St. Louis
tate Bank, 3avryer,
This Bank had pledred collateral
This collateral had been foreclosed
and the time for redemption was close at hand.
The lepositorm
Guaranty Fund Commission, in order to protect its interests,
paid off the claim and took over the collateral in the name of
•
the northern Trust Company of Farro as Trustee.
The Northern
Trust Company advanced the money to carry out this transaction
and the leponitors Guaranty Fund male a deposit with the
•
northern Trust Company of approximately like amount.
With reference to the Nilliston state hark, Williston,
Earth ')akota, it was explained by IA.. ncUillan tlit this Lank
had male large loans to Albert Solberg.
Solberg owned
large tracts of land which had been mortgaged.
The mortrares
hal been foreclosed and the time for redemption was about to
expire and the lepositors Guaranty Fund Commission in order
to protect its interests, redeemed from foreclosure and took
over the land in the name of the northern Trust Company of
_Fargo al Trustee.
1r. Ucgillan alv.o stated that there has been
no accountine a5 yet between the jommission and the northern
TrJst Company.
At the date of this examination, the (:omission
had a representative at the northern -ruat Company to make
settlement.
The. collaterul of the 3awyer State Bank has been
turned over to the Receiver of Closed Banks for collection
on behalf of the Commission.
The titles to the lands acouired in the 'villiston
3tate Bank transaction are rorortel as
•
ti31 in the name of
the Vorthern Trust Company as Trustee.
It ,3.n not Tlossible to make a eatiefactlry audit
of the collateral as there was no detailed records kept of
•
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Federal Reserve Bank of St. Louis
it from the tine it was acquired.
it therefore, hal!, been
•
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
possible to verify only the balance of unrellized collateral
in the hands of the parties holding it and then only when it
has been possible for them to furnish it.
A review of the Minutes of the meetinr of July 3-1923
reveals that Special neposits were authorized for the following
Banks and amounts.
This authorization aplears to be more in the
nature of a ratification of the then existinr balances at those
Banks, than an oririnal authorization.
Adre's
3tate Bank of Bowman
Farmers bank of lunn lo.
horthern Trust Co.
',1c•Lndinavian Arerican bank
First 3tate 1A1Lk
Clyde 3tate bank
Yarners 3tate Ban'
3tate Bank of Crennra
Farmers Bank of Hampden
Ztate Bank of Hanks
Utate Bank of Hannah
3tate Bank of Caxbass
Far,ern 'tate Bank of Lome
• Rawson
•
•
I.
Farrers Bank of ;jay
3tate Bank of :larles
Farmers & Merchants Bank
Tolley state Bank
Underwood 3tate bank
Farmers State hank
Williams Co. 3tate bank
Bowman
Dunn Center
Fargo
Minot
Calvin
Clyde
East Fairview
Grenora
Hampden
Hanks
Hannah
kaxbans
Nome
Rawson
Ray
3arles
Sherwood
Tolley
Underwood
Watford City
Williston
Date of
Nmount
!olthorized Minutes
$10 000.00
2 057 55
24 3U1 B6
5 400 00
5 000 00
5 000 00
882 96
11 968 00
2 000 00
7
1
10
9
643
500
000
588
00
00
00
27
9
)g
1'
71(7
1 500 00
10 000 00
12 959 19,
2 997 34
33 87
25 000 00
7/3-23
7/3-23
7/3-23
7/3-23
7/3-23
7/3-23
7/3-23
7/3-23
7/3-23
7/3-23
7/3-23
7/3-23
7/3-23
7/3-23
7/3-23
7/3-23
7/3-23
7/3.23
7/3-23
7/3-23
7/3-23
I bill): .s.1T3
._.....
DUX MA
3, ...._..
Cie.") OF A;33,1"331.
At Detail
3
of the lieport herewith, is disclosed the
of
bkidances of assessments due from Open Banks in the ‘Ium
4563,239.48.
Correspondence was had with all Open :Ante 1=anks
balances
for the purpty,le of verifying the correctness of tele
on the records of the 1)epositors Guaranty Fund Commission.
Replies were received from all but the Flrmers Eank of lounieh.
•
An examination of the latent call deport dated
3epterber 17-1924, received from the _Ramer° bank of 1:unich,
reveals a balance due the Depositors Guaranty Fund of
•
1,887.36.
The following statement is presr.nted to show that thin Bank has
not credited the assessment levied on Lay li)-1)23 and none since,
to date:
balance 3eptember 17-1924 per banks
Sworn Statement
31 887.36
Aslessmentr not Oredit d:
Date
•
Amou0
5/15-23 Fourth Additional Assessment
11/15-23 Assessment No.7
1/15-24 Firnt Adlitional Asnessment
441
«
2/15-24 Second
«
«
3/15-24 Third
3,
«
5/15.24 Fourth
8/26-24 Assessment /40.8
Balance September 17-1924 per
Assessment Ledger
1126.44
120 98
120 9P
120 98
120 98
120 98
111 ()
R42 39
32 729.75
131 05
10/15-24 First Additional Assessment
Balance October 31-1924 per
Assessment Ledger
R4O.Fi0
M=1211111111MUlle
The replies received from the Banks confirmed that their
balance was in agreement with the 1)eponitors Guaranty Fund
Commisvion balance excepting the banks following:
•
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Name
Addtes%
Balunce
per Reply
frop .;;Ank
First 3tate Bank
Northern Trust Co.
Lorthern State Bank
First State Bank
Bank of Hansboro
Security State Bank
Calvin
Fargo
Grand Force
Hamar
Hansboro
Krem
411 206.41
2 977 36
5 913 12
426 R4
1 023 53
60 668 70
Sheridan ,lo.3tatekk. .cClupky
State Bk.of cVille McVille
rercer
First State Bank
Nome
Bank
state
Nome
Vortonville
Nortonville 3t.Bk.
P47
1 373
815
300
833
21
26
27
00
41
hedger "qiffe re=
$979.41 3227.00
302 96
2 674 40
425 32
6 33r 44
17 94
444 7 ,
01
52
023
1
comments
See
972 37
following
02
P,47 19
64 46
1 437 72
10
1,15 17
150 00
450 00
72 14
761 27
IrWWWWWWn=WITWVICIMWWW:WWWWWW
Further correspondence was had with the Banks where
•
their first reply revealed balances different
from that of the
Depositors Guaranty Fund Co,Inission at Octber 31-1924, and it
developed that most of these differences could be accounted for
•
and the differences shown above are commented on following.
First Stlte isink
lalvin:
The difference of $227.00 occurred when the ablve
Bank charging a withdrawal of October 22-1924 to the Guaranty
Fund 3pecial Deposit.
This withdrawal is credited on the
records of the Guaranty Fund Commission to the assessment
account.
This matter vicl referred to the Guaranty Fund
Commission :ffice for adjustment.
•
Isorthern Trust Co. - Farro:
Assessment Number
8 levied aFainst the above Company
amounted to 1302.96 and was charred to them in November 1924.
The Northern Trust Company have included this amount in their
balance of October 31..1924.
LorthPrn ..tatf, Bank - (Irani Forko;
The difference of 4425.32 at the above Jank represents
the assessment levied Oct3ber 15-1924 which, they state, was
not credited to the Guaranty Fund until Lovember 20-1)24.
•
First State Bank - Hamar:
The difference at the above Bank at October 31-1924
is 317.)4 which in the amount of the aseetisment levied uctober
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
15..1924.
The hank' evidently did not credit this assessment
until Lovcemter, as further correspondence with them revealed
that they had a subsequent balance of :.236.78 which arreed
with the records of the Guaranty Fund Commission at Lovember
•
10-1924.
Zecurity
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
tate lank
Krem:
This Bank apparently did not understand what
information was desired of them.
They have evidently reported
the averare deposits, as their first letter reported a bal,J-ice
of $0,66P.70, and in another letter a balance of q43,1M.73.
An inspection of the Call Report dated October 31-1924 on file
revealed a brtlance at that date due the Guaranty Fund of
'4972.37 which was in arreement with the records of the Guaranty
Fund Commission.
State
i'lrit<
of
The difference at the above Bank at October 31.1924
is t64.46 which is the amount of the appessment levied
October 15.1924.
The Bank evidently did not credit this
asness-
ment until November, as further correspondence revealed that
they had a -I'dbseluent balance of $751.72 which was In arreement
with the records of the Guaranty Fund Commission at November
10-1924.
Nome State Bank - Nome;
The amount of 1450.00 oharged to the above bank on
the records of the Guaranty Fund Commission is 3% of the
Capital Stock of the bank which is now required of all new
State banks.
The Bank has creditrd the Guaranty Fund with
$300.00 which is 24 of its Capital Stock, which was formerly
reluired of now state banke.
This matter was referred to the
Guaranty Fund Commission Office for adjustment.
-
Nortonville State Lank - Nortonville:
•
An inspection of the :all Report dated October 31-1924
receiveri from the above bank, revealed a balance of $761.27
which wan in arreement with the records of the Guaranty Fund
•
Oommission at that cUtte.
A6S,V_=3NT lEPOOTTS TY,J
FRC/14 CLOT BAM:
At )etai1 4 of the Report herewith, is disclosed the
balance, of assesments due from Closed Lans in te sum of
489,303.25.
A Schedule of balances due the lepositors Guaranty
Fund was submitted by the iteceiver of Closed Banks and were
found to be in arreement with the balances carried on the
records of the ')epositors Guaranty Fund except as follows:
•
ArHrese
_j_Name
•••••Fammwmfma
Bowbells
Oasselton
Dunn Center
Glasstm
Clover
Grand Forks
Joliette
Lansford
Litchville
Lone Tree
Loraine
Loraine State .bank
Ray
Farmers Bank of Kay
Sanish
American State Bank
Farmers k lichts.State Bk. Sarles
Taus
Citizens .;tate bank
Tolley
Tolley State Bank
Bank
Dunseith
Dunseith tate
31liott
State Bank of 311iott
First State Lank
Peoples Stray- lar,k
Farmers Bk.of Dunn Co.
Security State hank
Clover state Bank
First Savinps Bank
Firat state bank
0
•
0
•
Balance
10/31-24
Guaranty
Fund
RecorAs
alance
10/31-24
reported by
Aeceiver
1600.73
77 46
552 65 41 704.41
725 68
744 30
652 85
2 715 40
201 80
218 22
1 379 81
1 437 00
1 518
200
588
1 623
142
517
543
1 656
111
85
01
63
20
64
45
556 56
1 537 43
95 28
55
553 55
1 507 76
41
6o
1 33A 15
wurstawwwwmemwwwwvierw
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Investipation of these differences devPIo ed that at
certain Banks the difference equaled certain aesnments, and
that apparently the Banks had not credited the Depositors
Guaranty Fund with that particular aesesament at the time the
•
Bank was closed.
Followinr are the Banks where this condition
exists:
Security State Bank
First State Bahl(
a
0
4.
Loraine State 13ank
Farmers .iank of Ray
American 3tate Bank
Tolley State Bank
Classton
Joliette
Lansford
Loraine
Ray
Sanish
Tolley
After submitting a report of these differences to
the
eceiver of Closed Banks and the secretary of the
Commission, and after an investigation by the Receiver,
it wan stated that most of these differences would be
reconciled.
In connection with Closed Bank Deposits and the
payinp off of the claims of depositors in Closed Banks, an.
•
inspection of the kanutes of the meetinc of October 10-1924
reveals that Closer! 1.)anks have been divided irto two classes,
Olass a consistinF of thone closed on or prior to June 33-1,23
and Class B consietinr of those
closed after June 30-1923.
An
excerpt from the ..inutes is as follows:
"It was resolved that as soon as depositors
verify and prenent their verified clairqs arainst
Lanks in Class A, such claims shall be acted
upon with all practicable expedition. 3uch
admitted claims to be paid a dividend of 1W4
to be applied on such claims and certificates
of indebtedness. All claimo of 310.00 and
under to be paid in full. 2ecretary authorized
to assemble and mobilize moneys belonvin, to
fund by withdrawing from all 7.!an%e 2e, of
amount no on deposit and twenty days later
to withdraw a further 40,74 and thereafter such
allitional part an is deemed necessary."
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3ince the date of thin ex5mination, October 31-1v24,
the heceiver of nosed Banks has remitted to the 1epositors
Guaranty Fund .)34,625.69 in liquidation of bal:Irxes due the
Depositors Guaranty Fund from closed banks.
The details of
this amount is revealed at Detail 4 of the Report herewith.
•
*dr
The Investment!? at October 31-1924 consisted of
•
315,0.00 par value of United States Certificates of
Indebtedness, 4-1/414 due December 15-1924 which cost
$15,009.3g.
These certificates were with the First Eational
Bank, Minneapolis, for safe-keeping.
These bonds were con-
firmed as being in the possession of the First Lational Lank
of Minneapolis for safe-keeping for Depositors Guaranty
Fund Commission.
LOT0:6
At Detail 5 of the heport herewith is revealed the
Lotes .teceivable in the num of $2,341.99.
These n ,tem reprenent
loans made to the Receiver of the Yarmers & Merchants Bank,
Robinson, for Receivers expenses.
An inspection of the
Minutes of the meetinrs disclose that these loan
authorized by the Commisnion.
were
The notes were confirmed
as agreeing with the lommispion's record.
WAMTS PAYAL1:
All Warrants Paid were compared to tile reco7ris of
issue, and it was determined that the outstanding Warrants
•
at Cctober 31-1924 amounted to U,054.46 as disclosed at
)etail
6
of the Report herewith.
•
https://fraser.stlouisfed.org
Federal
Reserve Bank of St. Louis
IP
An inspection of the 7arrants issued stibseluent to
Ootober 31-1924 .ind a comparison of the %farrants with the
, t some were
Invoices for which they were issued disclosed tl
expennes incurred prior to October 31-1)24 and therefore have
•
ben net up as a liability at that date under the title of
Vouchers Payable.
•
An itemized list of the Vouchers fayable
in disolosed at Detail
7 of the Report herewith.
11A1M.TTY Oh 7111:M3T.T3 IN M.CD BAK3:
In submittinv the Statement qt Pare one of the
Report herewith
no cornisance is taken of the liability of
the Depositors Guaranty Fund on deposito in Closed Banks,
an this liAbility had not at the date of this examivation
been determined.
PIED:
•
At Detail
8 of the leport herewith is submitted a
su:i.:Aary by yearn of the Assessments Levied with certain
additions and deductions, the net total of which is transferred to the Financial Statement herewith.
nurrorted by 'Details S A to
Detail 9 is
8 G inclusive, each one of which
Details reflects the Receipts and lisburnements for each
particular year.
The Refunds and Adjustments are net forth in
detail at schedules 1 and 2.
Conqiderinr the Refunds disclosed in schedule 1.
attention 1.!1 called to those Banks marked '*".
The Refunds
the
to banks so referenced were found to be authorised in
Linuten of the Comnisnion.
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
were not found to be
BO
All Refunds not so referenced
authorized.
It is reported that the question, whether nr not
•
the lanics which have been nationalized are still liable for
a sFare of ti,e 1) n on Closed Banks up to the date they were
nationalized, is in process of being tested in the Courts.
•
July 31-1939 was riven as the date of the olosinp of the
first Bank since the Depositors nuaranty Fund Law went into
effect.
There has Leen prepared two sol,elgle
one a schedule of Banks closed prior to July 31-1V19 with
the date of nationalization, the other a lchedule of Banks
closed after July 31-1919 with date of nati,Inali%ation.
BAIA3 bATIODALIZED PRIOR TO JULY 31-1919,
UR DA.TX OP TH11: TelitT l*All CLOSIIIG SItiCH
nil GWANTY YUbD LA* WIC= INTO 14FFIA,CT
Date
410
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
lame
Addrews
alexander 3tate IJank
Aneta State Lank
First ;tate Bank
Security 3tate Bank
First state :wAnk
First state Bank
Firmt State Bank
First State Bank
Stook Growers Bank
Fullerton 3tate hank
Firpt ltate Bank
Bank of Petersbury
Alexander
Aneta
.Kat '4estLy
Colva
Tuttle
Underwood
Woodvorth
Uakoti
hapoleon
Fullerton
Parshall
Petersburr
2/ 3-19
3/ 8-19
3/ 8-19
5/19-19
4/25-19
12/ 9-18
5/24-19
5/31-18
7/ 2-19
8/ -18
2/' -IP
4/ -18
July 11-19k9
•
•
Date
Eationalizel
Adl_res
Merchants & Farmers Bk.
Liberty Bk.of lickinson
Merchants Bk.of Irake
Nelson Co. State Bk.
kmerican Otat e Bank
Citizens State Rank
Taylor State Bank
Lambs bank
Bank of Fairmount
Eouity State Bank
Northern 3avings Bank
Hettinrer State Bank
Farr.ers state Bank
Citizens State Bank
Yooreton State Bank
Famers State Bank
Peoples Lltate Bank
McLean Co.State Bank
Northwestern state Bk.
Far:.ers 6tate Bank
Cavalier
Dickinson
Drake
MichiFan City
Mohan
Sharon
Taylor
Whitman
Fairmount
Farr()
Farro
Rettinrer
Linton
Max
1:.00rcton
Thompson
Wahpston
Wilt9n
Killdeer
Layville
11/10-21 0
6/26-230
9/29-23
9/22-210
9/12220
9/15-210
3/ 3-24
11/20-23
2/21-20+1/ 9-20T
7/16-20i4/12-20t
3/21-20"
5/14-20r
2/21-20+
2/21-201"
3/ 8-20t
6/24-220
10/13-20 t
10/13-20 1.
The records of the Guaranty Fund Commission reveal
balanceo lue from Banks tht are now National Banks or
consolidated with Eational Banks.
Correspondence was had
rith the National Lanks an nucceorz to the
the purpose of verifyinr these balances.
tate Banks for
Followinr is
submitted the names of the Banks corresponded with.
The
nwresof the oririnal Banks is riven; its nucce2q1r; the
balance shorn on the records of the Guaranty Fund jou.:7,1ssion;
and the amount acknowledged by the Bank:
•
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Origin,a Lank
S
•
ccessor
Acknowledged
Ikar Ledger .By Bank
Merchants & Farmers
bank of Oavalier
MerchaLts Lational
Bank, Cavalier
State Bk.of Cuthrie
First lAtional Lank,
Drake
A3 05
American 7t9te bank
of Mohall
TPirst bati)nal Lank,
Nohall
315 87
Citizens State Bk.of
Sharon
PirRt National Ban!‹,
Sharon
4P 62
Taylor 3tate 1;ank,
Taylor
3ecurity Nationnl Bk.,
J19 31
Taylor
Lamb's Bank of
Whitman
First i;ational Bank.
1 234 25
Whitman
$27).33
$279.33
)19 65
=Irmswwwwcrwwww====wsrwe
Paravraph 11 of the Law provides -
•
"New Banks - Any ban organized subsequent to
the :assage, approval and takinp effect of this act
shall pay into the ',)epositors' Guaranty i'und an aJmount
equal to two per cent of its ovitr&l ntock, rIlen such
bank opens for business, which amount shall constitute
a credit fund, subject to adjustment on the basis of
said bank's averare daily deposits, an shworn by the
first annual staterent reouired by section seven of
this article.
The Depositors' Guaranty Fund Commission is
Authorized and empowered to make an adjustment of the
rater of aesessment to be paid by any bank which
engages in the banking business subsenuent to the
passage, approval and taking effect of this Apt,
and shall renutre such bank to contribute to the
Depositors' Guaranty Fund, a just and equitable
. epositors' Guaranty Fund Commission
sum, and the l
of such bank so that the
assessments
shall adjust
with the credit fund
together
first two assessments
stock paid by said
capital
the
of
of two per cent
at least equal
shall
business,
begins
bank when it
daily
average
the
of.
cent
per
one-half of one
annual
firnt
the
by
shown
bank
as
said
deposits of
article.
this
of
seven
by
section
statoment reluired
•
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Federal Reserve Bank of St. Louis
Provided, however, tat said two per cent will
not be required of new banks forned by tl-ze re-organization
or consolidation of banks that have previously complied
with the terms of this Act with reference to the
payment of assessments."
It 15 reported that there is
•
SOMP
doubt as to the
interpretatin of the underlined portion of the term "firrt
two assesments".
The Attorney Ceneral was reported by
Mr. Vcitillan as being of the opinion that it
•
mont the
first rerular assessment and the second regular assessment.
In, 3ohedule 2 of the Report herewith there is disclosed the
adjustments to the different Banks t/7at have been riade to
Mate.
There is alllo preseitted other data on which adjustments
ney
have been computed under Paragraph 11 based on the Attor
sments".
General's opinion as to the meaning of "first two annes
By this computation certain Banic.s are entitled to credits
and others would be charged.
The net difference would be
a charge to the Banks of #3,655.83.
Y
') COUILI5SIOli:
The expenses of the Commission are provided to
be :mid from two sources, namely A - Legislative Appropriations
B - From Assessment Fund
For the purpose of disclosing the costs of the
24, there has
Cormistion from ite creation to October 31-19
u1e A, where the
been 1)repared and sub,Tlitted follow1ng,3ched
fiscill year
Lerinlative Fund exrenditures 'ire classified by
•
Yr. I;urphy of the
periods, as prepared from the records of
State Nxaminers Office.
7un4 are
The expenses paid from the Assessment
•
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Federal Reserve Bank of St. Louis
disclosed at netail
8 G. inclusive.
8 an supported by Sub-Details 8 A to
Followinr is presented a summary of all expenses
of the Commission from its inception to October 31.1924,
clasrlfied by type of expense and source of income therefor.
OF CC.'.i,-1:;-,I(14
•
Paid from
Pail from
Assesnment
Vioroprlation
PunA
Commissioners 3alar1e3
Postare
Office Supplies and
Printinp
Travelinp 2xpense
Inspectors Salaries
Clerk Hire
Bond Fremium
Yurniture and Yixtures
3ecretaryle 3alary
Legal Fees
Advertising re
4713.35
P,62
5 136
20 971
17
94
OP
03
50
470.00
,3
iLiscellaneous
$40 )52.40
34 lf.3.35
90P 32
9OF 32
1 468 70
13 756 62
2 331 64
1S 892 70
26 406 73
10 VO Oa
619 BO
566 70
3 566 56
5 435 70
10 202 58
619 80
566 70
3 566 56
8 663 62
35o 46
510 56
Total
Mxpenses
1 420
37
$37 848.79
8 663
6e.
350
46
1 931
23
378 801.19
111=WWWWWWWftWWW=MINWWW1TWW=IEMWWWWWWW=W
The following table refleotn the appropriations made
and unexpended balances at October 31.1924:
Appropriations Experylitures palncO
191P-1919
1920-1921
1922-1923
19)4-1925
15
000.00
600 00
18 825 00
18 BOO 00
45 225.00
2
Unexpended balances
reverted
345 225.00
f5 022.67
2 313 22
P-49.79
*2P.67
78
P9
3
3 973 212
7 376.21
3
4)4 00
3 404 00
$41
252.79
15 6':) 11
14 !=', 6 79
2g6
144
WVW=WWWMIWWWW=WV=MWWWW=
Balance of Appropriations Unexpended
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Federal Reserve Bank of St. Louis
33
972.21
nmsemaeurate
The data appearinf in 3chedule A is obtained from
records "'Moll form no part of the .lepositors Guaranty Yund
records,
Therefore, no verification was made of the amounts
appe,lrinc, in ;ichedule A following, and are accepted as being
S
correct for the purpo,.e of presenting the expenlitures of the
Depositors LWaranty Fund Commission which do not appe,x on their
records,
•
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L
Federal
Reserve Bank of St. Louis
•
;;,DULE A
,
•
1920 and 1?21
Budget
Aansa.t. Credit
•
15
Arnrorrirttion
3alary Co-r-issinners
Postare
Office 3urr1iee
Printing
Viscellaneous
Traveling Exrenge
Pond Premium
Hotel Txrense
ne.nuty 3ftlary
Jlerk Hire
Furniture and Fixtures
Travel Ur. Comnissioners
3a1ary Inspectors
Travel axp. Ilisnectore
Overdrawn
Unexpended Balance
.219m1112t1
229
125
1 137
355
264 50
1923
1924 and
"vdret
Annror.
51
87
54
30
31 206.00
1 500 00
300 00
600 00
300 oo
5 100 00
425 00
xpended
3635.00
668 60
203 49
527 55
580 82
3 332 62
1925.
Z4crended
to Oct.
(
31-1
:24
airrsewmarbswerasto
Ludget
p'eusor.
$1 ;00.0o
1 500 00
500 00
1 000 00
900 00
3L:).00
221 60
231 26
240 03
605 43
004 14
1 602 52
28 67
9 000 00
8 702 58
400 00
329 45
3 000 00
400
2 000
4 000
4 000
00
00
00
00
470.00
908 32
458 27
010
1 420 37
3
t, 179:
I
619 60
14
1 500 00
237 25
2 604 88
10 202 58
566 70
2 604 88
3 333 13
3 963 07
3 833 18
3 968 07
144 89
3 973 21
12 600.00 ?18 82500 a8 825.00
318 800.00 $18 800.00
286 78
Total
2g41
1
3
• •-••••,.........10.1.14/1.
,5 000.00 05 000.00
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
o.cled
40465.00
1735.00
18 12
23 50
13 32
103 20
1 209 37
===============
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Oredit
$2 600.00
000.00
•••11111.
•
Budget
mirror.
1922 and
.1010.1.111•11.1
=VG=
22 60°310
==============6=amasmania===z4==
=============
37 840.79
O
COMPUTATICN OF
the
The otntements recPivel from Banks on
•
aselesnments wnre comruted were found on file and examined.
Prom the riata recorded thereon, the accuracy of the computation
of assessments was verified and the assessments were found to
be clrrectly com,,utn(1 except ao shown follorinr.
The amounts
shown in column 1 below are the assessments as charged to
the Banks.
The amounts in column 2 are the corrected
mounts am determined from the aBaewment filen.
0), I:,
ka...r..k...
•
Addren)
1
$49.41
63 00
47 9G
61 49
27 48
Farmers Stl.te Bank
1;tate Bank
German State Bank
First State Bank
•
•
0
Almont
.orockett
7tanton
1Ja1cott
Werner
First State Bank
Bank of Hansboro
First state BanK
Burntqad
Hanabcro
Judson
50 5R C‹
41 73CX
3entinel Butte
Max
Knox
45 9501\
3r. 78
2
$50.97
68 00
41 96
74 09 71.'
32 58
53 77
42 9P,
36 6P 1
—T-TT NO, 1;
Interstate Bank of
Billings Co.
Firnt state Bank
keoples state Bank
•
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
62 35
42 BO
49 15
48
42 OP
62
7 NO. 4:
•
•
•
Bank
Alrlress
2
1
(4,hpeton 3tate Bank
Wahpe ton
.96
First '.;tate Bank
69 94
Regent
010
45 260(
arr;iQr:3tate Bank
Rawson
rst Internati onal Bk.Portal
78 41
To,rnor Co. Banc
Perth
115 25
•Mgan City bank
14ichigan
109 7§
j4illerton State Bank
ZAllerton
35 46
242 54
Yiret International ;:.Noonan
Litato Bank of Morton
County
M and an lee
68C'
Farmern 3tate Lank
43
Fortuna State Lank
FortunalOtb
— 42 920(
Merchants State Bank
Glen UllinitLe‘`qbic,-/01,--122
c
First Savings Bank
224 99
Crawl Forks
Farrs tsete Bank
44 40
Hanks
-1010
,
Hespert2.1
4 500‹
Horace State Bank
Horace
127
Bank of Leal
Leal
75 30
Firot :-:;tate of Lucca
41 57
Lucca
43 11
Farr-ers State 13ank
Bentley
0
6F 20
Brantford
1_0
41 46°'
Burt ,1
Burt -tate Bank
vv.
Frs Bank of
iqsa 41 220(
IhcKenzie Co.
CharlsonS.4
Chalely
Chaeely State Bank
KV'$1•7-6-79
33,14
Courtenay
Security State Bank
Jawson
Famern State bank
5›.U98
2
Douvlas
°
1 44 4
Douplas State Bank
- a-0 60 30,0
Ackelson State Bank
Eckelson
75 (24
Amidon
YirfAt State Bank
Appam
Appam State bank
35 77
66
Ayr
Ayr ;tate Bank
36 34
Balta
Pierce Co. 3tate bk.
63 54
Barney
Bank of isarney
112f(
ta"k
181
349
/01 -
•
010.3365 44 45 08'
78 56
114 75 109 2832 12
134 47
2‘34i(.1. 5 ?---17
32
-X1 01
100 1P
P5
24
4 90
24
9 50
127
80
41
43
68
36
84
05'
28 •
66=
30v
22
37 15
76 )6
51 43
r ) 28
09
• 56 79
75
35 07, 66
e4
54 ,
5:
Farmers ::tate Bank
Peoples i;tate bank
Merchants State bank
Farrcerss Bank of
Mercer Co.
11;nr1and 3tate bk.
•
•
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Bratilock
Cannelton
Glen Ulliniato.,...let-vw
45 77
54 50
98 480(
51).1305 41
1972
Hazen
New Alnplanci
45 47'
$4 99;P
9, 75
57.75
17 20
J.(\, 6:
Farmer State Bank
Farmers & Ierchants
Bank of Rolla
Citizens State Bank
York State Bank
Farmers & Merchants
Bank
-
36 75CK
35 37
Rollaax
Tagus
York
43 790(
.
47 4S
45 96
Overly" 's
59 37 0(
lift, rm
Pct4.
47
31
35 33
53 11
1
T NO.
6 -
Continued:
Alrir2s
Bunk
•
•
So and I a Arne ric an
Seourity Jtate Bank
Renervation 3tate Bank
Fir!A ;takte Bank
Security State Lank
Harlow State hank
Farmers Atte !Junk
Driscoll ':Aate Bank
First ritte Bunk
Farners State Bank
Firnt $tate Bank
Bowdon State Bank
American State Bank
Farmers State Bank
Peoples State Bank
Farr.evl 3ecurity Bank
6
:
426.72
35 21
91 54.
„
Hague - e
123 93 ok
59 47
Halliday
31 Go
Harlow
5C 26
Colehartor
)- 42 748<
'
ncol 1 lalttv,^1Ob— N °\126 60
1-eadmunds
11 970{
Ambrose
37 19
Barton
Bowdon
59 32
Burlinpton—ioL- °11- 161 04o<
32 6o
Butzville
22 55
CaQnelton
39
Chaffee
Palermo
Kintyre
326.22v
33 85/
90 01
9
77,
157
58 9
31
62 50
76'
71 94
26 75
9 13
37 29
52 P2v
3. P2 58
96 69./
"T
Rock Lace ..tate Bank
Peoples ftate bank
Soanlia American Bank
Newville State Bank
Clyde state Bank
First State Bank
Rook Lakeg.
Parqhall
Palermo
Newvil2e
Clyde
linFlevale
Farmers State Bank
I;
boonan
Gwinner
flannah
Arthur
to
OS
$0o
- Ncio-3•
.•
.•
45 344K
35 19 0‹
44 (j)
37 40
50 02
44 26
833
50 52.42 91'
27 10 -
27 60
826
31 12
03 A
117 16
23 T.)
31
62
117
23
62.
75 66 v
Co -
10t=m1r=ot="t=====111211=
:. ;0/1C103L-1;3:
Liability to
Wpositors of Cloned Banks:
Attention is aFain directed to the omisclon to set
up in the Statement herewith,any arount re-,)resontative of tl.,e
liability of the Guaranty Pund to the leponitors of Closed
Banks.
The amount of such liability hvi not been determined
•
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Federal Reserve Bank of St. Louis
at the date of this audit, and to determine this liability
would have apparently entailed a special analyIls of the
individual deposits of each and every ,Jlosed e
- ank, something
not contemplated as boinr ,%.ithin the pcope of this audit.
AtillELUnsL_Lials,Ljaj„:=LIIILLLIALL
At October 31-1924. there was approximately 41800,030.00
411
aval)ribie funds and on deposit in Open banks.
This amount does
not ieclude some :;200.(Y)0.00 due the Fund from Closed Banks.
221E11E1_2f State Laws:
A,ference has been made herein that tile .74tte
Treay4urer has not lualified as Treasurer of the Commission
and ft ir rA*rited to explain this situation,
The Guaranty Fund Law appearn to require that all
of its moneys be deposited in the 3tate Banks, while all laws
rernlatinv the state Treasurer's deposits require that he
deporzit funds in his control in The Bank of Lorth Dakota.
Therefore, rather than disobey both laws he does not qualify
as Treasurer of the Oommission, and complies with the laws
regulatory of the office of '.)tate Treasurer.
Certificate:
In our opinion the Depositors Guaranty Fund has
been pronerly accounted for on its records and that all dipbursftments are consistent and in order and properly authorized
and authenticatPd.
•
It in merited to Itite t7t evPry courtesy was
afforded during the provre:is of this ex.Amination.
•
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Federal Reserve Bank of St. Louis
HesT,eatfully Jubmitted.
BRI33LA1 & CO.,
B
saint Paul, L.innesota,
December 29-19:24.
M%4'424
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Federal Reserve Bank of St. Louis
AUDITOR AND ACCOUNTANT
NORTH DAKOTA
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
AUDIT REPORT
OF
Fun)
DEPOSITOR S CALAKAIL.
BISMARCK, IL iltd;„_
FROM
DIICITB-R
1, 1926
TO
Nolm/u3.7 3°._1928
0. B. LUND
AUDITOR AND ACCOUNTANT
BISMARCK
NORTH DAKOTA
40.1
Walter laddock, Governor,
C. R. Green, Lanager Bank of North Dakota,
A. W. Engel,
S. G. Severtson,
E. A. Fisher,
Members Depositorts Guaranty Pund Commission,
Gilbert Semincson, Secretary,
Bismarok, I. Dak.
Gentlemen:
In compliance with agreement I have made an audit
of the books, records .ind vouchers of the Depositors
Cu-ranty
Auld Commission of tEe ,.t to of Porth Dakota for
the peried
becinnintr: with the close of our previous audit, Dec.
1, 1926
to Lovember 30, 1928, and I hereby certify, that
in my
opinion, the followind st tements and schedules refle
ct the
true condition of the cash transactions of the depar
tment
for the period covered.
A verification of the income from bank
assessments was made by correspondence with the
banks
assessed, exceptine a few that have failed to repo
rt to us
before the close of our audit, as noted in detai
l on pa,;-e 17.
The other cash incomes to the department, which
were smill,
mere verified in the ussual m nner.
The expenditures from the fund which were
principally payments of dividends to the depositors
were
comp-ired with the vouchers on file in the
department.
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Federal Reserve Bank of St. Louis
The expenditures for administration expense
were ext,Jained and found to be well within the mount
authorized by law for that purpose, and we found all
funds
coming to the department to be properly accounted for.
On pace 10 will be found a statement of kssets
and Liabilities of the department as they appenred on
Nov. 30th 1928. This is followed by a statement of
collections and disbursements for the two years cover
ed
by this audit. These statements have the detai
l and page
number opposite each item for convenient reference
to the
supporting schedule following.
The books of the department, and the Balance
Jheet submitted herewith, do not show the liabilitie
s to
depositors of closed banks. Before this can be deter
mined
the receivers of the closed banks must wind up their
affairs,
and all c1J,ims on the Devositorts Guaranty Fund must
be
passed on to determine which are, and which are not
a
liability or a proper claim on the fund under the
law.
;tt the present time there has been a ten
percent dividend declared by the Commission on about
twothirds of the banks that have closed to date. On
the
dividends authorized there is still an estimated
amount of
claims stnding unpaid of over a million dollars.
It is
very apparent that the full p,yment of the first
ten
percent dividend to depositors on all the banks
closed to
date is so far in the future, at the resent rate
of net
income to the rand, that an additional dividend
to the
depositors is so remote that its value to the depos
itor
is not worthy of consideration at this time.
The Commissioners, officers and employees of
the department were all found to be bonded and
had
4ualified as provided by law, with the exception
of the
Lkana,]er of the Bank of I;orth Dpkota, who had not
filed As
oath of office, or had appe red to take part in
the
activities of the Commission.
The records and proceodince of the department
were found to be kept in a neat and systematic order
. The
record of the proceedincs of the Commission seeme
d to give
a full and complete record in detail of all
Lutte:.'s acted
on by the Commission. There were severEl minor
cleric:a
errors in the posting of p7Iym(,,nts to the depos
itors claim
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Federal Reserve Bank of St. Louis
WEIS
— me\
accounts that were corrected durin6 the process of our
examination, with the exception of j.01 that WRIS not
located by us. While these er ors are all small -nd not
serious, we believe more care should be ,:iven in correctly
booking these items. There are a number of clA.ms sheets
with the field t.iuditor %nd referee that were not viewed by
us Ald time would not permit catherinE in these documents.
Otherwise we experienced no difficulty in proving the
accounts as we found them.
The officers and employees of the Depositor's
Guilrf.nty Tund and the :eoeiver of Closed Banks afforded
us
every courtesy and assistance in the progress of our
examination for which I wish to acknouledgt my apprec
iation.
Rezipectfully
YOU
Bismsrck, N. Dak.,
Dec. 28, 1928.
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Federal Reserve Bank of St. Louis
aUDITO
itt
AOCO
ANT.
REITLEW OF STIxTiar,4.-INTS
Uk;
I1'i ,TICN
.4)14.1:
J B •LQZJIQL11
Di\KOTA 51,256,47 Dr,
The money accruing to the fund is -,.thered
into the Bank of iiorth Dakota and all
expenditures from the fund are made by cheek on
the Bank. This represents the amount of cash on
hand in this bank at dite of audit.
Include in our atatements a special
collection account carried by the bAlk in
connection with the collateral bun to the
closed -4ilitas Jo. Braik of Allisten, which
shows a balnnce to the credit of the fund of
,A,167.59 that is not taken into account on
the Devrtment records. In our statements we
have chnvged the Lank of North Dakota with
this item mid credited the Williams County
BAik loan account.
17
B
DUE FROM OPA.X.-111a_CX
:,61,510.74 Dr.
sireassents are levied on thJ banks
coming under the Depositors Guaranty -et, the
amount is credited to the fund on the bank's
records, subject to withdrawal on demnd by
the
Depositor's Guaranty Fund. Commission. This
represents the amount of essessment in the hand
s
of the b,nks over the ?t!)te at date of audit.
Verificotion of the accounts was made by us. by
correspondence and found to agree with the
records of the Department with the exceptio
n of
items noted on deta1.1 as listed beginning
on
page 17.
26
C
AJZ_FROMCDPE;B
ON A3SNSSIE;NTS $32.,23.1,tfa Dr.
This represents the amount of as esamtnts
standing to the credit of the Depositor's
Guaronty Fund in insolvcmt 1)-Inks lit time
of
closing and. Additionul as:essments not levi
ed
at date of closing, that had not been ipid
by
the receiver.
schedule in detail of the
balances due the Depositor's Guaranty 1und
was
submitted to the Receiv3r of Closed Bnks
md
Ms records were found to be in harmony
with the
records of the Commission on these item
s.
Section 16 of the Guaranty of Deposits Aet
provides th:t the amount of money standing
to
the credit of the Depositor's Guarynty Fund on
deposit in closed bunks shall be a first lien
upon the as:.ets of such institution. These
credits are being paid by the ilceiver of
Closed
Banks as fast as he has funds avallnble and
it
is considered that they will all eventuialy
be
paid into the fund.
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Federal Reserve Bank of St. Louis
RiVi:
,JH
STL.TEMENTS z.ND ETAMINe.TION-CONTINUED
6
REFF2ENCE
kAG1D1IT fl.
ao.
28
29
D
E
30
31
SPECI,L DEPOSITS WITH CLOSED B-1aS 04319.30 Dr.
prior to perioa covered by this audit the
Commission made special deposits from Depositors
Guaranty Funds with banks that were pressed for
sash. This practice has been discontinued and
no such special deposits made during this audit
period.
Banks that have not returned such deposits
have closed. On page 28 we list the balances due
and unpaid from each such bank. Some of these
deposits are secured by collateral which is out
for collection. A large part of this collateral
is considered of questionable value and was not
examined by us. A list of special deposits due
from closed banks as carried on the books of the
Department was submitted to the Receiver of
Closed Banks and his records were found to agree
with the Commission accounts. This class of
deposits is considered as preferred credits and
first lien on the assets of the closed
institutions. It is estimated the Guaranty Fund
may sustain some loss on part of these deposits.
ACCOUNTS RECEIVABLE (CLAIM ACCOUNTS) ::312.47
Dr.
This representsIegel expenses paid ty the
Commission in connection with the interests of
the Guaranty Fund in recovery of collateral
pledged by banks that have closed. This expense
is
charged to the Closed banks on the books of
the
Commission and paid from the assets of said
bank by the receiver.
AS3E3SMEST ACCOUNT UN6ETTLAD 41,800.00 Cr.
---TETi- represents -faiee percent of the capital
stook of newly organized banks p/Aid into the
Guaranty Fund as provided by i;ection 14 of
the
Guaranty of Deposits flat, that had not been adjus
ted
at date of auftt. TLis is carried as a credi
t to
the banks on the Commission's records and treat
ed
so until finally settled by the Commission.
Q
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
UNDISTRIBUTED 6IECIAL DIVIDEND FROg RE01;IV1R
3201974.99 Cr.
Whori
-The Reoervii-a-f-nosed
nks
distributes a dividend from the liquidation
of an insolvent institution in his charge,
he
pays over to the Depositors Guaranty
Commission
the portion going to depositors that have
surrendered their Receivers Certificates of Proof
of Claim to be converted into Certificates
of
Indebtedness of the Depositors Guari,nty Fund.
The Depositofs Guaranty iund k.;omission make
the
REVIEW OF MIANINATION AND ST,%TEKENTS-CONTINUED
REFEREi!CE
DETAIL
NO.
NO.
?AGE
distribution of the dividedd turned over to them
by the receiver, to the depositor. In this way
the Commission has a record of all payments to
the depositors after they have taken the account
over.
This represents dividends from the
reoeivership in the process oi distribution to
the depositors from proceeds of the assets of
banks listed on page 31 of this report.
DEPOSITORS GUARANTY FUND AOCWAIT t40,868.22 Cr.
represents the amount of ssets
over the Liabilities on hand at date of audit,
exolusive of the libbilities to depositors of
closed banks, which can not be accurately
determined bud is not aonsidered in our
eU,tements. When the liability to depositors
in banks that have closed to date is set up
in the business there will be an estimPted
eeficit in the fund of fifteen to twenty
willion doll-r or more, depending on the
amount realized from the receiverships.
irfire—uara
DEPOSITORS GUARAATY kUND 13,,L_
,7 DSC. 3.-3.9.
1§491;_76 .A18.
on
at the close of our previous audit. This
figure is tz,ken as a starting point for
proving the collections Lind expenditures for
this audit period.
Eiis
repriliWITIFIU-W47761ance
32
RANI AS*EZSLENTS LEVIED J323,364.89
This item represents the proceeds of
assessments on banks as provided by Section
10 of Guaranty of Deposits Acts. This law
authorizes a levy of one regular and four
additional assessments each year of one-twentieth
of one percent each on the average daily deposits
of the bunk. The maximum levy authorized by law
has been assessed for the full period.
We verified the assessments by corres
pondence
with the banks,and found_ them to aTree from
all banks heard from.
33
INTEREST RECEIVED $4,314.F
This represents he amount of interest
collected by the department for the period
covered by this audit from funds &spoons&
In the Bank of liorth Dakota.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
REVIEW OF STATELLUTS ;,VD EXAMINLTION-CONTINUED
REFERENCE
Ps\GE DETAIL
NO.
NO, ,
34
L
UMINATION 1P:S COLLECTED t2,154.01
This item represents examfnation fees and
expense refunds collected by the Commission
as provided by Sections 5 and 6 of the
Gu'ximat,7 of Deposits f.ot for the period covered.
„0
,
ASSIGNMENT FIES COLLECTED t607.00
A fee of'one
Is oLarged and
collected for the assignment or transfer of
title of lelms on the fund from one party to
another. This item represents the amount of
such fees oolleoted as the sums appears on
the books of the department. hs sta.ted in our
previous report,no systematic) detail record is
kept of this fee to eble the proving of this
class of incame without the exumination of all
claims filed will& we considered would Wm_
more time than the amount involved would justify.
ratUND OF ExrPssE P'ID i37.50
Ince item of income represents the amount
of an old check drawn on the fund for
administrati3n expense that has been returned
and credited to the fund.
35
0
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ADMINISTRATION aPENSE PAID 40.071.71 Cr.
The atmlnfstration expenses of the
Depositors quarsnty Fund Commission are
provided in part by legisla.tive appropriation
from the Stt'te Genera iunds and part from the
Depositors Guaranty kund as provided by section
34 of the Act, appropriating :20,000.00 per
year or as muoh thereof as is neoessary from
the Depositors Guaninty Fund to meet the expense
of the Commission.
.112-July-W7
0%46-40---wait
truneforred to the Stet* Treasurer from the-fugaltrt-the-bwndivoT the•eommieiiion for each year,—
expense, an the expenses of the department-are
paid by the 8tvte ,..nditors warrants as otherolLims against the st%te are paid.
'FIKrenditures from both funds were compared
with the amount allowed by law and found to be
well within the alloted appropriations as will
be shown by details beginning on page 35-
liEVIE
Or ST;xTAM:JUTS 4,,ND EX,MMTION-GONTINUED
REFERENOB
PL1M
NO.
ITO.
40
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
P
lqA DIVIDUD AID DEPOSITORS '672,309.28
This represents the eataunt of general
dividend puid to depositors during the two
yeers oovered ty this audit. All approved
claims that were not with the cuditor or
referee were examined by us and compvred
with the expenditures as made from the fund.
With the exception of cleriovl errors in
booking the transaotions, that were
corrected darincr the audit, we experienced
no difficulty in proving the accounts.
9
254SAMAILASABANZUMIR
NOVE..Nit:I...IBA
21.1 .12:41
.1
....ANIA12.14111WW11
12
Cash in Bank of Jorth D:„kota:
Open Account- —
uollaterul kacount—
Due from Open State &Lica on i,seessients
Due from Closed T3tinks On .411038rierit8
Speciel Deposits in Closed Banks Aecounts ileceivable (Cliti Accounts)
In *iinds of tate Treasurer, :;xpenste 1,
-ccount
37. Assessment Aeeounts i.isett1ed
Undistributed Special Dividend from
Aeceiver of Closed 41anks
Depositors Guaranty iund Account
••••
Nob
IOW
.•
35
30
32.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
X
0
se 47,038.88
4X-742 351,256.47
m.•
moo
•••
6/$510074
vio•
•••
•••R
312.47
16,312.3o
-
*1,600.00
20,974.99
210,668.22
Melliattait
2.-Nos oalik.a.4.1-3.1111111111a
Waft AliAlitle
233,643.21 233,643.21
This statement does not include
liabilities to depositors of closed
b:mks.
.P2POSITUIASALZ,ZZLiklia
OTATINZIE 07 DISBURSlfra iliD 1113CLIPTS
Mi
lliagialemer......
,
•011111111.11111111111
TOZV-ZICS,
P.4.GIL DETAIL
1114.I
32
33
34
3
ic
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V
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
PXYMENTS
BAI,NCE AM)
An 141-2119141S
Depositors Guaranty hind 13r.d.ance Dec. 1„ 1926,- 14aoimi.1i9. 1-412a:___:22L
Beak keseastlients Levied
Interest 1Zeeelved
1.1xEniaati on 1 3 Collected- Aseignr..ent roes Collected
Reiuud or lipense Paid , riA)r to Dec. 1,
DijanirsedlaLit a_p_gult L-71L.619E2/2_10-1,92C :
itAftinistratiolt Jcpense Paid
35
40
zirda..L.426.12.2ins...X&J,2A
i-
Trausfur to G..meral Fund as provided
by Chapter 67-S.L. 1927
Tothl 10j. nene,r1t1 Avidend Paid
Deposi tors
Less 2r.yraents prior to Dee.1, 1926
092,768.44
IMMO
•••
323,364.81
4,317.37
2,154.01
607.00
37.50
•••
-
aNs
1926- 36,071.71
4,909.00
140,071.71
1,463,996.20
_391.6d6.91 672,309.28
Depositors Guaranty fund 3-lance licv.30-1,
28
210,868.22
923,249.21 923,249.21
*Note:- ,).dzainistration :'
., .xpense noted in this stuter-ent covers
only amount paid direct frora depositors Guar
anty ."`und.
In addition to this there has been administ
ration
expense paid from the state General Fund
Appropriations
in the amount of 43.30,1i.03. Jee deta
il on pzige 35.
pposiToRta =RANT!' FUNa
MILLUSLIalgagANLJUALA112VIL
WinIgral aViih
,1928
Balance as per Bank 3tPtement 11-30-2d
Bell:ince an per Guaranty ?und Records 11-30-28
Drafts not ch,rged on Cuctranty Alnd ReafIrds
Interest for ;:ov. 192 not on &Ink Sttement
Checks outstanding
Difference between Bank of rorth Dr_kota
and Guar.,nty Fund Records
$47 088 88
18 714 oo
1094
2062
2396
2654
2690
3067
4154
4493
4556
4646
4675
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4852
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5256
5314
5507
5764
5781
ggi9
9
5850
5854
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
901
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;16L,2J::,raiT
NAME OF BAN"
DUE FROM OPEN BABK,i;
Tioli
kroTTNT
DU2.
Security State Bank,/
klampoilftAll 281 10
First :.;t:;te Bank
Alamo
111 64
Bank of tlexandsr
Alex.,nder
60 84
First 3t-te Bank -Alfred
00 74
State Bank of dice -Alice
113 60
Farmers State Bank
Almont
156 62
Farmers State Bank
&leen
45 74
City StAte Bank -Ambrose
84 o8
Farmers St .ite Bank
imbrose
9 22
Amnia otute BeadkAmenia
60 78
Farmers State Bank'
,
/
Anamoose
48 04
Peoples State bank
,
Aneta
88 12
Union Bank of ..ntler
Antler
64 46 pzn
te }an:
Appam
128
.rgusville :Aate
108
Farmers tate Bank-iv
Arnec rd
321 08 —
First tate Bank -v
Arthur
153 36
a.yilla State Bank•°14'Arvilla
129 24
.,shely ..itnte Bank
Ashley
*619 10-First State Bank
Ashley
333 10
Farmers 3tdte Bank
Baldwin
37 88
Pierce County St te 13xinki
Balta
40 12
Bank of B rney_Barney
116 38
Bartlette tate Brnk
,
Blrtlette
55 64 First :)tate Bank-"
Barton
1429 50
Farmers 'State Bank-1/
Battelview
64 42
Farmers b4 Icerch.,nts Bank--/
Beach
e8o o6
Jitizens -tate Barik,
-'
Belfield
113 72
Farmers Stste BmmkBentley
8o 22
Farmers
nercho.nts Bai/
Berlin
78 96
Bank of Berthold -v•
Berthold
272 42
Berwick State BaakA/
Berwick
115 58
German tate Bank-1'
Beulah
150 04
First State Binford'
.
Binford
67 80
First State Bank-Bisbee
1.09 38
Fir!A Guaronty Ban.kL'
Bism rck
444 00
Berdulac lt,Ite Bank
Bardulao
54 80 c.--ed
Pioneer Beni_ of Bottineatt-Bottlneau
144 26 —
Security 3tate Bank
Bowden
63 84
Emmons County State Bank-'
Braddoek
136 62
Farmrs State Bank
BrAddock
43 7o
Farmurs State Bank-Brampton
46 28
:-Apte Bank Bre man
*79 04
Citizens State Bank
Brinsmade
134 10
First ',tat* Bank-Brlsb ne
18 -Farmers & Merchants Beatk-v
Brocket
3°
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
g'
81
7-
/-
/I —
•—
P,S3SLI-VENT FE&i DUE
WIZ OF BJK
State Bank of Brocket
Buchanan State Bank
First State Bank First State Bank
First state Bank
Burt State Bank -'
First State Bank
Foster County State Bank - -,-First State Bank
FarmersState Bank
Pembina County BankCitizerus -tate Bank First State Bank ,---'
Farmers Seaurity Bank
Cleveland State Bank,
Clifford .Aate Bank Bank of Cogswell ,/
Farmers State Bank
Northwestern State Bank
First State BankFarmers State Bank
Farmers tate Bank
First State Bank -Farmers
;erchants Bank-s-First State Bank -Firt & eourity Bank Merchants
Farmers Darlr -Cummings State Bank .'
First .)tate Bank -Farmers Aate Bank,
/
Kidder County State Bank Deering State Bank ,
First State Bank-Flrmers 0, Merchants Bank
Farmers State Bank .
Datkaas State Bank
Bank of Darn,
Farmers State Bank -Union Bank of Dunn Center --Security State BankEckelson State Bank
State 3ank of Edinburz
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
not 0112
LOCATION
Brocket
Buchanan
Buford
Burlington
Burnstad
Burt
Calvin
Carrington
Carson
Cath!,y
Cavalier
Cayuga
Center
Chaffee
Cleveland
Clifford
Cogswell
Coleh:rbor
Coleirrbor
Colfax
Colgan
Columbus
Concrete
Coope , stown
Cote.6.0
Crosby
Cryst-1
Cumminc
)
-s
Dahlen
Danzig
Dawson
Decrine
Denhoff
Dickey
Dickinson
Douglas
Dayon
Drake
Dunn ,Jenter
Duneeith
Lokelson
adinburg
BAUS.CONTINUED
DUE
$ loo 08
82
go
-57 8b
103 80
*64 16
148
335 76
171 58
104 76
93 .52
- 1.,1-S59 16
113 02
7 -• 186 o6
81 46
90 o2
73 5o eidefr4„,a
'
34
*115 48
-r
56 40I'I,
98 5o
46 40
238 oo
9
352 26
78 6o
270
4462 14
13o 36
106 10 First additional
3i
340
1928
not on bank records.
71 6455 52
129
67 4o
28
*IN 22
3c.
14 58c-/-&-Lawl 3
41
47
52
217 g0
8o 76 clo-0-&"
176 38(-*-r-e-# /-- 3— 3e
19
AW:ESMVNT
NAME
or
FS
BANK
DUE PROM OF:11 KNXS-GcATLTUED
LOC:i.TION
AMOUPT
DUE
11111111111111111111111111W
Security State Bank
First State Bank
Eldridge State Bank
Elgin Stste Bank'
First State Bank1..mbden State Bank
Citizens „Aate,Bnlilr
Peoples Bank Cititens state Bank Farmers State Bank
Esmond state Bank
First Interwitional Bank
Farmers State Bank -Falkirk State Bank-rorthern
Dakota Trust-4'
N.'. Mutual aving Loan-'
Wells County „it.te-Flasher z,t,cte Bank --"/
Fir: t Bank of Flaxton-v
aora State Bank
Forbes State Eank-Farmers , Merchants
Forest River .:tate Bank Citizens ,itate Bank
First Intern tional Bank First St ate Bank
Foxholm State Bank -iv
First State Bank German State Bank-First State Bank
Farmers State Bank
State Bank of Gaokle
Galchutt State Bank
Galesburg Stte bank
Garder State Bank .
State Bank of Gvrdner
First State Bank
Bank of GorokeFirst state Bank--•‘
First State Bank ---Gladstone State Bank--'
Lincoln ,tate Bank,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Edmore
Edmunds
Eldridge
Elc7in
Elgin
Embden
Epping
Erie
Esmond
Zsmond
Fair dale
Falkirk
Faro
Fahgo
Fessenden
Flasher
Flay ton
Flort.1
rorbes
eordville
Forest River
Fort Rice
Fortuna
Fort Yates
Foxholm
Fredonia
Fredonia
Fryberg
Fullerton
Gackle
Galohutt
Galesburg
Garder
Cardner
Garrison
Goroke
Gascoyne
Bilby
Gladstone
Glenburn
116 88
25 54
49 4
R5 13-1
_
w - 140
.7.,A,)11,0PodreAte•I
4„4.4dr...a
77 42‘q1.3imesment i 12 not
on bank records.
103
ee-4-a4n-kla1ance 403.90
419 2
199 00-1
137 72
9
10 R
14
72
101
117
399
2 176 tt
1.92
20.5
166 12
...-
a._
7 ft
12
t'IC/ CI;
- 30
189 96
313
112
40 32CZ-0-4.i /,148 78
41 4.4
51
115 12133 o822
63
----132 6 Cc,
155
193
93 66 —
104 72 cere-a-al /0 - e/er>14
154 42
207
95 36
98
165
192 46
45
43
'
V
o8
54
.
4
.4,4;441.C.41#
20
'
.1
"it
.1111111,9111.111111111110111112MWINUNICIM
AMOUNT
DUE
BLUE OF BANK
First State Bank
Fz!rmers - Merchants Bank
Glover .;tate sank
First ZAate Bank Citizens State Bank
Farmers a Merchants Bank
First State Bank
Soandia Aperican Bank
Marithan :;tate Bank
N.M. Trust Co.
Guaranty :Aate Bank-Aate Bank of Grand Rapids
First .Aate Bank Farmers State Bank
Northwestern Ltate Bank Guelph State Bank ,
Gwinner State Bank
First tate Bank security tate Bank,
First state Bank
Farmers .tate Bank
Bank of Hamilton -Farmers a Merchants Bank
Security 'Slate Bank -Farmer a State Bank
Harwood State Bank
Havana State Bank Union State Busk"'
Farmers tate Bank
F. rmers State Bank -State Bank of Heindal -.'
Alamo County State Bank
Peoples State Bank -Farmers State Bank-Bierrell State Bank -.
Farmers c, Verohants Bank
ecurity Savings Bank
State Bank of Jessie
First State Bank
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
WICS.GOITTITU,D
Glenrield
Glen Ullin
Glover
Golva
Goodridk
Grace City
Grace City
4-7
4p ,
35 90
548 501-1:72=7--/
46 36 --e0----#1 - 6706
188
* 38 80
97 04 /
Assessment #12 not
on bask reGords.
arafton
362
(}rend Forks
498 84
—
Gm rid Forks
la 44 .
Gr&nden
149 22
-Urcnd Rapids
53 oo
r:x yule
lc)? 22
Gre.A Band
70 30 1'
Grenora
134 44
Guelph
//- 3d'
Grinner
138 32-1764#
Raols
254 56
Halliday
105 66
Eomor
36 04 First Additional 1928
not on bank records.
Ramberg
26
ria:zaton
85 58
Hankinson
123 16 e-40-0-4-1 3
— 3
Ram, hford
486 o8-/
Itvey
220 66
Harwood
115 96 -/1IlavLina
233 42
Ra%an
146 34
newton
13 62
Hai&
434
Kelmdel
169 42
Hettinger
490 90
Hillsboro
522 08
Hoopla
206 30 First additional 1928
not on bank records.
Horace
34 74
Eurdsfield
81 58
Jtvaectown
350 84 ex-rtfige,MTG-Tna 19
not on bank records.
Jesole
SS 02
// -/
Juanita
50 72
4: - 7
ASSESLMNT Fr: 3 DUE FF,CsiM or
rE
OF BANK
First State Bank''
'.•3heyenne Valley Bank -,""
First State Bank
Security State Bezik.--"
Farmers & Merchants Bank
Kindred St ate Bank-"
Security State Bank
First State Bank
FarErrs Stat•
First 3tato Bank -4'
Farmers sec :1.1erfishants Bank
La Lioure tate Bank -First International
Northwestern Bank 4-Citinene jtate .3nkCitiene 6tate Bank
Elk' Valley Bank
(.;ecurity tae Bank
Farmers state Bank
Lefor State Bank
Farmers ‘2... Merchantseank -t':jtate Bank of 14kiFarmers ;Aste Bank
Formers Bank in Leon2rd
First jta.te
Lincoln Valley State Bank-Peoples State Bank-"
Farriers State Bank -State Bank of Lisbon First State Bank
First State Bank
Farmers ::.)tate Bank—'
Reservation 'otate
Farmers State Bank
Mapelton .3tate
.
Bank ,
State Bank of Marion
Marton state Bank
First tate Bank-7 Goose River -AtAe Bank
Bank of IficConna
Sheridan County State Banks"
LloCaTegor 'tate Bank
Farmers
Merchants Bank
Maihock State Bank
State
Bank of McVille,
-
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
LOC ,TION
•
Judson
Kathryn
Kempton
Killdeer
Kindred
Kindred
Kintyre
K1 ten
Knox
Kulra
Laltota
La Moure
L4n.da
Landon
Lank-in
Lansford
L, r imore
Laviton
Leeds
Lefor
.B ',111('3-WONT urn D
AMOUNT
DUE
iz.,016
73
58
2
79 82 ego-0—P
08
0 10
14
14
6
479 60
126 62(m.s-dus•P
134 72 __=4-‘440
119
1
"fr?
2!
288
260 34
78
12(11
143 34
-
1
26
7
57
4
2
3 54
'#
60 66
173 96
46 66
255 98
4.4.
16- 34
'- 3
°
00-
0
103
bo
Leith
Leonard
191
Lignit e
180
Lincoln Valley 54
Linton
261
Lisbon
190
Liston
571
Lorna
64
Ludden
51
Lic,daock
476
Makoti
136
Mandan
604
Mapelton
82
Lrion
430
Martin
84
lax
124
Mayville
r/5
id
MeConr,a
MeClusky
12g
86
Mc re or
MaRenry
5
McKinock
4
MoVil e
1
32i
3 ds
26 --
54*
/092
26
48cze"--------""-/r24-751----e--411° --/7- —7
3
12
88
28
20
00
1 — 3 45
—1
68
72
58
42
3c
7g6e.,./
2
Ce-e--a-e..."
38
42 -r
-
C.
40-
14.J:Esr NT FEES DUE FROM OPFN BAN
KS-CONTINUED
NAME OF BAK
Security State Bank
Ctockmcns State Bank
First State Bank
Mercer State Bank
First state Bank
Millerton state Bank
Minnewankan State Bank
Citizens Bank of Minot
First International Bank'Bank of Minto
Moffet State Bank '
Citizens tate Bank
Renville County Bank
Bank of Monango Montpelier State Bank Farmers State Bank-'-'
Merchants Bank -/
Farmers a Merchants Bank
First State Bank -Farmers State Bankli
Farmers
Merchants Bank
First State Bank Security State Bank
Farmers
Merchnnts Bank
Nome State Bank
First Internntional Bank -Security State Bank-First ;Ante Bank Bank of Oberon Secl5rity State Bank
Scandia :Itterican Bank
FrIrmers Security Bank„,
Peoples otstte Bank
Bank of Pekin
Penn State Bank -Farmers Stete Bank,
Pettibone state
Pillsbury ',tate Bank-Pingree State Bank
Union Bank of PortalFirst State Bank
First Security Bank-/
Pioneer State Bank First State Bank
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
AMOU5T
DUE
LOC:.TION
Medina
Medora
Mercer
Mercer
Merricourt
Millerton
Yinnetaukan
Yinot
kinot
}t
into
koffit
Lohall
Pohall
honanco
Montpelier
Torreton
Fapoleon
New Lngland
Bee Leipzig
Nee Rockford
NOW Sklem
New SAlem
NiaR ra
Niobe
Nome
Noon,3n
Roout,n
Northe7ate
Oberon
Over
Palermo
Park River
Parshall
Pekin
Penn
Petersburg
Pettibone
Pil)sbury
Pineree
.tort 1
Povars Lake
Raleigh
Raub
Ray
•
-
109 14
61 06
45 40
25 42
84 24
108 46
685 26
/0 - yy-
FirFt additional 1928
not on tank records.
291 60
81 12
67 82
*75 60
75 82
64 32
46 70
56 14
214 54 "
1
132
86 58
371 28
372 oo
87 26
90 10
6o lo
192 62
238 32
0
71 64
154 58
3
31 36 'iftirst add
itionnl
69 56
28o 7o
83 14
187 96
72 8o
144 o6
285 94
* 99 74
74 92
132 78
15 16
asses.
of 1926 not on bank reoords.
'"
7
,e419.1%M.41°
56 42
30 119 26
33
6--
3
AS5E1;31(12T FEES :DUE FROM OP701 RANKS-CONTINUED
NAME OF 1314K,
LOCATION
/
'
1
ALOUNT
DUE
First State Bank
leader
227 52
First :...tate Bank
Regan
No report.
First ::';tate Bank,
Regent
14 P76
State Bank of Reynolds
Reynolds
408 92
Bank of Rhame
Ahame
283 66
Farmers State Bank
Uich rdton
229
06
Merchants State Bank •
Rich rdton
487 60
Security :;tate Bank
aubinson
94
Rolette State Lank
aolette
139
'2
Farmers 4 Merchants Bank
4fr'
34e10---,3
Rolla
97
-aose61en State Bank ,
23
Aoueglen
State Bank of Ross
Roos
68 26
Citizens ;.,tate Bank Ruby
47 02
Merchants Bank Rugby
292 34
State John Stute Bank -St. John.
6152 „
Farmer, State Bank
St. Thomas
163 1.1)
Commercial -tete Bank
Sanish
124
Bank of Scranton- Scrz_nton
301fridge State Bank
Selfridge
54
3.3.2
Farmers State Bank
Selz
Interstte Bank-,
Buttelo5 92
Farmers state Bank
Sheldon
100 40 First International Bank-196
lierwood
Farmers 44 Merchants Bank
Sheyenne
300 90
Shields State Bank
21 7
7
65
Shields
First tate Bank 3ilya
117 72
34:den State Bank.
111 76
State Bank of Souris
Souris
-213 34
,
Southern .;tate Bank ,
Southaa
First 3tato Bala
South Heart
1401" )
111 Spiritwoodotate Bank
Spirit wood.
56
1))
Bank of Stanley
:;tAaley
Farmers Bank of Starkweather -Starkwe, ther 1r) 7i
:
c
State Bank of Starkmmather, Starkwether 105 84
Sterling State Bank,
Sterling
13428
First State Bank
Strasburg
353 38 Bank reports ,)108 short
seeurity State Bank -Strasburg
223 32Citizens State Bank
3
------j
SA6tton
140 80c1
Citizens State Bank
Sykeeton
48 12
Sykeston State Bank
Spriston
115 90
/Tappen .,tate Bank
Tappen
173 48'
-7ed-s,
3
Templeton -,tate Bank Temvik
Tioga :Arita Bank
/0
147 46
Tioga
Security tate Bank-Tolley
64 70
Parmors 4 Merchants Bank
Tolna
15164
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
08
m. itz--
AS=SMENT FEES DUE FROM OPEN BkIKS-OONTIT
U_ :- )
NTT', OF BAIK
011.10111a1M101•711..
,
1111.4
,
Pioneer '.-Aate Bank
FirstJtate
Security tate
Security state Bank
American txchange Bank-/
Middle Altst Trust
F,Armers State Bank-/
Peoples State Bank'
First State Bank
Farmers , Uerchants Bank
State Bank of Verona
Citienn State Bank
Security State Bank -Farmers -eourity Bank
Washburn tate Bank
First State Bank -Security State Bam'
kBank of Ilebster-Yarm
tAnto Bank -Peoples State Bank'''.
First State BankFiret State Bank
First City Bank
Security State BamkCommercial State Bask"'
Wilton State Bank
Farmers & Merchants Bank-Farmers State Bank
First (ate Bank
Security State Bank
Farmers State BankFarmers State Bank
Bank of Wyndmere--'
Bank of York Farmers State Bank-State Bank of ZahlFirst State Bank-Germn State Bank'
Zec13nd State Bank-''
AMOUNT
LOCATION
Towner
296 00
Turtle Lake
282 oo
Underwood
169 4o
Upham
Valley City
597 74
Valley City
332 14
Van Hook
174 68
Velya
VA 98
Venturia
21 26
Verona
2 32
Verona
65 14 Wales
119 80
Warwick
34 7o
Nauhburn
ill 7o
Washburn
133 68
Watford City 301 98
Watford City
85 22
webeter
113 ti4
Ielleburg
14.-.:0 90
WeEthope
199 76
Wheelock
22 8o
White Earth
63
Wildrase
149
Wild'ose
136 1.6
Williston
19/ 32
V:,ton
Wimbledon
iy
Windsor
78 20
•:ishek
308 66
WiLihek
199 62
Watford
14o 38
Woodworth
135 72
Wyndmere
255 30
York
160
YpEinti
72 74
Zahl
1.25
Zap
136 78
Zecl:‘nd
164 34
Zeel: nd
615 30
AMU ila IIMPAAs ofliala(teltiola
Bank of Conw4y
Contay
City State Bank of Jua
Jut).
Farmers State Bank
Orren
Citizens State of Jheelodk
Wheelock
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
250
509
bo
75
95
47
22
57
-
•
_
C -/o--3-77
/-
7/7- 3c
c
/— 3, —
--
,
4C-wele /W.-fr.
tU-EnSMENT TEL:; DUE
LIE OF BANK
First
.DAnks that
tate Bank
FROM
OPEN BANKS-CONTINUED
:.:MOUNT
DUE
LOC::.TION
have Nationa1ize40,
&drinn
359 03
Fqrmers :itate Bank
Buxton
381 57
Merchants
Cavalier
279 33
Logan County Bank
Cackle
472 92
lAate Bank of Guthrie
luthrie
116 27
stock Growers Bank
Marmoth
309 54
Farmers ;x6hRnge Bank
PPrshAll
558 46
2ioneer
Plaza
379 92
Farmers Bank
tate Bank
Citizens 'jtate Bank
Sharon
48 62
Taylor ,,tqte Bank
Taylor
835 17
Bank of Valley tiity
Valley City
734 32
Lwubs Bank
Whitman
Security State Bank
Rugby
50 55
340 75
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Taken over by First
National Bnk of
Montpelier
Taken over by Pirst
Nat'l. of Buxton
Became Merchants Nattl.
Bank of Cavalier.
Taken over by First
Nattl. Bank of Gackle.
Taken over by First
Nat'l. of Drake.
Taken over by First
Nattl. of Marmoth.
Taken over by First
Nattl of 2arshall.
Taken over by First
Nat'l. of Plaza.
Taken over by First
lattl. of -haron.
WNW 1:ecurity Nat'l.
of Taylor.
Taken over by ":7•ee.
Nattl. - Valley City
Now Yirst NEttional
Bank of hitman.
Taken over by City
Bank of nugby.
:Lssessment in dispute.
wiwomprimu.surarot=MINI
$ 61 5. 10 74
* Indicate banks which did not res
pond with verification
of assessments before the close of
the audit.
26
, II C
Di20,ITORIS GUARkNrY FUND
Aj-E.;;;YENT
N,TE OF WICK
Farmers and. Terchrints Bank
Stte Bala of ;,urelia
Baldwin State Bank
Balfour State BanL
State Bank of Berthold
First State Bank
Bottineau Vounty Btu*
Bucyrus State Bank
Peoples State Brink
Farmers and Merchnts Bank
First State Bank
Crete State Bank
State Bank of Davenport
Dazey State Bank
De Lamere State Bank
Farmers Bank of Dunn jounty
First State Bank
First St:te Bank
Farmers Bank
Farmers Bank of Garrison
Grnville State Bank
State Bank of Grenora
State Bank of Hanks
State Bask of HannAl
Farmers and Yerohnnts Bank
First State Bank
Citizens State Bank
First State Bank
Citizens State Bank
Farmers and Yerchnts Bank
Maxbass Security Bank
State Bank of Maxbass
First State Bank
Bank of Mowbray
Fir4 State Bank
Bank of New Rockford
Norma State Bank
Nortenville State Bank
City Bank of Ahem*
Bank of Orr
GrwA .estern Bank
Farmers State Bank
Bank of Perth
Towner County Bank
Pisek Stwte Bank
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
DUE FROM CLOSED BAILS
LOC'LTION
,neta
-urelia
Baldwin
Berthold
Beulah
Bottineau
Bucyrus
Casuelton.
Cocswell
Columbus
Crete
Davenport
Dazey
De Lamere
Dunn Center
Dunn Center
Easby
Fessenden
Garrison
Granville
Grenora
Hanks
Hannah
Kenssl
Kief
Langdon
Lone Tree
Maddock
Unitou
MaxbasE-;
Maigbass
'Unto
Mowbray
mylo
'few Rockford
Norma
Omemee
Orr
Osn:trook
Pace
Perth
Perth
Pisek
AMOUNT
3
13
4A6 :
946 50
57 65
1 0)3 7o
19
2(61)1
178
199
549
15
80
79
40
211 20
444 53
433
668 i0
5
90 90
819 55
1 013 05
1 035 53
303 60
754 25
298 15
213 85
143 52
343 70
261 75
139 45
3 93 55
328 25
151 62
239 15
313 20
853 4
61 ,19
)
Rt
25
20
923
260 6
0t
505 55
1 242 40
1 529
1 2i8 t(
5
)
191
891
1 183 40
445 !!
A.:;.ESSEAT FEES DM FROM 31.0.31) P IMS-CoNT
INWD
NAME OF BANK
LOCATION
Farmers Bank of Ray
Regan State Bank
Stc,te Bank of Rolla
First State Bank
First State Bank
First State Bank
Underwood Stnte Bank
rarmers 4. Merchants tate Bank
Merchants Jtate Bank
State Bank of Ale tland
Ray
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1. 1*
Iturio
4der
Stonton
Underwood
'ahpeton
4arner
',heatland
kKOUNT TO JT,,TENENT
&MOM
2 159 00
129 00
204 96
992 05
578 00
564 85
1 145 a
251 oo
835 40
76 40
39 931 85
1):4„;b1j,t 1)
SPECIAL DErosits 11TH
NAIIL OF BIM
LOC:.TION
Clyde State Bank
Farmers Bank of thman Jentor
State Bank of Grenor,
Security State Bank
te Bank of Maxbz,ss
Scandimivian Americvn
Farmers -tate Bank
Farmers Bank of Ray
Farmers
Merchants Bank
Tolley State Bank
Alliame County State Bank
:illiston •Ante Bank
Clyde
plum Center
Grenora
Hanks
MaxbAss
Minot
Nome
Ray
hervood
Tolley
'illiston
Aaliston
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
TOT
4;
Collection
CLOSED EMS
BALANCE
BOT.30-1926
60
31
98
10
8 331 81
4 167 45
2 08 06
89 23
7 821 87
5 123 09
16 885 8o
11 018 74
$ 5
1
2
6
EXPENSE
CHARGlS
DR.
116
288
990
277
72 339 74
ocount in Bank of North Dakota
COLLECTION
/MAIO*
CR.
BOT.30-1926
$ 5 116 6o
, 1 767 83
1 592 86
363 48
469 25
2 658 06
16 00
5 456 97
615 45
4 g4
.; 1 288
1 398
5 913
9 650
4 167
31
12
62
59
45
589 93
7 222 44
11 A33 cg.
018 74
7 220 80
15 241 24
64 519 30
I4;4
ACCOUNTS RECEIV \BLE (SPIICIL CI,.111 ACCOUNTS)
State Bank of Grenora
(h.enora
43 17 75
City Bank of VadJoak
L'Acidock
47 40
City Bank of Omemee
Omemee
Farmers Bank of Ray
Ray
1 60
State Bank of Rolla
Rolla
1
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
244 12
60
1111111111111111011•21111111111
TOTAL
312
47
F
DEPO,ITORIS GUahNTY FUND
ACCOUFT - NEW BANK:,
,111110=illiellaus
Citizens 3tate Bank
Jud
Merohantt; L. Farmers Bank
Crystal
450 00
oecurity State Bank
Hann tford
450 00
.;tate Bank of Marion
Marion
450 00
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
MOUNT TO
TTL'.iT
Y 450 oo
1 800 oo
31
DEPO3r44:1444iISTY FUND
UNDIOTRIBUTED SPECL.1, DIVID'alD
NOM RECEIVER OF CLOD B,NKZ
1,()„,TION
Belfield
Bowbells
Bowman
BrRntford
Carpi°
Center
Columbus
Coulee
Crary
Derrick
Devils Lake
Fingal
Flaxton
'?ort ,;Insom
ortuna
band 'orks
Hazen
Raisen
Flaxen
Reaper
Karnah
Killdeer
Leeds
Leith
Litchville
Manning
Menoken
Minot
Neche
New Salem
Oberon
Oriska
prosper
Sanger
Sheyenne
Souris
Timmer
4atford City
in
NAM OF ILINIE
Farmers Aate Bank
Burke County Bank
State Bank of Bowman
„Jecurity State Bank
First Security Bank
Bank of Oliver County
Security state Bank
Coulee Dairy Bank
Farmors Bank of Crary
Parsers Bank of Derrick
Devils Lake State Bank
MerchLults State Bank
City Bank
Amt ,tinsom .;tate Bank
lortuna State Bank
.aoples State Bank
Citizens State Bank
?armors Bank of Mercer Co.
?irst State Bank
Farmers ',;tate Bank
Karnah State Bank
First Aate Bank
Farmers , Merchants Bank
Peoples State Bank
First State Bank
First State Bank
Menoken Farmers St. Bank
First F/?.rmers Bank
Farmers Jtate Bank
State Bank of New Salem
Security Bank of Oberon
State Bank of Oriska
:Vrosper State Bank
Farmers '2;xchange St. Bank
Security Bank
Mouse Alter Valley
Timmer State Bank
ncE_enzie County Bank
Burleigh County Aate Bank
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BALA CE
TURNED OVER
BY RECk1V121
P;a1ENTS
MADE TO
DEPO6IT.C,
BALANCE
DUE
DEP(LaT01-,„
5 505 03
5 553 37
12 350 oo
3 639 17
1 533 80
4 427 22
4 798 40
2 968 43
8 Y75 13
644 76
11 592 17
9 872 84
12 415 19
9 976 14
12 347 74
17 153 48
14 639 27
4 286 23
6 959 54
1 550 29
2 045 26
$ 4 701 89
5 465 22
11 674 22
3 573 09
1 417 96
3 730 61
4 366 87
1 978 52
8 446 2o
547 38
11 124 98
9 727 64
11 782 34
9 031 75
11 682 29
16 286 55
13 382 59
3 229 34
5 686 81
1 424 55
1 805 11
5 186 71
18 426 Q
7 005 ob
17 715 67
1 200 14
280 48
26 332 81
2 040 62
33 013 84
4 011 75
11 690 13
9 o87 26
1 405 53
14 973 16
803 14
88 15
675 78
66 o8
115 84
A
8
17
1
N
310
880
262
348
g
67
65
98
10
g
27
2 934 95
34 009 97
4 142 28
12 161 28
9 358 40
1 587 94
15 529 10
6 o86 59
1 185 19
8 202 84
4 886 94
332 663 45
AMOUNT TO STATEVI 11T
i ii(03 gi
7 430 25
4 184 90
VA g
982 91
126 93
973
467 19
20
Wg
944 39
665 45
866 93
1 256 68
986 89
1 272 73
125 74
240 15
476 56
531 97
1 305 59
164 98
62 84
67 62
287 23
894 33
996 13
130 53
471 15
271 14
162 41
555 94
666 04
38 35
,
,7
1
g
311 688 46
20 974 99
32
DY-78'0'.:!TOR t
OMR ;in
run
A ,E.JL,M.r:NT,,
1
•
011OMIN
111MNII
iiiiEL.I6.12212LJELLaLl
L.
.14,V20 oQ 1
r rd4
;IT
•
Second Additional kssessment for
tf
if
Third
II
Fourth
Assessment /411
First Aditional Assessment for
A
Second
11
Third
fi
faurth
Pussessment
12
First Additional Assessment ior
ZOT
J3
1926
1926
1926
1927
1927
1927
1927
192g io,6f/
192
1928
y
,
35 349 93 .
34 945 14/ .5-b Li."1:b9,60/.414Pei
34 619 0
31 2P 57J etActi,
.f
31 008 3c,
29
29
28
i 27
956
767
024
943
-2 7)-6q
473AA
(
21611.7.234,
33.1
05 / ,--- 1-9
61'
313 620 42
Less: Assessment A.Justments
1 658 43
, 311 961 99
t.cerued Assessments levied on
banks after they had cl)sed
6 985 90
3/. AsFessment on new brinks closed
into assessment account
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4 417 oo
1111.011111101•011111M110110111-gi .1111.0
T
.1J 4 1101114'2 •u7
•
323 364 89
A.,1
i7
33
_YLL,4.11.1.
DEPOL,ITORIS 01KRANTY :UND
TCEIvD 1:LCCOT',NT
DEC.1
1926 TO NOV.30
1928
Interest received on average daily
balvnces from Bank of North Dakota
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
For Month of Nov. 1926
Dec.
Jan. 1927
it
Feb. 3
Mar.
P.
ft
11
ii
t/
Day
June
July
ft
a
ft
rt
tt
ft
ft
ft
TI
Pt
363 64_
336 82
298 53
312 44
298 84
265 21
226 20
136 63
114 97
120 6d
Jept. ")
Oct.
579 80
Dec.
Jan. 1928
Feb. 1
If
March a
U
April "
ft
ay
"
June
July
UAug. a
Sept. "
a
Oct.
Nov. "
239 94
133 36
129 74
146 64
lid' 71
81 54
111 40
101 63
77 bo
99 42
145 29
84 34
inlimilmmullummumas
NOUITI".20 STATEIVNT
4 317 37
BEPOSITOR I 3 GU x',/iTY FUND
7 1' TN.,TIO
FEINCOV
DEca-1926 TO rov.30-1928
NAME OC BANK
Pillsbury State Bank
Merchants Bank
State Bank of ATtler
Stir= 6tats Bank
Farmers tato Bank
Peoples State Bank
Bank of Wyndmere
State Bank of Eooples
Stf3te Bank of Maine
Citizens Bank of Dnayton
Pioneer btate Bank
Me cl.L...nts Bank
Selfridge State Bank
Merchants Bank of rembina
Merchants Bea of Hebron
First ';.Aate Bank
Bank of Niagra
Nev Leipzig ;Aate Bank
Rolette State Bank
Bank of Eazelton
Farmers State Bank
risek attAte Bank
Tokio Otte riczk
Stt,te Bank of Finley
Farmers ;::;taLe Balk
Rolette 3tate Bank
Stte Bank of Regens
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
LOC TION
Pillsbury
Napoleon
Antler
Stirum
flamoove
Knox
Wyndmere
Roople
Maine
Dr':yton
Luverne
1Upolen
Selfridk;e
Pembina
Hebron
'rloot
riagar.
Lew Leipzig
Rolette
:;:zelton
:,namoose
:izek
A)kio
Finley
Muntador
Rolette
Rogers
AMOUNT
71 50
Co oo
35 25
6o oo
6o 00
336
g(
4
1
(
o
)(
)
02
c)
Co oo
6o 00
75 04
75 oo
Co (,:o
60 oo
6o oo
60 oo
6o 00
Lc, oo
Co oo
117 22
10
6o
43
127
6o
))?)
oo
90
98
oo
110111.1111101111.1111111.1.11111111111111111:0
Amours, TO AA11:MLINT
2 154 01
.311101 .RY OF -.LI,
1L U
ttYOF OPFR TION OF DEPO: ITORS
iN
GUiR-NTY
Yuri) FOR
:35
T' 0 Y1 R PERIOD
DEC.1-1926 TO NOY.30-1928
EXPI:NSE
PNID FROM
STATE GENLRLL
FUND
APPROPRVIION
Commissioners Per Diem
Clerk Hire
Postace
supplies
Furniture and Fixtures
irinting
Miscellaneous
Commission Traveling :xpense
Inspectors Salary
Inspectors Trvelino; %xpense
-eoretary Salary
Auditors Salary
Auditors Travelin .xpon
1
se
Referee Salaries
Referee Travelin,: ..xpense
Spec141 Legal Services
raid to State General Fund as
Provided by Chap. 259 S.L. 1927
TOT&LS
1 885 oo
13. 616 48
3 6:p 44
967 47
1 414 69
1 512 24
2 209 46
1 834 07
3 970 86
1 138 32
30 199 o3
see followine, pages for further details.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
MENU
PLID IRON
(IRYARAW!'
MD
TOTAL
MINS1 885 00
11 616 48
200 00
4 029 14
3 630 44
957 47
1 414 69
1 512 24
2 409 46
1 834 07
1 166 67
4 Boo oo
3 45) 59
19 700 01
1 772 78
947 52
8 000 oo
1 138 32
1 166 67
4 800 oo
3 455 59
19 70o 01
1 772 78
947 52
4 000 00
4 000 oo
40 071 71
70 270 74
OP- , TOO ':;XF,N, 3 i ID FROM
TOT;;,L
p:Yi: NTS
1925 -1927 A.PPROPRI:LT 1.
CLERK
HIRE
rosTcr.
SUPPLI::.3
,e 410 00
58 oo
4 19 00
38 oo
28 57
IONLIVJ
".LARY
FURNI TURD
;,ND
FIXTuR23
FUND
FRU! 6T-Tt
PRINTITG
COMBSIoNERS
InalAYELING
INSP.
SALARY
$ 115 76
•,f) 166 67
INSP.
TRATZIJ
1111:21.111.111.200M.A.M.....Milr
December
1926 ;,) 949 39
110 00
3-nunry 1927 1 500 46
925 02
Febriv ry
frich
June
278 72
83 oo
912 45
$ 169 35
166 66
16 15
53 19
26 50
154 15
166 67
)6 oo
249 80
47 82
320 30
212 85
166 67
585 12
164 35
m 01
104 38
114 71
333 333
92 70
181 85
1373
53 50
310 00
535 00
72 00
1 923 44
355 oo
535 oo
2 195 6o
135 00
535 00
3 577 73
12.5_21
_ ,
1 070 00 1 822. 40
4propr1ation
Balance
Dec. 1,1926 26
.;) 31 oo
45 75
1 385 71
TOTA,L
22 45
170 01
3844_
457 35
1 03
00
3 548 49 2 869 24
70 u2
748 99
503 99
1 449 22
779 32
1 137 53
315 55
135 53
2 115 00
7 056 67 4 383 36
74 10
1 486 58
1 376 32
1 647 22
2 641 59
1 137 33
4 217 16
49 2 669 24
70 02
748 99
503 99
1 449 22
779 32
1 137 53
315 55
3 508 18 1 514 12
4 08
737 59
872 33
198 oo
1 862 27
Z.xpenss Payments
as above
12 437
UN
ILDED
;"1,1-TING TO
GM 41D
13 678 18
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
463 49
$ 269 09
38 96
035 00
1 o8o oo
3
_
3 901 61
57
_
TOTLIA
ID
7R01 1927 — 1929 .1)1'110I '110N l'A..ok"
COILELIS-IONERS CLERK
HIRE
WI3C. a2PLZES
1g, 00
$ 9 oo
46 61
96°
410 00
465 00
790 oo
7 57
19 90
16 75
105 oo
20 00
12 93
34 46
998
6336
413 oo
485 00
6o oo
So oo
June
1 065 67
1 646 68
1 004 52
485 oo
97o oo
48s oo
30 00
oo
54 00
10 10
12 75
2o 7o
250 27
66 75
69 75
July
Auexst
September
801 08
1 06.5 31
732 73
8o oo
35 00
36 00
303 01
54 68
115 57
Octob er
November
1 980 73
1 543 68
115 00
641 68
618 27
1 073 37
40 oo
ctober
Novembr;r
December
1 351 75
120 00
1 624 46
170 00
Junu ry 1928
Febru ry
March
134 48
623 27
1 132 79
25 oo
,pril
20 00
701 01
325 00
380 oo
i2i
FURNITURE
FIX. PRINTING
$ 405 13
3 5 oo
560 oo
July 1927
August
September
'1/
52 75
105 18
S53°7
349
TROMING
COM.
59 41
49 45
11 11
50
190
32 99
9 15
84 04
6263
29 16
INSP. TRVL.L1NG
INSP:XT: ,
$ 166 66
166 67
209 76
166 67
166 66
333 34
137 31
166 u6
166 67
34 47
111 85
166 67
333 33
166 67
169 35
1)0 30
)0 40
63 70
452 00
11 77
31 97
70 49
160 64
43 85
6 15
178 62
138 85
69 25
91 6o
6214
145 96
166 66
166 67
166 67
333 33
314 97
917 45
665 70 1 oo8 25 1 054 75 2 833 33
822 77
LPTROPHI TINhUTEWID.XD
BY SMOIV. 20
49 o50 00 3 000 oo 15 boo 00 6 000 oo e .0(:) 00 1 000 00
CHAP.24 S.1.1927
Lxpenditures
850 00 8 067 99
760 24
917 45
above
761 20
17 741 68
750 oo 2 000 00 4 000 00 8 000 00
6 000 oo
665 70 1 008 25 1 0,4 75 ,a8.,33 33
822 77
991 75 2 94) 25 5 166 67
5 177 23
T0 LEXPLBDITURE6
JULY 14.926 to
NUMBER 30-1928
17 741 68
613 32
1 126 67
850 oo 8 067 99
513 20
36 oo
761
20
35 10
41 55
760 a
B;a4NC: Nov.30-1928 31 308 32 2 150 00 7 732 01 5 238 8o 1 739 76
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
82 55
84 30
4PollW
02.
TING SXPENSE
TOT L
POIENTS
PAID
n,CT raom
OFFICE INSPECTORS
SAL;JUZ.-4
D7U0SITOR„; CU
AUDITOR
SAL,AlY
REFER
3AL,RIES
38
Y FUND
AUDIT0R2
TRAIEL.
R2FEREE
T:: TEL.
4
8o o7
4 2 539 69
170 02
1 492 75
166 67
166 67
200 oo
166 66
166 66
200 oo
820 84 4. 157 83
170 02
110 21
820 83
r-trch
,pril
1 797 39
1 766 29
1 908 04
166 67
166 67
333 33
166 67
166 67
333 33
200 oo
200 oo
200 oo
820 83
820 84
820 83
1(4 18
298 79
133 83
280 04
113 32
86 72
June
July
Au ust
2 674 23
200 oo
1 41„: lo
166 67
195 81
400 oo 1 641 67
211 99
58 09
166 66
200 oo
820 83
148 35
76 26
September
Octoter
November
1 364 57
1 301 44
1 646 95
166 67
166 67
166 66
200 oo
200 oo
200 00
820 83
820 83
820 83
112 05
113 94
145 29
65 02
December
Janwiry 1928
Febru ry
2 375 02370 28
1 320 32
333 34
400 oo 1 641 68
200 oo
820 83
294 65
132 83
75 63
166 66
March
April
May
1 371 73
1 347 08
1 428 65
166 67
67
' 66
la
200 oo
2oo oo
200 oo
820 84
620 83
82o 83
146 55
112 33
167 44
37 67
47 25
73 72
June
July
2 614 68
157 04
1 391 91
333 34
400 oo 1 641 67
166 66
200 oo
820 83
147 75
135 14
135 08
91 92
21 90
69 34
Ceptember
October
November
1 359 55
1 435 04
2 627 03
166 67
166 67
333 33
200 oo
200 oo
400 oo
820 84
820 83
641 67
125 83
149
142 78
46 21
97 81
1o923
December 1926
Janu ry 1927
Februdry
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1
Expenditures from fund
Difference irior to Nov. 30, 1926
3alance in Fund liov. 30, 1928
"ISC.
947 52
28 39
200 00
314 17
36 071 71 1 166 67 4 029 14 4 800 oo 19 700 01 3 455 59 1 772 78
Balance in fund 1)ec. 1, 1926
Transferred to btate Treas. July 1917
Tr-nsfer-:-ed to State Treas. July 191b
LEGAL
INIMIONMWar
/
r S
vi=11011111111:1111111111.2411..1.,,,,
947 52
12 384 09
20 000 00
20 000 00
36 071 71
01
16 312 37
1111111011111IIIINIONIUMwmge
52 384 09
52 384 09
200 oo
39
-1
•
/
1
4•.; -
,•
•
•
.3
19,174-,4.0=1,
Nal:
A.DDRES
-.mi..—
,
•
• '
'
:TY 1-"TD Cc. I1
- • •
..a......i4,fttnVr.,s...A.,=IAMJM.UpiAmtaM40IMW4J=.=MX.==
A
---
kOJITIOE
U. '1'
—
PYROLL Fe% M(A.ViiH
01928
TIME
xmourT
DATL OATH
u OFFICE
FILED
AMOUNT
OF BOND
In
BCNDIG
DEPJISTME
- n
D.TE
OF BOND
ia. G. Severtson
Bismarck
}!ember of Commission
5.00 per diem
7-14-26
4) lo 000 oo
7-1-29
R. I. Fisher
'ilashburn
Member of Commisvion
5.00 per diem
7-19-27
10 000 00
7-1-29
A. W. tmgel
.:smond
Vember of Commiszl.on
5.00 per diem
7-10-28
10 000 00
7-1-31
V. 7. Cathro
Bottine;aa
Inspector
7-6-25
lo 000 00
7-1-29
lilbert :;eminemon
Bismarck
Secretary-Tress tla. Officio
6-28-27,/'. 30 000 oo
7-1-29
C. J. Fisk
Minot
Referee
10 000 00
4-2-29
4 000 oo per yr.
4 000 00 per yr.
333 33
1 mo
333 34
4-2-25
;xi
Clyde Daffy
Devils fake
Legtil ';ounsel
300 00 per mo.
1 mo.
300 00
5-..2-25 .. ,
lo 000 05
7-1-29
Joe c]. 31111ivan
Mandan
Reporter
187 50 per mo.
1 mo.
187 50
4-29-25
lo 000 oo
7-1-29
D. J. Fe_ney
Courtenay
oaditor
200 00 per mo.
1 m.o.
2
.00 00
12-1-26
lo 000 oo
7-1-29
Ii. ,is.• :inter
Clerk
175 00 per mo.
1 mo.
175 00
Dorothy Rosch
.)tenoerapher
100 00 per mo.
1 ma.
100 00
tenopher
110 00 per mo.
1 mo.
110 00
3tenogrpher
100 DC per no.
1 ma.
100 00
L
Lena Wellenbring
Mabel N. Larson
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
40
103 G:.11.1.1.16 DIV't);1111).3
Nat; OF BANK
D
C .- ITG1i3-C10;.3
MTE OF CLOSING
B J3
DEPOSITJ
AT
CLWING
AMOUNT
PAID BY
nosrva ON
GUARANTEED
DEPOSITS
ioLGEEL'R
raviDENDL;
PAID
IT ORS
1,1111
.
1011•111111.11114MINr-s..-ascasaMMONSIbm
State Bank of Abcrcronbie
First State Dank
Slope County Bank
Formers , Yerchnts Eink
Abercrombie
Ami don
Amid on
;.neta
Feb.
June
June
Alt;.
St to Bank of Imtler
State Bank of ,iidock
Arena State Bank
:ithte Bank of iturelia
yr State Bank
Antler
Ardock
Arena
Aurelia
,yr
Sept. 30, 1924
Jan. 3, 1928_
Feb. 11, 1927
Uay 186 1926
Nov. 15, 1926
133
53
5
50
103
27
20
73
33
72
8 752 ol
BaldwIn State Bunk
American State Bank
Balrour btF4te Bank
.Jtate Bunk of Bantry
Union Bank of Bantry
Baldwin
Balfour
Balfour
Bantry
Bantry
Nov. 19, 1923
Feb. 25, 1924
Sept. 16, 1926
Nov. 20, 1920
March 31, 1927
114 182 47
150 613 92
41 179 36
78 704 63
39 657 99
4 864 52
lo 076 92
4 Merchants Bunk:
Citizens state Bank
Beach State Bank
Golden Valley State Baur.
Farmers 'State Bank
Barton
Bathgte
Be eh
Beach
Belfield
Feb. 13, 1926
Nov. 22, 1921
Nov. 19, 1920
Feb. 23, 1926
Nov. 22, 1920
102 575
129 935
222 192
65 198
rirEt State Bank
Security State Bank
Farmers State Bank
First State Bank
State Bank of Berthold
Benedict
Benedict
Bergen
Bergen
Berthold
Dec. 3, 1923
Oct. 3, 1921
Nov. 7, 1925
Oct. 7, 1923
Dec. 16, 1924
First State Bank
Citizens Stflte Bank
Bism-Jeck Bank
Blabon State Bank
Blaisdell State Bank
Beulah
Bisbee
Bismarck
Blnbon
Blaisdell
Dec. 27, 1926
Maroh 26, 1925
Jan. 6, 1926
Dec. 1, 1927
;Luj. 9, 1923
Bonetraill
Bottineau
Bombolle
Bowbelle
Bowdon
Oct. 6, 1923
Sept. 28, 1923
Aug. 15, 1924
Dec. 2, 1922
Jan. 19, 1925
66
43
6e
173
2.58
el,k,"04:7
Farmers
ecurity State Bank
rtottineau County Bank
Burke County State Bank
First State Bask
Farm:rs
Werchants Bank
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
29, 1928
8, 1921
8, 1921
13, 1925
$ 101 088 83
200 761 03
227 669 05
68 779 33
913
747
215
144
823
$ 8 109 32
9 137 39
6 404 94
75 47, 48
45
74
22
93
8 972 09
8 157 59
5 505 03
61 378 94
5 610 93
3 766 56
2 758 01
65
02
78
25
3 456 42
11 423 73
41 130 37
114 959 31
7 749 53
234 232 42
110 498 45
79 827 86
1 291 20
79
49
40
186
405
368
491
647
054
597
475
727
833
37
89
35
26
42
5 553 37
1
31
3
4
14
397
894
491
602
oo
52
11
47
988 72
41
10 la C
RAL DIVIDIMXS PAID DSPOITOR„,
CLO.JA0 BAUS - CONTINUED
DreosiTs
A.T
First state Bank
Farmers
Merchants Bank
State Bank of Bowman
Farmers State Bank
"seurity tate Bank
Bucyrus tate Bank
American State Bank
Farmers ‘, Merchants State Bank
_Peoples State Bank of Calvin
/Bank of Carbury
ADDRESS
DATE OF CLOJING
Bowesmont
Bowman
Bowman
Brantford
Br:Jitford
15, 1925
13, 1923
Nov. 28, 1923
Nov. *, 1922
Bucyrus
Burlincton
Calio
Calvin
Carbury
Dov.
April
April
July lb, 1921
24, 1928
9, 1923
Feb. 25, 1926
Jan. 21, 3.928
Jan. 181 1924
CLOJI/TO
84
108
208
75
62
307
614
812
226
825
75
43
31
54
98
LYOUNT
PAID BY
RECEIVED ON
GU&RANTEED
DEPOSITS
10 4
DIVIDLNDli
PkID
DEPCSITOR2
12 350 00
3 639 17
3 957
6 891
12 598
7 122
3 788
82 233 76
7 895 53
329 322 59
189 258 23
53 603 54
37,566 91
2 427 67
27, 1920
15, 1923
23, 1923
3, 1924
26, 1924
23 765
160 914
27 408
4 859
123 368
71
23
75
33
77
1 533 80
Carrington
Cartwright
Casselton
Caymea
Dec.
War.
Nov.
Oct.
Jan.
Center
abirbonneau
Chrlson
Christine
Churches Ferry
Dec.
Nov.
Jan.
July
Jan.
6, 1923
19, 1923
9, 1924
13, 1925
22, 1924
191 878 14
58 804 88
39 129 65
196 194 oo
98 266 60
4 427 22
Jlyde State Bank
First State Bank
Cogswell State Bank
Farmers & Merchants State Bank
Colgate State Bank
Clyde
Cleveland
Cogswell
Cogswell
Colote
Jan.
Feb.
Jan.
Nov.
Dec.
30, 1924
7, 1924
5, 1922
10, 1923
8, 1927
90
31
205
154
Security ;.;tate Bank
First State Bank
Farmers Security Bank
State Bank of Coopertitown
Coulee Dairy Bank
Columbus
Columbus
Conl,ay
Cooper town
Coulee
Nov.
Security State Bank
Stutsman County Bank
Farmers Bank of Crary
Crete 6tats Bank '
Crocus State Bank
Courtenay
Courtenay
Crary
Crete
Crocus
Feb.
First Security Bank of CtIrpio
Commercial .itate Bank
First State Bank
Peoples State Bank
Cayuga State Bank
Bank of
Farmers
Farmers
Farmers
Parsers
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Oliver County
State Bank
Bank of McKenzie County
State Bank
State Bank
22,
Nov. 26,
Dec. 17,
April 6,
1920
1928
1925
1927
Jan. 21, 1926
21, 1921
May 12, 1924
Nov. 28, 1923
arch 12, 1925
Feb. 21, 1921
82
72
43
50
05
9 793 13
3 324
2 430
11 878
12 317
o6
92
30
16
40 020 92
26
90
39
02
29
87 279 21
173 447 60
95 066 32
94 328 80
42 160 50
6 385 17
3 973 15
2 171 31
7 812 71
063
501
060
131
99 767
76 101
15 632
159 831
59 774
1 229 32
13 101 42
3. 751 26
4 798 40
33
64
52
92
6 859 68
2 968 43
8 575 13
6 297 63
12 470 lo
936 11
1 892 76
1 161 02
42
107.GAIA., DIVIDENDS PAID DErWITOR.;
CONTINMD
CLOED BAK3
D0SIT.
AT
cusria
AMOUNT
PAID BY
11.4CLIVI:k ON
GUARLMED
DEPOSITS
104 GaTIC,I,
DIVIDENDS
PAID
A.DDRESJ
DATIL OF CLWING
Crystal State Bank
Firvt State Bank
State Bank of Davenport
Farmers State Bank
First State Bank
Crystal
Cryrtal Springs
Davenport
Dawson
Dawson
Feb. A., 1925
Jan. 4 1921
Nov. 27, 1928
Nov. 12, 1923
Sept. id, 1923
93
121
150
52
202
276 92
469 63
917 01
933 62
513 26
Dazey State Bank
Security a,..nk
Security State Bank
De Lamere State Bank
Farners Bank of Derrick
Dazey
Dazey
Deering
De Lamere
Derrick
Feb.
July
Nov.
Mar.
Feb.
142
1o6
115
127
19
535
399
o97
90b
453
Devils Lake Skate Bank
Farmers State Bank
First State Bank
Donneybrook State Bank
Citizens State Bank
Devils Lake
Dodge
Dogden
Donneybrook
Douglas
Feb. 9, 1925
.pril 30, 1925
.pril 15, 1926
i\ov. 24, 1920
Jan. 29, 1927
171
115
69
417
45
506 86
)25 15
623 41
355 00
432 74
Citizens State Bank
State Bank
Driscoll State Bank
Me-chants State Bank
Farmers
Farmers Bank of Dunn County
Drle.yton
Dresden
Driscoll
Driscoll
Dunn Center
June 9, 1927
April 26, 1928
Nov. 8, 1923
June 14, 1926
Aug. 9, 1923
166
9A
104
131
102
774
264
952
923
928
First State Bank
Dunseith State Bank
First state Bank
Dodge State Bank
First ,;tate Bank
Dunn Center
Ounseith
Dwight
Dodge
Easby
Sept. 13, 1923
134
38
25
41
74
520 42
876 65
215 83
050 94
296 24
7 989 54
3 697 77
144 661 67
311 182 17
89 612 26
87 511 65
67 048 82
2 577 00
25 103 40
3 982 42
4 902 16
4 636 72
23
55
33
79
19
1 532 20
3 565 78
49 524 82
BALL: OF
Amorr
Farmers State Bank
'Citizens state Bank
Bank of A;t7;e1and
State Bank of .111ott
Farmers Bank of „merado .
Guaranty 'ate Bank
First State Bank
First State Bank
Security state Bank
Scandimivian American Bank
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11•111,
. ast Fairview
c,dceley
'
1._;geland
lliott
merado
-mcrado
Englevale
Epping
Fairdale
Fargo
26, 192
31, 192b
14, 1923
16, 1927
6, 1924
Vay 9, 1921
Peb. 4, 1928
1-00T. 18, 1926
May 9, 1924
July
Dec.
Feb.
June
June
1, 1924
6, 1920
6, 1924
11, 1924
.4, 1924
June 22, 1927
July 3, 1926
Sept. 27, 1923
May 29, 1923
Feb. 14, 1921
26 099
72 446
107 254
91 958
681 324
30
76
25
47
80
Ei
34
73
64
58
VA a
2 857 07
5 738 83
6 389 27
8 893 85
644 76
700 90
11 592 17
n 614 71
5 335 31
18 230 02
4 550 34
5 517 96
1 320 91
43
104 GELL DIVIDEtD:
.
111111E1111111111.111111116.
Bat
il.DDRESS
D'TE OF CL1SING
Fesrenden
Fillmore
Fingal
Finley
Flaxton
July 25, 1923
Feb. 27, 193
Oct. 11, 1923
Dec. 19, 1927
1110111110111111111111.1MI.
Tqvmers Bank of Fescenden
First -tate )h=n:
Merchants State LAtik
State Bank of Finley
, -_Citisens State Bank
CLOD BANKS - CONTINUED
ray 12, 1924
16, 1926
61 1923
cot. 20, 1923
earners State Bank
First hAate Bank
Fort ansom -tate Bank
lortu,la tate Bank
Gnrdena tate Bank
Forman
Fort .;1:r1c
Fort Ransom
Fortunn
Gurdena
farmers Bank of Garrison
Geneseo F,tate Bank
34ak of Gilby
zie-;;urity tate Bank
Glenburn (4tate Bank
Garrison
Geneseo
Gilby
Gla4Liton
Glenburn
'larch 31, 1926
*ept. 20, 1926
Golden Ihaley
Golden Valley
Grand Forks
Grand Forks
',fay
•
Ftxmers Bank of Golden Vvaley
ioaerieLn Bank
(/Fir t Savinc Bin:
Yeoples State Bank
Fnrmers
Merchants State Bank
4r.
Dec.
Roy. 30, 1920
15, 1924
Nov. 25, 1926
June 4, 1924
n,.y 29, 1924
3, 1926
Nov. 10, 1923
15, 1924
DEPOSITJ
AT
CLOSING
14
033 41
129 28
704 23
552 60
109 50
43
131
144
155
83 382
76 051
161 370
T, 931
101 362
91
3
5
50
93
83 474 16
148 441 90
285 183 06
197 321 91
223 822 77
Fob. 27, 1921
Feb. 3, 1926
Granville State Bank
Farmers 1,ate Bank
Farmers Aate Bank
St.cte -dank of Grenora
Farmers -tate Bank
Granville
Green
Gresnra
Urenvra
Gwinner
Nt,v.
Dec.
Nov.
Oct.
F=a.mers State Bank
Fnrmere State Bank
.Jecurity .:tz.te Bank
Farmers ,t to Bank
tate Bonk of Hannah
Yalliday
lampden
hanks
hannaford
Ranni.th
r.h 24, 1924
Lay 12, 1924
Feb.
1924
June 10, 1926
Nov. e9. 1927
64 427 08
145 545 15
137 373 28
10 809 73
285 212 11
lancboro tate Bank
Amok of hansboro
lartl.nd St ,te Bank
FirFt -tate 3ank
Peoples state Bank
Ransbobo
lansboro
Lrtland
14;letinf
:
;s
1 atton
Jan. 23, 1926
kiov. 18, 1927
Leo. 27, 1926
Jan. 20, 1928
Oct. 22, 1921
Co
75
28
112
64
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
30, 1920
11, 1923
14, 1923
18, 1927
9 872 84
122
116
158
66
75
400
055
259
64o
841
919
309
608
117
141
iol.UNKRia,
DIVIDLF01.3
PkID
DEFO:4ITORS
7 096 56
2 268 12
10 580 32
12 415 19
9 976 14
12 347 74
116 705 o8
103 181 04
161 000 64
30 284 36
70 748 0C
Gr uvula
Oct. 22, 1923
IMUNT
1,II) BY
Inc.r:rvm ON
GDPUZ,NTEED
DLPO:JIT,,
3 035 87
10
91
4 783 52
4 046 61
1 590 14
5 936 04
17 153 48
6 995 74
17 585 10
lo 982 76
9 651
5 373
9 690
2 494
97
51
91
05
03
e6
26
56
81
81
16
58
3.5
33
4 344 00
4 396 84
3 965 92
Paid in full
by rcociver.
44
10,
1 G N
P,ID DEPtMITOT,;
DII;(12,ITO
AT
CLOSING
J.DDa •
D*..T'T OF CLUING
Havelock
Haynes
Hazelton
Razen
Hazen
rov. 18, 1920
Jan. 28, 1924
Lr. 19, 1928
xug. 20, 1923
„pril 21, 1921
) 47
82
30
86
247
025
878
537
217
510
72
25
07
87
04
Firvt State Bank
Farmers State Bank
Merchants Bunk of Hebron
State Bank of Hansa
Farmers State Bank
Hazen
Hebron
Hebron
Eensal
Hesper
Dec. 7, 1923
24, 1925
Feb. 7, 1927
Aug. 15, 1924
Nov. 17, 1923
146
85
137
96
12
633
603
544
593
964
97
61
94
91
47
Hickson tate Bank
State Bank of hoople
Ear, os State Bank
Farmers
Merchants Bank
Hurdefield State Bank
}iieks(fl
Hoople
liorL,ee
Hunter
hurdsfield
July 30, 1923
Jan. 13, 1927
Aug. 24, 1923
July 25, 1923
126
282
151
107
31
753
352
679
289
174
52
37
54
18
58
Bank of Inkster
First State Bank
k4rmerki , Lerchants 1:411ity Baik
Security tate Bank
Kurnah fit:Ae Bank
Inkster
Joliette
Jud
Karlsrud
Karnah
Nov.
Dec.
Jan.
Nov.
Deo.
159
37
76
58
15
428
672
916
386
537
43
04
36
17
06
FarmersState Bank
State Bank
Farmers (is Merchants Bank
First State Bank
First State Bank
Kathryn
Loneal
Kensal
Kier
lilldeer
Dec. 28, 1927
.pril 24, 194
Nov. 16, 192
Feb. 18, 192
Nov. 22, 1920
113 246 85
ngsberg otate Bank
Stgte Bank of Kramer
armers State Bank
itizens ot,.te Bank
First State Bank
Longrberg
Lr4mer
Lake Allinme
Landon
Lansford
Nov.
Nov.
June
Oct.
June
22
104
51
254
100
Farmers :Auto Bank
Bank of Leal
Farmerstk Merchants Bank
ecurity Bank of Leeds
1'o:top1cs 6-tate Bank
Lawton
Leal
Leeds
Leeds
Leith
Sept. 15, 1924
March 25, 1922
Sept. 21, 1923
Dec. 18, 1923
Feb. 14, 1921
CF
Ft4rmers Ltate Bank
First State Banl',
det-T.Bank of Hazelton
Farmers State Ban- of ii*ercer Co.
Citizens ..A.Ate Bank
Sept. 15, 1924
21, 1927
13, 1923
22, 1924
7, 1925
12, 1923
5 075 90
6 800 88
36 218 78
49 091 29
EC.;+
a
1-1/4ti
CONTINTIMD
BMS
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1, 1928
23. 1923
6$ 1926
16, 1924
2, 1924
AMLUNT
PAID BY
RECEIVER or
GUkRATEED
=POSITS
GEURAL
DIVIDENDS
PAID
DEPOSITOR'S
4 3 303 72
5 373 42
4 286 23
14 659 27
4 618 34
10 315 79
6 959 54
7 184 34
5 708 00
1 550 ,29
7 120 95
675 56
11 402 45
13 356 8o
4 625 92
1 011 95
691 61
3 704 58
2 045 26
1 429 56
4 548 81
5 663 27
2 907 89
222
350
116
839
288
60
15
46
83
31
6 862 61
97 401
132 338
207 427
46 443
53
25
83
12
98
51
9 200 58
20 229 57
2 527 09
1 302 53
7 265 75
5 270 35
7 403 26
18 958 80
8 310 67
45
101 UNERAL dIVIDENDS PAID DLPOSITORS - CLO1) BaCS
CONTIMD
IWO:AL.;
NAM2 OF BZI
ADDF:,
D,TE. OF CLOSING
Ranson County Farmers Bank
First tate Bank
First .itcte Bank
Loraine state Bank
Mountrail County tate Bank
Lisbon
Litchville
Lone Tree
Loraine
Lostwood
Nov.
Nov.
Dec.
Mar.
July
Pioneer state Bank
Luverne State Bank
McLeod State Bank
Citizens 'state Bank
Bank of Maida
Luverne
Luverne
McLeod
Maddock
Naida
June 30, 1927
Nov. 3 1927
..ug. 27, 196
Jan. 26 1924
-;ept. 1,, 1924
Farmers
narchants Bank
Mercer County State Bank
First State Bank
The Guaranty State Bank
Farmers State Bank
Manitou
Mannhvven
Manning
Mantidor
Mantidor
July
Feb.
Dec.
Oct.
Oct.
First :Aate Bank
Farmers .Aate Bank
Marion State Bank
Stale Bank of Maxbass
Maxbass Security Bank
Manvel
Mapes
Marion
l'axbass
Maxb ass
sa State Brik
Bank of Melville
Farmers State Bank
Michigan City Bank
State Balk of aton
19,
19,
11,
29,
18,
1923
1923
1922
1924
1927
CLOSING
120 626 53
226 099
8
57 968 37
28 467 10
)3-
17
34
33
50
27
420
690
236
04
313
vov. 161 1925
::aroh 13, 1926
Dec. 16, 1927
Jan. 25, 1924
Dec. 9, 1926
86
36
154
62
41
542
739
432
311
583
;laza
Melville
Mnnoken
Michigan
Milton
Mar. 31 1928
Feb. 13, 1928
Jan. 19, 1924
May 261 1926
Dec. 13, 1920
12 766 84
36 693 66
18 058 19
79 110 23
273 369 70
First Farmers Bank of Minot
Scandinavian Anerican Bank
First tate Bank
Mohan. Security Bank
Mohall state Bank
Allot
Linot
unto
Mahal
Mohan
Dec.
Oct.
Oct.
Dec.
Nov.
215 853 68
307 456 30
83 933 27
160 521 17
592 518 41
Farmers & Merchants Bank
State Gunranty Bank
Mountiin State Bank
Bank of lowbray
Farmers Bank of runich
Mon,no
Mott
Vounti-in
1owbray
Munich
Rzrch 31, 1923
Jan. 12, 1927
Oct. 26, 1925
Nov. 30, 1921
Feb. 17, 1926
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1920
1924
1927
1923
1920
DIVIDIEDS
PAID
DEPOSITORS
,6
- 20
1
4
66o
552
408
850
o6
90
87
91
13A 04
9
,
9-
Bt f)(2'
efl,
16,
13,
15,
24,
17 880 65
10; GENERAL
40 905 97
87
45
19, 1927
2, 1924
18, 1923
6, 1926
10, 1927
.MOUNT
P;,ID BY
RECEIVER UN
GU,R,NTEED
DEPO.:)IT,;
114
144
78
35
237
705
690
113
897
420
6 082 28
1 102 81
59
c3
3)
2
1 262 98
252 66
2 875 57
50
91
28
04
12
67
35
93
01
34
01
30
2
348 10
556 17
462 49
23 490 22
27 320 04
15 920 46
16 092 83
6 866 35
17 057 01
7 660 85
1
%0 43
4-6
101,
DIVID,, 0
ITORS - CLOED B
ID
WO
DEPOSITS
AT
CLOSING
RAC OF BANK
ADDIrM
D\T
First State Mink
State Bank of Janson
Farmers tate Bank
State Bank of Newburg
New England State Bank
Mylo
Nanson
Reche
?eb. 6. 1928
Jan. 24 1925
.)ept. A, 1923
Jan. 2, 1924
Mar. 31, 1925
w 69
52
40
124
46
684
241
050
898
416
39
50
49
05
99
Security State Bank
Farmers tate Bank
New Leipzig State Bank
Bank of New Rockford
Farmers , Yerch8nts Bank
lfirs 7ng1and
New Leipzig
New Leipzig
Nov Rookford
New Rockford
Nov. 18, 1920
May 2, 1925
12, 1926
Jan. 14, 1921
Aug. 3, 1923
239
126
109
329
343
941
957
919
306
427
83
38
17
40
37
'0-tate Lank of New zalen
Newville State Bank
Ban of Niagara
Fr_rmers State Bank
New Salem
Newville
Ilagarq
Nome
First State Bank
Nome
Oct.
Dec.
Nov.
Nov.
Jan.
16, 1924
11, 1923
21, 1927
23, 1922
2, 1923
336
25
99
304
79
341
072
575
645
208
18
3o
72
40
47
Farmers State Bank
Vorma State Bank
Northville State lank
First state Bank
'ecurity Bank of Oberon
Noonan
Norma
Northville
Norwich
Oberon
Feb.
Nov.
Nov.
Oct.
Jan.
9, 1925
19, 1928
12, 1926
22, 1923
21, 1924
39
83
45
75
75
545
442
679
027
o6o
69
81
78
08
01
First 'State Bank
State Bank of Olmsted
Citizens Bank of Omrmer2
Farmers State Bank
State Bank of Oriika
Olga
Ulmstad
Omemee
Oriska
Oriska
Sept. 13, 1924
Oct. 31, 19r-3
Jan. 26, 1924
Oct. 2. 1923
,ug. 18, 1923
104
61
122
36
162
985
211
363
917
574
85
13
34
39
20
Bank of Orr
Gre.tt .costern Bank
"
1,
c,,
& erchants Bank
mirmers
Farmers State Bank
Bank of Park River
Orr
Osnabrook
Overly
Page
Park River
Jan. 19, 1924
Dec. 14 1922
Sept. 2, 1923
Oct. 23, 1928
May 10, 192*
114
116
76
59
332
546
56o
699
441
955
36
90
08
42
74
Bank of Perth
Towner 0ounty Bank
:erchants Bank of 11.ntina
.illsbury State Bank
,Atizens State Bank
Perth
Perth
kembina
Pillsbury
Pingree
May 26, 1925
Oct. 29, 1925
June 6, 1927
Jan. 25, 1924
.pr. 15, 1921
112
138
222
96
112
306
256
872
768
327
35
83
3
98
57
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Newburg
New .-ngl,tua
OF au.,ANG
&MOUNT
PAID BY
RECEIV7R ON
GUARANTEED
DVOSIT3
w 2 934 95
10: G7NER!1
DIVIDENDS
PID
DEPOSITOR,
1
2
8
2
270
278
741
605
46
47
91
oo
16 639 58
28 145 22
30 414 98
34 009 97
32 888 8o
769 87
14 197 3
4 232 68
2 558 73
4 142 28
12 161 28
6 054 06
4 620 22
1 589
3 834
6 405
2 282
13 025
08
37
62
75
Bo
4 519 50
2 924 67
5 380 66
29 983 62
6 872 88
8 845 86
4t
10 1, G
P
IT.„x0
CONTINUD
„
MA;
4 OF BAIL
lisek tAe Bank
First International Bank
ort16t1te Bbn3;
State Bank of ivwers Lake
Prosper it e Bank
107. G. ,NLaux
Dm:31111)3
PNID
ITCR:
.ipek
-ortal
iortal
overe Lake
.vosper
Jan. 4. 1928
Eov. lb. 1923
.pril 29, 1924
Feb. 16, 1926
Feb. 24, 1921
Aawson
Ray
Reader
Regan
Regan
Jan.
aig.
1:ov.
Dec.
Nov.
4, 1924
9, 1923
13, 1924
15, 1)2
,f), 192b
76 235 22
210 037 8.5
Regent
Revere
khans
Robinson
Rook lake
July
Dec.
Nov.
Jtat.
Feb.
12, 1921
11, 1926
26, 1920
18, 1921
9, 1927
86
21
271
82
51
530
249
263
7..3
441
52
6 395 55
64
54
23
29
11 968 28
6 299 47
Rogers
Rolla
"luso
Ruz-ell
Itutland
Jmly 25, 1928
Nov. 27, 1923
Nov. 2 1923
Nov. 2, 1923
oct. 1, 1926
171
97
84
46
106
213 18
505 62
&4630
337 02
287 35
6 314 43
3 057 56
1 333 39
First State Bank
Bank of 3anborn
Farmers •1
.ane
.
Bank
:%mericlan .Aftte Bank
Farmers :tate Bfink
Ryder
nborn
...anzer
21mish
Aug.
Feb.
Nov.
%lag.
4. 1926
26, 1921
19, 1925
9, 1923
9, 1923
59
132
28
52
119
083
991
04
663
831
kerchants ;.,tate Bank
First state Bank
Sawyer tate Bank
Fareors 4. Merchants tate Bank
Security State Bank
Sarles
Sawyer
Sawyer
Shen;,od
heyenne
Nov.
Oct.
July
Jan.
Jan.
22, 1927
3, 1921
21, 1921
26, 1724
7, 1924
140
151
92
114
996 02
575 cr,r.
650 11
350 63
516 96
1ou3e kiver Valley Bank
Spring Brook StL.te ink
First :Ante Bank
Citizens tte B-Ink
Fir:A StAe Bank
Souris
SprinL. Brook
Stady
Stanley
Stanton
Feb.
Kov.
!f(r.
?eb.
Feb.
25,
26,
31,
18,
2),
91
34
62
202
160
Farmers State Bank
Farmers Bank of Ray
4-y/karmerc : nitrah(41.ts Bulk
?armors tate Bank
own .,tate Bank
,egent .;t ,te Bank
State Bank of Revere
Farmers ..Aate Bank
Farmers , 2erchants Bank
Rook Like .littite Bank
(
.r cJ'ri
IK.TE OF aC:ANG
,AIOUNT
2hID BY
CLUVER ON
GUAR , NTOED
DErOITS
.Yirst
ctate
First
First
First
-tuts Bank
Bank of Rolla
:Jtate Bank
!.-tate Bank
zAate Bank
1924
1923
1924
1926
1928
141 586
113
12Q
133
50
82
308 41
977 80
104 94
083 23
9
9
9 358
40
238
o61
584
480
882
dl
61
96
08.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
u8
09
00
03
7 244 24
1 587 94
2
15 529 10
7
4
8
15
59:7 00
212 68
367
306
559
905
59
49
31
26*
6 o86 59
6 302 81
Idaid in Pull by receiver
3 124 01
* 1..ote: Ledger account shows ,2.00 lees thAi pvymcnts shown on claim sheet.
Check
5 078 90
4 127
7 436
3 4)5
48%
92 073 6)
96 042 50
45 304 68
94
02
14
67
04
41 83
65
885
24547 posted as ,;203.00, should be ,205.00. This
item corrected after date of audit.
.30NTLIUSD
CIA,D
101,
AOUNT
BY
RECEIVES ON
GU,R,NTEED
D:ICTITS
PArD
DP:PO.;IT3
AT
CLO3ING
NAE OF BAK
Stirum
Strasburg
Tu
Temple
Timmer
Nov.
Jan.
3, 1926
9, 1924
9, 1923
16, 1927
28, 1921
114 169 o7
8o 705 11
112 690 23
28 348 93
38 411 07
tate Bank
State Batik
loirt-t -tate Bank
Tover City '.;tate Bank
?owner State Bonk
2okio
Tolley
Tower city
Tol,er city
Towner
lieb. 4, 198
liov. 15, 1920
Jan. 14, 1926
a 992 40
303 505 54
23 793 16
41 617 0,
58 790 66
2renton 6tate Bunk
Tuttle tate Bank
Undertood State Bank
L.c ndinavian Andorioun Bank
First tate Balk
Trenton
Tuttle
Underwood
Van Hook
Velva
Nov.
Dec.
nov.
26, 1923
23, 1927
4, 1)26
9, 1923
15, 1925
16 503 22
65 319 03
117 865 00
166 646 27
139 513 13
lierehants State Bask
rarmers State Bank
Yarme,
ss state Bank
txlapeton Stets ‘Bink
Merchrints tate Bank
Farmorv
Velva
Verendrye
Voltaire
“ahpeton
ahpeton
nay 9, 1924
uot. 20, 1926
Aov. 9, 1923
(Jct. 30, 1926
6ct. 27, 1928
187
60
1):1
loo
71
349
920
732
760
294
13
57
45
00
53
:mloott
,ales
4alhalla
Ualum
Warwhck
13, 1927
Jun. 11, 1928
Dec. 21, 1927
June 6, 1921
Jan. 8, 1926
208
113
251
327
143
326
710
094
749
096
73
94
1%)
81
11
atford City
_itfard City
ttford City
Werner
'erner
Aov. 27, 1923
Dec. 13,
July 7, 1921
Jan. 11, 1926
3ept. 27, 1923
37 267 22
107 389 0
124 508 43
72 620 04
64 623 83
/he tl nd
he-Aland
ildrose
ildrose
illieton
illiaton
ink;
,olford
Nov. 19, i92
Nov. 19, 192d
June 2, 1924
ept. 13, 1924
June 12. 1923
pril 4, 1921
Dec. 1, 1925
Deo. 23, 1923
53 717 19
28 700 i“
94 940 co
142 729 42
680 974 44
289 4% 69
79 218 59
160 175 00
Stir= Stete Bank
State Bank
-7Yarmer8
/
'°"Citizens titrtte Bank
Security Bank
Timmer ;State Bank
Tokio
-first -t.-ue Bank
tate Bunk of _.ales
Citizens Bank of .0.A1ha11a
Farmers tate Bank
Farmers,Me:-ohants Bank
American Zxehange Bank
rmers State Bank
McKenzie County _tit* Bank
First, -tate Bank
Merch uts State Bank
Farmers St te Bank
State Bsnk of :he,.t1:3nd
Farmers 6t1te 72.1nIc
"irst State Bank
Williams County Bunk
„to Bank
Williston
Burleis:h County t to Bank
Jtate Bank of .olford
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Dec.
Feb.
win 16, 1924
Cot. 5, 1923
Oct.
1923
43
1.01, GENKLII,J,
DIVIDI2M
PAID
DEPCSITOILi
;p 3 354 74
4 370 78
1
185 19
2 504 65
16 201 58
1 036 24
2 e55 22
}aid in full by receiver
a. 968 54
12 542
el
2 482 86
6 928 49
8 202 84
2 7)1 66
4 516 8.3
8 10 58
3 61,1 15
•
37 199 026 56
5
4
41
18
4 886 94
..........
332 663 45
033
827
460
900
t=0
58
26
12
11 109 70
a.•
.
1111111111.11111111•••■••••=r-,4ipoimar
1,463 993 _u
1
,,LNISPMEWATicrirW. '
11
-
=lianzaz-amesiwirrawaiiirAMEM04.1.1.
'
7674VATitsiotEr=,-
AUDIT REPORT
Of
2.A.:420
3E3
u
•UT' ,•
_A_
-•T
!From
Dz,:i:2
.
To
boT.:;;Lbm 5;), 9;',0'
0. B. LUND
17))
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
AITDITOR AND ACCOUNTANT
Bismarck
North Dakota
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ATIDIT-111PORT
T RA NTY 1132Ip
or.
13
ECK
. D,
D.o:01-11*B.-2 1„ 192P,
NOV
1.4AL.ROL
.J./_30 1_1950.
B.F
George I. 'Shafer, Governor,
G. F. Mudgett, Manager B(t.nk of north Dtacott,,
h. A. Visher,
i‘ W. klagel.
Arthur L. Hotelier,
Members De posit or a' Guaranty i'und ;001maims ion,
lilbort -emingson, 3eoretary,
Bism- r ok , Wirth Daxota.
Gentlemen:
As per agreement I have made an audit of the
books, records end voaohers of the Depositors' laarunty
Yard t;ommission of the state of North Lt4cota for the
periJd beginning Deoember 1, 1928, the close of my
previous audit, to govember 50, 1930, Lnd I hereby
certify, that in my opinion, the following *tat awn te
b.nd sobeiules reflect the operations for the period
uki the true financial condition of the fund aa the
same appoLred t cl)se of business November 30, 1930.
The act providing for the disoontinmamso and
dissolution of the Depositors' Guurtinty Fund, passed
by the twenty-first Legislative Assembly ard /*proved
ty the referendum June 25, 1930, prlvides in section
to of the h Ot 4s follows:
"(Disbursement of :Fund.) On or before the let
lay of leoember, 1930, said depositors' guaranty
fund commission shall disburse und pay the balance
of the funds in its hands to depositors in banks
closing prior to .5u1y 1st, 1929, such funds so
rem&ining in its hrinda kit said time to be disbursed
among depositors holding olbims approved v nd
allowed by said depositors' gaart,nty fund cornmission who have not theretofore received a
dividend from amid fund and to be disbursed in the
manner now in operation under said Chapter 51-s
Of the Jupplement."
It wbs the intent of the Legislature that the
Commission should have from July 1, 1929 to December 1,
1350, or eeventeen months time, to comply with this
dum,
**cotton of the act, but, as s result of the referen
1950,
July
in
until
the law did not become effective
the affairs
leaving only about four months to wind up
of the fund.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2
The law has been oomplied with as near as
pr!:.otioal under existing. oonditions. The acoounts da•
from bt*nks over the state have been *Lased and the
funde deposited with the Bk,nk of North Dakota, with
the erceptton of two bunko that are reported to be
itspltinr the assessments levied on them.
On pare g! is prec;ented belt.nce sheet of the
rew-ininir assets tin4 liabilities of the fund, as the
oars upp oars at 31,)** of busine NB 14 Oiv ember 30, _1930,
revet.aing en undiatribute,1 bt,lanoe of :42,874.b7.
This bultia es sheet does n4t tL,k.e into
Locount the tot a unpaid linbility to depositors of
al A3ed banks thi,t, (sow under the law. This figure
Gal not be definitely determined until the receiver
of olosed banks has wound up the affairs and made his
final i iv id end on Lai the b nite 0ov or ed.
vie were in the process of gathering the
tota lanpaid liability on all admitted claims on the
fund when the o,tpitol buildiig. burned, stopping our
wori.. on this motion of the audit. From the experience
g;Aned bi10 working on thi
ection of the business
we estimate this to be avroximately twenty million
dollars. 'this, however, ir• only an ostimte.
On pthge 9 is a statement of income and
expense for tbo tvo years covered 14 the audit, and
on lug• 10 statermant of 411 inaome toad expenditures
of the fund from beginning of *partitions to
°losing diite of this budit. This is followed by
sohedules supporting. the items set up in
th- stritersnts.
The minutes of roc:eedings zif the
°omission olarrly refleet tha decisions on all
businesti acted on and seemed oomplete in every
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3
* expo r ie mood no difficulty in provine the
o.ah ttoo aunts and 1111 osh oorairg to the fu nd wa tow-id
to be aeocunted for.
of the Depositor 31 luhr; nty /tui
The *ITT'lye,IIftorI ed ns ever y ft?, o 11 ity vista o our tea y in
the prooess of our ex,lninFt ion, end I 'lab to nokno‘ledge
appreoietion of Brine.
Uorn iss 1cm
Rec
'
. ectfully =tont tted
Bismarck, No. Pet:.
cumb er 51, 1930.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4
M
litartRENC3
GB D3TAIL
110.
110.
11
"A"
17
p zs
18
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
"Cl"
ND ";28.b04,20 r.
During the tiro the assessment were levied on
the banks ovcr the state it was deemed ntriviseble by
the oosaiss ion to leave the rands on deposit with
ekoh brink until el renlod. The depositors' guantnty
fund act provides that the :a tate Tresurer sot as
tretisarer of the funli. The statute• prelsoribe that
the State Prer.auror deposit all fards with the F54.nic
.
of .i;orth
i;akott.)., with the result that there w e a
conflict in the rules a the coarnim ion and the
lhws ,overning tile methods of handliwr the funds by
the .-Jttate Treasurer. To avoid this conflict the
.3tkit• Treasurer did not sat as gwerertil treasurer of
the funds of the devositors' guaranty fund,
exoepting in handling t'ne funds appra printed. far
the administration •zDenses. The gruaritnty fund cis.sh has
now all been withdrawn from the banks over the elute
and deposited in the bunk of iorth Dakota, removiriP
the objeations of the stats reasurer, and now there
is nothing to prevent the :tate Ti'recieurer from
acting as treusurer of all the op.ash on hand as
provided by law.
The okAsh on h,nd in the Bank of Aar th Dakota was
verii*lad by us by reoonoilement with the bank, and
the or,sh on hau with the State Treasur Frr was
reoonalled with the reoords of that department and
found to be in greement with the a oaount8 of the
depots it or s' guv mnty fund.
„s,
ply;. 1,)RJk&iJS 1239•5
It is reported that the aseesomente on the
Citizens State Bank of Jitd in the amount of 11145.08.
'mid the Ante Bank of Marion in the amount of $94.45
are disputed by the banks. Theme tyccounts stand
unpaid on the derartyrent records and. are the only
questionable limpets cerriett unsettled on the books
of the department. ¶thee aoxounta are set up in our
stetements $71, an Agee t pending settlement.
DIP)ISTiti.Ft7TXD 3PKG1
DIVIDICO ?ROM
neC3TOR 0? 01.48 1,;-7, P IJK5 $2#4.527155
r.
As the receiver of colossi banks made distribution
of dividends, derived from liquidation of insolvent
banks in his abbrge, he paid over to the depositors'
guarNnty fund coai1sion thz portion of the receivers
11;;;11011i
.
:1
d.
;r41...111.C.11111IN4.1
..;1.ica
"
t
OTIi
Q.
dividend going to the deposited() that had surrendered
their receivers oertifloates of proof of oltitm in
exoharge for Uertificat es of Indebtedness of the
Depositors* :7;uar tint y Fund. The Depositors' Guaranty
Fund .:ostaismion in turn make the distribution to the
d eposit or s. This rem agents the anoint of such funds
in the hands of the **imitation that was undistributed
ct ante of audit, us shown by their reoords.
18
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
"02"
RAZERTS FOR WWII) APPROVIO 10,4
Grif4RA.1, I1liJ6A44l.5l or.
A large nun*e a d.epositors have failed. to
properly present their elates for the ten percent
dividend approved for payment from the fund. Thom
*Ulm. were gathered end itume;zizeet from the files
of the department and found to uggre;gate the above
amount, arid resort'e for ayment of sLacie hao been
.tet up on the booka
utzti for the future payment
of all awarded divittend.s in full.
,r13 ITT.Artio NTT FULID
PraliTRIFq72
., 1411•87.0.7 Cr.
tfter setting up reserve for n11 u.id awarded
dividend this smolint remains for farther claims on
the fund.
There is no reoord at hand showing unpaid
alla.inistrhtion expense chargeable to the fard,
initurred prior to dute of eudit, but there will. be
come expense incurred during the month of Deroember
that will be ehLrretAIe to this 'IN:dunce.
IMPO
.4.LDLatfT0z9.."Jaltrip
aatiAja.
ILOSaLulicuala
'30
;rovid et by the sot repaa IN; the de.poui tore'
,
auurratty Tund Icr.w tLiJre were no bi-Ank aesastments
oolleuted
:lane 30, 3,929 end only throe spell
cissesisaft.ts were oollected between the IPA* of rrar
prevt-sas audit :.Td the 1;'....te assessment, ceksed.
Ver1fi3iti,)/1 of the acolunts pith the banks over the
at:.,te '&5ri4e by csorre*pladence, receiving retd les
from eibt eiOty percent of Vi.em, whiab in 611 ooses
aprree4 wi th the leg:rtment reoarts. while we +114 not
send out the sec -.”-id requ.eet the assessments htld
belpt converted int) oash nnd Ire are itatiefied they
0.re all ,vtroperly aocauated for.
29
IiTI.jiq;',Irr ARC
*4„...691ja
This represents the wont of interest at)llected by
the depir bleat for the period oaveregt bi this Siti et t
from funds deposited In the Plink •‘)f !
,orth Dakota.
30
44.-i4N144.4 Ir&7%*
-;41`
4.:51).,5Q
This item r(11::resents exam Lijk ti )
- n fees and
expense refunds aolleoted by the .:10MPL1llei3r1 as
provided by 6eation 5 mnd 6 of the .:;ahr,-nts af
Deposits -•at for the period covered.
111'12 Ai? IP 24
:f-;i544.100
4. fee of Ine dollar is charged and
eoted,
for the es1nzxicnt or trunsfer of title of olsiusi
on the fund from no party to another. This item
represents the .tri unt of itmoh fees soil eoted as
the same uppetzs in the books of the derartment.
18 "04'
'
H e
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
'Jai/X.3-4SjY
iF
/Leal 1/.907..Z.
In making pyrrient of the 10/10 general dividend
the .';ommission made payment of till deposits under
trelve dollars in full. As thy receiver err ()lobed
bunks subsequently paid his dividend °a these
*laths the &mount epplyi.ng to deposits peid I Ai11
WB turned into the i.luaranty rune. This represents
ti: amount recovered In th.le rnenxiar as a Mal by
tt:e resorts.
rap* len,92
This
represents the kimount 001.1eoted for
reimburserent of sdministri.,tion expenses
previously expekided.
stAWLS)Litaial„ALAI` "1
.1.1j3 7
9wicaluAR
MEW
PA OE Dr,..?"\ij.
Lifo.0157.,20,
The adminictrrAion eXperlfie of the Depositors'
mission are provided iii pk,Art by
luFirvnty lean&
legislative appropriati Al from the :;it te aensral
Fund, and prt from the Depositors' 4uarvint7
fund, as provided by ,:iection 34 of the ..at.
approprioting $20,0,40.00 per year or 44 maoh
thereof b e is neoessary from the verositors'
Imranty Ind t') meet the expense 7f the
CoP:'ilesion.
xpenditures from both flirts 'care aorip4Ired
wit), the amount 'low.1 by law und found to be
well within the alloted appropriation as will
be shown by detAlls begi.nnin9' on ra Pe 51.
31
ID `,103”0.76
jOOINICRAL DUI r1D
lo general dividends were deolaxed durinr the two
ye4rs covered by th is biticlit. The 41bove amount represetts
dividends psid ta depositors of banks admitted to
partioipatt in the 4eueral la!, dividend prior to this
audit period.
During the poriod the :Atroeitors' Gcaaranty ot wus
in forae three hundred forty hanks closed that oume
under the law. The depositors of the first two banks
thet al,)sed were F*iid in full. The depositor* of the
next two hundred one b.tmks that (nosed have been
awArded a ten peraent di•itlend on approved deposits,
;ns
and or. the remaining one hundred thirty-seven b.,
no payments have been author 'sod. A.11 dividend
payrisents were d:eaked by us ;and fbud to be Ltd kis
liuthorised with the exaertiln of the items us listed
on page 5R. Noginning on Imp:* lP, we list all dosed
banks oominA under the sot, with u tf:buls.tion of the
amounts paid the derosi tors.
l
56
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
'a—
TINOOLLF.Mtiiiii. Acc !- rn's CEi‘itO&D OVT 5r. R11.19
A settlement )f acoottnts- due from closed banks was
ast• between the receiver and the (..'rur,.ranty 1,-1,1124
Otlissission on urv• id usaiellitedriate, special deposits, and
expense ()harvest, und misoellaneous sompromise
uettlecents were mode as listed beginninfr on page 36 to
alos• •)ut questilmble counts on the hocks of the
Commission. 'rheas settlements were approved b,v the
c;onzlission und details are reaarded in the minutes of
proaeodings and complete detail records aoverinpi the
settlements are on file with the Cammissiek•
r:11
390 3310 •
Unk of Aorth Dakota- - :1119 547
3tate Tre4snrer
9 ori6 39
- - This roomiest/ the (wish
bolongine to the rand, all deposited
with the AAnk of gorth Dnkota end
the Aute Treasurer.
32P
239 53
17
i.551:4$1/almn DUE FROM
This represents the asseaaments
levied On two Usk* that dispute the
leattlity of the /sharps.
18t111
UNDISTRIBWID 31
EGIAL DIVIDEND
,
—
MUCircUra-ALSM
.
This represent&
dividends Pres
Resolver of ;lose& Blinks to depositors
that have surrendered their reeetvers
eertilioate 3f prober *f olaim for
Oortifieates of indebtetnese of the
Onerant7 rent. This 4030Uni stunds
undistribUted on the department hodks.
40.
1#13
=UM FOR UNPAID PPROVED iO
AMMINAL
This represents the rAount of
opgrovel 10,4 dividesd waaresd to
depositor* that hove fuiled to properly
present their olefins at date of mudit.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
lib
.111.
go
110
DB,P0^..AT0R3 OUR,IITY FUND BAL4NCE
ehlb represents the tindistrilwated
kaaajaoe renainiAs La the Zepooiters,
liovanter 30. 1930.
esamati Tuni
b04 20
;
fl 29 527 55
56 441
51
42 874 0
$12F! P43 73 $128 843 73
I
o
laity of the fund to depositors that bad not
been approved far payment is en =determined =ount bad hLs not
been considered in this Wane* sheet.
9
, I !',"' j
t
„
„
-,4frxeunt,—,...-mosrairse
30,-13.12
PADIUTS
AND
NQ
Deposi t3rs, lutin4lt y
4.0
Aministrb,tion itxpons•
Tmnsfered to 3eneral Fund
as provided by 0hz4.257
_ -----3. L. 1927C2"
1 591 50
548 00
7 907 99
409 91
Ida
32 057 20
4 000 00
36
057 20
103 530 76
Unoolleatable A000tante 011:6rged Off — -
58 811 19
Re se rve for Unpaid ,p7rove
QOM?Z*1 "Avid ends
56 441 51
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
tiS 22
71 992 51
4 697 19
Total 10,4 General Dividend
-1 567 F26 96
Paid--Leo ...mount Pa -id Prior to
1 46, 996 20
Deoinober 1, 1928-
Dopes itor et Gra/Ay Fund
Ilnexpend•d Bel at se Sergeber
cejçj
1,)210
4
un1 1341enoe )eo.1-192P
bhnkz esessments Levied- - Interest Reoetved----- .-aaminLtion Yeast jolleoted
3teel
- se 1g nment Veen
Refande from Reoeivar of 'aimed BanksRefund of IlAtpenes items- -
BALANON
AND
10110
3:), 1930
42 874 67
298 015 33 11.29F:k 015 33
Ato t
.1
•Q ---6.7 3 7
•
izatrjat.„alill
I$jF TOT
1?...212
1QQjJ
1 .2911. .,E.F.IMUIL;
V
1
*
3
07;139
DR.
-• n
L...e...4„.....4
aseisnents en iikinke
Liquidution of Closed bi.nks,..
_iisoellf neous 4,''ees Oolleoted - - .. _ . .. .
)&,-.
_
Interest Reoeived
_
..
Rumination ?Ns
„
ti Yee S Goll•ated
AlliSiffrffit
Refunds of txpense
Refund of Divid ends i aid -
7,1 9'37 230 87
18: 135 36
'-lb e59 sc
24 462 79
8 172 25n),
2 956 0(
447 42
le
37 191 81
$1,
1 567 826 co
56 441 51 1
Offiee
und i'rinting - Traveling itspinae--------- - Inspeotore Salaries- - Ole& Eire
iasoellLneous UndistributedSeoretury J- altiry ,Advertising Olosed B911k13 -- - z.uditors 41*.1ieeSalaries ‘;ounsel
Legal
Referee
special Legal Servioes
Depe rtnent 41it
olle atabl e 000unt• Olui.rged .3ff
111
we
eft,
*
*
*
*
OM
...•
OM
OM
Oa
e•
4e,
..00
ao
vim
ow.
7 907 99
OW
..111
Depositors Pad in
10* Divid evils Paid ----- Reserve for Unpaid 10* Dividend-
CR.
4110
m•
OW
IVO
IND
.op
P11 460 30
697 33
77
33 90i) 79
4 200 61
1 033 45
12 733 23
550 46
17 914 9(i
51 t;29 17
20 579
17 50) 20
2 217 E32
5e 811 11
42 riZA,
t2 076 169 98
.
0 Ago.
41.
irar44,10,
t2 075 1b9 98
•I
to the expenditures from the Guitirein17 Fut i. there bus been
it
Lppropriated und expended from the State liener41 c'und for L.dministrstion
expense $136,556.39.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
(Q
11
ILISLJ4L.1114,976,
Ulan.' all per bank statement 11-30-30
Balance us per Guaranty tuna records 4119
Chocks Outstanding
18
Draft Outstanding
November Interoet not Cr. by Bank
Deposits not in Bank Statement
y137 576 62
547 81
243 56
57
38
4137 84e 1/
178 0
-94 08
4137 848 75
CPS.CXS 0X:1112'0XX G
AMID.
763
1094
2396
2654
2690
3067
4493
056
4846
4851
4852
4875
490
4, io oo
lo oo
10 oo
8 78
4 97
lo oo
1 55
7 17
3 95
lo oo
31 oo
Io oo
4 51
1 06
5100
10 00
5256
5507
5764
5839
5849
9 oo
43 oo
5 35
lo 57
11 30
6 83
2 64
10 oo
66
10 oo
10 oo
lo oo
10 oo
9 48
lo
19
lo oo
18 00
lo 00
4154
5850
5654
097
6679
6989
746
7481
7853
7952
7968
8$306
8513
8682
903
9155
9579
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3 91
18 00
10132
10187
10215
10477
10631
11341
11823
12o6b
12129
12303
12791
12811
12970
13369
1354
13617
13692
13893
13976
14120
14336
14508
14689
14692
14926
15045
15050
15334
15369
16272
16617
16631
17297
17322
17651
18295
$ lo oo
20 olo
18
17,7P FtYlt
lo90
18694
19o02
10 OD
19614
lo oo
11 oo
1 69
10 00
lo 48
lo oo
8 90
05
24 oo
lo oo
23 oo
15
15 oo
lo oo
lo oo
5 94
lo oo
11 oo
27 oo
23 oo
12 00
98
lo oo
lo OD
8 47
2 74
3 32
1 67
I 29
lo oo
12 oo
2 23
19857
20164
2°616
21000
21001
21237
21324
21485
21664
21665
21717
21774
21775
21642
21643
21844
21645
21847
21848
21849
21877
21878
22018
22170
22171
2240
22475
22481
22812
23659
23664
23977
*atQ1,7T
lo oo
6 52
10 oo
11 69
84
lo OD
lo oo
10 00
143
2
20
23
13
lo
10
10
11
14
n
oo
07
oo
oo
oo
00
oo
oo
oo
oo
oo
11 00
13
10
10
10
oo
oo
oo
oo
8 94
n 05
50 oo
lo oo
lo 00
4 44
65 oo
10 oo
3 25
10 oo
22 oo
1 30
12
iz
24229
24239
24861
25336
26571
2072
26896
27009
2 391
2 247
2 455
28716
4658
28860
29107
29269
29532
30242
30914
31702
31842
31843
31844
31861
31862
32746
32768
32770
32808
33178
33457
33623
33700
33766
33788
33912
33981
34032
34033
34183
34422
34414
34428
348”
34638
34839
34841
35509
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
AMOUNT
RTIMBLN
AIODUIT
Nina at
2.1
6 51
5 45
10 00
10 oo
5 81
7 oo
5 30
10 00
7 33
17 oo
11 00
5 57
3 So
10 oo
10 oo
10 oo
196
10 oo
45 oo
246 oo
23.2 00
212 00
104
75
oo
2 91
11 55
13
4 11
10 oo
7 97
35510
35514
35602
35836
35838
36036
36778
36882
37687
37794
37882
37889
37905
38005
38047
38o4b
38066
38190
38259
38331
38465
38971
36972
38976
39039
3905
39060
39078
39°84
393.”
392/6
39549
39745
39638
39926
39969
39983
39990
39993
40176
40207
40257
40286
40287
40311
40375
40467
40490
$ 1 44
40793
4o28
40832
10 00
1 73
10 oo
13 34
190
146
213
5 92
76
76
204
67
5 84
33
1 36
44
760
14 00
10 oo
10 00
8 70
10 oo
10 00
4 82
10 00
376
Lb 00
6 22
06
65
65
25 23
233
2 55
5 58
39
24 00
59 00
°()
27
540
180
4 86
6 25
1 94
10
40
91
100
321
33
12 42
41
6
88
01
10 oo
2 90
2 19
62
02
2 32
40994
40996
41013
41014
41015
41016
41063
41433
41434
41557
4158b
41944
42031
4e032
42159
42169
42557
4418
42585
42586
42597
42674
42723
42743
42858
42875
42943
43074
43088
43282
43283
43360
43389
43406
43462
43477
4347e
43515
43581
43817
43620
43037
43879
43905
29 oo
E9
b 00
6 oo
10 00
200
800
oo
10 52
10 00
1 74
1 47
6 oo
200
34 00
28
15
142
13.
56
2 00
03
2 70
33 48
6 49
23
10 oo
74
10 oo
28 oo
10 00
17 00
18 00
1 21
30 00
95
10 oo
85
10 oo
6o
66
11 50
454
33
13
AMOUNT
431o171.-777766
43909
30
43941
1 84
lo oo
43999
44009
lo oo
44056
lo oo
44168
23 oo
44170
23 83
23 83
44171
44216
33
:12Z
44296
44,504
44455
4446
44464
44495
4455
44782
44784
44765
44788
44687
44925
45019
45032
45111
45112
45113
45415
45416
45658
45990
4654
46548
445)1
46868
46885
46666
46904
131
-V
47474
47423
47624
47625
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1 18
37
14 41
29
lo oo
3 81
76
1 50
3 17
lo oo
5 oo
1 06
7 Si
2 25
1 26
lo oo
37
10 oo
2 05
2 46
9 97
5 27
47 06
4 75
1 26
1 oo
31 43
2 89
4 77
1 59
2 17
1 oo
32 8o
210 00
2 46
19 44
2 24
3V,111"R
OWN?
47654
47694
4704
4705
47933
47955
48o02
46005
48275
48276
40342
48354
48356
1 1 00
52 76
1 00
1 ou
1 059 71
9 opo
614 20
194 46
1 16
1 16
4 11
11 72
1 70
48471
48516
48692
48693
48496
48700
48731
48732
48748
48797
48 408
4813
48822
46867
48913
48938
48946
49150
49251
49276
49467
49525
49559
50011
50015
50036
50056
50202
50203
50245
50283
50311
50365
36 92
29 oo
1 16
1 oo
1 oo
1 66
2 20
70
29 8o
30
16 32
1 co9
1 07
49 09
1 32
9 15
7 04
50479
2a
47
72
5
56 15
2 45
15 04
1 81
lo oo
1 oo
10 oo
1 75
1 oo
5 6a
1 oo
1 56
445 99
3 06
•
2
50516
50574
50576
50579
50792
504447
!io848
50861
50893
5047
50970
51054
51102
5110
53.159
51176
51306
51458
51470
51521
51598
51629
51644
51667
51781
51702
i.763
51764
51765
51786
Rili
51808
51812
51813
51836
51837
51838
51844
519p2
519u
52030
52051
52052
52062
52065
51315
AmpurT
1 42
5 31
72 09
3 52
lo 04
10 oo
9 72
2 51
02
10 oo
2 88
1 77
lo 70
2 oo
23 oo
5 96
3 06
27 66
2 19
4 06
63
10 oo
lo 00
lo oo
3 oo
17
65
3 60
75
3 57
63
34
35
27
2 39
1 oo
4 20
1 ou
3 it
44 a
9 51
9 oo
5 04
10 00
3 30
10 00
10 00
2 22
14
REEDELEMMIXati
(90,X710M)
NUMBER
AMOUNT
53288
3 55
53435
2. 75
53439
24 35
53452
4 35
53466
lo oo
6 oo
53467
1 00
33472
1 oo
53475
53476
1 89
53477
1 00
53418
1 07
2 61
53469
53490
2 61
53492
e 61
53.504
10 oo
53505
8 91
53506
6 82
53507
7 29
53.515
20 1b
1 oo
53523
53542
53552
78 3g
53566
1 co
? 7g
c)
3
61gl0
41 00
T
53625
53626
3a
53649
ice 61
53650
992 05
53712
1 53
53725
18
20
53744
1 oo
53764
53783
38 oo
NUM15_
AMOUNT
..... ......
.......
52103
y 10 oo
52168
503 00
5217.14
lo oo
52165
1 24
52252
4 oo
52269
13 oc
52305
1 oo
52316
1 00
52380
31 91
52394
1 50
52408
16 25
52463
1 97
52489
10 oo
52490
10 oo
52494
lo oo
52496
10 oo
52501
6 91
52538
666 93
52591
32
52609
12 74
52616
10 ori
52673
lo co
52721
15 oo
52752
216 16
52776
14
52638
1 46
52895
1 93
52897
1 06
52898
15
52907
33 07
52909
5 oo
52925
3 85
52940
69
52941
1 46
52952
26
52953
6 la
52955
181 2?
BF
52960
Od
53 c6
52962
19
53615
53014
53816
3 44
53041
145 25
53617
53103
4 lo
53618
5318o
14 co
53619
53191
53820
2 90
53208
30 oo
53821
53233
;
53234
1 il ;
3:g
53271
10 00
5 ;i2
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
NUMBER
53843
53892
53901
53902
53915
53916
53917
5)918
53919
53920
53921
M
53941
53942
53943
53944
53945
53946
53954
414
4g)
PM
Mgr"'
54014
54015
54030
94035
94036
94044
1g
7 77
'
1811'
54053
i Z3
32
11
11
7 68
11
2 45
12 66
42 69
tt
4g6
4
54070
Wci
541a
54111
54117
54120
54124
LUOUNT
$ 132 06
7 56
10 00
2 13
122 oo
185 16
122 oo
185 16
122 oo
185 16
3 00
lo oo
1
00
7, 04
1 oi
19
06
54
18
2 04
92 9b
16 oo
13;
9
4
1 00
1 oo
120 42
7 41
40
2 11
(
)
3n
23 25
1 77
2Z 3g
99
46 74
2 68
9 25
3 16
2 35
8 6o
6 0_
,00
7
12g 4
00 ?
cT 9
SC6v6
2C9V6
00 e
tC05
AI C
L6 T
CC06
6?9,6
00 g
006t6
t6
9?9t6
oo
f?9t6
Li:
T5
6e0
,5
00 f
9?6t6
r9t6
L? 15
00 1
/26t5
Tecol
L' 15
00 6
te5t6
039t4
c4L 6T
Tc g
CFOs*
CT9t6
61 6
Te541
?T9t6
00 CLt
06 4
rots'
5v 9T
0e04
017 c
LT06
019175
16 I
?5 C
9( s
CT Z
416t6
MK
owo T
3004
C? f
909176
60 T
1001
55 1
509174
0006
?6 1
60 ZT
v09t5
00 1
96tt6
T09401
9c
009174
12. 4
06tt6
6?
6? 3
?Rtt5
666176
16 CT
oo T
MIK
B604
96
oo 6
6/315
6604
ff e
6? 6
91,146
C66t6
Zi t
Ltirtc
?66t6
00
OT
179
gi? oT
co
oatc
9Ltt5
09 e
5? T
6906
SIM
00; on ox
Ott;
91'
L9144
91s174 0 ?
tit
91,4174co z
9917t6
a C
yL0,6
00 OT
oo 6
49PP4
17917176
41 e
°LOC
IT
imilip6
17905
90 CT
56 fIT
00 92
C906
19115
09 6ft
00 L
60175
7.906
9C
60 1
55 z
t506
att6
00t6
9606
5t t
C5 4
oz L
1764.06
ett5
617 8
9m6
00 t
1406
65 TT
oc
61705
t?tt5
9C
pttc
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
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It is rovorted t!.at the above /11Te6 ben-ke question
the legality of Voese aseeasments, Oni are reftEini parent,
therefore those aceounts *Play booms a 1o3epin part at least,
in the final settlement.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
18
RAZA14-22!
DLPOSITORSI GUARANTY FUND
STATEMENT OF =BED
BAILS ACCOUNTS
_
DEPOSITS
NM OF Baba
kDDRE:.
Jag 01 CLOSING
State Bank of Abercrombie
Farmers State Bank
First stats Sank
.lope County Bank
•'il.rmers 4 Merchants BenK
,tats Bank of Antler
Abercrombie
Alamo
kmidon
Amidon
Aneta
Antler
Feb.
June
June
June
29, 1928
28, 1924
8, 3921
8, 1921
kug. 13, 1925
Sept.30, 1924
lol o86 83
161 588 34
200 761 03
247 669 05
65 779 33
133 913 27
.
,tate Bank of Ardook
Arens State Bank
tate Eenk of Aurelia
Ayr ..otats Bonk
Baldwin tate Bank
kaerivin State Bank
Ardock
Aurelia
&yr
Baldwin
Balfour
Jost. 3, 1928
1927
May 18, 1926
Nov. 15, 1926
Nov. 19, 1923
Feb. 25, 1924
53 747 20
5 215 73
50 144 33
103 80 72
114 162 47
150 613 92
Balfour ,Aste Bank
State Bank of Bantry
Union Bank
Bartlett State Bank
Farmers ei Merchants Bank
Citizens State Bank
Balfour
Santry
Bantry
Bartlett
Barton
Bathgate
Sept.16, 1926
Nov. 20, 1920
Mar. 31, 1927
Apr. 18, 1929
Feb. 15, 192b
Nov. 22, 1921
41
78
39
46
75
102
179 36
704 63
657 99
534 47
475 4d
575 45
Beach ',tote Plank
Golden Valley state Bank
Farmers State Bank
First State Bank
Security state Bank
Farmer* Bank
!Stroh
Beach
Belfield
Benediot
Benedict
Bergen
Noy. 19, 1920
Feb. 23, 3.926
Nov. 22, 1920
Dec. 3, 1923
oet. 3, 1921
Nay. 7, 1925
129
222
65
61
79
49
935
199
19§
3714
405
568
First tate Bank
State Bank of Berthold
First State Bank
Citizens State Bank
Bignara Bank
Blab= State lank
Bergen
Berthold
Beulah
Bisbee
Bismarok
Blabon
Oat. 7, 3.923
Loo. 16, 1924
Dec. 27, 1926
Mar. 26, 1925
Jan. 6, 1926
Dec. 1, 1927
49 491 78
186 647 25
41 1)0 37
114 959 31
234 232 42
110 498 45
Slaistoll State Bank
Security State Sank
lordulao state Bank
Bottiomm County Bank
Starke County State Bank
rirst State Bank
Blaisdell
Bonetraill
Bordulac
Bottineau
Bowbelle
Bowbells
9, 1923
Oat. 6, 1923
Jan. 7. 1929
:Aikpt.28, 1923
Aug, 15, 1924
Dec. 2, 1922
79 827
66 054
30 976
435 597
68 475
173 727
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Feb. 11,
Aug.
=AILING
74
22
93
94
65
o2
86
37
61
89
35
26
itajD PROM Rsurna
AUGUST
TOTAL
ON NAND
AVOUNT
11;XICIVLD UNDISTRIBUTED
4 9 538 61
; 67
101 Glaata
DV rDir.:110
PAID
DVOSITORZ
204dY,E;
GENNIAI 101, DIVIDENDS nom
RiCEIVita
ALLOWED BUT
ON CLAM
Clan NOT
=MOM BY PAID IN nu
Imposrroas
BY FUND
89
Paid in Full by Receiver
5
ig
$ 75 56
151 28
25
1 00
304
10 187 42
1 067 88
10 447 35
1 139 39
35 56
341 16
9 596 29
12 48
408 23
5 211 17
10 577 99
124 18
104
130 69
107 92
927 25
45 30
6 766 15
16708
3 62
4 923 82
4763
8 992 09
41 79
61
6 40(7 62
184 79
14 57
5 653 93
4 159 6o
2 022 30
82 73
265 03
203 09
134 72
19 12
3 548 42
13 230 45
86
24 it
13 88
40
9 575 01
715 81
29 67
1 301 20
1 451 83
164 49
113 00
2 86
1 31
32 594 52
3 544 10
7 :!07 47
256 91
416 64
449 00
86 lo
1 43
oo
4 88o 50
4 038 26
1 264 38
624 53
280 oe
15 773 84
5,424
3 296 53
36 52
13 307 34
io9 62
5 548 12
525
19
STATEMENT OF CLOSED BANKZ ACCOUNTS
ii ANE
AMOVN1
'
'
TWPI
Ei.ND
ON
AMOUNT
RECEIVM UN DISTRIBUTED
DEPO:ITS
AT
AWLS
ADDRESS
DA? OF CLOSING
atuusa
Farreora
Merchants Bank
/int tate Bank
rafters
Meehanios St. Bank
State Bank of BOMAR
Farnere ;Jtate Belk
:4eurity state lank
Bowdon
BowesnOM$
Bowman
Bowmen
Brantford
Ortntford
Jan. 19, 1925
Apr. 15, 1925
Apr. 13, 1923
Nov. 25, 1923
Nov. 1.5, 1922
July 18, 1921
:Ante Bank of Bracket
Bucyrus State Bank
ftlricsica litate Sank
'armors it NOrobsnts t. Bank
Aeoples Bank
'Irst 'State Brilak
Brooket
Burma
Burlington
Calio
Calvin
Calvin
June
Nov.
Auc.
Feb.
Jan.
June
7, 1929
,±4, 1928
9, 1923
25, 1926
21, 1928
3, 1929
144
62
329
159
53
104
Jr of Carbury
First Security Bank
Commeroial State Bank
rivet State Bank
ittoraes State Bank
Cerbury
Cs to
Carrineton
Cartwright
Caseelton
Ca/uga
Jbal.
Dec.
Mar.
Nov.
Oct.
Jan.
18, 1924
27, 1920
15, 192!d'
23, 1923
3. 1924
25, 1924
37 566
23 765
160 914
27 408
4 859
123 365
91
71
23
75
33
7?
4 474 72
2 .512 71
72 27
72 21
40 09
17 61
Center
Chnrbonneau
Charlson
Christine
Church. Ferry
Clyde
Dec.
Nov.
Jun.
July
Jan.
Jan.
6, 1923
19, 1923
9, 1924
13, 1925
22, 1924
30, 1924
191 876 14
58 604 68
39 129 65
196 194 00
78 266 60
90 063 0C
4 376 73
1 e36 01
2 o49 77
First State Bank
Cogswell lAate Bank
Merchants Bank
rafters
Colgate &tate Bank
Northwestern State Bank
Zacnrity '.,tate Bank
Cleveland
Cogswell
Feb.
Jan.
Nov.
Dec.
Dec.
Nov.
7, 1924
5, 1922
10, 1923
8, 1927
1928
22, 1920
31 501 92
205 060 30
154 131 1(0
40 020 92
42 347 62
99 767 26
4 635 96
162 44
Firet state Bank
Farmer* Security Bank
State Bank of Cooperstown
Coulee Dairy Bank
Seomrity state Bank
:Autsminn County Bank
Columbus
Conway
Cooperstown
Coulee
Courtenay
Courtenay
76 101
15 632
159 831
59 774
87 279
173 447
2 766 52
1 558i4
21 33
201 91
320 21
'Anga State Bank
Bank of Oliver County
Farmers state Bank
Farmers Bank of Ma4entie Co.
Formars state Bank
Farmers '...tate Silk
Clyde state sok
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Cogswell
Colgate
Coleharbor
Columbus
26, 1928
17, 1925
6, 1927
Jan. 21, 1926
Nov.
Dec.
Apr.
Feb. 21, 1921
May 12, 1924
$ 28 833
54 307
108 614
208 812
75 226
62 625
42
75
43
31
54
98
092 56
233 ?6
322 59
258 23
603 54
510 24
90
39
02
29
21
60
104 arum
DIVIDSIN
PAID
DEPOSITORS
12 194 40
688 61
4 050 81
10 453 41
4
155 60
120 18
45 59
598 12
ON CLAIMS
PAID EN FULL
BT
res.
14 607 43
7 435 56
3 866 81
156 95
93 36
421 13
55 19
26 66
22 02
12 42
2 86
75 69
3 15
9 89
7 695 53
47 oo
1 00
78
16
28
81
15 50
94 16
5 75
162
10 079 16
1 030 19
6o8
6 830 39
4 032 18
2 302 75
47 83
117 38
51 94
283 61
5 63
22 20
9 488 57
3 651 93
24
156 27
18 19
19 93
2 521 89
12 N9 16
12 846 04
82 94
884 90
321 90
7 85
17 53
17 30
6 859 68
92 oo
10 48
6 660 29
1231 90
292 47
366 44
6 31
29 49
944 46
17 47
2 479
1 246
13 322
1 662
53
64
38
64
No Claims Allowed
56 0
42 35
57 02
4
DITIDENDS FROM
RBCNITIE
7 376 33
7 033 64
$ 18
$
JRy
GEKRAL 107.
ALLOWZD BUT
curm NOT
PRSSENTED BY
DEPOSITORS
36
14
293
26
0
STATUS'?
or
CLoSID BaKS AUOUNTCianniM
4=KM,
AMU; OF BANK
msrotiirs
AT
ADDIFAS
DkTE OP 0LC5ING
CLOSING
imuisirisajacE/V23
AMOUNT
TOTAL
OW RAND
AMOUNT
RECEIVED UNDI3TRIBUD
101. GUESIAL
DXVIDEAD
Pa D
Dtr02aT0fts
GM:HQ 107. DIVIDEND.% FROM
RLCEIVIR
ALLOWFD BUT
ON CLAIMS
CLAIM ET
PAID IN 'FULL
PF,ZENT_D BY
BY FUND
INN
Farmers Bunk
Crete state Bank
Croeaa State Bank
Crystal tate Bank
First State Bank
State Bank of Davenport
Farmers .itate Bank
First 5tate Bank
14110y 4tats Bank
.eeourity lank
Security Etat* Balk
p* Lamer* .itata Bank
Crary
Crete
Crocus
Crystal
Crystal Springy
Davenport
Dawson
Damson
Dazey
Da2ey
Deering
'De Laser.
Nov.
Mar.
28, 1923
12, 1925
Feb. 21, 1921
24, 1925
4, 1921
Nov. 27, 1928
Feb.
Jan.
Kov.
12,
1923
B, 1923
Feb. 26, 192
July 31, 192d
Noy. 14, 1923
Mar. 16, 1927
453 80
506 86
325 15
623 41
355 00
432 74
9, 1927
hpr. 26, 1928
boy. 8, 1923
166
94
104
131
102
134
774 81
264 34
952 75
923 64
928 58
520 42
9, 1929
38
25
41
74
144
46
876 65
215 83
050 94
296 24
661 67
253 7b
6, 1920
6, 1924
11, 1924
24, 1924
22, 1927
3, 1926
311
§9
t7
67
26
72
182 17
612 ,8
511 65
048 62
099 23
446 53
Citizens Bank
State Bank of Dresden
Drisooll State Bank
Merchants St. Bank
Farmers
Farmers Bank of Dann County
First State Bank
Drayton
Dreeden
Drisooll
Drisooll
Dunn Center
Dunn Center
Dunseith ...tate lank
First State Bank
Dodge Stats Bank
First State Bank
Farmers .itate Bank
%ekalson State Bank
Dunmeith
Dwight
Dodge
Beaty
Waist Fairview
Lokelson
May 9, 1921
Fob. 4, 1928
Nov. 16, 1926
May 9, 1924
July 1, 1924
Apr.
Citizens State Bank
Edgeley
Noland
Elliott
Imerado
limerado
Dee.
Feb.
June
June
June
July
Bank of Noland
Jtats Bank of Elliott
Farmers Bask
Guaranty State Bank
Tqrst State Balk
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Itnglevele
Feb.
Feb.
Apr.
kpr.
Nov.
Jan.
June
June 14, 1926
Lug. 9, 1923
Sept. 13, 1923
17 103 24
42 77
4. 8 990 13
490 18
84
t 118
0 71
-6t
5 224 39
2 658 84
169
50
182 31
52 933 62
202 513 26
142 535 30
106 399 rTh
115 097 25
121 906 47
19
171
115
69
417
45
Dogden
Donnybrook
Douglas
Dodge
150
066 32
328 8o
160 50
276 92
469 63
917 01
6, 1924
9, 1925
30, 1925
15, 1926
24, 1920
29, 1927
Farmers Bank
,
svile Lake -,tate Bank
fkrmers otate Bank
Firrt State Bank
Donnybrook ;Ante Bank
citizens State Bank
Derrick
Devils Lake
,95
94
42
93
121
570 55
11 446 44
74 21
145 73
5 333 39
289 55
2 27
18
4 40 93
£4
590
3%
541
06
52
385
3 393 00
6 454 50
6 527 36
3.4.1 78
877 53
301 71
25 24
288
1 oo
9 129 12
120
29
5 49
837 20
13 484 01
9 850 02
59 oo
573 66
379 09
34 29
59 67
oo
19 098 45
496 38
4 718 66
90 79
4 70
g
263 89
162 88
3 735 61
311 36
454
1 '64 85
3 469 00
438 97
72 00
72
g654
495 06
5 514 37
, 22
209
26
435
196
llb 19
4 072 09
619 03
5 939 11
91 64
25 208 26
4 263 36
5 169 80
5 110 48
636
28
295
74
15
07
62
88
33 32
1 65
13 75
44 56
STATL.,NT OF CLOSED BASKS ACCOUNT.,i
ZULTIMP)
JAW; OF MI
ADIVESS
DATB OF CLOSING
41
•
0
.
1111111 11rnewillilligirni1nimilliMilloa.11111110M1111101111011111111111111111111011110111111011111111111•1111111immimMamle
=POSITS
AT
CLOSING
i/v
?trot State Bank
,eeurity State Bank
3oandinavian American Bank
Airmers Bank
'irst State Bank
Perohants State Bank
Xpping
rairdale
itargo
lessanden
Fillmore
Fingal
Sept. 27, 1923
3tate Bank of Finley
:atitens 3tato Bank
Flora State Bank
elaranrs State Bank
71rst State Bask
'Amt Ranson Mato Bank
Finley
Flaxton
Flora
Forman
Fort Clark
Fart iiansom
Dec. 19, 1927
May 12, 1924
Dec. 12, 1928
kpr. 16, 1926
Die. 6, 1923
Oct. 20, 1923
144 704 23
155 552 6o
o 778 07
83 382 91
76 051
161 370 5o
Fortuna
Gardena
Garrison
Genesee,
Gilby
Glanston
Nov. 30, 1920
Lue. 15, 1924
Mar. 31, 1926
Sept. 20, 1926
Bev. 23, 1926
Juno 4, 1924
75 931 50
101 362 93
116 705 08
103 181 04
161 000 64
30 284 38
Glonburn State Bank
First State Bank
Farmars Bank
First American State Bank
:Atandinavian-Anerioan Bank
First Savings Bank
Glenburn
Glenfield
Golden Valley
Golden Valley
Grafton
Grand Forks
May 29. 1924
June 29, 1929
uay 3, 1926
Nov. 10, 1923
June 1, 1929
Aug. 15, 1924
70 748 68
43 315 00
33 474 16
148 441 90
282 512 76
285 183 06
Peoplos state Bank
Merchants St. Bank
Farmers
Granville State ;Mak
?armors State bank
iaraors State Bank
Alto Bank of Grew
Farmers State Bank
Grand Forks
Granville
Granville
Greene
Grenora
Grenoro
Grinner
27, 1921
3, 1926
22, 1923
'Wye 30, 1920
Dec. U, 1923
Nev. 14, 1923
Oct. 18, 1927
Farmers State Bank,
INIVISre Bank
Seaarity State Bank
Farmers State Bank
Jtate Bank of Hannah
Rallidir
Hanpolon
Ranks
Rannaford
Hannah
Mar. 24, 1924
May 12, 1.924
Feb. 29, 1924
June 10, 1926
Nov. 29, 1927
ortuna State Ma
':Irdena State Bank
k .km0241 Bank
Genesee :Auto Bank
'
7Itnk of Gilby
,
eourity State Bank
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
may 29, 1923
Feb. 14, 1921
July 25, 1923
Feb. 27, 1923
oet. 11, 1923
Feb.
Feb.
Oat.
107 254
21 958
681 324
109 503
43 033
131 129
33
79
19
14
41
28
TLVAL
AMOUNT
C1IVkD
AMOUNT
ON EAED
tniDIETR MUTED
10; 07.11.
DITIM=
PAID
DAZT?Ot r OR
AZSIBTX
62MEN.AL la; DIVIDENDS FROM
RECEIVER
=OVID BUT
ON maw
mix NOT
/mum HY PAID II FULL
MY rum D
DEPOSITOR
welsomeop..rimisrimisillIMINSOMIIIIMMONION011001111111111111111MONNOW
$ 163 38
1 867 64
21 521 14
391 01
t 2 043 46
3 614 55
50 375 17
7 238 90
2 370 42
10 703 64
14 762 80
24 145 97
81 28
786 91
12 964 62
78 13
6863
4 850 88
2 856 93
9 068 97
275 63
203 96
90717
3 791 21
11 021 78
54 57
84 20
78 69
22 37
9g2 75i
151 42
112 35
4 799 28
4 364 61
35 65
932 23
72 33
8 33
6 391 26
9309
1 836 14
2690
695
4 425 o4
228 91
2 46
7 433 84
165 67
43 36
16 410 of) 4' 1 768 99
1(3
96 45
92 74
1 472 53
190 22
4 96
05
$
225
633
148 35
24 03
41 89
a 93
6 076 ci
43600
31 130 14
853 00
22 597 66
382 95
548 30
197 321 91
223 822 77
122 400 97
118 055 51
158 259 91
66 640 05
75 841 81
16 542 81
610 67
19 196 74
325 26
14482
111 00
65
592 72
324 46
lo 17
fg
64 427 o8
145 543
137 373 28
183 809 73
285 212 11
3 965 4o
157 97
523 23
140 29
21 41
10 08
lo 28
9
6
lo
2
330 oo
663 13
o69 6
183 8
585 56
4 544 oo
5 682 12
5 867 50
146
21
STATZVNT OF CLOD D.XL3 ACCOUNTS
(ccltUnia)
G
kiW
DEPOI%
AT
CLOSING
mounts
ADD:
DAT : 07
ii^neboro 3tate Bank
Bank of Hansbero
Hartland State Bank
?iron State Bank
-4401ples State Bank
remora! State Bank
Raneboro
Nansboro
Nartland
!tasting*
Hatton
Havelock
soy.
Dec.
Jan.
Oct.
liov.
First State Bank
Farmers Aask of Mercer Co.
Oititens tate Bask
First State Bank
Farmers State Bank
lerohants State Bank
Baynes
Hazen
Hates
Hazen
Hebron
Hebron
JAM. 28, 1924
Aug. 20, 1923
Apr. 21, 1921
Dec. 7, 1923
Apr. 24, 1925
Feb. 7, 1927
82
86
247
146
85
137
878
217
510
633
603
544
4tate Bank of Eensel
harmers State Baia
Hickson State Bank
3tate Bank of Boople
Horace 3tate Bank
Farmers . Merchants Bank
Hensel
Reaper
Aug. 15, 1924
Nov. 17, 1923
July 30, 1923
Jan. 13, 1927
Aug* 24, 1923
Sept.15, 1)24
96
12
126
2e2
151
593 91
964 47
753 52
352 37
679 54
Hurd:-field State Bank
!tank of Inkster
First State Bank
First State Bank
Far. Yerch. nluity Bank
Security State Bank
Hurdsfield
Inkster
Joliette
Juanita
Jut'
Xarlsruhe
xoy.
Dec*
June
Jan.
Nov.
51
159
37
52
76
58
174
428
672
0u5
916
386
Karnak State Bank
Farmers State Bank
First State Bank
Security State Bank
?armors 4. Merchants Bank
First State Bank
Karnak
Kathryn
xampton
Xmas&
Lensal
Lief
Dec. 12, 1923
Dee. 28, 1927
June 11, 1929
hpr. 24, 1924
Nov. 16, 194
First State Bank
Security ,.tate Bank
First State Bank
kongsberg State Bank
State Bank of Kromer
Farmers State Bank
Killdeer
Xintyre
Kloten
Longmberg
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
niokson
Rooltle
Heraoe
Hunter
Like Williams
J:ln. 23, 1926
July
18, 1927
27, 1926
20, 1928
22, 1921
18, 1920
25, 1923
a, 1927
13, 1923
7, 1929
22, 1924
7, 1925
80 919 81
75 309 16
28 6o6 58
112 117”
64 141 36
47 025 72
YVNALAWAnalrIL-AILOUNT
TOTAL
ON 11.15D
AMOUNT
BACIITSD UNDUTRIBUTND
UTIRAL
DIVIDaD
PAID
DEPOSITORS
Ts
AL 10;
ALLOWED BUT
MAMBO?
ENED BY
PRIST
DIPOSITORS
DIV/DLNDS FROM
RiA.UM
ON CLAIMS
PAID rn FULL
BT FUND
$
25
57
04
97
61
94
$ 136 35
,o 1 724 70
138 70
10 489 77
Paid in Full by 'Ieceiver
4 207 94
24 y62 69
6 849 78
6 235 oo
34 244 86
2 229 29
lo 864 57
164 'Th
649
109
71
222
58
76
oo
00
464
91 72
107 ao la
58
43
04
11
36
17
4 3 529
S2
$ 143 85
p78301
288 93
i226
109 69
149 82
96 54
4 982
11 126
8 230
6 365
34
79
34
00
98
8
179
307
152
58
32
70
97
61
66
7 676 94
783 32
11 455 50
151 E4
11 oo
2 89
30 41
45 62
13 385 25
5 619 67
298 31
312 34
238
55 60
3. 013 14
69 oo
300
979 32
39 46
2 894 55
3 339 54
189 73
47 30
3 863 53
161 61
23 85
2 998 23
265 49
1 446 98
52 00
63 69
Feb. 18, 1928
15 537 06
113 246 b5
59 249 09
” 075 29
66 00 bb
36 218 78
Nov. 22, 1920
Deo. 29, 1928
May 17, 1922
lov. 1, 1.928
Nay. 23, 1923
June 6, 1926
49 091 22
in 762 76
112 202 lo
22 222 Co
104 350 15
51 116 46
5 492 60
9 137 76
19 987 49
3 082 00
170 67
416 55
914
390o
863
459402
26o
3 178 89
139 01
101. 61.
734224
135 68
28 78
23
!.3TATENICNT
_OF CLOW:D B4KS ItCCOUNTS
r5OITINIP:
, D)
DEPOSITS
AT
mosTro
NAME OF BANK
ADDIUSS
DATZ OF CLOSING
Yammers z, Merchants St. Bank
Citizens State Bank
First State Bank
Farmers State Bank
Bank of Leal
Parsers & Merchants Bulk
Lakota
Langton
I...neford
Lawton
Leal
Leeds
June 5, 1929
4 247 211 16
oat. 16, 1924
254 532 83
100 288 31
Juno 2, 1924
3'14. 15, 1924
97 401 25
Mar. 25, 1922
132 338 83
Sept. 21, 1923
207 427 19
.eourity Bank
Peoples StEte Bank
Rawom County 'Farmers Bank
First State Bank
First State Bank
Leeds
18, 1923
Feb. 14, 1921
Nov. 19, 1923
Nov. 19, 1923
Dec. 11, 1922
mtir. 29, 1924
46 443 96
53 450 51
120 626 53
226 099 91
63 643 93
57 966 37
18, 1927
13, 1929
30, 1927
30, 1927
27, 1926
26, 1924
28 467 10
48 417 79
40 995 97
131 186 90
78 615 45
87 954 20
Dea.
Loraine tate Bank
Leith
Ltzbon
Litotvillo
Lone Tree
Loraine
.iountreil ;12unty state Bank
Pinta State Bank
2ioneer State Bank
Luvorne State Bank
MeLeod State Bank
Citizens State Bank
Loatwood
Luddon
Luverne
Luverno
YaLcod
raddo4k
Mar.
June
Nov.
Aug.
Jan.
Bank of Matta
Farmers
Merchants IWO
eroer County State Balk
Firet State Bank
auaranty tate ;4.121::
Farmers Ztate Bark
Uaida
Nanitou
Nannhaven
Nanning
Nantsdor
Nantador
t;opt. 15, 1924
;1117 19, 1927
Fob. 2, 1924
Dec. lb, 1923
Oct. 6, 1926
Oct. 10, 1927
First State Bank
Farmers state Bank
Yarion State Bank
.)tate Bask of
xbass
Mambas' Security Bank
Masa State Bank
Manvel
by. 16,
Mar. 13,
Marion
liaxbaas
Nubia*
Mass
Doe.
Jan.
Deo.
Mar.
McHenry
Melville
Itenoken
Michigan.
Milton
Minot
boo. 24, 1928
Feb. 13, 1928
Jan. 19, 1924
May 26, 1926
Dec. 13, 1920
0so. 27, 1920
'OWN, 6 Merehents Bank
Baft'of Melville
lienftwn Farmers State Bank
Michigan City Bank
State Bank of
Milton
First Farmers BAnk
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July
1925
1926
16, 1927
2), 1924
9, 1926
3, 1928
45 295 02
17 420 59
34 690 01
33 236 39
50 404 50
27 313 91
86
36
154
62
41
19
542 28
739 04
4!)2 12
311 67
563 .”
766 54
0 853 95
3t 693 66
le 058 19
79 110 23
273 369 70
215 853 68
TOT4L
;J.TOUNT
RECSIVSD 'ON
RI-flq V7
4,100WiT
ON
TitIBUTLD
1o;, aavca.
DivIDLND
PAID
DENJITORZ
601 55
8 314 75
17 772 88
107 77
4 303 65
88 70
11 286 82
37 79
11 214 77
112 35
DZPOjITCR
DIVIDENDS
FROIVR
011CLAI
PAID IN FULL
BY FUND
8 192 17
7 350 44
7 553 99
9 302 26
20 323 12
$ 922 o8
65 62
b74 10
175 69
85 52
$ 1
26
15
27
171
00
58
75
73
87
2 630 11
1 -p2 53
6 589 64
20 616 13
1 48o 40
5 246 33
474
5
352
124
139
101
09
18
53
04
00
68
5
1 309
22
81
79
67
77
32
Y
4 37 819 07
PRVi
101
ALLOVID BUT
MADAM
PRESIONTED BY
53 28
6 556 76
473 90
126 22
1 665 07
916 99
468
2 559 67
2 883 57
71 19
31 66
238 82
28 23
2 613 17
6538o
267
1 231 55
2 751 45
31 43
60 50
2 250 54
14 774 82
33 it
2 054 74
5 66
332 20
15 90
496 49
14 95
32 77
622 66
23 723 22
lb 035 76
307 33
483 57
.158
243 23
26 697 38
24
STLTIOCKNT OP =gm VMS
kCCOT7STS
corrugro
OP 241a
.:1
XTZ 07 CLCZING
DEPO„.0ITS
AT
CLO.S133
Oct. 16, 1924
Oct. 13, 1927
Deo. 15, 1923
Nov. 24, 1920
Mar. 31, 3.923
Jan. 12, 1927
397 456
Mountain .atato Bank
Unk of Mowbray
Farmers Bank
Pipet ...tate Bank
state Leak Of Na118031
/armors State Bank
Izountain
Lowbray
11;unlah
1110
Nanaon
Neaho
Oat. 26, 1925
Nov. 30, 1921
Feb. 17, 1926
Fab. 6, 1928
Jon. 24, 1925
sopt. 22, 1523
78 113 34
35 C97 ol
237 420 30
69 684 39
52 241 30
40 050 49
state Bank of Newburg
'low England tate Balk
Seenrity State $ank
Parimers .tats Bank
New Leipzig; State Bank
Bank of NOW Rockford
Newburg
New TnalLnd
Now Lnaland
Now Leipzig
New Leipzig
New Roakford
Jam. 2, 1924
Mar. 31, 1925
loy. 18, 1920
Way 2, 1925
L. 12, 1926
Jan. 14, 1921
124 898 05
46 416 99
289 941 8
126 957 38
109 919 17
329 306 40
Fazuw...
Merchants lank
4tate Bank of New Salem
Iswv113e state Bank
Bank of Niagara
Farmers 3tato Bank
First tate Banl
New aoakford
New ,a1c.m
lawlille
Niagara
Some
Nome
80 193
GA. 1, 1924
Ate. 11, 1/23
Nov. 21, 1927
Nov. 23, 1922
Jaw. 2, 1923
343 427 37
336 341 15
25 072 80
99 575 72
304 645 44
79 2oid 47
Farmers State Bank
Norma atste Sank
Nortonville State Bank
Firut 4tate Bank
Security Bank
First 4tats Bank
Noonan
Norma
Fortonville
Berwioh
Oberon
01g*
to,. 9, 1925
Nov. 19, 1928
Nov. 12, 1926
Oct. 22, 1923
n 545 69
83 442 81
45 679 73
75 027 o8
75 o6o 01
104 985 65
State lank of °luta&
Citising Bask
Farmers &tate Bank
Stets Bank of Oricka
Unk of Orr
Great ;;estorn Bcrik
Olostad
Oct.
Jan.
Oct.
Aug.
Jan.
Dec.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Critic&
Crirka
Orr
Canabrook
Jun. 211 3.924
...pt. 13, 1924
31, 1923
26, 1924
2, 1923
18, 1923
19, 194
14, 1922
773'1
Alio:FT
ON LSD
.....
RECZIVLu UELTh /4,3 Uri, 11
$ 21
50
e3 533 27
rinot
..adisaalrian .4str1can Bank
Firut :,tate Bank
Vint°
Achall .;eourity Bank
14ohall
**hall state Dank
Xohall
Farmers i6 blerdhants . Bank lion.;nzo
atats Osaranty Bank
Mott
Aug.
TOT,r
160 521 17
592 518
114 7033
;
4.
144 690 01
61
122
36
162
114
116
211 iS
363 34
917 39
574 20
546 36
560 90
Garat 10t DIVIDENDS FROM
Famma
101. UNLItil. ALLOVLD PITT
ON CLAM
DIVID:20 MUM NOT
RAID
II rulL
BY
PRESIENT2D
IVEID
7UND,...
BY
D7PWITORS
DSPWITORS
4 12 27o oo
$ 5&4O0
115 05
114 15
3 810 19
18 76
2
16 075 17
657 88
58 o44 03
818 78
91 2
3 420 91
363 21
12 955 73
1.
473 64
11 987 76
217 87
131
21
173 52
421
43
4
505 52
359 49
4
9 81
2 430 50
ld 136 90
7 727 75
999 24
oo
3 88
156 15
9 16
1 682 89
45 12
1
2
494 76
790 47
25
00
2 12
34 00
695 oo
290 00
159 93
12 92
?o 95
82 38
239
21
9 071 85
3 334 oo
16 973 39
28 472 97
1
067 EC
100
30 61C 98
34 111 00
799 87
1 550 09
1 o22 33
69].
60 04
122 70
5 29
527 98
4 255 64
318 28
9700
19 35
39 19
3 094 07
63 78
29 50
6 074 06
4 7oo 07
1 953 22
107 03
816 14
215 85
458
51 25
1 20
394357
6 503 67
2 317 69
13 129 05
4 861 58
4 572 67
9109
193 oo
186 83
229 84
33070
14
236 78
1.
05
10 74
156 07
7 79
,„„A„ZINZLSULSViv..iiejLtjshLzi..ia.;.W.iaL
(001TIDUAD)
RS;;ERTS
FUNDs FRJU
foT.1
DEP4SIT a
lowLivat
,1,31:1111!
1141 D
orriparoir • vow
.1.11101111101r
IKNE.1?L .LL ',ED BUT
DIVIDKJID
°LAIN NOT
P
FIMENTED. BY
To
It:
14301111111111111111.0
!.'sreere
i:erohnto Bunk
.'araere 4tkfits Beak
Seek of rkirk River
aenk of .1"erth
:owner Qounty Beak
,:erchants BLat of Pembina
Overiy
Pogo
rt River
kerth
Perth
Peabine
Jitiseno btate Beak
Asek tate Btqak
nret Internl,ti0nf.1 BLek
4-)ortel. 3tete Bank
•4ate bent of ;.owere Lake
,Tosper tte Bblik
.Pinsfree
u t3 ek
i'or th,1
loorta
ick,
ers Lake
Prosper
Nov.
Apr.
Feb.
Yob.
prmare tate Bank
rmers B*nk of Ray
First 4tate Bunt
ibrmers
.1.4robante Bank
earmere .Aate BLnk
deitan tats Bank
Rawson
Ray
Ray
Rooter
Recr.:41
Repti.An
Jan. 4„ 1924
Aug. 9. 1923
May 20, 1929
Bova 13, 1924
Deo. 15, 1923
goy. 25, 1928
first 4tate Bonk
ReRent State Bank
3tate b4nk of Revere
rmsre Asti, teak
ilerchunte Bank
..00k Lake State tank
Holten
Roitent
Revore
Rhemo
Robinson
host Lake
Deo. 1, 1928
July 12, 1921
')00.
, 1926
NO Y. 26, 1920
18, 1921
reb. 9. 1927
43 093 15
Pt, 530
21 -49
22 35) 0
82 713 23
2 689 00
10 015 52
51 441 29
62
State Bonk of Rolla
Parsers
Nerohants Bunk
First •J tete Beak
Piret ;Ante Beak
Pirst 4tEte Bank
'first State Btlik
Rolle
Rolla
Rue°
Russell
Rutland
Ryder
Nov.
Mar.
Nov.
Nov.
Oct.
27, 1925
29, 1929
2t 192 3
26, 1923
1, 1926
97 505 62
lank Of sanborn
Parsers asohanse Bank
American ittato Bank.
Farmers State leak
illerohants State Bonk
first Stote Bank
*sib or n
Mingo r
Sanisb
.-Janish
sarles
Sawyer
Feb. 26, 1921
Nov. 19, 1925
4UR. 9, 1923
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
InKR:x-ms DIIIDECD5
Z.pt. 25, 3.923
get. 25, 1928
Nay 10, 1924
lief 26, 1925
Oct. 29, 1925
Jane 6, 1927
lpr. 13, 1921
Jahn. 4, 192,
lb, 1923
29,
lb, 192
192t
24, 1921
4, 1926
AR.
50 V.
9, 193
22, 1927
t. 3, 1921
$ 76 699 08
59 441 42
332 955 74
119 30b 55
138 226 88
222 8'2 35
112 327
141 586
11, 308
126 977
135 184
50 OPP
57
P2
41
PO
94
?3
76 233 92
210 037
75 502
92 078
96 042
45 304
64
P4
4b
106
761
846
3,7
2F7
R5
57
85
50
68
0 8 rbA 49
14 819 99
60 50
715 96
# 5 442 66
30 880 55
687 RI
9E6 •'5
2
21 18
4 852 69
7822
39 51
8 18
639 28
92 70
7 495 15
3 019
99 62
10 00
252 9.
513 73
83 41
100
5 08,9 90
V
3 070 98.
54
01
18
57 83
9 720 77
10 747 70
9 105
140
$ 2
57
615 69
1 019 50
9 295 13
$ 13,8 00
1 335 11
rRor
1130%1NQR
01; CLN
r',ID IV /PULL
ITUID
-S
848
22
322 71
4 211 00
5 252 83
152 00
144 9)
13 19
134
c't)
et
6 503 59
107 06
77
06
12 306 35
6 441 20
336 88
547 55
20 02
21 10
285 78
94
30
02
35
6 94
61
7 F3P P9
103
98
1 00
3 23]. 50
1 378 14
1923 42
tl
2 98
8 36
8 168 40
P9 43
22
1 925 00
2 488 02
11 00
40 00
15 OP
59 083 94
132 991 02
28 594 1
52 Rb3 67
119 831 04
140 996 02
151 575 0
WO 13
5 297 33
29 99
109 31
281 81
5835
1
2
7
402 42
170 52
26
L1W Apc:OtTlITzi
0,ATINUF:11v)
3I?g,W e
,
InIN13 ?ROM
o„ILA.0 03
.wyer tte tr-nit
triers
u.era116.nt
t. leak
30urity State Bank
male liver Vt311ey Bonk
oinibroot stute Bank
iret •tt. Banx
ITILPOsITS
f.$1,
PO
3awyer
aberwooa
Sheyenne
So aria
Springbaiek
Stuay
July 21, 1921
474n.
Jk
,n. 2, 1924
7, 1924
Peb. 25, 1924
Nev. 2b, 1923
Mar. 31, 1924
,vitizens State Bunk
trot nate BLAnt
tlrum .itat• Bask
*Users StGte mak
armor& Stats Bank
ykeston tate ttink
Stftinley
Stanton
Sttram
zitrasburg
Bt. Thomas
3ykeeton
Feb. 18, 1926
Feb. 23, 19213
Nov. 3, 192b
J. 9, 1924
Mg 20, 1921
J. 21, 1929
202
160
114
80
123
117
Atistme Stnte 13)in1c
eaurity Sank
Inner tate sank
*Jo .tiAe bnk
311ey 6tate tank
4`lret tate bank
Tagus
Temple
Timmer
Tokio
Tolley
Tower Obty
Oet.
Die.
Feb.
Fob.
Nov.
f,pr.
'over k;ity 4tate Bunk
owner tate Bank
renton %.t.
Jtate Bank
ndervlood 3tate Bh11.4
er.ndinavian ,_meriaan Bt,nk
Tower Jay
Towner
Trenton
Tuttle
Uni *mood
Van nook
Oat.
Jan.
Nov.
Die.
Nov.
Aug.
'trot State Bunk
erohante otate bank
amere
bGnk
users State tkak
abpeton State bank
armors
kerobt,nts
Terra
Vern
Terendrye
Voltaire
:schpeten
.hpeton
00t. 15, 1925
Lay 9, 1924
Oat. 20, 1926
liov. 9, 1923
irEA State *ink
Atisene State lank
•.tat• Bank of Vales
it 1% ens atet• lank
411PA*'mers ;its%
Mask
assere
ktorshants bbnk
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
bank
)92 650
114 350
182 51b
91 9,11
34 8b1
62 51'4
jut01,11"7KR
„moinivr
ON B:t.ND
ag041.2.2.21111Ls' IE TIC
11JUNT
10Ali OZN&ILL
11V£D
14.1D
#: S
R33141111
1.)1VIDBIOS P11011
IrUNNAL
ItSCEIVIR
_LLOWX0 BUT
MS
Jli
01,41N NOT
F/Vilt/TXD BY
PAID IV VTILL
Dg 'ITO 3
1,1
b3
9b
31
51
61
$ i p5 9?
148 86
621 35
109 15
1‘ 2i
15 419 95
n 58
6 064 01
432 1
No Liability to /neranty Fund
5 795 77
143 55
495 81
b0
7 12
96
oR
07
11
77
32
4 36P 20
15 316 78
P, 246 30
55135
27 D.
57 94
17 98
9 1923
lb, 1927
28, 1921
4, 1928
15. 1920
lb, 1924
112 b90 23
28 3413
38 411 07
27 992 40
73
159 oo
3 522 96
3 4135 86
2 1P4 19
2 5113 713
27 84
100
r 12
17 019 22
1 152 24
301 40
7P
77
1P 75
5, 1925,
14, 19A)
2b, 1923
23, 1927
41
58
16
65
117
168
617
790
503
319
865
646
05
66
21
0F1
00
27
2 304 22
93 00
4 14
84
647 56
1 00
513
34)
920
752
760
294
13
13
57
43
Ob
53
* 79 oo
13 199 53
440 137
18 94
Oat. 30, 1926
Oat. 27, 1928
139
187
60
33
188
71
99
1P 05
6 49
J6.n. i8, 1927
June 10, 1929
11, 1928
Dee. 21, 1927
June b, 1921
Jan. 8, 192b
208
73
113
251
327
143
326
247
710
094
749
09b
73
02
94
lb
F1
14
7 043 49
39 00
an
of Volvg, on olaim 487% but no menerhil diTidend h,s been deolktred on euid bunk.
4, 1926
9, 1923
uote:* ;79.00 piald on First ;Auto
0,0
F82
169
795
5613
566
13
;r:
3 b30 04
577
$
88
13 56
11.0 54
23 29
597 51
4 49b
140 14
95 93
20 91
303 505 5R
23 793 lb
2 887 01
104 48
o Liability to 3marenty
4800
2 953 oo
rum
2 002
2 435 23
12 724 92
55 19
199 33
11 309 27
333 3'
20 268 04
621 54
2 658
(CONTIMUSD)
finiD4 PROU
tOTNI,
D4PQ,ITLi
1t 01
16.%U _MR
tWILDEND
JAVA
i4ortohn 4..3toilnArit Bask
3rmere Qtate Bhnk
3..ensta k;ounty state Bank
irut iitate Bank
erobasts State Bunk
armors state Bank
tate Sank of i.heotltind
;airerd wtste Bank
trot -itate 34nk
•eourity tate Bina
Minas County Bank
tate Etblik
ill iston
!arleigh County .;tute Blonk
-tuts Bunk of .olford
oatford City
Watford cAty
Watford kAty
lrat 4t1%te Bunk
, hrmeru -tete Bunk
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
37 267 92
8
,
14!4 504P
erner
hel.tlund
Aleatlnd
,1.1drose
A.1drose
viildrope
'b t].11 oton
6illioton
Nov. 19, 1928
June 2, 1924
,Apt. 13. 1924
Jun. 31, 1929
Jun* 12, 1923
4, 1921
4 44
"
b 97
496
289
Ning
wolf rd
Doc). 16, 1925
.Jeo. 28, 1923
79 210
180 17
;1?AftiCialT
1:
DIV0)1TORq
Nov, 27, 19,.:3
Deo. 15, 1923
July 7, 1921
Jan. 11, 192b
Appt. 27, 1923
Uov. 19, 1925
Werner
t38
10,0 Gmalez
107 3P9
$ 1 573 83
1 653 91
12 012 22
115 00
2968
666 16
72 620 04
84 623 tke
53 717 19
28
94
142
101
ell
700
940
722
770
4 675
59
oo
559 51
3 095 40
37
440 19
$ 104 9J
151 82
311 67
05
880 43
lo
tg 1
61
584 64
959 05
22
53 66
41 771 01
19 595 28
759 76
810 60
05 74
51 50
4 74
4 139
44
09
42
25
klarmExth
July 31, 1919
June 24. 1920
b7
12 7
12 62 7
29 527 55
0 1 567 826 96
JrIP IN FULL FROM DEPOSITORS' 71V.R.:.NTY "MT
Jud
32 59
4 14
37 34
211 76
war4rradimasi...1.0...•
987 963 29
4'414F.R-L 10A DIVIDIND3 FROM
REOSITIM
ALL° KJ BUT
ON ClaaYS
01,114 NOT
MilNTSD BY
PAID IN FULL
FY F
86 561 43
755 018 79
56 441 51
, 7 907 99
AZ:0UL '0'
1514.E.IIEEEEEZIJLZELE
.
1-1928 TO r0
1222
.
1a1222
Dr.
2nd 'dditional for year ending J.30-1928
If
3rd
el
I
4th
(0 27 590 70
27 441 57
II
His
z9175
27 315 54
liCT4 T.
Special Charge* to Cloeed Minks
491 49
Added Ch rgee on keeeatmerts
Refund of ovorpa;,--ent of f,zletosssest
Refunds to Nationalised )rtks
rational Usk 4seessmests Unsoiled
let 41•1111141101
Cr.
afilta.f_kliaka
1 47! 61
$ 2 476 18
7b3 12
10 066 10
2...22.? 51
.0 85 317 91 $ 85 317 91
-11 oanoillatilne and refunds of aeruaemente ere authorit—:d
by resolutions of the Commissiln, and netea in det4i1 in the
nInutom of prooeedings.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
DXPOIJTORSt GUARANTY IVID
INTTALtA 1BCEIVED ACCOUNT
DECLMIER 1-1928 TO DECEMBiR 30-19/2
Intervat Received on kverage DAily
Balances from the Pank ol Vorth Dakota:
$ 65 98
8432
For Month of December 1928
January 1929
February
March
April
May
June
July
Auanvt
September
October
November
December
Janutry 1930
Februory
March
April
May
June
July
Amiguit
September
October
November
74o8
156 36
215 27
214 06
198 57
183 69
165 56
1” 76
156 93
55___
171 15
211 69
194 76
122 80
187 a
165
203
212
216
66
29
66
42
19 E9
198E6
17 05
Interest Received on Certificate of
Deposit, Bank of Iorth Dukoto:
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July 2, 1929
July 3, 1930
TOTAL IKTRRE„siT COLILICTIOW6
97 35
440 00
4
4 697 19
;Z;2,LiJ1.-2V
DuPOSITOrSt GUARUTY FUND
LIAMIXATION ir:3 FARM
LMOUNT
GRARGED
$ 65 oo
bo oo
148 50
bo oo
52 14
6o oo
6o oo
6o oo
6o oo
158 oo
63 30
96 08
bo 00
47 24
62 6Q
24 2t,
6o oo
158 50
144 13
Norms State Bask
Busyrus .,tate Bark
Balk of Haselton
Security State Bank of 4intyre
First Aate Bank of 41*
First :Aste Bank of Rey
Security stats Bank, Wildrose
Coandia Amarillo lank, Grafton
First State B,Kanpton
Farmers
Merchants nark, :.heyenne
Tirnt state Bank, Lint°
'First state Bank, tioers
Owinner .tats Bank
nor* state Bask
limmors , Merilkants state Lank, Rolla
First National Bank, Crary
Farmers 6 Merchants State bank, 'Verona
Bank of UcCanna
Owinner State Bauk, Leas rAcohange
•
lamer, State Bark of Towner
Security State Bent of Benedict
Far.
Mier. A. Bank, Kenratre
Burk(' Co. State Bank, BowbAls
Farnerp State Bank of Alamo
Farmers L;tatis Bank of 'Word City
Konetimrg State Dank
Seextritr btat. Bank of Banedict
Farmers State Bank of Llama
Ssourity ,Aate Bonk of Bonedict
Farmers State Mink of Alamo
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
;5 oo
500
5 oo
30 00
500
lo oo
500
500
5 00
500
1DAQ
4 1 591 50
31
D'1'OSIT0
10—NrirANTY
nam
Y OF OYMATIRG XIFTSSES PAID
DICENNsit 1.1
UL.0.IFICTION OF ZIPiNalt
Commissioners Per Dieu
Clerk sire
Postage
Supplies
Yurniture - ?ixtures
Printing
Ilisoollaneous
Commission Traveling Faxpemse
Inspectors 3alaries
Inspeoters Travaing
auditors aalary
Auditors eraveline
Referee Al Legal Goursoil Salary
Referee
Legal Counsel Traveling
Lpeoial Legal 4ervioes
Paid to State General hod as
Provided by Chap. 259 3.L. 1927
28 TO NOVEMBER )o-130
EXPUHSS
EXPENSE
PAID liitOM
STAN, GJILAZ PAID PROM
FUND
=ARAM
ArPROPRIATION
FUND
$ 910 00
12 115 50
2 005
383
286
751
2 113
1 797
1 500
43
34
98
70
50
43
12
oo
44
TOTAL
kaPENSE
PAID
910 00
85o
225 99
1 5oo 00
12 115 50
2 005 34
383 98
286 70
76000
2 339 47
1 797 12
3 000 00
4 833
3 161
19 7oo
1 34o
1 288
34
07
02
08
2o
43 44
4 833 34
3 161 07
19 700 02
1 340 o8
i2882o
4 000
oo
4 000 oo
4 21 907 06
ZIT.141.11,1L,112iLlitail==
GRAND TOTAL
Soo fallowing pages for further detail.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
36 057 20
57 964 26
32
ITtj
- FROM
TOTAL COMUISSIONER
192 -i29 ATPROPRIATICX FROM ZTATE GLNI:RAL FUND
CLERK
HIRL
MONTH
PATIENTS
PER DIEM
December 1928
January 1929
February
$ 865 16
1 544 23
1 o43 01
35 oo
55 oo
170 oo
1. 485 oo
March
April
May
1 147 68
1 091 57
1 510 12
1 911 66
1 205 64
60 00
105 00
20 00
4 10 319 07
44 oo
June
July (Prior bate.)
ow.r..17Ty FUND COMMISSION
POUTAGE
RISC.
#44 55
537 50
i 30 oo
20480
5200
565 oo
575 oo
575 oo
72 oo
64 50
664 bo
66 25
965
28 01
* 44 35
719 44
331 98
286
3.596
1 183 oo
e3
FURNITURE
AND
SUPPLIES FIXTUia3
4 68 oo
064 51
920 50 A. 807 34 0. 613 48
82 55
Total 44,enditurez ar above
10 319 07
3 920 50 1 807 34 1 613 48
60 31
0 20 989 25 11 705 oo .3 811 51 3 431 46 ;126 28
$ 22 24
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4 166 67
32 8o
76 37
126 40
23 05
166 67
166 67
166 66
63 34
179 68
131 70
156 00
# 60 31 $ 224 oo 4 469 83
7 732 col w5 238 eo ,1 739 76
LA?CL
57 lo
6.2 70
71 18
141 39
31 308 32 42 150 oo
UNEXPLIDU
0 46 84
th 78
45 67
BALANCE NNNAINING FROM
192?-19“ APPR01?iaz'Jr1011
I, CX11211 1-1928
i'UZTIOUS AUDIT
445 oo
TRAVELING
units INSPECTOR
PRINTING
COWL
SALARIEU
TRAILING
EXPENSI
INSPECTOR
4.4344
166 66
333 34
568 50 1. 166 67
$ 43 44
84 30 , 991 75 ,2 945 25 ,5 166 67 ,5 177 23
224 ocs
469 83
568 50 1 166 67
43 44
153 7004 521 92 i2 376 75 ,4 000 oo ;5 133 79
33
usposrofts, aakRfIrrt FUND COMMISSIOI
,
FROM 19;9-1 31 kfTROPRITION FrIOU STATE GEN11;RAL FUND
mr,Trour
=Mt
July 1929
August
"eptember
TOTAL COMUISSIan
PAW NTS
PER DIKM
78
$ 11 318
024 68
$ 75 00
627 48
October
UovtunLer
Nmember
699 63
840 56
January /c February
March
520 75
698 08
729 34
60 00
kpril
(ay
June
761 35
100 oo
oo
420 oo
'20 00
otober
November
379 51
22.....2
.
592
.
2 90
587 99
475 oo
475 00
595 00
75 oo
523 o2
11
390 oo
465 oo
8 195 oo
000 00 .12 000
Total Xxpeatitures
465 00
VISAPIIIDED SALASC.1
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1'IATU1S3
oo
8 195 00
kitIATING
* 5E 41
15 05
33 35
' 3000
13 82
41 95
450
4620
U. 25
3 65
20 oo
114 84
36 00
1755
41 75
u 25
4
51 20
00
5.2
tg
21 75
lo 65
6 95
02 000 oo g,2 000 oo
198 oo
323 67
,d20 412 01 1 535 00 43 805 00 4 802 00 41 676
33
7128
192 15
58 95
222 2.5
i150
14 57
746
323 67
55 90
261 11
45 38
32 95
411
198 00
45 4 166 66
113 30
166 67
$ 107
590
A Cr
24 07
20 00
92
379(e7
6 lo
16 15
17 27
45
35 97
41 46
340 00
465 oo
191-1931 APPROaIATION FROM
GRURAL rasp PROVIDED BY
SUB.DIV. 20 CIA? 201929 $.L.432 000 oo .2
11 587 99
6UATLIUS
$ 20 20
11 28
47!) oo
475 00
30 00
709 40
MAL PAYSOU
;665 oo
535 oo
585 00
375 oo
435 oo
465 00
July
usuat
eptembar
503 52
kOAAGE:
58500
loo
561 14
516 92
573 38
CL'R k
KIRK
SAL.AY
OF
A
fRAVIELINO SUPSRVI 0R
U.
• UMW'
IMM011
MID
AISC.
IMPUTott IMIGfOR
00MM4
68o
281 67
500 oo
•.5400 00 4 000 00
e500 00
281 67
500 00
62 70
62 70
437 30 101 718
33
1 228 62
333 33
000 00 46 000 00 .3
1 226 62
000 00
333 33
$ 771 38 1.5 666 67 Q3 000 00
OPERATING =MSS PAID DIRECT MY DEPOITORS, GUMIXTY FUND
4.We:111
TOTAL
INSPECTORS
SALARIhJ
EUMITORS
SALARIES
December 1928
January 1929
February
1 488 88_
1 519 56
1 187 51
, 166 67
166 66
166 67
$ 200 oo
200 oo
200 oo
Marek
28c5 04
1 323 61
1 237 21
166 67
1U0 66
166 67
June
July
kugust
1 551 78
1 579 91
1 522 14
166 67
166 66
166 67
4eptember
October
november
ar.iitis; Ltd)
LEGAL COMM
SALAAM
latD/TORS
TRAMING
mate
ThAVIKLIBO
LZGC,
mum PIJOELLANEOUS
83
820 83
820 84
4 30i38
122 44
209 63
2oo 00
400 00
200 00
!320 83
21) 83
820 84
275 73
136 12
536].
oo
333 34
3oo oo
820 83
820 83
820 e4
364 28
215 ob
217 63
47 30
17 oo
1 199 57
1 195 39
1 634 04
200 oo
200 oo
2oo oo
820 83
320 83
820 84
162 14
156 81
i660
17 75
December
JanuAry 1930
February
1 227 05
1 462 22
1 020 84
200 oo
2oo oo
200 oo
820 83
820 83
620 84
136 32
379 96
69 90
61 43
Varch
April
1 249 48
1 221 22
1 257 97
200 oo
200 00
200 oo
820 13
820 3
820 4
121 12
166 09
145 22
107 53
23 55
41 00
lo 75
50 91
June
Jul/
Amisust
1 032 83
1 329 20
1 302 61
2oo oo
2oo 00
820 83
52c 04
820 84
140 66
88 53
114 92
12 oo
79 17
46 76
September
October
November
1 031 59
1 448 47
_829 06
200 oo
200 oo
421 63
10 75
6 oo
825
May
ay
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4, 32 057 20
200
200 oo
i
500 00
) 4 633 34
•e20
1 288 2o
4970
120 09
820 64
820 54
820 83
4 19 7oo o2
PRINTING
3 161 07
4,
34o o8
Nelance in Fund Dec. 1-1928
4 16 312 37
Refund to this fund March 1929
66 95
Transfered to St. Treas. July 1929
oo
000
20
TrAnsfered to St. Treas. July 1930
10 000 00
Transfered to Fund from
LA. Treas. Oot. 30-1230
Lxpenditurcs Dec.1-192t to
Boy. 30-1930 as above
470
# 1 288 2o
$ 5 265 73
32 057 20
9 a5639
•
$ 46 379 32 4i 46 379 32
to 225 99
8 50
ANINIMMeam
,
50
35
OFFICW3 AND =CieLOYZE!;07 D1120SI
L.ME
ADDREA
POjITION
G. Sevortson
Gilbert :semingson
a. R. Winter
Dorothy Ranch
Lena Willenburg
Bismarok
Zt. Examiner
Bismarck
;oldry Aohrer
Mabel Larson
Adele Kaufman
Flare Larson
Stella Rognlie
ft
Anna
nson
Transco Dairs
P. W. Gathro
D. J. Rooney
C. R. liolmos
ci
C. J. risk
Clyde Duffey
Joseph E. Sullivan
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
re
Ex-Member of Commission
Bearetary-Tressurer
Aset. :isoretary
btenorapher
fI
Inspector
uditor
II
Mibot
Devils Like
Mandan
Sx Offioio
Sx Qffioio
4 5 oo Per Diem
500
"
500
Refer*,
Legal Counsel
Reporter
00
00
00
00
00
45t 00
gg
rv
175 00 Per Mo.
12500
"
13.000
90
100
90
90
90
It
If
Cour tenay
TONAL
AMOUNT PAID
DtC.1-1928
TO NOV.304930
R AT
Mo. i. Shafer, Gov.bi
Member of Commission
C;. 1. Astist, Manager smarck
Bank of N.D. Member af Commission
H. A. Fisher
Washburn
Member of Commission
A. W. :Awl
Esmond
Momber of Commission
Irthur L. Netcher
Fessenden
Member of Commission
I GUAR \NT Y MIN
If
If
ft
'I
135 oo
4 2oo 00
2 495 oo
1 210 oo
420
125
123
180
1 642
75 00
4 OCO OD Per Tr.
2 400 oo
"
2. 570 oo
15000
3 moo oo
4 600 oo
233 34
4 900 00
3 600 00
2 250 oo
8000 02
2oo DO
4 500 OD
7
4 40 558
BOND win JTATZ
34TS OATH
OF 0FFICT-1
FILED
AMOUNT
EXPIRATIOL
DATIC
July 19-1927
July 10-1926
July 6-1929
10 000 00
10 000 00
10 000 00
Deo. 31-1930
July 1-1931
July 1-1932
July 14-1926
July 6-1929
July 6-1929
Io 000 oo
30 000 00
lo 000 ou
July 1-1929
Dee. 31-1930
Doe. 31-1930
Dec. 1-1926
10 000 00
Dec. 31-1930
April 2-1925
July 22-1929
kpril 29-1925
10 000 00
10 ooc oo
lo nolo oo
Dim. 31-1930
Deo. 31-1930
Dec. 31-1930
oo
oo
DO
00
50
1111111111.110.0.01111.11140 ,A111.11003,
TOTAL PAYROLL
COMIXISSION
36
50
QT0L&.1P
971
OR
la_q1111?
SMLZTJplrit ?ROY CLO D B -SKS
Ph mere e kerohants lank
i,net a
State Bank Of Atrial&
Mira is
Balfour c.itate Bunk
Bial Ittur
Berthola
Auto Bunk of
First dtate Bwak
Beulah
Bank
Opste
so
Bordul
aoriulso
Sottineu. County Bt...nk
Bottinoun
Farmer a
Merchants bunk
%;ogswell
Greta
%Irate Stat0 Bk.nk
,
Dose)
Dsssy Amite Dank
Dann ;enter
Pamers Bank of Dunn .
Tlingit tate lank
Dunn center
Easily
First &Mate Bank
Fessendon
of
s
Bank
rumor
Garrison
of
Bank
Fume rs
lle
Granvi
Bunk
Grua:mill* State
a
Grenor
3ute Bank of
Ranks
,sourity JtkAo Bank
Rannek
,t&te Dank of
Langton
‘iitisene 3tat. Bank
Istign
atio
Bask
First
Ulla&
Citizens atate Bank
s
iliestas
Mambas. state Bank
*
Mambas
SU te Blim g.. of
y
ihrolowa
Bank of
rd
Rockfo
View
Bunk of
Ousse•
Citizens bank
Orr
Bunk of
Osncibrook
)rent 'sstern t4nk
Perth
Bank of
Perth
Towner Conti bbnk
Pisek
Asa State Bank
Ray
Farmers Bank
Rolla
State Bank of
Rnso
First Jtat* *Ink
Ryd.er
First State lank
erwood
Undl
Bunk
State
erwOod
Unit
Werner
e
etat
s
lib
nit
fia erchant
0
1 Fl.;)
36
55
3 4
557 b5 •
1 033 70
9b5 55
137 00
1 264 15
2 549 40
444 55
blik 15
819 55
1 013 05
1 035 53
303 60
754 25
293 15
213 85
143 52
1 343 70
3 93 55
12t 95
151 b2
313 20
553 40
251 20
923 04
1 242 40
1 529 10
1 21F 55
891 6.0
1 16,5 40
2 M 1
204 96
992 05
578 00
1 145 20
35 40
133 515 22
TOTi,l, B IC ASZ '.:.: ir. TT.i
Cliaa:Z
44.1:,;L•ii. DIP03ITS WE TO B la3 TEii.‘T
Center
Dunn
Fanners b a e
Gronora
of
Bank
a
Stat
Rank•
aecurity 3tuto Bank
Maxbass
of
ou to Bunt
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1 2, 33.
1 190 12
5 651 04
9 048 40
TING011 93.4j1,141.r.
,(2=7....(19MBILLai
37
11ADIr TO BANKS THAT L6.0
4candinavian American
)4 167 45
Minot
Parse rs Bank
Ray
589 93
?armitrs
Lerohants
.Sherwood
7 252 44
To1147 4tate Bank
Tolley
5 193 co9
U. jt. Bank
405 Ob
iston
15
ill
/M*3ton :Aate Bank
•ill into n
11 01F 74
TOT. L S.PS9,14
63 804 5e
DsmiTp
4111.kliN33.'S a, FE s CHLIVV,D CLOSZD BUMS
3T 1111?, D2P031TORS, 1111kRTY COLT.I-; 'Oh
Svc to Bank of
Grenora
Citizens Bank of
Citizens bank of
Ornomee
Farriers an of
Ray
Acts Mak of
Roll rk
17 75
47 40
244 12
1 60
1 60
312 47
,
•*, FROM RAGEIrER
OLOriw.D B. Ili
ABOVIC AOCOULITs
40 005 94
tJT
wirailawoomplaiiie
i',:•:TT.L1lk7'.ZIT OF A &-.1
..)11 B..11k3
T HAD IL TIONALIZED
Taylor 4tate Bask
Taylor
Oitizine dtits Bank
She.ron
LoAlde Bank
whitmaii
gerohants
Farmers Daft
etora ter
S9 48
182 32
235 95
fT 99
1 345 74
Loss:Collections from Bunk of North Drjkotu
;",illistor. Collateral
oellaneous
justment s of 3pecia1 Dividend
TM:I LOSS
puma av
1b5 45
4 57
58 811 19
WIMMMMIPSIMMWOMMONWMOINOMMOW.WWW.M
$ 98 982 58 )98 982 58
..iomprosiiss settlement with Rsoeirer is set out in detail a.nd
roved by Goinaisolon., ba shown by the records -nd files of the department.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Aap
38
0
2R
UMW T
.ZY.,IZVLLD,
CLADi
B
Tolley 41ate 14,nk
.3c.x;ndinavian ,merionn Beak, ?ergo
tort Unsom State BLInk
Ocamarolal .;; tat• &ink, 0arrtzton
Farmers State Dem., etford, Oity
If
Parnere 6tate Bank, ittox Ban
Security dtat• &.litc, auk.
Farms rs Bunk T),'1 ok
Pariners tat• Bark Noontm
Partners State Beak, liebron
First 3avings Beak, Cir%nd FOrk
111
First 6tute Bank, ildrose
State Br.nic. of Berthold
Farmers
ulerohants Bank Bowdon
Vtr st 6ttste Bank, Volva
152
7323
A23715
14761
30044
30157
31b75
36100
35133
4632f.
47411
4716
41764
42713
44986
427
476
41'
10 00
4 300
100
73 00
9W
100
2 00
100
1 a)
1 00
1 00
09
100
100
100
1 00
O dividend was ever
deolared on this bank
410 ovisigualup
I 156
$ 3000
All other cleric61 errorsosede up principally of postirips to the
strong b000unts, were oorreeted on the boots &tring the pro0es5 of our
tmdit.
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Federal Reserve Bank of St. Louis
09
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4
IT REPO
'
•
11/4
.01
Y PTT.TTD
4.?
IT. 7).
FROM
• 5e
TT ;77:
,
TO
LI
0. B. LUND
AUDITOR AND ACCOUNTANT
NORTH DAKOTA
BISMARCK
wel*.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
AUDIT REPORT
UiI)R'$ Gtfr.RA,11.1
OF
E.1.3M
, N. D.'
FROM
ZOTLVIZR I, 1924
TO
NCR lara 30, 1926
0. B. LUND
AUDITOR AND ACCOUNTANT
BISMARCK
NORTH DAKOTA
A. 0. Sorlie, ;ovarnor,
0. R. green, it,Jaz,ger B4nk of L. Da.,
A. W. lingel,
S. 4. devertson,
110 A. Fisher,
~sere Depositorts luumnty Fund Uomriission,
Gilbert 3emingeon, 3eoretalry,
lissarok,
ntlemen:
kursuant to engagement, I have made an audit
recoris sad vOuaere of the DeFositor's
boAcs,
of the
the Aate of Ora Dakota at Dismsrok,
of
Yund
Owarunty
N. Dak., for the period beginning rovember let. 1924 c.nd
ending Hovember 30, 1926, and I hereby certify, that in
my opinion, the following eV-temente wad schedules reflect
the true oual trinsaoti3ns duriLg the period, ,Ald the
finanoila o'nditian of the Department as at close of
business november 30, 1926.
On page 9 we present Balsnce Sheet of
November 30. 1926 followed by etutement of disburaments
and receipts for the period'', with detuil M pap* namber
noted opposite oaoh item for convenient reference to
supporting dotuils.
2he Departuent keeps its records on a aosh
basis and we huve uet up our stator_onts in the sore
manor, and hive not ttlara into acconnt accrued items,
which, with the exesption of liability to the depositors,
are meal.
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Federal Reserve Bank of St. Louis
Due to the mny elements entering into the
comcletion of the deoeitors claims aguinst the guurzty
rand, it is impossible to determims the asourute liability
of the C4ortInty ?rind to derositore of bknks thht byre *Iowa
to dute. Before this liability is set up, the Receiver must
wind up the affairs of the b#,nt, end mate the final
distribution of the reoeivership. ;.11 derositors claims
mu*t be properly filed, knd ell finally passed upon to
determine whether or not they come 'ander the ,:ot..he
liability to the depositors has not been fully deteruined
at this tie on any bank on vthioh the Keueral 10); dividend
payment hap beon authorized and any attempt we might make
to determine the time required to take up lI the claims
that might come under the Act mold not be substantiated.
Oa the basis of informe,tion avullable at this
on
the
time
first one hundred fifteen bimnks on whioh
depositors dividend of 10.4 he boon authorised, it appecrs
that fifty peroent of b, deposits have boon admitted as
guar nteed,and ten peroent are in dispute peadiag deoleions
of regeree 4,nd the ()warts. The ofiloars 4r the Dop4rtment
estimate that 4 larger peroontege of the later closed barks
will coma under the at. /Assuming that fifty-five peroent
of all deposits in bualcs olosed to date are aulim on the
Depositor's guaranty f4nd, it woald he safe to say that it
will require over ninety yours to pay ofi this liability
an the basis of the present net income to the fund,
The oath of °filo* aad bond of the Conetission
and its offioera were Aund on file us vroviled by
.iection 2 of the Juarunti of DOP0fAits -at, with tlie
exoeption of the Aznager of t43 Junk of North Dakota
who does not appear to have qualilled as provided ty the
Guaranty of Deposits Aot.
The State iaLminer is *he appointed aad
acting eeoretary of the Commission, au st—tuto provides
may be done. The affairs af the Depositor's guaranty i'und
Commission and the _Auto 4:x1.4mincr's ;Apartment are closely
associated In Enemy viLys, and this arrangement la of
considerable adVantage to both departments in working out
their problems In cum-Action with insolvcat banks.
The records of proceedings of tr.° Commission
were found te be very explioit, covering every detail of
were recorded to date in
the Commission's operfAions,
a neat and order ly mainer.
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Federal Reserve Bank of St. Louis
2
Ike experiendbed no difficulty in our
verification of the fimnciul b000unts of the Depurtaents.
e found 4,11 rands ooming into the hands of the, Dopartment
properly ucoounted for, and, vith the exception of t few
clericul errors, not of sufficient importance to be
worthy of mention, and valch were taker ur for correction
during our examination, we consider the records well kept
in sal brecnehes of the Commission.
The offloors and etrloyees af the Depositor's
avitari,Anty Fund Coutiscion find the 3ttte ftuminer's
Dopurtment afforded us every ft.cility id assistance in
tbo-progress of our exazinc.ti4n, for which we wish to
acknowledge our aprreciation.
Biomurok,
•Dek.,
Deo. 27, 1926.
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Federal Reserve Bank of St. Louis
3
. At
v a 07
LILL.j
PA G14
NJ.
Nj.
11
A
.00
1 22O957 ].
N jRIT DAKOTA '
The Bark A` tiorth Dakota is used for
gathering and disbursing the assessment funds
that have been assessed and credited by the
bunks over the state, as set aside for payment
to depositors, &nd other ex, endi tures of the
Department. This represents such funds derosited
with the B-k-alk of North Dakota at (lute of audit.
In addition to this the bunk carried a
arpeatal oallection t2.coount to the oredit of
the fund of 47.11,146.0, derived from net
prooeeds of collections on collateral held
to secure the Special Deposits of the v.illiams
County
to Barel, this had not been recor ded
in the bo)ks of the Commission at date of
audit. in our ettotements we have ohara..ed the
Rink of 1.ortli Dakota with this account and
credited the weals,' deposits of the
County State Bank of 6illiston. This item was
taken into account in the department records
during our exonination.
DUE TE'RYk:
DIM PRO11 OPEN ST..,111E
4S 3t4
3li171; '24/ 9934.62
As assessments are levied 3n the bt,rts
coming under the Depositorbs "uarunty -at, the
amount is credited to the fund on the bcnkt•
records, subject to withdrawal on demand by the
Depositor's ',lulu-ant& harA Comission. This
rerresents the &mount of &steam:lent in the b, rids
of the butiks over the 4ittAe at date of audit.
Ver. if/Dutton of the a 000unts was made by us by
correspondence tn1 found to agree with the
records of the Department with the exoe;,tion of
items noted on detail as listed beginnin7 on
page 18. Th-e--1-1-4Terences-ter iraeau n ts were taker, ur
ulth the bunks by the Department off to or
during, -Our examinatio.n.
29
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Federal Reserve Bank of St. Louis
(now) Bhalis
;43S141-15!
,v41.61,
This represents the amount of assessments
standing to the credit of the Depositor's
Guaranty Fund in insolvent banks at time
closing, and additional assessments not levicd
it ditto of °losing that 1.ad not been paid by
the reeeiver.4, schedule in detail of the
baltaioes tie the Dep,)sitor,s Guaranty vund was
sahmitted to the Receiver of Closed Banks and
his records were found to be in harmony with the
records of the Connission on these items.
4
.Aection l6 of the .7rub.ronty of Deposit
ct
1..rovides that the &mount of money stailding to
the credit of the Depositor's luarntir Yurd on
deposit in olosed banks shall be a first lien
upon the ussets of euoh institution. Thole
credits are being paid by the Posoeiver of Closed
tanks as fast as he has fund.s available und it
is considered that they will 411 eventwally be
puid Into the fund.
31
SPROUL DIP031Tb
GLO6LD attilL1 #72039.74
Prior to period covered by this aad it the
Commission, riaLode lipeoia deposits from Dtp)sitor'
Guarhnty Parade with batiks that were pressed for
Gash. This pr.otioe has ben disoontinued and
no su.oh spool:al deposits made during this audit
period.
Banks thtt.t h&ve not returned such deposits
have closed. On page 51 we list the balances due
6rid unpaid from each such bank. 3ome of these
de;-osits are secured by collateral which is out
for collection. L large part of this collateral
is considered of questionable value and was not
examined by us. i list of spacial deposits due
from closed bLnks as carried an the books of the
Department was submitted to the Receiver of
Closed Banks Lrd his records were found to are
with the Commission accounts. This class of
deposits is c .nsidered as preferred credits bnd
irst lien on the &insets of the closed
estimate ty• C.'uaranty Fund
tiay susts.ii ti loss on 'Ir./
of these der Gaits.
n•----Iteisirtysir
Bersks Deportment
informed as he had funds on hand to be orplied
on these deionats. is informed us--he had funds
on* hand to tt:.ke up the aocOunt of the ;lydoo
State tank in fill, which vould be paid into the
Depyiysitor,c uhri,;nty '
,Und within a few Ups.
32
ACCOUNIS
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Federal Reserve Bank of St. Louis
CLAIN " COUNTS) 340•07
This represents letra expenses paid by the
Commission in oann.eotion with the interests of
the luarcnty rand in recovery of collateral
pledged by barks that have closed. This expense is
charged to the closed banks on the books of the
COmmission and paid fraa the Li-loots of said
bank by the receiver.
5
jusamm
LIL
33
F
4,./t/kol
._...__ILMZ
t-RL:N'
....
rr3 MIL
_....._......,...it_2
P, ,
......_00
'VreTW1)
MI re' resents three pereant of tla capital
s$ook o Lnewly organized banks paid into the
lairtnty -Fund as provided by 4eation 14 of the
3u1.,,ranty of Deposits ,,ot, that had not been adjusted
at dirAte of audit. This is oarriod as a credit to
the bunks on the CiotmlissiJn's raids und treated
so ka-trar•st.tesimatis until finally settled by the
..ommission.
3XTh
34
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Federal Reserve Bank of St. Louis
LT T2i
1Z QPAXI:7,011. Al•N
'Otis re,resents a small blaanoe due the
First ..;ti-te BtAnk of i,midon on assessments cLd
is this the receiver on overpayment.
SPSCIAL DIVIDADS .1.4a)7.1
,11
,41-ien the Receiver of k.losed Barks
d tatribu.tes Li. dividend from the liquidation
of an insolvent institution in hie charge, he
ptys over to the Depositor's Guaranty Co:mission
the portion goincY to depositors that have lad
their Receivers Certificates of iroof of Claiii
--converted into Certificates of Indebtedness of
the Depositors GuaArbnty Fund. The Depc.)si to 24
Cuarazity Fund 40ssaission luta@ the distribution
of the dividend turned over to them by the
receiver, to t're depositor. In this way the
Cossaission ha c. record of all payments to the
depositors after they Itz.ve tuken the uccount
over.
This represents dividend.s from the
receivership in the process of distribution
to the depositors frau proceeds of the assets
of barks listed on page 34 of this report.
DN; 131'201113 GUe.R
FUND 1;;;..1,::::
This item represents the balance in the
fund available for distribution to depositors
as the same appehred Nov. 50, 1926
payzent of a ten percent dividend has
been auth)rized by the Commission on the first
one hundred twenty-five btinks closed that stand
unpsid.
i,ercent dividend htias been paid the
dei osit ors on the disputed claims that have
been properly presented on the first one hundred
fifteen of these banks. There are claims
torgrestating approximately four million dollars
t."
T
•
E.laritRENCE
51TAIL
).
in these banks that has not been presented for
pkAyment or that are held up by the Oommission
pending heuririr before the referee and in
litim:tion in the oourts. This ties up four
hundred thouraand dollars of the fund pending
proper presentfition of c16Ims and the outcome
of decisions.
yrnenit of the ton percent lividend on the
remaining ten barks authorized is being execrated
as fast as the office force can to the VI' kyk.
DEPO3ITal IT, U7' FrPf
IL:V.1,192441002,976.15
This item represents the Depositor's
au....runty TPund net v.orth us the same ai.pez,rs on the
books of the Departr.ent at beginning of business
Nov. 1, 1924, l:nd to the fi7ure used as the
starting point for our audit for the period.
covered.
This firPare agrees with the audit of the
previous period with the execution that the
34 assessment on the dl.)te of 'their audit, Oat.
31, 1924, was considered as an earning and we
are considering same unearned until the acoount
has been adjusted and settled_i;and
adjustments tmounting to $9.3M.
The difference between book figures znd
figrures of previous audit report are made up
as follows:
Depositors luara.nty Fund as
per De7t‘rtment Records
1,002,976.16
Undistributed 34 Assess. ,-.coounl
4,500.00
Miee. OhAnges in :rior
Amount oh 'wn by previous
audit rerort
35
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1,007,7 P5.54
-73 WATIKD '405.648.58,
This item represents the proaeodu of
.6.03essmente ,n banks as provided by iSeotion
10 of luartinty of Derosits Acts. This
authorizes v. levy of one regulAr tind four
aiirlitiontil assessments elch yer of one-twentieth
of one T...ercent each on the .kLyerage d:Aly deposits
of the bank. The maximum levy authorized by law
has been assessed for the full p io d
.11FACE
ff.,
••••••••••oarmam•••••
The asseSstnts were oompared with the
verified stt
aes to tiled by. the bLe4s rand
found
be properly compated and levied from
the
ation tI.e b;.4.1-4.ka bud fluinished.
N.
REC3IITID l,4.23j
This repreSents the Cluount of intereat
collected by the dep4rtment for the per Lod
covered by this audit front funds deposited
in the bank ): North Dakota, theSeou.,r4-ty
• .*ti4
ji31. Deposits
in."5.!ttite
36
37
PENS COLLI:CT4D 4k426.74
This item represents exe..mintiti.)n, fees tald
expense refunds colleited by the ‘30a11211118i011
proviled by deotilzt
wld, 6 of the
Guaranty of Deposits Aot for the period covered.
A SSIGUIDOT !Ws.;.4 CO
CTAD 1,J1.0O
fee of one dollar id ohurged nd collected
from the depositer for the recording of each
assignment of claim transferred 311 the reoords
of the iicasnissi)n.
detail reoord he Lot been kept of the
income from this extras. it vc alit simplify the
auditing hnd proving of this income to install
some system th,. t would show the date and Valor
of each assignment fee oolleated.
1111,4iT S- T.A.TZ
JUD
.974.L.
The creditors of tke Eirst StE3* Bank. of
Jud were paid in full elurt. ng the year 1920 from
the Dsp•sitor'a Guartinty Fund. On taArch 10, 1926
the Coossission received the above kit101111t from
the receiver of the Jut Stute Bunk as recovery
from assets of the 1rat, whioh is turned into
the Depositor's '3u.karnty ?UM.
39
2
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Federal Reserve Bank of St. Louis
0111,T111;
?ROM C1.1J;43.%)ITY Kin 4),942.51
The 44ministrative expenses of the
Dopoeitor's Guar,a.nty mdadessission are
provided in part by legioltitire appropriation
from the tate Ctenozaal 1uid, nd part from the
Depositors ., .;wtranty Aand as provided by Jeotion
54 of the .,ot, appropriating ,;20,0..)U.O0 per
year or us much ti-Auruoi us is neoesstiry from
the Depositors ..113./Ar,.aty eand to meet the expense
of the Commission.
'
=Cr7-7=1
30.
li).
was
It July 1925 and 1926,
transferred to the Stv.te ','rer.surer from the funds
in the hands, of the Oorminsion 'f'or °Loh years
expense caireirense s of the deprtrae nt are pb id
by the ‘3thte uditora "'arrant an other olaims
against the sUte are pnid. .ilsi)r to Zuly 1, 1325
expenses from the fund were paid by the
•,44teretary of the Colt:mission on ronchere approved
by the tate tiaditinfr 14eart3.
....x(endituree rr
hoty f,1-48 were compared
with the amount allowed by law and found to be
well within the alloted appropriations au will
be shown by detz'Ale beginning on page 51:A
-•1)44,--to-t1;e prelirtinary coats of investigations,
hearings,
crtil-r-tion of cif.,ims re ,uired in
deti,rmineing whether or not they axne under the
Depositors lar-r-!-nty "at., the expense of the
7..ecr..rtment 1 s been hirt when a amk tared w ith the
I no°me fin* tLc ,crriod. • .fter the fi ret 4 ivi dead
to the deT.ositoru has boon etude the cost of
174akinol teltditiont.1 T.Ninonts ohould be cilframtively
alai% 1.1.
45
r,
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Federal Reserve Bank of St. Louis
.7*-....L11112m1/21.12jiaL
10;4 OC.;4:3AL rvirrr
ii
This represents the cr.3unt of t
erm. al
ten peroent dividend p4yment to depositors thtLt
uome within the ilhot from the Deronitors
nt y
ooverix4g the first are hundred fifteen b,A(.4
olased.
-11 original approved olt,ime on whtah
pskyraant haa.d been mde, numbering abont twentytwo thousand, were examined %, us n found
to agree with the amoxzat paid, exoepting a few
alorloul errors that were oorreoted t7
the Deportment dur ing our OXStil
ti 3n.
1'
Lkjairakl.eir?
1147:41i1:113AL1
di-lav ati 1 szb.,1921
4L.E4
....taliat1.111711a
11
„..
Dae from Bank of 54rth Deaota:
209,790.65
Jpen Aocaunt - ... ... _.. _ Acoount
Special Collateral
11,146.48
Due from Jpen Stt.te Banks on ASeessmerA _ocountsDue from Closed Barks on Asseassant -coourits
SpocLal Deposits in Closed Banks
ooenta Eeoeivable (Clidm cooants)
Li Haman of 3tete Treasarer(Ixrense Account)3 Assioseasent Ai:mounts Unsettled
Das ?trot State Bank of ,Nidon on Assessments
Thdistributed Sposial Dividend from
ReoeLver of Closed Banks
------
15
29
32
39
53
34
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
is
J
D
3
•
?
3
•
ow
OM
OW
air
4n0
•••
an
Mb
4I•P
41111.
Dopositor's Guaranty Fund _mount -
Oft
NM
MO
220,937.13
247,934.62
7,00-43
!
52,
72,3,9.74
340.07
12,34.09
5. 50.00
5.30
Oft
P,114.34
592,76F.44
OM
11.40.1111.1...,..
,
111111111MMOINIMW
AMAIMONIVNIE,AMMO
21
6o6,736.o8
606,736.08
ija.Z2al
C117
LL&A
0
1.• 41q2A3
i12
BALAUCB ,ND
Depositors luarnty Fund BElunoe 5ov. 1, 1924 , c 1926:
Income Nov. 1, 1924 to Nov. 50
a
a
Levid
sment
-sees
BaAk
Interest Rsoeived
lixumintltion Pies Collected
.;..ssignment Perm Collectedlint Stute Bank of Jud Recovery 40.
45
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
41.
,
INN
41111.
-AILDAWM..2a6lia4E1
1,002,97b.16
405,64e.53
15,448.23
4,i26.74'
.10
WI
es.
01.00
•••
97.16
OperhtiOg ::xtlense Bolt. 1. 1924 to Eov. 30, 1926
Transferred to ,Ae.te 17refsarer and Puid Direct from Fund:
5g,326.60
Operating Ripens. Transferrednded,12 J4.09
Less: f. mount Unexpe
itors
Paid
Depos
10A Unreel Dividend
-592,76P.44
repositors Ovarunty ?Lind Bulance :ov.30,1926
-.I.
.
illnftoiwrr—
,
,ArnaaWuibwdllmVsfhilmWmlpnOegftwaiWpqrmpmWos.,
1,43J.397.87
1,430,397.P7
1
11
;MAIL "A"
2,1:„4aLMV...1.211.6.*JUML2.21.2
246,06.85
114.90
Delano, per Statement is&r.it of North Dukata
itemittanee for November 30th not ::redited
Bulanoe Shown on Cha.rtinty 'eumel Records
Chook 3 Outst:Ind in
209,790.65
56,811.10
246,601.75
JIM
765
1094
1
1
20
2396
2654
2690
2779
5067
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4.50
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111,111111
,
111111111111111MPRINIMINNIII.1.110111
Tt:JTAL CTI20I3
/t,
ye)
7TiT NDLUG
-
;iv
36,811.10
D',72 FR614
STATE B47413
ON
- -7
V
ALA* bunk
f Aberorambis
deo uri ty State Bunk
Yiret Auto Bank
First State Ea nk
State Bank of 411,04,
Farmers 3tate Bank
rimers State Bunk
Oitizer.8 State Dunk
•.2.imers State Btnk
tqueniu Stute Bark
.2.imors State Bank
Peoples State Libnic
Union Bunk of (Altler
imam btste Bank
5tate Bank of "rdook
•,rena ..;tato Bank
ber orlTrebio
Aitains
Alamo
Alfred
41 Ion
*Almon
6.mbroee
abro se
TOO Ai&
namoose
Anett
Antler
Amain
.Kriosk
A rasa
799.86
,
I
1st. uddlti)nul apneas*
1926 not on bank, books.
281.51.- /:;:f1/
4-33. •
e.
4p.
4,1b, 4'
1,
1
879.tft1,
24P1.P4‘'
335.66.
32.13,
262.47'
520.45' let. add it io tru.1 assess.
1926 not on bt.nk books
5
3610
24.
b.19•54
89.50 16.76 short on bank
t
prior to our audit.
•rgusvill• State bank
rulers .3tate Bank
le ire% State Bank
.rvilla Ante Bonk
14.sh1oy othte Doak
'trot tzzte Bs*
Partners Stut• lark
Hero. Qounty Pank
Union Bank of 2antrY
Bank of Barney
Bhrtlette Stftte 13ank
Virst State Bunk
Framers State tura
rank,re
lier ohanta Bunk
Citisane Jtate Bank
Para*re at AO Bank
Fra.rs*erobints Bank
riL of Per the)1
berwlat State Dank
First tate Bait
Germs State Auk
First State Ma
First State Dank
Yirst Tneranty Bank
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.Argusville
Arneg, rd
trthur
ryt 11r
stile y
Baldwin
Bel tit
Sentry
Far tlette
liarto n
Battlev Is
Beach
Belfield
Bentley
Berlin
k*rthold
Derwi ok
Beau.h
Beulah
Binfort
Bisbee
Biamarok
436.86.•
5 044.
546.215•- let
add i tional assess.
1926 not on b6lak books.
1.945.18
*1,211.
283.
196.3
243.53
394.51
296.51.
494.772.1).t!. 73*
960.19 -
3i
.11:
7',
79.60
7.
.05 4,seess. fr10
A.
1926 is 301
short on bank. bo ,ks.
499.01.e
344.03,
297.85
1,945.51
I'
Mel
STA?' IMiltr
AUli
AMIVErt
mpiamaPli.armiseresals.e,or
i
wspraurom.
Blabon State 21=1
1:4Tdulso State Bank
Zia bo it
Bordalao
_Pioneer Bank
.5eourity State Bunk
.,r-Jnorus County 3tate bunk
Fume re State Bark
-,irmers State Bank
Aiate Bank of Bremen
Uitisens stkite lbw*
First State Bank
Farmers
Merchants hulk
titeBeik 13111. of Bro oic.e
Buchanan State Daft
iluoyrus State Bask
irst State Bank
l'ottinesu
Eowdon
Braddook
Bradr1 oak
Itrampton
Bremen
Brinsw-del
Brisbane
Brooket
Bracket
Baohasan
Basyrus
Bat)rd
,• trot State Bait
'trot State Bank
aat State Bank
:
,.,mmers SIMS lank
First State Batik
PaOples Dank of Calvin
Poster County State Bunk
Can 6tats :tiank
First tale Bata
Passers State Bank
Pambits. County Bark
citisens State Bank
.Pirst State Berk
Farmers Seourity Bank
Cleveland State Bank
Clifford State Bank
Bank o f Cogswell
Farmers State Bank
liorthwestern State Dank
First State Bank •
Varner a Mat* Atik
Colgate State 40nk
Farmers Unto AiWk
First state is*
First State lank
Bark of Consmr
rafters & Merobazts Bank
State Bs* of Cooperstown
First State Bank
Burlington
Burnetta
Burt
Buxton
Calvin
Calvin
Carrington
Carson
Carson
Cathay
Cavalier
Cayuga
Gen ter
Chaffee
Clevelund
Clifford
Cogswell
OolehArbor
Cole harbor
Colfax
Colgan
Colgate
Columbus
Columbus
onorete
Conwuy
Jooper stavai
Coo pa re town
Corinth
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
278.14
396
lat. additiOnla a810088.
.2,
2422 405..65:
1925 not on bunk books.
511•34
274•67.
qn
.)
.
54.00300.04
487.74-36.59
tt3.
.V
Iit —/
Ii
Bunk disputes amount of
aszessment oharges.
402.0'
3?.
306.57
398.27
536.98'
510.92
897.12 P
4
5
268
34
9
214
5
3.
5!_
1:
1).8
288.96.
801.6
425.
44e.72
125.29'
562.91
45.
. 621
b44.02•
229.91.
119.65
76:0
9
34846
20
91.11'
317.10
716.26.
711.09
340.03
20
-
Ile
•'•.4 •.
,1111111tv- *
41.4
11.1111.11,
„
lin Mit
IIAMCS
%)14
wompiiming
First ;State Bank
rirst h !seourity State Bunk
agmminps Auto Bknk
First state Bt.nk
varmers state Bank
4tate Bank of Davenport
Kidcier County Baia
Seourity bank of Dimly
Deering tats BiAk
Moaners State Bank
First ,,tste Bank
State bank of Desliaos
tamers & Marabouts Bunk
Furmers State Bank
Citizens State la*
Douglus State lank
Bank of Dimon
Parsers State bark
Citizens lank of Drayton
Stits BLnic. of Dresden
Union LIPInk of Dann Center
Seourity 3tuto Burk
First State Bunk
E.okelsea ztats Bonk
8'4.0 Btmk of adinburg
Security tate hank
First State Bunk
Eldrilme Stute Bank
Elgin State bunk
First State ATAink
Imbden State Bunk
Guaranty State Bank
Citizens State Bank
nnderlin State lank
ftples bunk of Isierlin
°Maoris tate Mak
Farmers State Bunk
Esmamd State Bunk
First International Bank
rurmers State Dank
rulkirk State Bunk
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Coteau
Crosby
Cummingu
Duhlen
Danzig
Davenport
Damson
Deerirg
DeLumere
Denhoff
DOWAOS
Dickey
Dial:Anson
D011asz
DeagIne
Doyen
Driake
Drayton
Aresden
Dann Center
Danseith
Dwicitt
Faakelson
Ndinburg
Edmore
Edmunds
Sldridge
;Amin
31gin
Smbden
Ame riot do
Amderlin
gladerlin
Mittarlin
Wing
Iris
:mond
/MOM
Paird1
/
41e
1.045.
457.
407.36'
347.07.
7
2'48:;*
.46
9.594,
.25
.84.
521.22
391.24723.42
305.53
635.49.
266.32
390.20
907.B4
415.92
5t3
,196.P6
577.33.
231.24.
275.42
3P 5.49.
326.55'
38.29139.24
1.551.72.
1.z15.42
355.76,
4'24.86.
386.93.
3A0.50)4tb udditionsil
381084.
1925 riot on bank books.
46.82'
6
54R49'
442.06, •
21
44!
,
,
• •
4.411...10161111101.141.11111.
orthern
rSz
i scializ122,
.4•;4v
Dakota Trust Gl. /Fargo
1,655.5P* Dank fbiled to add amount
taken over with ,rthur
Bs*. lk.rk does not sh.)w
let. adaiti)nal aseese.
1926. Burk Et ort 00.05
on 3rd additional assess.
1925.
N.W.Mutual Savings 4 Loan
'eons a). 4tste Bank
State Bark of Finley
Flasher State In
First Blink of Plaiton
Flora :3tate Bank
Fortes nate bank
farmers & Merchants a:?,k
Forest River Jtfite Bunk
Citisene State Bank
iirst International Bank
First
atii bank
Foxholm tate Bata
First State Bank
German 43tate Boa
First BUM* logia:k
Farmers State Bank
State Bank of /tackle
Galohutt State Bank
Galesburg State BLnk
aardur state Bank
State Bank of Gardner
First State Bank
Bank of Garske
First State Bank
Farmers State bunk
Gladstone State Bark
Linooln State BrAnk
First iitt,te Dank
Farmer* State islak
Merchants State Bank
Glover State Bank
loirst State Bonk
Citizens State Bank
lierohants Bank
Furmers
State Bank
Seandinavian i'merioan Bank
Berthern State Bank
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6,87.2 6
Fro
Fessendon
7%.80
Finley
573.91
Fltster
7G1.63
597.21'
Flaxton
?lora
501.74
?orbits
97;3.55,
Fordville
1,04/.,5'
Forest River 583.03
Port Rios
302.66'
Fortuna
438.7_47
24o.601'
Port Utes
Pexholm
376.4k
347.,o lit additional assess
lintoats
1925 is sh)rt 204 on
b!,!.nk books.
Fredonia
538.07'
Yryburg
2°41.
Fullerton
35/.50.
&Loki°
658.97.
aalchutt
659.35
Ghlesburg
702.43Gardsr
348.47•
Gardner
414.'0
Garrison
619.85.
789.85Garake
390.59Gasseyne
Gladstone
148.65
Gladstone
504.18'
602.00.
Glenturn
Glenfield
274.68
'
Glen 'Jilin 1,163.16
876.
Glen Ullin
Glover
364.
2
,5•
Goodrich
684. /9.
Gracie City
-252.65
513.02
Grace Oity
Grafton
1,361o.78
Grand Yorks 2,823.54*
2
,
•
te•,
.
".1)
13U
STTit
OL
northwestern Trust o.
i.luaranty stLte Bank
te bunk f rcnd Rep id s
Vire:t tLite Bank
!armers att. La nk
U. . State Etank
Guelph ,Aate St.Lnk
WErmers 4Ute ekknk
Grand to rk
Grand in
Grand RP ids
Grairc ill•
.1rOttt Bend
Gr e nora
Guelph
winner
luraner tz4t e to41..k.
• ir st tate brit
emu. ty 6tt.te i:ank
ri nit tate Bank
larwier
ficgue
Farze r a btu te btrik
Bunk f Ram 1.1 to n
Varmer
Itler
-Elk
te t* Punk of Ilk,nntth
bank of fians'boro
Hartland tats Eiank
Partnere ..)tate Bank
State .;aartinty Hunk
Harwood 6tt, te liank
First :.;tr)te Dank
?armors zita te Bank
Have.na. ..itate Bank
Bank of Hamilton
Partners .ita to blink
Union 3tr, to ?a/1k
Parse re 't),ite Bank
robants State Bank
Phrisers 3trt tit Bank
Heat
,
*re
Hamilton
Hank in son
Sextr.a.h
nemsboro
$rt1 nd
Harvey
Harvey
Harwood
Haat ings
Havana
Il.avana
Hazel ton
State Bank of Holmdel
Adams o. Jta te Bank
?mop's* titate Bank
Honey ford State Bt. nk
Fa at era S VA, 1311 nk
SULU Bunk of Hoo pl.
Burrell 5t.:Ait in
Heimd
He tti nger
nil ltfr oro
110ney ford
floo pie
lioople
...eroh nts Eta rAk
Farmers
Inkster
nk of
Eurdsfield
Inkster
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Lamar
ta.xlitolton
Paten
Ileaten
Hebron
Foil
kLoroe
4
5F:6272.,
27
6.56
465.20
'
284.23.
,
r 5.514
394.97 '1st.
adlitionbl assess.
1926 not ln bank bo-oks.
W.%
Lo6o.55•
—455.55
190.44.
to
09.14431.11.
937-44
1st. bkditt I t tonal itadess.
1926 not on bank books.
41141-
4435.18
194.82
oo.r.
540.72
'
494.26
605.20
313.94
660.17.
823.14
782.5?
-,871.5
426.05'
765.b4 ,
took oredit for LI
217.
refatd of 169.115 not on
books of Commission.
553.65•
556.24.
1.392.22--/r 7,1 2-47
307.81
420•19
1,0-5.82
467.74 1t adiit 1 lnal assess.
1926 riot on bu nk. books.
- 343.95
9Pb.04
2:5
4.1",p7X,
Lt.. 44
Ti
• 1.01
'
,
AVOW
• 1.
V
•
• -•
•.
1111
DUlt 41-N1!
TPA' 174.31,t3
ON
r1,0.er.
1
-4
,wasa.o.XlattailismenvoiWiatia
t ttiLlmw ars~sra•
•As•rhaiip
AIM
deo;Ira y av 1. nins Bunk
4VA. Bank of Jess le
Pirst Ants Bank
Citizens Stet* &ink
Pivot tats Bur*
Farm Ars Auto Blank
stolm
Jo62is
Juanita
Jad
Judson
Yuthryn
Shoyenne Vtaley Dc,nk
First .itto Bank
Farmers
lie rata.nt$ Pa nk
First ASA* Bank
Moo ori ty ,tbte BAnk.
rarmers
1-oral:aunts Sufic
Kindred Ai)to bank
Seouri
,itate Bunk
lir at :Atite Ikink
Tartars ,tp;te Bank
Peoples Vito Bunk
£ongeber
tto 24Ank
First
tunk
Punier a
kerenta arak
Wilt:aro "State Bfink
?ire t Inter no.t Law,1 balk
LW• tank of 144.ingdon •
Citizens :Auto 'bank
.01. ti sena .:.;tL.,te 144
Alk Val 1 e
arAk
Soouri t
tut* .Ear,4
tLrTuT a .,t%te flank
Le fo r • Lists N. Lik
T&rnera
1,.erohnts Dank
&tot* bunk of Lehr
'Farmer s State aank
Dame re an of lie ont,rd
Kathryn
Kemp t on
Lousal
tef
ill doer
/nix tit
inch ed
Kintyre
Klo ten
inox
it:110X
.Longeb el g
Lam
Lakotb
La:ola re
Lanci
L
n
Likiii
Lansford
;Art!nor e
Lawton
Leeds
Le ro r
Lehr
Lehr
Leith
Loom r4
911.091--
fi,/et
1if
131:1g:
450.00
435.92
506.55 1st. add iti)n,ta
s8e8.
1926 not )n betnk looks.
3P3.4!"
265.22
436.P5
416.45
30.51
,755.09•
1,579.56•
F142.21451.621
471
211.63
121.04
900.2097).06'
504.2P.
— 512.75
427.01*
1.319.63.
714•
/44:0
3°.
54'
•b2
*2
2 1*24°
.69
401.34'
265.16.
321.52 let. additilritil
Sinless.
1926 not •an "Iv:,nk books.
69.,/q 6
First 3ttlts Bank
tuts Berk
Linooln Vo110
eo er le s tate Bank
Lino° 1r.
Linton
tut. B.nic of Lisbon
FurclArs ate to Bank
First dtb.to Bark
liountrail U.
46 ;:tate Bank
Lisbon
Lisbon
Lomu
Lo sty/ 1odt
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.7E0
497.41
4
Wi11ttk34
sal it ionh 1 aLASS.
1126 not au ly,rk books.
1,)P6.32,
452.96 9
'
3)000
201.25
24
t
44;42
Wit ri
VL 3
STA.TS
Oi
41%
Ej
J
iirst 3tate Bunk
isrm ere ,;tute 'dank
Luverne tute lunk
fioneer tate
k
harmers State thrli:
ResemAi3n Aeate Bbrik
Yttrium
b.te Berl
ecrmers u .erobants bwak
tamers otate Bank
Ma Felton 4tz.,te Burk
Ludd
Lund ova11 ey
Luverne
Luve rn•
iitaddook
Wilk at
Land i4n
liana au
Mantudor
Mapel t an
rtou tb. te Bv.k
.Lrttn6tbte Bank
lint 3tute Bank
imaxbusii ..,eouriir Bunk
;lose River Bunk
idazu State Bunk
BLnk of MoCanns
Sheridan Co. itt.te Bunk
koGregor tte Lan.
i&rmers & Meroh4nte Be-Ank
6eourity 6tit. Brink
6toakmens .Atite Bank
Uekinook ;Asti Bank
Bunk of Uelvills
First state Bunk
Xuri
Ilea*tin
Lax
Maxims.
Meyville
Masa
MoOlanns
Meausky
koGreror
MoRenry
ins
lardors
ek I ok
Word. e
reroer
First .tute Bunk
Iter6er Auto B114
2i11artan ;AAA, Bunk
Linnewuuk'n :Auto Durk
Citizens Bank of inot
first interns t,Untla Aqik
Be nk of into
First t to 1-si
2Loffit ,tut. 1-1,%x
Citizens ;tate tunk
Renville ...aunty Bank
blink of '....oringo
liontrelier Auto Bunk
Farmers bt.te Bank
6t4te Oksart,nty Bunk
Yirst State Lank
losrmers & erobunts Bunk
:erriaourt
4eroer
V.t1itrto n
innew wion
trio t
that
k into
U into
Mora t
gohall
liokLu 11
1o114 nir0
Montroll en
Loa reten
Uott
1410
Hew ,ag14
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
24.38'
171.05
660.12
276.67
1,532.12
656.03.
,P2 .66•
119.06
341.44
333.45*
690.85
lot. bdditi)nal assess.
tyssaks.
1926 not )n be.=
)040
549.91'
*2.31.93
2,2
341:
126.8
316.54w
*466.33
404.39
522.00'
497.99.
5.52"
207.68
31.0.59 • let. 1,,attitir3A1
assess.
19eb Lot an b;.enk b »ks.
289.39.
--322.43
— 19.34
369.15
Ah.24"2"
1
471.42
325.22'
214.39'
- 497.56
40.29 I
521.854
241.0'
°
,14.b4U
•-
373.10
751.00
25
rt
'
1111
,
1111.1111111,,
."
, ..aprminni10
.
1
agv
First 3tikte Badk
Yurmers otate Bank
?armors & Lierohtrt
Bank
First b.tL.te
Bank of 1; gar
eøtirity tte Bark
Farmers & Lorettaats bark
Nome 4t1:,te
Iirkit interna.tiAltil Bank
deoziri
kank
Nor-L-1c% 6tat• &ink
irst ;Auto Bark
Bunk of O'ber on
Fhrmers State
nk
eouri ty Jtate Dirk
Femme rs 6tc te flank
Sound imv tun
er loan Punk
Farmers ;:o'eourity Bank
Iftimer$ xoLiris Ba
Peoples
ts
Ba nic of risk in
lierohli.nt /lank of .,:omb ina
Penn •.:)ti- to Bunk
Farmers tb te Bank
Pet tib one tits Bs.r.k
Pillsbury 43takte Pork
ingrao tuts Bet rk
:rim* 3tate Bank
Pioneer State Bank
Union bank of 'for tal
First Oat. Bank
First 5•ourity Bark
Pioneer Jtete bank
rot dta to Benk
I rat ..itute
Regan 4thte bank
rat tf.i. te bunk
leirst Btu te Bank
First Bunk. of Rove ro
:3te to Bank of Reynolds
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Sew Lei' 217
460.67'
New :Z.)ok ford
291.14"
New
1em
1,155.31* lat. additionr.41 assess.
1925 not )n bunk boaks.
,$sess. ,:t10 is not on
bank books.
Lew
1e —1,663.08
ti lagers
545.13
Ilia gart,
451,624
N Lobo
32.74
Nome
530.00e
onan
Noo atm
Nor MA
1st add I 11 on4-1 4..asiouJ.
1926 not on bank books.
Bo rthmAt•
400.474
Oberon
Orrin
Jverly
17
0(1:576
Page
409.51
—294.05
Palermo
.11.trk River
9P5.37,
Farah all
535.41
522.54'
Furs kul 1
Pekin
544.'154
Pembina
951.?,
Penn
359.054
rester burg
425.594
ti 11) vie
474.96
'
itlisbary
b3,4
— 52 b•55
7 Bank, does not
*IAMIrLy1.1 of 2P0.i.X)
292.P5.
i ngr ere
aek
610.55
562.53
1-14tas
iortal
7p.14.
Powers Lake
7.0.57.
Raleigh
515.43'
1.2.070
Raub
741.20*
Raiy
Reeder
964.27.
Regan
Rogan
752.4'
Regent
Rovoro
108.16
Reynolds
1.375. 51•
-1P:5
47q al31
26
%
WV,
t``
,
,
r
'11,
I 4M‘.1,
Bank of ibmms
Pirst ..;tate 'ark
farmers State Bank
Verohnts State bank
.ieouritiy :Agit. Burk
Rook Lake ...tate .?exnk
First ,..itate Bank
Rolette State Bank
/timers & lIerohbrits Bunk
osg•frlon ta*Z
Bank
..t4te Dunk of DmiS
tizens Auto Bunk
erohL.nts Bark of Rugby
eoarity Estink. of :by
t. John 6ttite NA,rk
Farmers :;tote
Passe
Rhams
ohb.rd to n
Liohurdton
hobinmon
Rook Luke
Rogers
iiolotte
Rollu
Rosoglen
Ross
Rugby
Rugby
1:ugby
.st. John
Jt. :Lomas
CommeroiEll t to
Isleroh44nts Jtute Bark
6urdsh
27).11'
511.39
1,514.55 a
124.91
W•54
/13.59
5go.23.-
319.07*
205.7P
414.03
'Mao*
772.08R56.27
'db. 1 lot Adi.diti onal &geese.
1926 not 3 n bt:nk books.
310.2675.85 butt
cbes not show
withdrawal of 670.o,
bunk )f -oranton
Joranton
„'
50•b2
.,elfridge
elfridke StFAe Funk
W.9/ Bank doss not si-ow t5PF4.95
th ttzre
taken over
.)tute Ba k of .4elfr 'Age.
"rmerB,tute Bank
.432.96
z
interstate Pant Billincre Co..;entinel 7:tutta5b2.27
bb5•62
.
armors thte Bank
She: 4en
First Intermtiona Aank
Sherwood
45
7
1,549..1st widitional assess.
iiheyerine
Farmers & UerohLnts Funk
1925 not on b,:nk books.
;,hields SULU" 14."'.-4thieldo
267.05*
First State 1441:Ix
342.0e•
z.iiiva
:..olen 3tate kic
523.62*
501 en
Vn
i.tate Flank of 6ouris
663.65'
Souris
-2° 219.24
iouthion .tt.te irit
6a utham
472.,16
First State -.-.):_r.k
'
South lietArt
Sriritwood 3tate Bank
Sp iri twoo d
512. 7'
714.P9
*First State bark;.,tu.nto ft
Farmers Bank of Starkweather—;tbrkweather 452.47'
St. Bank of Starkweather
aturkzeistas r 33.4'
_!!`_554.10
Sterling
Jterl itlig .tats Bark
First 3tate 13k4Lic
Strussbarg -1,222.05
.Arassburg
1,055. P'•
Seouxity Jtate Bark
.
526.
sutton
Citizens Ste„to Bunk
340.25 let. additianul &swiss.
6utton
Farmers Bunk of button
1926 not on bfink books.
312.01*
...itizens Stet* Bark
Sykeston
6y.kceston State Bark.
Sykeston
460.45' 4th additional issess.
1925 not )n b4nic boJks.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
)34e,/r
27
t31L J
UMI
1L'LiUL2L
YROLI
E148
JR
DUI
14W
,
API"
Tappan State Bs rk
Seour it y Bank of Temple
Tip en
Temple
672.77.
119.49
Temtle to n Jtte 13a Ix
Parsers & erciunts Bunk
T Jogs Auto B4Lit
Tokio 6tat* Bunk
Tearn k
flogs
Tioga
Tokio
443.71 4
341.
-492.62
226.48
Seo irity Aut. Burk
Yarn e rs & Grubb nts Bank
Pioneer State Bank
First State Buck
Tuttle State Burk
Security 3tute Burk
Security State BuLk.
Amer ioen Satohg. nge bunk
Tolley
114.15
Tolna
Towner
279.50'
9b5.10•
Turtle Le
Tuttle
Underwo3d
21*
42:3
Upham
814.54°
Valley City 2,043.22' let udditional assess.
1926 not on bunk books.
Valley ‘;ity 1,227.20.
Vun Po:OL
593.98'
iddlevrest Trust t).
rumors 4tato plait
Peoples State Park
First State Barik
rummers & keret-Ante Bark
State 9ank 31 'boron&
Fazmersb tero14Lts Bark
First attite Bark
Ci tizens ;ALA!' Bank
Stute Bat* of miles
Citizens Bunk of *labials
Security State Bank
ranters Atouri t,y Bala
%ash burn State bank
First State lltalk
4eourity atate Dank
Bank of v ebster
1Parrnor2 a)tilte Bank
People a ;Auto, Be.rk
te Bark of lhheatl and
iti zonal 4tut* Bunk
First State Bank
Fir t
tit .bra rk
First ttizerie Bark
'zfiguri ty State Bank
Comeroial 'JUJU lank
ton Bank
Furme r i latrohants Sark
furter
te Bank
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
voirs
Venturib.
Verona].
Veronki
hpe ton
nk does not show one
of 1925 assessments.
1st. u44 itionul assess.
1926 not on be rk bo ,ks.
403.454
541.13*
521.37.
.
375,74
565.69 let
add itional amasses.
1926 not an ba Ink bo As.
923.22
*loo tt
44
Wale e
46
i1.12
Isles
Valhalla
1,359.10
—155.60
Illarwiek
407.05.
Mashburn
Washburn
476.950
Watford City 663.01• listadditiOnS1 16133.0 •
1926 rot on bank books.
watford
181.62
lobate r
414.90'
loll'burg
314.9v
Westhope
488.55'
Wh tland
179.37
Yikeelook
245.
White look
7. 3'
2.47.
white Siarth
15.11
Wi1 dross
b19.82
Sildrlse
Williston 1,600.3'
8
721.06•
Elton
Wimbledon
Windsor
-P279.96
333.056
LbtoitLIANLIMMIUMMINLISMTLtsztic,%A,11.1,17.iti.li
Dili; lilt.*
sT,Yri;BM
011
gimtZ bAr_ f..
A 1r •
'first State Bank
`'./souxity State Bank
Farmers State Bank
Wisbek
Wishek
*31ford
Avner, Sttite Bank
Bark of York
?timers Jtate Blank
..itate Bunk of Lb.h1
rsirst State Bank
lorman State lank
4.00dwqrth
Zeeland nets 2sak
V..11.01
INOW,
4114410AVIANNONAMMIN
,
125.99'
-779.01
239.95'
credited. '
114,44.60 on
Ao.6-24 th,t was not
assessed.
adi atonal bosses.
let
552.44•
1126 not on burk. b.),ics.
733.22•
279.91°
York
Ypsil3nti
Zahl
Zap
2solund
Zeeland
T I JIL
The
assessmerl on the follJwirir,
listed as appehring on ::ecti.rt
511.98
455.16•
577.65
1,953.75*
bunks ure in
dispute 4nd
Rea crde.
731.!38 Taken over by First Nut.
bulk of gontpelier.
Lierobante Oat.
Bootee
279.55
ask of Cavalier.
1.761.62 Taken over by !first Ilat.
t,,, te Bank
rian
lierohunte ik Farmers NI Lir
Cavalier
Lown. County Boaa
laok is
Stute bk,r,k of Guthrie
Guthrte
282.57
itook 3rowere Bank
MSmirth
635.31
Citizens
Sharon
48.62
Taylor
1.)51.05
Veil ey Cit
1,528.17
Atli Wart
203%05
First
Bank
of Oaokle
:Aut. bank
Taylor State Bank
bank of "Valley
City
Letab's Bank
Taken over by 1,irst Nat.
Bank of Drake.
Taken over by First Nat.
Belk of Mariserth.
Taken over by First Nat.
Burk of 4haron.
Sow is deourity Lutiona
Bank of Taylor.
Won over by 3.a. Oat.
ftrk of Valley City.
Now is First :iationul
Balt of whition.
irm..,..isrearmorsesammise
IiliOtTlifi` TO 3TP.T
$
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
KS?
247.934.52
Banks that have not responded to our
request for verifioution.
Pit,Pramtp.„21411/ta,,,i,
29
A-W.)11;T
,
)n
'armors tnd l`crohants Bank
State Bunk of ,sureliti
Ayr Jtate Bank
Buldttin 3t-Ae Bank
Balfour dt to Bunk
State Bunk of Berthold
4eoarity dtuto Bank
ilottIncau County an
iurmora & Merohants att.te bank
3:eop1es 3t43to Bank
rumors
Merohrints Bank
Crete tate Bunk
Cry3U,1 State Baak
iirst &tate bang
Dazey State Back
Dodo* State Lank
lamer. LLnk of Dunn onter
First „A -to bunk
larmero Bank
ftrmers Bank
Bank of tiby
Granville ottlte BLnk
'Auto Bank of Qrenorn
Security 3Ute Bank
FlArmere atfite Bank
Burdsfield 3tAtte Bank
Firot ,;t4to Bunk
Citizens Qt6te Bank
1A.rat 3t4te Bank
Citizens State Bank
Bank of Maids
lusr4nty 6tute Bunk
to Bank of Laxbass
..k)undinuvian idnerioan Bank
:ieoarity tank
Bunk of Mowbray
Farmers Bank of Munich
Bank of iiew Rookford
Jtite lank of NortJnville
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Aneta
Aurelia
Ayr
Buldwin
Balfour
Berth 1d
Bonetruil
Bottinean
Gallo
Caseelton
Cogswell
Crete
rystal
Dawson
Dasey
Dadms
Dunn Jenter
Xasby
letiesenden
Garrison
Gtlby
lrenora
Ranks
Hannufori
Rurdsfield
Killdeer
Langdon
Lone Tree
Ladd oak
Wilda
Mentudor
maxbuso
Linot
kohall
Mowbray
New Boakford
Nortonville
451.P0
536. 30
522.65
946.50
557.65
1,033.70
195.75
1,264.15
1,110.35
199.79
2.549.40
444.55
375.17
499.00
668.15
340.20
819.55
1,035.53
3o5.60
754.25
979.05
29P.15
21$.R5
143.52
1.114.20
5)0.P0
52.17
3.935.55
328.25
151.62
691.11
376.5/5
853.40
3,796.23
1,63.1).60
251.20
2,258.85
925.04
505.55
50
Zi:Pt
'.1.'01111T
glitaigq,..se;;e
4111111101.mimihrinaillogie-11..,resapollinliVOWOOMINOImmt
Citizens Lank Of Umemn•
Bunk of Orr
:treat ,eatern a:Lk
lit.,nk of erth
Towner °minty .134nk
Zitixens State Bank
iarniers Bank of Ruy
6V:its 2ank of hollu
ifirat Stet!) Bunk
Pirat State Bask
First Stato Bank
First State Bank
Mouse River Valley EsIbnk
citizens State
.,terum State Bunk
Citizens State bunk
Underwo)d State bunk
Purmere tate Bank
Farmers State Bank
fthpeton state Bank
Merohents atatob Lank
Bank of Wyndsers
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.omoitl:il;IUgULmmmMmmkrrw.,mm.umgr
,
amAwsmwtrawwgimO=MrmOawaMmrwmlgglelLM
amemee
Jrr
Osnabrook
Perth
Perth
iingree
Ray
Rolla
Ruso
ItittlfAnd
Ryder
Sawyer
Souris
Stanley
Sterum
Tugas
Underwood
Verendrye
Voltaire
Wahpoton
Werner
Wyndmere
1,242.40
1,529.10
1,218.55
P91.60
1,183.40
177.46
2,159.00
204.96
992.05
635.5
578.00
796.P0
111..14
1,147.P5
1.117.25
543.55
1,145.20
632.00
107.15
1.217.17
835.40
673.52
gimenar.dlogNIMP640.41.1waro
52,800.43
onan
140V.1-1924
-
.41riumniermarsts,
MEM
,;.DDND
FOR CDIALOINAI
10,47.01INNS not
SZ.,-3133
07 IN
COLLUTIDN3
11)411603D
CH RSM$
B-L.-302
s~vjakromiserwmr.sk-ir ........miegialturioginsimimstimiessejaks.a181~00111101MS ...18.,,r.jagillervesasamowlar
.,24Ver,A931
1
Clyde Stute Bank
Clyde
5,000.00
116.60
?armors Bank of Dunn Center
Dunn Center
1,151.76
95.57
3tate Blink of Granora
Granata
6,990.54
600.93
4.600.49
2.910.98
Jeoarity State Bank
It&nke
6,629.5S
370.52
723.oo
6,277.10
State Bunk of Maxbase
Maxbass
9,291.56
506.5P,
1,466.33
8,531.81
Scandinavian
ianot
10,400.00
424.80
11,&51.4
4.167.45
9,062.53
511
/4 .56
6.913.33
2,658.06
700.00
3g.24
148.51
589.93
emerioan Lt..nk
5,116.60
1,2P8.31
40.98
4.574.41
/armors .itf,te in
:iome
?amens Bank of Ruy
:1Ly
?armors tuld Merohanta EL;nt
Aerwood
13,562.13
565.37
6,305.63
7,821.57
l'olley .itate Bunk
Tolley
11,121.73
631.1
6,566.45
5.193.09
Williston
21,398.39
1,366.9r
1,665.30
7.544.87
*1685.8o
Williston
11,034.34
36.25
51.85
11,018.74
.11Lmeil uounty -:ALta BA.Nt
valliaton A04,te Bank
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
IMINIONOMNIMOsnimsolailleM
IAT
.,....1AJUNT TO .;;T.4.. ,
The boAe of the department dhow belanoe due from i11Ira ..ounty :Auto bLnk
of 428,032.28, The Alank of North Dukota shims oollootilns on haind to thiS
oredited to
u000ant of 311,146.48 whioh is set ur in ham •ocount
County State Bank in our atutemente.
72,339.74
$2
ajapizat.t.L2kiLt
. wax.. F.,.:212,
danumaibiuuusudital
rfirat (itr te Bunk
Dawson
1.50
PP,r—era !Atte BE, nk
lresorsi
1.60
State Bunk of Grenorr.
7fronors
17.75
Oitizeas Bank of
Laiddook
47.40
•L=ohtx11 6eourity litAnk
Uoball
24.50
Citizens hk!ink of Orniaise
01111A00
244.12
l'sb.d.iook
rrners f)uni: of liuy
,t_tio E,Lir
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
of Rolla
TU
Rey
1.60
Rolla
1.60
340.07
33
3
,v Tr
ji§
h
iireolL,Staa
I
j
bati6
Dunn Uonter
450,J0
t to bunk
Alma
450.W
to Bank
Nome
450.00
Center
450.00
Un on irk
irut
'4orne
ir t ..t.to bank
Co I:tore
1.200.00
•Alliston
tat.to bunk
Union Bank of Portal
3ortal
600.00
Union bank of Antler '
entler
450.00
450.00
Uoanty Bank
Firat
tate Boca 4)5
Burrell State Bank
City State bank.
;
33
Now
450.00
ern
Mono('
450
.00
Jnel —7
450
.00
immarnsompusupwamems
—7
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
/4101,1/114 TO STAMEN"!
z_
/ •
2,7
i_7
DikAloorp Nisai,AY )1110
UUDISTRINTED 3AW1;1,1, DIVIDEND
Firet Security Bunk
rpie
188.14
.4curity State Bank
Columbus
431.53
?ortuna Stute Bank
Fortuna
719.55
?Goatee at/Jte bank
Jrhaid Parke
itizens Strate bALk
1,035.53
Hagen
76.35
tate bank
Leith
1,302.89
Firot Farmers Bank
Linot
2,427.19
Fury:era 6t!,te Bunk
Neohe
P94.53
‘Aute Bank of Oriska
Oriska
810.21
1.1eper State Bark
"tramper
121.50
Timmer atate Bank
Timmer
107.12
Peoieles
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1111.1101.0.draientooperairli
AliOTIT !L L12!!!!
8,114.54
A
i5
REGIYLo.11 ;JO S11OLAL 1/20 of 1
.11:
3eoond Med. Assessment
rf
'
Third
;
Fourth
Assessraint #9
,First &tided isiessment
el
aeooni
n
1
Third
"
Fourth
"
•'
Assessment ho
First . Ided .eAssessment
to04'
.
35.581.58
3.5.346.26 -•,.
32,960.35:
56,961.32
4,,
1924
1924
Z924
1925
1925
1925
1925
J.44,i
,
3&
,?l5.94'.134)
4.0
,
"
(
1926
' 36,19 •
00•It
36
1926
•J,Ps21157
1"
'
11C1r,`.-
355,063.37
.7 3mg
Accrued ...seesernerite levied on
banks after they hud °lased
Visoellaneotts kdried 46seimos.r-azt..3
44.919.08
2,141.65
3; Assesnt.A•nt state Bari. of Ipcirdon
olosed into AsAossment z0000sant
750.Lc)
2,4 and 3.0 ,:eseiaarrient tx4justments
closed into •eastnent f.„000lint from
Bow laGnks
2.174.4n
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Arisois
AN
Li;C
SS3531: :J;el
l
roaRle•ma.aiMio.a.....w.reima...wwwwwwwwwwwwwrol.awameama
4.05.64th.58
A
36
..hiM_ICALLU-Lajl.
laboolved from:41001AI i;epnait Banks
5.)14.80
Bank of North Dakota
9,474.40
Capital Jeourity Bar, 1,4amarok
U.-. .;ertifloutos of indebtfldnese,
1st. Jutional liLnk
:inneapolis
518.75
•Moll1104.21m.•••••••........•
15,152.79
;
Amount I aid Northern Trust Company, ?grit°
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
304.56
Irnertramowill,...1111,OSIPM101111111.
AMOUNT TO STATIM4111
15,448.23
3,7
3VIL 111'
Itixdf; t.k TON FM IbilMaD
11.1111.11111aW
-*Ai •417
.
,1111. ,,
3tate Aank of ()risks
killsbury tate Bank
Stute Bank of Lawton
First at5:.te Bunk
Gardena Qtte Bank
kouse iiiver Valley bunk
First ;State Bank
Jecuxity :Auto bunk
First State Bank
Burke County Bank
Portal otato Brink
f&rmera ,t-te Beak
Aste BrAn4 Jf Hensel
atato hank of '4o1fswd.
Gardena ;Asti, liank
-county 'tat.e Bunk
nuts bunk of Grenoru
Citizens Bank of Omemes
Jtftte Bank of Bantry
farmers Bank of t.,unich
farmers Bank of Lunioh
Pint btuto Bank
farmers State Bark
Farmers State Dunk
Soanitinairiam •r **fl lurk
DeLamere ,Aate Bank
Bank of finsboro
Farmers & kiroht.nts Aate Bank
?timers 31;v4e .41.nk
Farmers State Bank
Farmers nuts Bank
Farmers Otat. Bank
rumors State Bank
farmers 3tats
it
Formers ‘.4tats Bank
Gliver .4tats Bank
6sour1ty tate Bunk
Deviis Lake .tat* Bank
/armors
kerchunts 3tat* Dunk
Bank of Laid&
first Auto Bunk
farmers Bank of Hampden
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Orieka
i11 sbur7
Lama.=
Corinth
Gardena
4ouris
Corinth
Doering
Berwick
Bewbell$
tortal
Lawton
Bence'
Wolford
Oardena
Banks
Grenors
James
bantry
Munich
kunich
Beulah
Luthryn
Kathryn
kinot
Waster.
no
Es
Inkster
Rutland
Rutland
Rutland
17tutleni
ilat Pairview
Mist fairvIew
thrya
Glotior
Uamberg
Devils Lake
Inkster
Maids
Zasby
ilsopelen
'
-44,X4a.
39.00
39.11
26.55
49.92
1730.53
22.0J
82.44
12.50
15.00
36.35
11.64
5.00
3.10
28.1
28.
81.42.
135.26
19.92
14.04
125.95
47.0)
55.13
11.8.80
72.5o
30.00
202.82
89.73
74.92
"5.37
40.64
4.R5
37.07
38.31
14.96
21.4
67.36
41.53
109.02
52.28
3.)o
7.50
40.00
36
Aft.
deourity -it.' to Lank
State bunk of .ntler
crystal State Bank
Tolley -tate it
Bank of .4e1and
Bank of Forth
Mohan. .jeourity h4.11k
Sttte Bunk af °were Lhke
?armors Bank
First and ,00urity Bank.
First bond ,
eourity Bunk
Yarmers Stute Bank
Farmers tate bunk
rarmers :Auto Bank
Farmers state Bank
First Jtats Basic
Citizens 4thte Bank
killabury StkAe Bank
ftruers State Bs.nk
Farmers 6 Merehuntu isoak
Yerwerc
L.erohanta runk
Farmers
4.erohunts Bank
Towner Coutty Bank
First tate Bank
Farmers Bank of Ruy
Wirst State bunk
Parsers 6 kerotitnts Bank
Farmers Bunk of ;olden Valley
First ',Ante Belnk
Jlasston
ntler
Orysta1
Tolley
Lgelund
i'erth
Wohull
lowers Le
imerado
;2-o3by
rosby
Kathryn
Debron
Regan
Regan
Bowesmant
Bisbee
iillsbury
Lantudor
Oranville
Bt;ector
Bowdon
Perth
Veivu
Ray
Manvel
71.52
6o.00
155.29
96.R6
60.00
14.92
26.91
518.3J
20.50
162.76
119.33
66.71
95.47
56.69
60.00
50.00
52.20
91.15
102.67
107.19
145.5e
60.00
6o.)0
57.94
6o.00
34.45
69.54
o1 den Valley
i.nglma,
isoellhneous income:
110.50
'ALMS fees from williams County
Z. 0. Desmond, Ztonographer fees refund
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
37.50
1.1111PNVOMMIMIIMIAGION..
TOTAL EXAUIN 71
:D
4.425 74
39
i
teititifteitterALAW.
PAID nom
'WATS
4201014 MIND
Commissi3ners er Dios ant Ripens,Clerk Hire 'nti Jffioe
Footage
•••
Of•
•_upplies
- - - 5.975.77
.74
:211:(1?.
_ - 1,414.53
_ - 1,041.59
Furniture bAd Fixtures
Tinting
1,814.4i
kieaelluneous
2,353.5
Court Costs • 116.13
irtr ppropriutian Churges--ndiatrIbuted 3,275.90
Inepeotors SIL*.ries
-------- 9,195.71
,.uditors t In.-eaters Traveling ;;,xlensf, - 4.392.34
,Auditor
ul,Ariee
Referee
Logia Camas.' aularies- Referee & Legal Comnsel Traveling sa‘msso
Speoial Legul 34irvioes
Department ;Ar.dit :ix;-ersegib
P;LID 72011
M0314103
OVAAANTY
'7134,
4,025.11
5,262.42
18,116.99
1744;
2,927.44
1.414.53
1,041.59
1,540.3
2,450.45
116.13
3,275.90
16,6402.35
96.bo
41.
4110
Wilis
OW
11,)11-1.
7.466.62
4.97C.17
8,011.65
12,429.14
736.0
6,600.86
2,217.82
9,370.51
F,281.65
12,429.14
736.J0
6,600.86
2,217.82
ftillgOWAMPOrodiriamirAmmeAm.:10,4,Wat
Tr.L
4b,b01.51
45,942.51
92,544.02
• This represents smponmoehri.d direst to Depoilattirs Ou4r401
rund prior to os, audit undfuM woo ?Oakum* *fur Bev. 1, 1924
from lener*l'Ymai 4pprorribtisse us providsd by Chapter
le 3.1,3925.
.
3 41 *rages Poll owing fo
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
?urt be r NEVA/ is.
sib*
40
301DLN3 TR,S31,
SX.12
?URN.
COMMISSION
November 1924
eoe'rzber
1,044-34
111.00
Jz,nuE.ry 1925
5r)4.0o
Febravry
Liu roh
. ril
555.00
014,4RK
1 ),.0
FaRi....iaLtsit-.4;
125.00
451.0
84.00
48.54
'6.00
100.00
34.15
6).59
119.30
270.96
FLT
11.61
*15,251.5
1,6510.52
765.00
2487.31
June
1,597.20
275.00
10.06
61.55
1:::::
2,357.36
1,95.26
2,13%4)
156.56
295.05
2,710.45
360.24
300.77
197.6
864.38
730.00
260.16
15.50
16.90
23.00
730.00
119.30
1.85
45.44
199.50
926.56
166.66
93.8.5
79.65
166.66
55.05
750,00
.-4kurs
rotul lipense to Nov.1
1924 to Jun* 30 1925
3 LARY TIL7111,313
T01....„4,1f1.3t'E,i.'.
kN
I)L7I
1,40. .04,44..,404.0,4•101101111040, 11441•4•41••••••••••11011•110•114.•
notowartiover.....norvd,..bisINN4MFO..,41•011100evraW,t,Orruologroor.00mooniir
2,333.24
5,350.45
1,310.r0
645.13
528.17
1,190.79
1,362.”
bitaLnoe Nov. 1, 1924
7,3b5.07
Nmerwenoy ,47propr.Ohupt.
18-,J.L. 1925
19,450.00
340.00
1,500.00
1,271.40
250.12
162.75
759.95
235.30
1,350.00
3,900.00
400.00
600.00
1.600.00
1,300.00
3.0,00,00
3,000.00
3,500.00
Ktp.11-1-24 to 6-30-25
26.852.47
20,557.83
11160.14.0.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6,294.64
4,411.09
•
4
1
8
'
•
3,317.51
k
Ng,
1,690.00
5,400.00
1,310.80
650.12
762.75
2,559.95
1,536.30
3,323.22
2,941.82
3,500.00
3,377.51
1,375.00
5.550.45
1,310.80
645.13
520.17
1,190.79
1,362.R 3
2.357.35
2.333.24
2,609.50
1,444.56
oar aver moor-
&Lon gt.nd 6-30-25
Less-Revertod to len.?'utd
416.
1,494.56
39.40
1444•41•44141.14 •tr.o,
Tot:al
2,557.36
2,609.50
1,375.00
39.40
Li
175.99
20.557.85
merg. ir4us.from
1,44.
315.00
'At re444144414,014411441•
49.55
44441•44.444144,144.14
..a.00.000
41.0At Ot,
111116.0.1110.011,
4.99
om0000loSouomorwoor,o0or,or OPM11.4
.
,
%,”Or*.to
234.5A
1,169.16
gr.
173.47
.11.,
965.6
.44
.
414.40,44,,Wyst
•441,
14
6o8.5P
-124
444.144
44
,
890.50
The eirendltures for ;Lberok, 1925 include $7,612.13 returned to Depositor's 3ub.rb.nty ''und for
tilx snares previously oh4rsred direot to 3ub.raintg Fund us irovided by Chur,ter 18-:„.L. 1925.
4•4.41.4ir
1,"1.42.95
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4
,1M
/
7
d
..... 4-- /
.. ,
/,
/
,
1
,
,,
/ ei
I
er
41
SALARY OF
:IV/13011S TrtV.ELING
F.X rigSE
."7.)
EX i!Y:.11SE
G0L3INCL
COURT
1.11IOR TO
JULY 1
•
25.00
785.33
650.00
650.00
253.70
,,ovember
rlecertber
1,547.86
929.32
1,209.26
135.00
30.00
95.3
650.00
575.00
500.00
158.00
70.00
24.00
January 1926
ebrw-z7
. --rob
1,07.54
/3.9.07
1,013.95
500.00
500.00
500.00
371.00
4o.00
1135.0o
84.00
92.02
pril
L'ay
junto
3,230.21
2,344.87
2,3br.14
35.00
25.00
500.00
500.00
450.00
44.00
62.00
15.00
40.89
July
.4aguet
September
1,354,24
1,151,04
2.11
100.00
35.00
400.00
355.u0
410.0o
49.0J
27.72
143.82
111.89
4.73
October
November
,L
1,3F,5.78
July 1925
.uktuat
c.eptember
1,805.70
2,25.48
1,475.18
25.00
Jo to ber
1
11'
26.)43.6A
00
130.6ft
410,00
122.22
410.00
12J.O0
885.00 8,743.33 1,516.64
397.52
104.50
96.v
166.66
166.66
166.56
26.0P
13.97
11.55
64.95
5.R75
244.
1,620.q2
1,354.15
1,554.15
581.11
239.1'3
290.75
11.5
193...F35
142.15
166.66
166.66
166.76
333.05
3'4.60
67.88
64.10
180.96
35.06
36.50
12.41
31.21
124.34
9.06
0.29
17.01
11.92
27.34
313.19
61,25
166.66
166.66
166.66
11.6R,
5.78
27.50
90.00
141.75
9 I•77
12,10
3.59
195.80
234.41.
53.2111
112.00
2,•80
513.421/ 623.787"t 391.02
769.40
1011101111111.111.111.00114111111111141111M1.VV, "MI,.
1Qr. oaf to
P8.40
21.06
14.00
86.30
166.66
166.66
166.66
117.36
53.34
104.92
1,358.4
12.00
107.19
116.13
30.00
1,782.84
116.13 1.781.34
..0.11.10M 411,11111.11rAlt Ir.
/for'it.
4.411.59
4,411.59
'illprop.OhL:p. 2008,L.-23 2.000.00
Le -25 49.800.00 3.000.00 15,500.00 6,000.00
intor-, opt. Tr& fere
481.74
"
1
"
.r."`or-W.1Wiroillailie.10,111,..
..
JT
500.00 2,0..0.00 2,000.00 2,5J-0.00
4.0 o.00
8,00:).00
6,04).ao
13.24
345.50
,
+4110M11•11100110
0000111111MIIII.Waniallb
:arm.* •*viarows,
ii.sure..easbarwissomPiriMmieremums.......**Alm..immur
56,693.43 3.000.00 15.800.00 6.o.)o.00
1.11...••••••••1000.
2,0 )0.00
'
"Pprop„
4-no• kaila
166.66
166.67
6.862.47
506.6o
1.012.55
75.00
15.48
f'43.50 2,0 , .00 2,000.00 2,538.24
N**NowspoinnamenelMIIP10.41.111**
4,000.00
8,000soo
6,0)0.30 2,030.o) 4.411.&)
1.3511.41
6,r 52.47
1,'/82.84
fitII
assboY
26.043.68
4-er
,
44
JOS
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
885.00 8.743.33 1,616.64
tiy...*,* nem rt*
***V1**M061016,
,
00rNID
*
irmik
*
11.1.
30,649.75 2,115.00 7,056.67 4,3.3.35
769.40
00.u//./1.1..0
513.42
623.68
991.02
1111 1111WalMew/24104101Valle
11 .
.
itelb.411Mak .111•111.
1 0ø. likatisnagimpw
10
.
4
,
-11111011MOMINSI
74.10 1.426.5P 1,376.32 1.647.22
116.13 1.781.34
2,641.59
1,137.53
4,217.16 1.883.87 2.630.35
41
T 'vlsACIL2412
Fr LOA
1113420T0113
*AIM TOR3
JUTZBEIt
i:Ri
3X)11CIAL
REFFOW
143.54
1,066.65
6o.oo
444.0t
833.31
215.00
50.00
1.015.55
812.99
821.4.2
833.31
600.00
717.71
310.45
P21.46
1,523.09
2.66.66
499.99
600.00
1,47F3.1b
166.66
353."
400.00
333.35
244.84
2,524.52
166.66
333.33
400.00
333.33
434.47
3,308.66
2.66.66
3',3. 33
333.1,3
575.40
4,655.05
475.00
835.31
Dttoernber
3,519.5:
541.66
833.31
Jan. 1925
5,510.96
55.66
Fe braarY
4,122.95
`4;ta,roh
pril
1.443 BSPITSD8
44-ti
3,090.38
4.833.22
3,681.65
2,505.86
500.00
9-9.99
empabilyamistnit Asawaseagli
1,4
8r,2.71
3.409.37
1546.06
1,410.63
ISO
rum.
3UTA,IES
142.24
573.82
1,7].7.S2
240.94
tow+mi, WM.
27,242.11
DEP:JR
LEOAI
55.00
Rol?. 1924
T.4.14
AnITOR3
UM=3
AND
3:IABIE
113IICT.)113
AtriD
2e0.65
18.50
15.50
856.73
75.14
MUMPAR
2,024.80
in.igpissiousiewisuspipme
etr•ar•
75.14
7,021.84
2,217.2
1,030.79
COLLICITIJI3
?UN 1,)
CRAA.18-41.
of 1925
7,612.15
Refund of imp% 4
Insp. .'4.17yenso 1,504.18
1,900.60
3,49T.94
1,204.90
1,164.28
139.90
01.411MOMISIOSONC
,
Olor cillOAIONOIMP
1M,var 110k,
,
,M.11
.4110,
AMOUNT TO
32101111111113111
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
18,326.60
1,19.78
3,333.28
3,6%..65
9‘)9•99
71.3.35
1,F 58.84
75.14
5,857.56
2,217.82
174.1.1
43
1311SL.
'
...111:31A
Eilindarlat
RaPEIME
A'1DIT3R
la3.4.1,
4
Wiatat
AID
OFFICE
1113.viAITO3A
00171UL IfiSkiiCTORS
AUDITWiti
A _latta.Q........Lilakamom.
1726111,111G
July 1925
-alms%
p taster
1,733.31
2,092.20
1,930.31
166.66
166.66
166.56
366.66
366.66
366.66
400.00
400.03
400.00
.)otober
ovember
Deaembe r
2,13.48
2,143.84
2,060.28
166.66
166.66
166.66
366.6.6
366.66
366.66
400.00
400.00
400.00
820.5
820.83
267.04
155.23
566.55
160.03
306.13
1926
iebrLik:ry
rob
2,075.42
2,069.81
2.550.95
166.66
166.66
166.66
333. 32_
366.66
566.66
400.00
400.00
400.00
820.83
820.63
231.73
820.83
200.00
166.66
166.66
334134
April
guy
Jaw
166.66
166.66
79).99
799.99
799.99
82o.A 3
1.354.15
1,b1r1.72
1,630.19
3”.
1b6.b6
166.76
i66.66
166.76
200.00
200.00
200.00
820.3
820.P 3
Ootobor
November
1,502.91
1,501.02
166.66
166.67
166.65
i66.66
200.00
200.00
820.83
NPArnilloolorSIMINOMPrimpollasur wr.v.
,
0,4.^
27.615.91
2,833.33
A,:
4.133.34
Trunsferred from Depositor's Guaranty Fund to
t,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
91.85
61..Y7
35.09.
83.06
457.78
50.00
452.43
1Y:g
255.52
142.92
149.04
119.65
96.60
3s4.61
i66.66
July
August
'ieptember
ToT;-.1.6
S&ZOLIJA
-ilnawdievairibr
820.8s
820.83
126.75
14% 76
154•P6
..,411.111.4..11.41111111111001,4apiftme, .orniadents.,
're
4,600.00
11,429.15
3,119.33
660.F6
41.3110114111.1911PINIRAIN
743.30
oats). Aoaount in hands of Stute Treasurer July 1925
Ray 1926
tit
'r
T4tcl
1. en.ditures as above
LI*
Ili
, die
96.60
20,0)0.00
20,00.00
40.oio.)0
27,615.91
1.11/1.1111MIllglen11401111.111m1M1111111
ram
12.3P4.09
44
.XiaX.ZOL4AX9A!A.JUL4U4aJta12.i4Witak4TI
-J9LLII9
UMB
.r
.
eviam
rh
1111,,Wro"
, -ore
.
10101110
.
.,
1,
"
G. Arverteon
H. A. Fisher
,.• .
&natal
Bismkrok
Wushburn
imlember of Commission
1
1/
mond
5.00 per diem
5.00 per diem
41
5 dm s
15 d.,,g
5.00 per diem 11 deg
AMOUNT
D
Di.T$ OATH
OF 07103
444VOUNT
OF B..AID
wITE 3T .T3 37.:111UTIA
D,TS
BONDIN1
nFT7 ,Aw?
"
,
Oh BOIfl_
.25.00
7-14-26
10,030.00
7-1-29
4 75.00
4.24-25
10,000.00
7.1-27
*55.00
7.6-25
10,00v.00
Bottineuu
inspeutor
4,000.00 per yr.
1 me.
355.”
7.6-25
10,0Ju.0o
6-30-27
Gilbert Semingson
Bismrok
Seorotury
2,000.00 per yr.
1 mo.
166.67
4-29-26
20,000.00
7.4.27
C. J. Fisk
Minot
Referee
4,000.00 per yr.
1
G.
333.33
10,4000.00
Clyde Duffy
Devils Lake
Legal Counsel
300.00 -er .o.
1 mo,
300.00
4-2-25
5.2.25
10,000.00
7-1-27
Joe. S. Sullivan
liGndan
Reporter
17.50 per
ma.
1 moo
1137.50
4.29-25
lo,a)o.)o
7-1-27
L. *. Arndt
BitrAarek
Melt
175.00 per mo.
1 ma.
175.00
10,000.00
7-1-27
D. J. Heaney
Courtney
200.00 per mo.
1 mo.
200.00
10,10,0)0.007-1-27
Gayle Hawke
Bismrok
Stenographer
125.00 per m•).
I ma.
125.00
Bertha ..evertaon
bismrok
6tonographer
110.30 per mH.
1 MO.
110.00
:1
. %.1.1thro
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3eoret)
,ry
uditor
orvillini.SMOMPIMPINOM
sn,
2,085.F3
• .Jotober per Diem pad in Uovember.
A
45
„$
./1
JJLLL
DEPOthITS
AT
mmkpy
a,
.
#
161 .8.34
200 61.03
227,669.05
68,779.33
133,913.27
Farmers state Bunk
rirst State Bunk
Slope County tank
?armors and Merahunts bank
Uitisens State Bank
4ntler
June
Jane
Juno
..uq.
Doe.
;Auto Bank of ,,nrelia
,yr State bank
buldwin ;Aut. Bank
Amerioan State Bank
Bearour ;Aste bank
Lurelia
Air
Baldwin
}1four
Balfour
May 18, 1926
Nov. 15, 1926
Nov. 33, 192
reb. 25, 1924
tpt. 16, 1926
50,144.33
103,P23.72
114,1F2.47
150,613.92
41,179.36
State Bank of Bantry
'armors and Lerahante Bunk
Citisens 4tate Bank
Beaah .Aate Bank
3o1din Valley itate Bank
Bantry
Barton
Batbgate
Beaab
Feaoll
Nov. 20, 1920
Feb. 15, 1926
NOT. 22, 1921
Vov. 19, 1920
k•b. 25, 1926
78,704.63
75,415.48
102,575.45
129,935.74
222,191.22
Farmers State Bank
First otats Bank
Security Stute bunk
Farmers State Bank
First state bank
Belfield
Benediot
I. at
Bergen
Bergen
22,
1920
3, 1923
5. 1921
7, 1925
7, 1923
65,19g.93
61.378.94
79,4q.65
49.5b5.02
40.491.7F,
State ;)ank of Berthold
Citisend Jtate Bank
Bismarck Bunk
Blaisdell :State Bunk
aeourity :Auto Bunk
Berthold
Bisbee
Bismarck
Mielsdoll
Bemetraill
Deo, 16, 1924
Uur. 26, 1925
Bottineau County Lank
Burke Coumty iitate Bunk
Yiret State Bank
Farmers and kerohants Bunk
?irst ataite Bank
Bottineau
Bowbells
Zowbells
Bowden
towesmont
.iert. 2P, 3.923
.ur, 15, 1924
1%,647.25
114.9)9.31
254,232.42
79,P27.86
56,054.37
435,597.9
68,475.35
Farmers and iteohlanics &tali
itate Bank of iowman
?armors State Bank
4eourity State Bank
Atrified!' State Birk
Bowman
Mom=
Brantford
Erantford
Burlington
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
AUOULT
11) BY
10,4 =WEAL
ISC6IVES ON
DIVINES>.
GULRAITZSDID
Alamo
Amidon
Amid on
Dee.
Oct.
Nov.
Jot.
28, 1924
1, 1,921
Ft, 1921
15, 1925
3, 1920
Jhu. 6, 1926
lag. 9, 1923
Oat. 6, 1925
Dee. 2, 1922
Jan. 19, 1925
Apr. 15, 1'125
13, 1925
28, 1923
15, 1922
18, 1921
9, 1925
17
2
727.26
4.905.52
3.045.59
4.195.)4
8,224.09
4.731.59
5,208.10
5.458.92
2,276.77
2,e37.42
764.20
72)..J)
51,641.50
3.%1.47
P53.42.
4,307.75
1)8,614.43
208,P1;.31
75,226.54
62,825.98
599.322.59
6,291.29
8.139.14
7,072.50
2.957.65
5.702.53
46
MAAS&
DIV D,
3
DIM:31A
4MOUNT
P,.11) BY
RECRIVLB 0
GUA,RANTIND
104 alania
DIVIDINDS
.111LPAILIk
'armors & Merohants State Bent
Batik of Carbury
First Seotrity Bank of Carpi°
Commeroial tate Sank
First .Jtute bunk
Calio
Csrbury
Carpi°
Carrington
Curtwright
Yeb.
:an.
Dec.
MEIr.
Nov.
25*
18
27:
15,
23,
192b
1924
1920
1923
1923
1P9,258.23
37.566.91
23,765.71
160,914.23
27,4or.75
7.466.18
Peoples State Bank
Cayuga State "Ma
Bunk of )liver County
?arm's* State Bank
Farmers Sank of MoLenzio
'‘.;t1uselton
Oayugt4
Center
Charboneau
Charlson
Oct.
Jan.
Deo.
Nov.
Jun.
3, 1924
2, 1924
6, 1923
19, 1923
9, 1924
4.11 2.33
123.3t0.77
191,879.14
58.804.P8
3)429.65
19,672.27
Farmers State Bank
Farmers State bank
,de ,Aute bank
irst State bank
4ogswell Agate Bank
Christine
Churuhes Ferry
Clyde
Cleveland
Cegswell
July
Jan.
Jam.
Feb.
Jun.
15, 1)25
22, 1924
30, 1924
7, 1924
5, 1922
136494.00
98.266.60
90,063.06
Yarmers
Uerobants State Bank
3eourity State 'lank
lobriers Seourit/ it4nk
Joules Dairy Bunk
'eourity tate bank
Cogswell
Columbus
Convey
Coulee
Courtenay
Nov.
Nov.
Deo.
Jan.
Feb.
10, 1923
22, 1120
17, 1)25
21, 192E)
21, 1921
154,1,1.16
99,76/.26
15,632.39
59,714.29
tv7,279.21
tutuman County Bark
iaemers Bank of Crary
,rote State Bank
,rocus State tank
„rystal State Bwilk
Courtenay
Orary
Crete
Growls
Crystal
liaty 121 1924
iiov. 2, 1923
liar. 12, 1925
Feb. 21, 1921
Feb. 24, 1925
173,447.60
95,066.32
94,328.o
42.160.50
)3.276.92
trst tate Auk
armsrs 'State Bank
4irst state Bu.nk
Dasey Stute flank
Seourity State Bank
Crystal Spring*
Dawson
Dawson
Dasey
Deering
San. 4, 1921
uov. 19, 1923
Jept. f3, 1923
Feb. 26, 1925
Foy. 14, 1925
121,469.63
52,935.62
232,513.26
142,555.30
115,397.25
1.726.08
2,565.02
3:02.15
5,160.27
6.r 31.35
Farmers Bbnk of Derrick
Devils Lake .4tate bmak
Furmers State bank
First State bank
Donnybrook State b4Ank
Derriok
Devils Lake
Dodge
Loden
Donnybrook
Feb.
Feb.
Apr.
hfr.
'Av.
19,453.80
171,506.86
115,325.15
69,623.41
417,555.00
15,717.36
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6, 1924
9, 1925
50, 1925
15, 1)2b
24, 1920
51,5(11.92
205,360.30
742.73
1,042.52
12,9P4.75
951•Ck
3
m4:32,
1,703..0
10411:9
4.644.6,
7.745.52
809.02
4.2.:RLAUL.A6BW.2.9.aLM4a.
DSPOSITS
AT
Driscoll State bsnk
Farmers & korchanta Stilts Bank
F4rmers Burk of Duna County
Arat !itte Bank
Dunseith Stute Bank
Driesoll
Drisooll
1923
Nov.
June 14, 1926
Dunn Center
Dunn Center
Dunseith
Sept. 13, 1923
May 9, 1921
Dodge Stato Bank
First State Bunk
?armors State Bunk
Oitisens State bank
Bank of x4e1and
Dodge
lasby
last Yairview
State Bank of 1.a1lot
FarSera Bank of Lmera.do
'irst ;Auto Bank
_irat ;.4thte Bank
Security ,,tats Lank
.;iitot
..Ausrado
klnglevale
Zpping
Fcirdulo
June 11, 1924
Jima 24, 1924
ju1y 3, 1926
Soundinavian American Dank
Furmere Bunk of Fessendeu
First State Bank
corohants state Dank
Oitisens State Batik
Yargo
Fessenden
Nillmore
Ft ii
Float=
Yeb. 14, 1921
July 25, 1923
Yob. 27, 1923
Oct. 11, 1923
may 12, 1924
Farmers State Bank
Yirut State Bask
Fort Ransam State Bank
Fortuna State leak
Gardena Unto bank
roman
Fort Q1c;rk
Fort Runsom
Fortuna
Gardenu
Apr, 16, 1926
Doo. 6, 1923
Oct. 20, 1923
Noy. 30, 1920
A. 15. 1924
Farmers Bank of Garrison
Games° :3tato bank
Bank of Gilby
Security Jtc.te Bailk
Glenburn 3t.to Bailk
Garrison
lemma°
Gilby
nluseton
aarlbura
Mar, 51, 1926
Sept. 20, 1926
Nov. 23, 1926
Jun* 4, 1924
Liqf 29. 1924
116,705.+0
103,1P1.04
161,000.64
30,14.8p
70.7 .
Parmers d4nk of Golden Valley
First Amerio a BIM
First auvinfli Sulk
Peeples Ztute Bonk
G31dan Valley
Golden Valley
Grand t'orke
rand Forks
Granville
'016y 3, 1926
Dov. 10, 1923
Aug. 15, 1924
I,ob. 2i, 1921
Feb. 3, 1926
.1174.16
14%441.90
215,183.06
197.321.4)1
223,q22./7
Farmers & Mereherits State Bank
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ftgeloy
2401acd
9, 1923
Noy. 18, 1926
May 9, 1924
July 1, 1124
Deo. 6, 1920
Feb. 6, 1924
Sept. 27, 1923
May 29, 1923
41.1,AINT
P. IDEX
HEOIMI ON
GUARAND
10A 31022AL
DIVIDWDS
1,676.34
104.952.75
131,923.64
5.0)1.94
5,656.58
2,118.64
102.921.58
134.520.42
38,876.65
41.050.94
74.216.24
144,651.67
511.182.17
89,612.58
22,984.94
87,511.65
67,048.82
72,446.55
1)7.254.33
91,358.79
1,161.05
3.4);.32
33.682.96
4,717.99
2.101.12
9,977.02
681,324.19
109,503.14
43,033.41
131,129.28
155.552.60
83,382.91
76,051.
161,370.
75,931.50
23,912.02
11,636.77
1,082.48
10,368.44
2,8P9.52
101,362.93
5,933.04
66,515.23
10.242.38
qPosia.EtaiNE:Ji-
AT
li
iajawatilawoommormegaimeftema.ammoisimmumpos
,
3ranville State Blank
Parmors State Bank
Farmers State Bank
Auto buni, Of Grenora
Pamirs state Bank
Granville
Oreen
Grano=
are no
Halliday
00t.
Nov.
Dec.
Vov.
Lars
1923
1920
1923
1)23
1924
122,400.97
Farmers State Bunk af Hampden
lieourity Btate Bank
mere State Bank
Mansboro otate Bank
PeOples tate Bank
liamplikon
Mink*
Bansoford
Hamoboro
May 12, 1924
reb. 29, 1924
June 10, 192b
10.543.1
131,30.2
183,09.73
80,919.Pa
natton
Oot. 22, 1921
Parser* ,)tate Bank
Ars% State Bank
nrmers State Bank of Vereer Oa.
Citizens state Lank
First StGte Bank
Hsvelook
Haynes
Nov. 18, 1920
Hazen
Kasen
FtIrmers tate Bank
:state Bank of Bengal
iurmors tate Bank
Hickson State Dank
:.:oraoe State Bank
Hebron
Hensel
Hooper
Hickson
Eartoo
Farmers and Msrehants Bank
Murdsfield State Bank
First attite B6nk
Fr..rmors
4ershants
u1ty zrt
oeourity atId.te bank
Hunter
Hurdsfield
Joliette
Jud
Raison
4,arnah State Bank
,Aourity State Bank
First State Bank
Yirst lank of (ramer
Farmers State Bank
mimosa
Xilldeor
Kramer
Lake williams
Citizens State Bank
First ;Alit. Bank
Farmers sUte Dank
Bank of Leal
Farmers
Lerohunts Bank
Landon
Lansford
Lawton
Leal
Le ode
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
rnah
22,
20,
11,
14,
24,
Jan. 23, 1926
ALIVNT
tiU110 BY
RECSMR ON
GUARAtinFD
'8
E:
104 =MAI
DIVIDZMDIS
411WALLal
118.055.51
158,259.91
66,649
64,427.0)
64,141.38 kaid in full by Receiver.
2,552.72
2, 1924
20, 1923
21, 1921
7, 1923
g:
(M6
.;
75
P6,217.17
247,510.04
146,633.97
6,929.95
3,091.55
7,919.63
2.555.64
Apr. 24, 1925
539.59
593.17
July 30, 1923
.,ug. 24, 1923
P5,603.61
96.593.91
12,164.47
126,753.52
151,679.54
.;ept. 15, 1924
July 25, 1923
Deo. 13, 1923
Ieb. 14, 1921
::ov. 7. 1925
107,2P9.1
51,174.5
37,672.04
76,916.36
58,386.17
Dee. 12, 1923
.41r. 24, 1924
Nov. 22, 1920
15,537.06
55.075.90
49.091.1
104.350.1
51,116.4
Jan.
Aug,
Apr.
Leo.
..12g. 15, 1924
Nov. 17* 1923
Nov. 23, 1923
Juno 6, 1926
Jot, 16, 1924
2, 1924
$opt. 1), 1924
liar. 25, 1922
opt. 21, 1123
June
254.839.A3
100,2P8.51
17.401.25
132,338.83
207,427.19
0.4 .02
13,105.84
988.95
9,P29.91
6.353.55
9,015.45
18,656.57
49
4ALAZiLikkaalaika'
DEiOSITS
4).?
anNT
p_ID a
ENOSIMP oN
4-.0,3417692g,
k.maawitoUgroasswarr
w
T
Seourity Blink of Leeds
keop1es ;State Bonk
Ransom County Farmers bank
First State Back
First State Bank
Leeds
Leith
Lisbon
Litohville
Lone Tres
Dec.
fob.
Nov.
lov.
2,,vo.
Loraine 4;VIte bank
Mellozod :Auto Bank
State Bank of UoVille
Citizens ante bunk
Bank of Maids
Lorunine
MoLeod
MoVille
Madlook
Maids
Mar. 29, 1924
Aug. 27, 1926
June 24, 1926
Jen, 26, 1924
6ept. 15, 1924
Veroer County StatO Bunk
?int '
4tate Bank
The lubmanty litate
?strut 6tte Bank
1f4rmere ,Aate rank
konnhaven
ln, 1923
14, 1921
19, 1923
10, 1923
11, 1922
46,443.98
53,450.51
120,626.53
226,091.91
63,643.93
LapOR
21 1924
18, 1923
1720
16, 192
13, 1926
34.610.01
33.236.3)
0,1n1.,0
S6,542.28
36,739.04
Kuzbass
kenoken
Miohigan
Lilton
Minot
Jan. 25, 1924
Jan. 33, 1924,
Usy 26, 1926
Dec. 13, 1920
Doo. 27, 1920
62,311.67
18,058.19
79,110.23
273,363.70
215,853.6F,
Soandinaviun merioan Bank
Lohall ‘Asourity .tenk
Lohull .;tate tank
,rf.ers and 1.4trohants Bank
Mountain tate ,
laank
Linot
Uoball
Uohall
lionuncro
koantain
Oat. 16,
Doe. 15,
Wm, 24,
lair. 31,
Oct. 26,
507,456.50
160,521.17
592,51P.41
114,705.93
78,113.34
bank of Mowbray
Parmors Bank of ;ianioh
/nate Bank of Uanson
gerohunts Bank
rmere.4tate Bank
Mowbray
Munioh
Janson
Napoleon
Noche
Uov. 30, 1921
Feb. 17, 1926
Jan. 24, 1925
Jot. 27, 1926
30Ipt, 22, 1923
122,018.53
40,050.49
-Lto Bunk of Newburg
New England nuts Badk
z;eoltrity 6tati, Daft
Yammers State &ft
Mow LeipSif 3iate Bank
Vewburg
New INglani
jmn, 2, 1924
Arr. 31, 1925
lev, le, 1920
May 2, 1925
Au. 12, 1926
124,98.05
0,416.99
2P9,941.83
126.957.38
109,919.17
nate Bank of
ismer' State
laiohigan City
State beak of
First Farmers
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Maibuss
Bank
Bank
Milton
Dunk
DirEngl!mA
SIM Leipzig
Now 1.411441.
1924
1923
1920
192$
1925
10,036.s6
1,2)1.9$
5,183.74
18,575.54
1,989.11
57,96P.37
7%615.45
144,224.P5
P7,954.20
45,295.02
Fob.
Dee.
00t.
Vov.
Mar.
ManninLtintd or
1-:&avel
10A GUEBAL
DIVIDAIDS
26,2JP.i7
23,0”.22
15,24%92
3,221.01
7,105.70
1,451.43
35,S97.01
237,420.30
52,241.30
2,040.62
2,193.47
13,956.5
50
194
kkQJP1LL
;
111
L
ll'INDS
I ,. D
°AMR
10;11
Dar041T3
A?
Reenir
ON
27,305.22
27,299.71
329,505.40
30,427.37
335.341.1!
25.0(2.n0
304.545.40
Bank of New Rockford
rarmers and Iterahunts Bank
6ttite Bank of low Salem
Stute Bank
Farmers Stute Bank
Hew Rockford
New Rockford
New Salem
Reirvill
Nome
Jun.
Aso.
Oct.
7)oc.
Nov.
rst 6tate Bunk
Parlors State Bank
Sorthville 6tate Bank
?trot State alnk
.;scurity Bunk of %/boron
Nome
Ncomin.
Northville
Norwich
Uberon
Jun.
iet.
Nov.
Oat.
Jk4n,
iiret ,;tat* Blink
!State Bank of Olmstead
Citizens Bunk of Omemee
nrmers State Bank
State BE,,,nk of Oriska
01,a
Olmstead
Omemee
aria&
Orisks
septs 13, 1924
)ot. 31, 192 3
Jun. 26, 1924
Oat, 21 1923
Aug. Uc, 1923
104.985.14
61,23.1.v5
122,363.34
36,917.39
162.574.20
Bank of Orr
grist estern Bank
'armors& kleroh rite Bunk-Overley
lank of iark River
Bank of Perth
Orr
Osnabroak
°greatly
kark River
kertb
Jan. 19, 1924
Deo. 140 1922
Sept. 25, 1923
May 10, 1924
Afar. 26, 1925
114,546.36
11(7,560.?0
76,699.08
o,.nor o unt &a k
2111sbary State &Ink
Citizens 4t&te 1:441k
First internutionl Bunk
Tortal tate El.nk
lerth
Eillsbury
Pinizree
gortL1
Portal
Oat. 29, 1925
J44. 25, 1924
Apr. 1 4, 1125
Hoy. 1o, 152
April 29.1924
138.256,88
State Bank of _over. Labs
Pro spar dtfLts Bunk
farmers dtb to Biln.k
Parmers BLnk of Ray
Parsers und Ueroh. nts Bunk
'()%ers Ls-Ace
.4rouper
Rawson
Tab. 16, 1926
nib. 24, 1921
Jul • 4, 1924
1330,404
50,088.23
75.233.22
21(),037.85
92.07°.q5
6,299.0,
Parsers atits Buak
Regent tate BtAnk
Parsers State BfirAk
Parsers and ;:.erahts Bank
State BLnit of Rolla
Regan
Regent
name
Robinson
R:,11*
:4$4. 15. 1323
july 12, 1921
96.042.50
86,530.52
271,263.54
82,713.25
97,505.62
8,354.2
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Roeder
14, 1921
F t 1923
16, 1924
11, 192 3
25, 1922
2, 1923
9, 1925.
12, 1926
22, 192 3
21, 1924
-lag. 9, 1923
!olf. 13, 1924
:iov. 26, 1920
Jbn. 1,/, 1921
Nov. 27, 1923
13.5)2.33
4.201.40
79.2(01.47
59,545.69
45.519.7'5
75,027.08
75,060.01
5,5j6.06
3.071.37
2,u.'.62
11.3'10.44
12,872.08
2,791.67
4.905.66
532,9*74
119,306.3
96.768.98
112,327.57
6,P37.95
21,3J4-03
7,654.10
9,105.97
4.909.90
126,97700
5, 76.11
4.943.22
51
Diti:jSITS
AT
41•001allp
,
SleraWAIKAMWOMINIONI.O.
,1111$24..
Ruso
Russell
Rutlund
4der
.:041nbo rn
Sov. 2. 1923
Nov. 26, 1923
Oat. 1, 1926
Farmers 4:change Bank
Amerlowi .itate Bank
Farmers .Jthte Bank
'trot State BaLk
4w7er dtute Bank
granger
Sanish
Saniuh
Sawyer
Salver
!JOT.
Farmers & korohants State Bank
Icarity zAvte B4Lk
1,ousit River Yalley bank
..apring Brook :it te Unk
Yirst .Aute bank
Sherwood
Sheyenne
Souris
Spring 1-To k
Stair
Nov. 26, 1920
Citizens State Bank
ttrizn tats Bunk
Farmers State bunk
Citizens State Bunk
Timmer State bank
Stanley
Stir=
Strasberg
Tagus
Tinnor
Yob. 18, 1926
Nov. 3, 1926
JAn. 9, 1924
;Aug. 9. 1923
Yob. e, 1921
202,4P0.96
114.169.07
Q0,705.11
112.690.23
38,411.07
Tolley tate Bank
First .Aate Bunk
First .Aute BGnk
Towner Stc,te LiAak
TreLton tte kilak
Tolley
Tower Lty
Tower Gity
Towner
Trenton
Nov. 15, 1920
Apr. 16, 1924
Oat. 5, 1923
J. 14, 1926
Lov. 26, 1923
30 3.505.V!
23,793.16
41,617.03
58,190.66
Underwood ,,tuts Bunk
o4ndin‘veun .auerican Mak
firut Lttite Bunk
larch nts stute Brink
YLrmers stute Bank
Underwood
'fun Rook
Velva
Velvu
Verendrye
Nov. 4,
A. 9,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10A
DiV
111)
Walle11411.1,1111,11111ht
First 6Ute Bank
Firut „A to Bu.k
Ylriat tate 1,ank
_trot ,A=.te
Bunk of ,,unborn
rmore.State Park
abpston Stuts back
iarmers ;Jthte Bulk
Farmers urd kierolo.ntatt.nk
Amerloan -xohumge Beak
AMOUNT
AID BY
R$;;CEITISR OV
OrtRANTLi..D
Voltuire
tahreton
Wales
Warwick
eatfert Oity
Feb.
-ug.
4, 1926
26, 1921
19, 1925
9. 1923
9, 1923
3, 1921
July 21, 1321
7, 1924
Feb. 25, 1924
nov. 26, 1923
Liure jl, 1924
1926
1923
out. 15, 1925
liLy 9, 1124
Jot. 2Q, 1)26
joy. 9, 1925.
Oct. 30, 1926
June 6, 1921
an. 8, 1926
Nov. 27, 1923
84.46.30
0,3,7.02
106,2g7.35
59,083.94
152,991.02
2,0)0.81
6,P:6.54
28,59444
52,R65.67
119,831.04
151,575.02
92,650.11
114,350.63
12,516.96
, .31
54, 61.71
2,231.37
1.215.90
142.00
1,197.57
6,1.59
4.194.49
Aald In fall by Receiver
62.5114.61
1.172.96
2,53P.12
1,5'4.74
10,452.58
2,16%22
16,55.29 Paid if full b; -eceiver
117,865.o0
168,646.27
139,513.13
187.349.13
60,920.57
154.54
2.094.31
33,752.45
P8,760.06
327,749.81
143,096.14
57,267.92
6,332.49
5,691.87
2.426.14
Ip
giasjap.T
1441.-
„
P:c.I.D BY
7.1ECEIVR 011
')eo. 13, 1923
July, 7, 1921
Jan. li t 1926
1.;ept. 27, 1923
Nov. 19, 1925
107,r9.83
124.508.4F
72,620.04
fAldrose
Wildroes
t.i11 ieton
*illicit on
Wing
June 2, 1924
...)4i1,t. 13, 1924
June 12, 1923
-pr. 4, 1921
Dea. lb, 1925
94,940.09
142,729.42
6P0,974.44
2r9.490
.69
79,21P.59
-1ford
yridine re
Apo. 28, 1923
iJoy. 11, 1926
1Fq),175.00
2P0,231.12
?armors State Dank
liaLenzi e Co Oto te 't,L,Jak
First StkAte fAnk
Lierehante 0tuts Bunk
i'LrInere 0V,te Beak.
watford city
Watford City
Aerner
lverner
Pertness ..1t,.te bank
First ts.tte BALTI
illiama County bunk
..)tt,te
isurleigh County 01tEtte Bank.
..ttite flank. of ,olford
Bulk of vsyndniere
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
10; 0.-131Z11.,I,
DITIDEBDS
ID
I'3 1:9,,,a1
7.724.29t
2.491.15
53.71 1.19
29,4)4.21
14,7:13.67
sommlimmimilimMMMOMMW,W,a0MMOMMOWORAW0-11400.010~.."WWww."0.113,41001.111mimecww.mosarimemilm
31,66,990.S4
239,716.55
791,6.6.92
@FedFRASER