SCHISMS AND INJUNCTIONS 



the rates they would have paid to the insur- 

 ance companies. 



The Bank of North Dakota was in full 

 operation and had achieved an apparently 

 phenomenal success. It was opened for busi- 

 ness on July 28th, and on November loth, 

 less than four months later, its statement 

 showed it to have $17,512,992 of resources. 

 In one period of thirty days the bank had 

 recorded clearings amounting to $38,242,634, 

 represented in 177,340 items, and its average 

 daily clearings were $1,278,562. "No similar 

 results," observed F. W. Cathro, the director- 

 general, "have been so satisfactorily attained, 

 or even approached, in the banking history of 

 the United States." 



In the way of farm loans, for which the 

 bank was primarily created, there had been 

 received 1,575 applications, amounting to 

 $6,588,940. Six regular and four special ap- 

 praisers were kept in the field to examine 

 these applications, and had reported to the 

 bank 504 appraisals. Of these 232 applica- 

 tions had been approved and loans made on 

 them to the amount of $927,200, while the 

 papers were out for the acceptance of 83 addi- 

 tional loans totaling $363,400, and for signa- 

 ture, for record, or for the clearing of the title 

 in 149 more, total $563,800. This makes a 

 total of farm loans completed, or practically 

 completed in three months and a half, of 



299 



