The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1919-05-09
FIVE DIRECTORS
TO ASSIST BANK
OF n. DAK0T A
Heads of Departments Will Form
Finance Committee to Rec
0mmend Policies
FEDERAL RULES ADOPTED
Regulations Ruling St. Paul In.
stitutiOn to Governor Tenn
porarily at Least
FEDERAL RULES ADOPTED

CU.OIUIudLc ucpdIJlucuIo VIII IoA ia IAS
finance committee which will mold
the policies of the Bank of North Da,
k0ta. 1t was so decreed at meeting
of the bank officers, Manager ]. r.
Waters and Director General F. w.
Cathro, with the industrial commits
sion Thursday. Each of these direc-
tors, announces Secretary Morris OF
the industrial board, Will be a prom
inent banker OF the five only one,
Mr.. Cathro of BOtuineau, has been ap.
pointed to date.
A plan OF operation submitted to the
industrial commission by Manager
Warters and Director Cathro was
adopted Thursday almost without
amendment. This plan creates flve
coordinate departments in the Bank
Of North Dakota to De known as the
bond department, farm loan depart
inent, credits department, audits de-
partmenti and department Of statistics
and publicity. The head OF each ae-
partment shall be designated the d.
rector Of such department.
The rules provide that the man
ager of the Bank OF North DakOCa
snail ue general representative OF the
industrial commission in all affairs
pertaining to the bank of North Da-
kota, with SUCH powers and authority
as may from time to time be coh-
ferred upon him by the industrial
commission. The manager snail ap,
point the directors and the deputy d.
rectors of each of the departments
hereinafter established. subject TO ,ap-
proval by the industrial commission
and subject to removal upon orders
from the industrial commission"
Duties Of Directors.
"The bond department direc Jor
ShaIi Dc charged with the duties OF de-
veloping a market for sale 6f such
bonds as may from time to time be
offered for sale by the bank and upon
such terms aS shall be most adyant.
ageous to the bank. Il. 81 !. ).
."The farm loan department director
shall be charged with the duties. or
carrying into effect the +law=sass,it; ,peEs
tains to farm loans to be made by and
through the bank. & = t8s.a
& The credits department direc.Or
shall be charged with the duty OF de
terinining and passing upon the
character Of re-discounts offered TO
the bank, and loans, 10 be made by
the bank upon collateral, and for that
purpose shall investigate the creuit,
standing and responsibility OF redis-
counting banks or borrowers.
"The audit department directors
shall keep correct account OF all .ne
financial transactions Of the bank for
all departments. The transit depart
ment is hereby established as SUD
ordinate department OF the audit de-
department..
'"The director of the department OF
statistics and publicity shall submit
estimates from time to time as may
be required by the bank, with sucl
suggestions as may be needed for tle
procurement of funds to meet the ord
erly transactions OF the bank and tor
such demands as may be made upon
it to meet the financial requirements
of business throughout the state"
Federal Reserve Regulations. =,
The rules further provide that 'the
regulations adopted and now in ef1eyt.
for the federal reserve bank OF Min:
neapolis so far as the same may be
found to be applicable to the govern
ment and regulation of the Bank OF
North Dakota and until such time a
the Bank of North Dakota adopts de-
tailed regulations are hereby adopted
for the government and regulation OF
tho nonk NJ North nakOta -,
In the absence OF department d.
rector at a meeting of the general
finance committee, the deputy direc-
tor for such department shall act i'll
lieu of the department director.
Bonds Required.
Bonds will be required OF every EN-.
plOye of the bank, from the janitor,
stenographers clerks and bookkeep-
ers, each of whom must furnish surely
in the sum OF $4,000, to the manager,
whose bond Is fixed at 100000, and
the director general, whose bond is
placed at $4,000. Each of the sew
eral directors must be secured for
$4,000; each deputy director tor $1O,-
900; each teller for $4,000. and the
secretary to. the manager for $4,000.
Banking Hours.
Banking hours are designated as
follows: Working hours from s a. m.
to u M. and from 1 p IN. to p. M,
or until the completion of the days
work, with two weeks vacation per
mitted annually to employees who have
worked specified number of months.
The bank shall be open to the public
from 10 a. m. to II m. and from l p.
IN. to 3 p. m.
The director general is made the
chief assistant to the manager and is
made general chairman of the finance
committee consisting of the five de.
partment heads. This committee is to
meet daily to advise the manager and
the director general of the business
for the day and to make such recon-
mendations as may seem advisable.
Each director will have deputy.
Manager J. r. Waters yesterday
was authorized to engage private
secretary, and the appointment Of
Lieut.. S. ]. Boyd of Mott to this post
was approved by the industrial COM
mission. Lieut.. Boyd's salary will be
$500. He is an experienced stenog-
rapher formerly with the Brown Land
Co. at Mott. He enlisted in the ma
tioual army from Mott and won his
commission in the. service. He is al
so q veteran Of the Philippine war
and man who is very highly regard
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