Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-03-01

9@ ssg( ~ a 3 u fht III ID
:.5ggkufnteSgsSQtss that ~
fNekpossi u and q
of JEie SstAts s;nds tlaat no h Il
bsAlh taken ofs assa at,5 9
,osH e 3, the q. s'saoo &; lss eso @ NE sshe.
IA, Temple took TN SpoGG GG4ttiioi
t,,e2 total dtfietsg as stplfshs tire ssshs
making 81 ihs|ssfspes th Yl nilt and y 4,
elevator and home |bIildl Aae9eias
tions was in the neIghborhood OF $59;
600 In conclusion he stated that in
stead Of having 9 net profit OF $116,-
600 or so as claimed in The report Of
the industrial commission, the state
industries as a matter q tact snoWeo
a, deficit, the amount d which could
not be accurately estimated at the
present time .4.n.
Steen Testifies. s
John Steer,. state treasurer, was
n,aced on ihe witness stand to testify
as to the trust deed to secure bonds
against the Drake mill filed in his Of
flee. This trust deed is practically
a mortgage against the Drake mill: ne
stated. and amounts to $120,3Ol.45.
The real property against which
this deed is issued amounts to only
s35.62745 in value, the remainder OF
Inc property against which it was is,
sued consisting of such items as flour
and grain at the mill, fuel. ETC.. and
sacks valued at $4,000. This is all
expendabIe property. of course.
Another witness examined today al
tho house hearing was o. E. Lofthus
state examiner, who was called to tes'
INV as to the condition of the Farm
ers State Bank of Regan, an 1nstfpa
tion whose total liabilities to tne
rank of North Dakota is shown In the
Pishon Brissnan & Co.'s report as be
ing Sss.675. =,
r. w. Cathro, manager of the BANK
of North Dakota, was on the wines.
stand for a short time and questioned
regarding some seed bond transac.
tions of the bank with Dunn anc
Stark counties especially with a view
TO learning whether or not William
Lenke had received any attorney
fees in connection Herewith. He De
MED absolutely that any attorneys
fees had been paid by the state OF
county in connection with e1tner ueal
The examination of Mr. Cathrt
hroneht the hearing to a close.
1T is not known as yet whether tnt
session this afternoon will mark tht
close OF the senate Investigation.
+, Yesterdays Results.
Bismarck, N. d., March 1.-Herbel
Temple, accounting expert Of st. Paul
Mimi. analyzed the report OF the state
Industrial commission on the Bank Of
North. Dakota, the mill and elevator
association and the Home Building
nssociation for the audit committee q
the house of representatives las
night.
,vsis OF the Bank Of North Dakota 81
based on the audit report OF tht
Rishop Brissman. and Co.. audit report
sums which are considered past dut
ana slow Of realisation or as soms
ACCOUNTANTS interprete, nonliquid'
assets. follow: s4j
Notes and certificates Of deposit
mast due, 41.f47, 30. IS. Ware ,
house recedpes past due, 49,
Redeposits in NJ ended banks,
Coiiecton Items, sssl,777:s4.
Loans to stats tnsatataons,
&S0S9, ,7l6.71. + 4, I
Ovordrafts. ~, 1,035 -.
Ossh items, 414; -.
warrants out for collection,
sSie,347.43.
Total, - 0e8, ,43o.35.
Detsii No. Six Of this analysis
~ the report sllOws IN additt0nA
ses snaount ar aaBets slow O& FeAltza.5 : II
= -- 1f,ontin,.ed On. Paee 6.l II 4