The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1921-02-10

They include: Note for $500,
dated Jan. IS, 1920 and due Sept.
49, 1920 carried by the Bank OF
North Dakota as rediscounts, but car
ricd at face value, for which storage
receipt covering four Buick automo.
blles was given. Another was for
$5'6OO' covered by storage receipts
on four Nash automobiles; another at
$4,000 with storage receipts on five
Overland automobiles, another $4,000
with storage receipts on five Chevro-
iet automobiles; another for $1,000
secured by storage receipts on five
Wallace tractors; another for 5000
covered by storage receipts on seven
Ford automobiles valued at $4,000.
Did you ever hear Of seven Fords
valued at $4,000 in loans?" asked At
torney Murphy Of the witness, X. G.
Lee, Of Bishop, Brissman and COM
pany, who read from the company's
audit of the Bank of North Dakota.
Mr.. Murphy directed the attention
of the witness to collateral received
from the First State Bank of K!oten
into the Bank of North Dakota fo,
a loan. There was note of $1,3li
signed by r. w. Fraser, s. S. Sem
ingson and Gottfried Jensen. rae
witness was unable to identify tl.
men.
Another note put up as collateral
was for $2,625 signed by Judge Ge,,.
II. Moellring and H. A. Nelson, and
another for $2,415. Another note
from the First Farmers bank of Mi
not showed H. r. Wood as collateral.
A demand note from the Citizens
State bank of Grano for $1,000 signed
by Gilbert Semingson was shown.
Asks Identity.
"Do you know that he is the chief
deputy bank examiner at this timer"
Mr.. Murphy asked. The witness did
not.
1t is expected that the Investigation
along this line will continue, it being
the evident purpose of the commit
tee counsel to endeavor to complete
ly refute the statements that n,
league paper" was in the Bank d
North Dakota.
During F. w. Cathro's short periol
on the stand Mr.. Murphy asked:
Difficulty in Payments.
"Is it not fact that the Bank of
North Dakota in the last week or ten
days has not been able to pay its
current items?"
Mr.. cathro said: "The bank hasn't
been able to get money in fast
enough to take care of them.'
do you know of one item of $780,
300 in the city of Bismarck"
mo, I've heard of $4,000 draft
on Minneapolis"
Call for Court Records.
J. H. Newton, clerk Of the supreme
court, was called to produce records
Of the Scandinavian-A american bank
case, and counsel for the committee
announced that they desired to make
with them.
E. G. Lee. the first witness, who
is one Of the chief accountants Of
Bishop, Brissman and company, was
the first witness on the stand. He
showed total liabilities through loans
and redeposits of closed banks as OF
Dec. 3 to the Bank Of North Dakota
of $6S0,711.89 against an offset of
$32,3173O, against which there was
an offset Of accounts in the Bank of
North Dakota of $32,317.30. Since
that time other banks have closed.
Ed. Sinkler, acting as counsel for
the administration, in private con-
with attorneys, wanted to
show that Minneapolis banks h"l
in these closed banks. It IS
the administrations defense t'"t
other banks also were "stung" by the
closing of banks. The position NJ
committee counsel is that these cat
side banks were not handling public
funds, and that the committee K; co."
cerned wholly with the Bank Of North
Dakota, and that the Bank OF North
Continued on Page 81