The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1921-12-15
BANK n srIznDrD corDr11on
CONTINUED from Page u

A1O 00U1GS uSpdItIiCA1 AAS IL
charge the correlation Of all the
banks activities into m cornprehen-
siye bookkeeping system. An accrual
accounting system was installed at the
beginning whereby each days earn
ings Or expenses r credited Or
charged pro rata daily 50 that ut the
close d business each day the actual
condition Of the bank is discoverable,
based upon q daily cutoff. It is not
known that any other bank In the
state operates q system providing for
a daily cutoff showing fully the actual
earnings and expenses up to the close
Of business each day. In addition 10 al
the examinations that have been made
Of the Bank Of North Dakota, a quar-
erly inventory has been made showing
ing every item owned or owed by the
bank. This affords an additional pro-
lection against error and also safe
guards against any manipulation of
funds. One copy of the inventory is
filed quarterly with the Industrial
commission.
The general finance committee con-
sists Of the directors of the several
departments with the director general
as chairman. The general finance COM
mittee passes upon the general activ-
tiles Of the bank, such as loans made
and expense incurred. BY this means
each department maintains q famil-
iarity with the operations of the 9TH
er departments so as to promote a
harmony Of action throughout the in
stitution., Some people have advocated
the creation Of a board, possibly of
five members, to direct the manage
ment Of the bank. It seems as though
that suggestion is fully met and cov-
cred through the operation Of the gen
eral finance committee, consisting as
it does Of six MEMBERSHIP head Of
each Of the five departments and the
director general.
Loyal Personnel
There hds been a splendid degree Of
loyalty toward the institution on the
part of the employees. Long, hard
work, overtime, without additional
pay, when necessary, and ~considera-
ton toward fellow employees have
characterized the employees of the in
stitution.
The duties of the manager and d.
rector general, respectively, have been
determined by the industrial commits
sion. The manager is the general rep
resentative of the industrial commits
sion in all affairs pertaining to the
Bank of North Dakota, with such
power and authority as maj from
time to time be conferred upon him
by the industrial commission. He APP
points directors and deputy directors
of each of the departments and em-
ploys and dismisses all employees and
fixes their salaries; he approves the
purchase of furniture and fixtures,
supplies and equipment; he approves
surety bonds and depository national
banks and he is custodian Of the farm
loan mortgages and other assets Of
the bank. His duties are somewhat
analogous to those of the federal E
serve agent in relation to the federal
reserve bank.
The director general has direct SUI
pervision over all departments Of the
bank. He gives directions as to the
assignment Of work in the several
departments; he passes upon the de-
cisions of the several heads Of the de-
partments in all matters coming be-
fore them for decision, with the pow-l
er Of veto; he directs the disburse-
ments of funds in the custody Of the
he authorizes, the. expenditure
of funds for the use of the bank; he
presides at the meetings of the gener-
al finance committee: he authorizes
and oversees the preparation Of such.
blank forms as are required from.
time to time for use In the various de-
partments; he outlines the policies Of
the bank; he issues circular letters ito
treasurers, banks and individuals and
memoranda to employees transmitting
policies, plans, directions. advice and
information; he consults withscommit-
tees for various organizations and,
with individuals il regard to the fin
ancial policy TO be pursued; he con-
suits with members OF the industrial.
and with the various
managers III state Institutions III re-
gard. to ways and means Of financing
such industries and furthering their
progress and interests, and he recon.
Mends such legislation as may be .
duired from time to time in the public
interest affecting financial affairs
His duties are somewhat analogous
ID the duties al the governor at t6s
federal reserve bank There Is = clear
distinctions between ne duties Of the
manager m the dulles Of the director
general.
Glad to Have Helped
During The ffrst year Of the oper-
atien of flhe ben1s including the period
81 10 organinlti6n, Ia.held the poltaon
dfrector gene1aI; which Ind 20 Ac
sgllths The inside workings of NM bankIs
Afte the fIrgt year 4 was apffsptnt&i
n addition ~ drf
& essrsb.y sking
" fh49 dslg1Gl1ss 1dldft6ian
sslsi 40 60 a'l ~ q