Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-02-01
GRAND FORKS HERALD, WEDNESDAY, FEBRUARY 1, 1922:

run almost two years and one-half,
and that it has gathered only this
amount Of individual deposits subject
TO check proves THAI as a commercial
bank it meets no weil-defined need"
he says. There is no commercial
function now performed by the bank
that could not, be equally wei per
formed by existing financial agencies
at a great saving to the state
Political Services.
The losses Of the bank, he says,
seem to have come largely from an
effort to be OF service to political
friends, The payroll was overloaded
with inexperienced employees, the SAL
aries Of some beyond their worth, the
publicity, department was a heavy
burden and inefficient handling of the
far mloan department was costly, he
says.
I'm several instances it has been
found that mortgages have been TAX
en- on land where there Is no RECORD
evidence Of title" he says, Of the farm
loan department. "All Of these cases
arc being investigated and will be
handled with a view Of protecting the
states interests"
There appears, he says to be a
difference IN tho reconcilement Of the
1 ! OoPCI "A O0IiNa Va ooPS A~
the Peoples State bank of Casselton,
which matters are in process Of ad
justment.
There appears to be a. shortage of
81, 900 between the depositary banks
outside the state and the books of tho
| Bank of North Dakota" he says.
This was occasioned by an error in
the transfer of funds, evidently. We
understand the bank has exhauster
! aServ offnrf ~ try IA h10cofo fhic die.
crcpancy without success, and unless
the audit of the Bishop-Brissman
company discloses it, 1t seems as
though it will be impossible to locate
it as about a year has elapsed since
the discrepancy was discovered"
Industrial Commission.
The Industrial commission spea,
approximately $4,000 in prone citing
bond sales. according to the secretary
Auditing expenses paid by the com.
mission also amounted to a great deal
he says.
"Tt would seem as if little care wa:
given TO checking UP the purposes O
Some of these expenditures" he says
referring to the BON sale expense
Tor example, Carl y. Thompson o
Chicago turned in al least five sep
arate bills for Chas. Edward Russell,
story of h Nonpartisan league-on'
being for 81 copies at SIPS each. o.
a total Of $63.75. We "a see how thi
book might extend tho membership
OF the N~onpartisan league. but is j
even remotely connected with the sal
Of bonds? Yet this item. as well a
others herein mentioned and man,
more of similar nature, were audite'
n paid for by the former commits
sion Two items. one for two fountai:
pens, $3.50. n one for 100 bushes
!, cards and plates furnished arc of in
terest. Is it the duty of the commits
sion to furnish fountain pens an
Mates for business cards? Anothe
item of expense incurred by Carl I
: Thompson was for a telephone mes
. sage from Chicago to VIM. Lemke a
| Bismarck for $500 and one to E. I
: Ladd in Washington for s11.5O, ir
: wiling them to attend the America
l Federation of Labor conference j
Chicago n ten days later. On
u might questions whether these invita-
y tions could not have been nve
> by cheaper ear Then too ther
| were bills paid to the Biltmore hote
New York. for over $500 for a singl
week n Mary McFadden collecte
$3.50 for entertainments"
The total expenses of the Indu.
q trial commission in 1921 were slS2
305.47, he found.
Q Drake Mill.
The Drake mill losses are placed
8 s74.S79.12 as of Dec. 81, 1921.