The Sisseton weekly standard. (Sisseton, Roberts County, S.D.) 1892-1929, 1921-01-28
BANKOF NORTH
DAKOTA GIVEN
A CLEAN BILL
Audit Boards Report Puts
Assets Over $2,000,000 in
Excess of Its Liabilities

T.. w. Cathro and His Staff Conn
mendcd for Whole hearted Coop
Grafton in Work as Well as MIR.
l5lalSelnole and His Employees
Information on Drake Mill Opera
tiOns Lacking.
BISMARCK, N. D., Jan. 25.-Ths
report of the audit of the Bank of
North Dakota, the State Mill and
Elevator association and the Home
Building association was delivered
today to the state board of audits
and the two houses of the legisla-
ture by Bishop Brissman and COM
pany accountants hired by LANCER,
Hall and Kositzky to make the au-
dit.
The State Bank of North Dakota
b given clean bill of health.
Following summary Of the find
ings of the auditing company in
connection with the complete audit
of the Bank or North Dakota and
only partial audits of the Drake
mill and the Home Building associa-
tion.
Clean Bill for Bank
The report of the condition and
operation of the Bank of North Da-
kota is substantially the same as the
statement issued by the banks own
officials. To quote the audit report
on page five. Except for y
some minor adjustments made by
us, the within balance sheet is in
accord with the general ledger bal
ance as at said date"
This means that the states mann
moth financial institution on De
cember 3 showed surplus of $780,
900 and undivided profits of $780,
900, or total surplus OF $lSO,00O.
The Bishop Brissman and company
auditors have certified to assets ag
gregating in excess of $1S,83O. 900
and liabilities of SIG, 6,650.0oo which
shows assets far in excess of liabil-
tiles by $2,1SO,OOO.
Funds Properly Accounted for
All funds were found properly
accounted for and no criticisms were
made on either salaries paid or on
the expense conlirgen t. the oper-
alton of the institution Comments
made by the auditing firm We're di-
rected only against the law creating
the state bank a'tho such criticisms
were entirely outsiue the province
of the accountants hired solely for
the purpose of determining if tine
institution were properly managed
or il the states funds were beirg
improperly applied.
The concluding paragraph OF the
report on the bank declrres:
every facility was afforded us
in the within examination and we
acknowledge the cooperation and
assistance of Mr.. F. w. Cathro. man
ager ard director general. Mr.. l..
p. McAneney, credit department di-
rector, Mr.. A. Johannsen. audits de-
partment director, and all officers
and employees as required"
Spent Much Time
1t is stated here that five men
we're employed at Drake for 10 days
making the audit. This is held by
authorities to be sufficient time to
prepare a full audit. The records
at the Grand Forks and Fargo Of
\ fees have no bearing on the operat-
ing statement of the Drake institu-
tion. The approximate cost of max
ing the "audit" at Drake, including
expenses of the men, is said to be
$1,000.
The I. v. A. faction of the legis-
lature was evidently stunned by the
tameness of the auditing firms re-
port. There Is nothing In the vol
luminous documents on which the
enemies Of the state industries can
hang one charge Of maladministra-
tion of mismanagement of the state
Industries; nothing to back up any
of the wild rumors which the kept
press have been circulating thruout
the state since the establishment Of
the industries.
The supporting papers OF each