The Devils Lake world. (Devils Lake, N.D.) 1920-1982, 1921-02-02
Clean Bill For Bank

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Annotated Press Dispatch:
Clean Bill For Bank
The report Of the condition and CO.
operation of the Bank of North Dako-
IA is substantially the same as the
statement issued by the banks own
officials. To quote the audit report
on page five, Except for some
minor adjustments made by US, the
within balance sheet is in accord with
the general ledger balance as at said
date"
This means that the states mamoth
financial institution on December 3
showed a surplus of $4,000 and un-
divided profits of $4,000, or a total
surplus of $4,000. The Bishop:
Brissman and company auditors have
certified to assets aggregating in
excess of $751; 1870, 900 and liabilities
of SIG, $4,000, which shows assets far
in excess of liabilities by $2,180,000.
Funds Properly Accounted For
All funds were found properly ac-
counted for and no criticisms were
made on either salaries paid or on
the expense contingent to the opera
ton Of the institution. Comments
made by the auditing firm were direc-
ted only against the law creating the
state bank, altho such criticisms were
entirely outside the province Of the
accountants hired solely for the pur-
pose of determining if the institution
were properly managed or if the
states funds were being improperly
applied.
The concluding paragraph of the re-
port on the bank declares
"Every facility was afforded US in
the within examination and we &C.
knowledge the cooperation and as.
sistance of Mr.. F. w. Cathro, manager
and director general, Mr.. L. P. Nc.
Aneney, credit department director
Mr.. A. Johannsep, audits department
director and all officers and employees
as required"
Home Builders
All funds of the association were
found accounted for and, as in the
case of the bank, the officials of the
association, R. B. Blackmore, manag'
er, and John B. Adams, bookkeeper
were commended for the cooperation
they rendered the auditors.
Limited time and alledgcd lack o!
opportunity to examine the records a
Grand Forks and Fargo Offices wer'
given as the reason for failure t.
make a complete audit Of the Drak'
mill.
Standpatters Staggered
That the report of their own picke'
auditors on the Bank Of North Da
kota and the state industries ha
literally given the I. V. A. standpat
tiers the blind staggers is born witnes
to by the bowls let out by the orga
Of the Cass county crowd on the q
In it's determination to misinterpre
the report to the people, the Forul
not only made no mention OF the 81:
marck Tribune's report, but forge
to print the Associated Press di'
patch that bore out Mr.. Gummerson
dispatch to the Courier-N News an
also overlooked some interesting mil
ups in the Bishop, Brissman repor
Strange Oversights
For instance, in their report on tt
Home Building association, Bisho!
Brissman & Co.'S. criticism is direc
ed at a cash fund of $1,000 on pat
one as not having deposited, viii
on page II Of the same report II
item is shown, not as cash, but
two certificates of deposits for $1.0
each that the association had taxi
in part payment on homes.
Again. statement is made in o.
mart Of the report that some $3.50
u home builders funds had been pa
sut without the usual vouchers havi1
aheen written. These vouchers we
In the files all the time and are NJ
waiting to be brought before the CO.
mittee Tor submission o. evidences
sfhe failure Of ythesauditoss 20 pre
uiy exazuine theeindustEy. J.
II Once more, the. statement is ma
sahat q physical inventory was ria
~ The Drake mill. Sworn Statesmen
- MIN workers and employer dseli
Yet .eain, Tie Forum % he y
stated in its headlines that 4Bank
North Dakota had $917,000 in
a anks that have been closed =
aAssociated Press dispatch states 4
NE11sas sBssili6