Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-08-03

464.36 on lumber costing 3d.
429.35 shipped to Grand
Forks early last fall, a bill Of
sale, filed at the office Of the
Grand Forks county register
of deeds shows.
This means that the state
incurred a loss Of approx
J rnately 50 per cent on the
shipment.
The lumber was sent to
Grand Forks in the early fall
of 1920 when it was planned
to embark on home building
program in this city and was
stored near the state mill and
elevator. The greater part of
it, amounting to nearly FIVE
car loads has now been sold
to local lumber company at
> the loss shown above.
The bill of sale for the lumber IL
signed by Lynn J.. Frazier, governor,
and William Lemke, attorney general.
as members of the state Industrial
com mission. and j. B. Adams man
ager Of the home building association.
Purchase Price Shown.
Invoices show that the lumber
was bought BY the Home Building
association, and shipped to this
city, the purchase price for the
consignment being 80, ,428.35. Of III
this total amount, lumber valued N
& at $353.i2 was used by the MIL
and Elevator association.
The remainder Of the lumber
which had cost 50. LOTT. .23swas soM
loss or 45,s56.56. In addition 10
this the Home Builders asspcdA-
d ton incurred an expense Of $1O7.-
80 for draying, making . total net
loss on the transaction Of $5,464.-
Sc. A
Other Losses
There are other expenses to the
Home Builders association which en-
make the loss even greater. For ex-
ample. Mr.. Adams, the manager Of
the Home Builders association made
several trips from Bismarck to Grand
Forks in connection with the deal. the
last one being made by auto. On this
occasion he remained in the city for
some ten days The Home Builders
association was also put to consider
able expense for repiling the lumber.
The amount of expense incurred in ,
this way however could not be COM
puted definitely. There would also be
the item of interest on the invest
ment, in the neighborhood of $500:
At the time Mr.. Adams was In
Grand Forks making the arrange
ments for the sale he said that tho
loss to the Home Builders association
hood of $1.500. A comparison of the
bill Of sale, and the. invoices which
show the original costs Of the ma
terial however show that the loss was
over three times the, amount antici-;
pated by the manager.
Mr.. Adams also stated at the time
of the sale that the lumber was being
disposed Of because the sale would /
result in less loss than would con-l
tinuation Of the policy OF CARRYING the
material in the yard here, without /,
putting it to any use.
Other Stocks to Be Sold.
The Home Builders association has
lumber costing some $4,000 In vari-
Gus yards around the state. Mr.. Adams
said. and all of this is to be sold.
Whether the. loss in all cases will be
as heavy as that incurred in Grand
Forks Is not known.
The loss has been caused largely BY
the policy adopted by the Home
Builders association at the time It
was started which included. the ac-
,cumulatinE OF large stocks Of Lumber
at various points in the state and per-
nitting them to lie idle until use was
found for the material. Lumber prices
have dropped heavily since the ma
terial was bought.
Lumber I1es Idle
In the case OF Grand Forks the
stock was shipped here with the idea
that q local branch Of the Home
Building association would be started
here No such branch was ever, form
ed, however, and the result has been
that lumber has simply lain here idls
and the only return the Home Build
ers'5 association has ever received on
It has been the. selling price now re.
cefred. II yt5 z X i VI .sys Sls4 81 Va. IS
Supposedly the loss incurred BY the
sale OF the iurnber In Grand Forks and
elsewhere viii have to be borne by
the SindiyidnaIs who have had houses
built for them by the Home Buflderss
association, or by future home build s
ers or buyers in the event that the,
affairs OF Sthe Hume Builders aAsocia.S
I, ,tion are not wound up. !,
--- tes h
70 ss.