Jamestown weekly alert. [volume] (Jamestown, Stutsman County, D.T. [N.D.]) 1882-1925, 1921-02-03
Figurcs Fronl Report

League newspapers with one ac-
cord claim that the Audit report
gives the Bank OF North Dakota and
the other league industrial enter
r~iees q clean bill Of health and that
the charges of mismanagement,
faWortism, bungling OF business
methods, losses to the people Of the
STATE, aEas 9disproved by the report.
OF course such editorial comment is
expected to bolster up the waning
reputation of theleague.
But how con sucn claim stand up
in the esteem Of any fair minded res
ident CT the state, when the facts
presented in the report are examined
and analysed.
What can be said of state funds
to- the amount of $4,000 being
deposited in the Scandinavian-Amer-
ican bank at Fargo, which has not
published it's report for many
months, and as far as can be learned.
from the last public statement, half
the total liabilities and more than
half the total deposits consist Of
state funds?
How is it that the Bank of North
Dakota has been diverting funds,
which the people Of the state expect
ed to be kept for current use, and
instead are being spent to build a
state mill for which the bank has
advanced $650,000.? No bonds were
sold to huild the state mill CT taxes
levied for that purpose.
4 How is it that $225.O00 from the
same sources have been advanced to
sthe Home Builders Association.
How is it that nearly $3.00O,OOO
of tax PAYERS money has been tied
up in thirty year farm loans?
The bank in it's disbursements Of
public funds has put approximately
s4.00n.OO0 of the tax PAYERS money
out of use. and unless state bonds
are sold to replace it there is no wav
of getting it back. Bond buyers will
not purchase bonds of the state un-
less there is certain law requiring
specific amount each year to be set
aside in safe depository to repay
the principal and also to provide for
specific payments of the interest. At
present the Bank of North Dakota
is given authority to use in anv
manner. anv funds of anv kind which
are received at the institution and
no libility or penalty is provided as
check on the expenditures Of the
funds. "a
The Home Builders Law. as near
as can be learned. has been manag-
ed in such a way as to cost the state
or the tax payers about $4,000 more
for each honse than the state is per-,
mitted by law to expend. There are
sixty two houses. wholly or nartlv
EcOmpleted end the denartment has
expended about $376 600. It is alsn
charged that the huMfling material
purchased by the assor;ation is an
proximatelv $50. 900, bought when
materials were at the verv highest.
on which prices have danreciated
from 20 to 30 per cent. 1T is seen
in an analvsis Of the money spent bv
the Home Builders Department that
the total overhead: exnensa has been
8s42.756. a. since the .Genartment
was established. Twenty houses are
ccmn,oted. = tho balance under con-
struction Vi; The average, overhead
4 costs is. s712 go which. viii be IN
Icraasad n,ataviallvs when the other
houses are completed Lack of pro-
nar business r'et thods In the hand
ling OF these large; sums OF money
are al own the renort. "a, II fS.
The report also !, shows that. the
Drake Mill has lost from = 20. 900 to
\ 20. OOO a apparent tlY thru the firanc--
Ing Of consumers stores with fnnr, q
4sT',ich .f'ti ray'' 'tted tor when I'D
the current price s s5SS4 ss.s5 q l.t.
ss Then the entire Tsbnrt geste
& and the facts con Is edsares un Ed
I'd ] and nut fin3 shRna ffnr the nAonie5
tD und darstand the scI IafNis tite IA
port gives the hi dlstrial am terpFltSs
4 clean hill o1E heal teilss 11at.s