Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-02-02
GRAND FORKS HERALD, "WEDNESDAY, FEBRUARY 2, 1921.

total amount expended by the %associa-
ton In its works. The report seems
to assume that this amountswill all be
covered BY the paymepts. 70. be receiv-
have been built or bought. IL.
The report says that since the Home
Building association dug sitS period Of
existence 1t has purchased and resold
four homes. Has built and completed
,S28 homes and has rs homes In varioGs
stages of construction.
No Statements on Contracts
There Is no statement given as to
how many Of the purchasers or build
ers Of homes have received and signed
definite contracts.
There Is, however, an item Of home
buyers loans amounting to $~1S,247.65
which Is explained as representing the
balance due in monthly payments on
homes for whichsthe contract arrange
5ments have been completed.
Material on hand Is inventoried' at
$%90,738.50. This represents cost price
plus freight says the report.
Houses under construction are listed
at $~278,152.23. The balance in the
original appropriation Of $780, 900 is
$1,000.
In connection with the Drake mil:
and elevator report as already men,
toned shows a loss of ~17,e6S.31.
There is a long explanation Of the
| cause Of this loss, which apparently is
summed, up in the following para
graph | e
Between July LIST, 1920, and Sep
TENDER 1S, 1920 no options were sold
to cover wheat and flour on hand and
on consignment, resulting in a loss
; due to the fall in the price of wheat"
1t also admitted that the mill u.s.
! %o;ool u .1osa If tolv fort =,
: per cen on its famous purchase of
sacks. The report states that on De-
! cember 81. 1919, the stock of sacks
on hand or ordered amounted to over
81, 1000. When the bottom fell out
of the corn market the price Of sacks
collapsed, and the loss vas the. re-
suit. 80. ay.,. 81
Tx Sacks Listed at $4,371.49
jM In the inventory shown in the re-
port for December 81, 1920, the sacks
on hand are listed at $4.371.4s.
In regard to consignments there is
no list Of consignees such as was CIV
en- in the audit report of Bishop-Briss-
man and company and showed the
Consumers Stores company as the
chief consignee. There was flour
amounting to $29,861 out on consign-
ment, of which there had been sold
$14,200.15 worth for which remittance
had not been received at the mill.
The full assets and liza bilities Of the
mill given as ~$25,591.36.
81 twill be remembered that, in the
audit report of Bishop-B rissman and
company, no report on the profit and
J loss ofNthe Drake mill was given for
the reason it was charged that it was
impossible to get the necessary
records from the officials.
Summary for Eighteen Months
The summary of the industrial pro.
gram for the eighteen months ended
! December 81. 1920, inclusive, follows;
n, Expenses Invested Balance
0 s1i,s14.s5 2,52s.44 s@1ss,s5s.21
100000 %s5,ooo.oo s.oo'Ooo:o
~32,756.4O 91,566.O7 .........
4. s,51osz5s 3 l~7s.os5.51 D2s5,s56.21
L. Explaining the overdrafts by thu
home building association. and thu
mill and elevator association, the re
port says: Under the Law the indus
trial commission and the Bank o.
North,Dakota are authorized to trans.
fer funds to the state industries to be
repaid to the banks by the industries
1t was deemed advisable to carry thu
Fargo. Grand Forks and Drake bust
ness as ~overdrafts and to ave the in
dustrial commission thereby kept Yin
formed as to the amounts invested
Since December 81, a transfer o.
100000 has been made to take care
of theAoYaTdraftS." o.,