Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-06-05

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GRAND r
sTTT sT.S- ~
Or positions, reduced the salaries In
other cases, but has also sought and
" every taxing body in the state Of
North Dakota lnSaaEeneral campaign
Tor the reduction OF expenditures;
with a~,SeonAeaUent decrease In tai
through aSbyrdAns OF our people sure
to fohqk-----IHSV ix district tax supef-J
yisors, Needless and largely suselesg
befors.. we're abolished altogether.
and ahpUt#tWenty thol6and doilxfs A$S
year ns$salarlesSsandsfcx saved
Expensea Reduced.
The salary Of. the manager OF the
bank was cut from ten thousand dol
lars a year to- i've thousand dollars.
and the salary list in. May, outside OF
the farm loan department was 33,-
6S7.l6sas compared with ~$7,024s20
last November, and $7,D6o.29t last Au-
gust. Tho average monthly expense
Of running the bank during the last
six months of Cathro's term was $12,-'
611.0.7,. Al compared with In average
monthly expense Of 35,6s3.z0ssduring
The 5past Ave months nth Of Green's man y 4
iii connectionsSwith the farm loan
department, we have secured one Of
the most competent me In the state
to re-organize that department, de-
wise a system of bookkeeping adapt.
ed thereto, and to get 1t going in full
blast to serve the people during the
spring and summer. He has done a
splendid work and the department is
now rendering excellent service.
WhenSSwe took charge of the Farm
Loan department there were only
about seven million dollars to be
loaned out. The need of the farmers
Of our state was so great that this
sum would not supply all who had
security and who desired loans. We
have. therefore, caused to be initiated
a law which will increase this allow
ance bN ten million dollars. thus en-
abling us to 60, ahead and relieve
the present distress OF the people UNI
til the next legislature. can make ad-
ditional provision.
ITO take charge Of the farm loan
department after the unbusiness-lik
and slipshod way in which it had
been conducted and the records kept,
was more diAicult and exasperating
than to organize 1t anew-Not only
did Mr.. De Nault have to-devise prop
er forms and records. and train the
needed employees, but he had to de-
vote much Of his time and energy
to the task Of closing and cleaning
up the business otthe former admin
istration; a large number OF loans,
where the money had been paid to
the owners not being closed for a
year or two because Of defects in title
and for many other causes. Not only
! kl-k n,,k Ah~ Ala 1ANnSr~Sut~1k SA~ hn n
developed the bad habit of sending
the money out to banks as a special
i deposit with the request that such
bank get the loan closed and the
money paid over. At the close Of the
old administration, $4S,S00 of such
money was in the closed banks and
$4,000 in other banks. where 1t had
been in most cases for more than one
year. In spite Of all the work. put
in by Mr.. De Nault, we still have
$4,000 Of old loans that we have
been unable, to close. Mr.. De Maui
and his organization have now bull
and satisfactory foundationNw with ade
: quate records and complete, informa
ton gathered for the needed prelim
: mary appraisals in the future.
i Farm Loans Made.
We find that loan application APP
! praised january Ito May ~ amour
| to 100 loans. $~3,488,600.
Approved for closing 5S6 loans
Loans accepted by applicant an,
in process Of closing $91S,850.
!, Amount paid out on new loan
$~633,44s.27..
! The volume Of business has gradu
{ ally increased until in May loan
8 -. ~ Az ,,ouA1oH of q rofo.Hnf an
, proximately a quarter of a million pc
: week. During the four weeks May
to 28:
Loans appraised 81 at 1 1928, 45l
8 Loans approved for closing 275 a
$685. 900. :
Loan papets sent out for. signature
r EOS at $744,500.
t The Mill and Elevator.
knowing that q large .%proportio'
of the farmers OF our state desired t
. conduct an experiment in state-owne
and operated milling and warehous
ing, and since the state had alread
invested nearly q million and a quar-
5 ter in the project at Grand Forks
we have proceeded to deliver tn
bonds to thaw out the frozen fund
q used for construction and to sell sui
4 ncient additional bonds to, complet
\ this mill and elevator and adjoinin
) buildings, to install the requisite ma
: chinery and to get. both the mill an
the elevator ready before this year
n crop is -threshed so that we ,can\ con
duct the milling and warehousing eS
y periments that the people OF Jul stat
wish. This. project , Is now bein
completed with all convenient speec
r economically n well, and the out
al look is that by early fall 1t will b
ready for business. About ESQ me
j are being employed in the construe
q ton work on the mill at this tins
4 The contracts for the remaining ma
chinery and equipment have been le
and all preparations made to com
: plete mill speedily and well.
4 Take 2-NESTOS SPEECH
g ut appears that some candidate
and a few supporters Of these / ar
: advocating the scrapping Of the Who'll
i so-called industrial program withou
sense. The mill and elevator will b
= completed before fall; the main in
vestment will then have been made
and it seems to me that it is blu
. right and just and wise to give it
9 full, fair and honest trial, since W
I have our none in it anyway. Onl
: it should be done in a businesslik
: way; economically and we'll.
Home Building Mess.
"In no department of the stats
e business, and in none of the indus
+ tries conducted by the state was tn
failure more chastity. and the husi
ness MANAGEMENT more ineflcien
than in tha conduct of-..the, HON
Builders. In q total expenditure G
e ~s52s,4s0.22. as indicated by the audit