The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1923-02-01
HEAVY DEFICIT
INSTATE.BANK
NOW ON BOOKS
Report of Industrial COmmis.
sion Puts Loss Over Earn
ings at $273,555
DRAKE MILL PROFITS
Shown to Have Made Money
Over Expenses During
the Last Year

The Bank of North Dakota now
has loss over earnings of $273.-
$500, according to the report of
the Industrial Commission, filed
with the Secretary of State today
as required by law. The report is
as Of Dec. 81, 1922. This represents
an increase over a year ago. In the
report of the bank as of December
81, 1921, there was still shown
profit, the Bishop, Brissman report
not having been acted upon. On
June 20, 1922, the loss was shown
as $124.7O7.79
The farm loan department. has an
operating loss of $34,s61 in the last
year, the report shows.
The assets of the North Dakota
Home Builders Association "are
gradually sinking, its liabilities
growing larger and there is no way
to prevent the one nor retard the
other" according to the industrial
commission, report.
On the other hand an improve
ment in the affairs of the Drake
flour mill is reported by the COM
mission. This mill, which has .
maximum capacity of 800 barrels a
day, showed a profit of $3,6l9.17,
during the year ending December
81, 1922, the report shows. No ac-
count is taken of loss of $S0,253.5O
in previous operations Of the mill,
wht,h was written off the year
previous after an audit. it is stated.
Favorable activities of the Indus
trial Commission as given in the
annual report include the negotia-
tion of the sale of hail warrants
made by the commission with Twin
F, City financial houses, in which the
| usual discount rate was cut materi-
ally a year ago and recently sales
made at basis Of almost part. The
/ sales of state industry bonds durine
i the last year also are reported as
satisfactory, recent sale of $780,
900 of farm loan bonds being made
on basis Of 1902 for 5h percent
bonds, or at the rate of par for
bond AZ percent bonds. This will
result in lowered rate of interest
on farm loans made by the Bank Of
North Dakota, it is stated.
Describes Activities
The report, describing at length
the activities of the Industrial Com
mission during the year, is made
by the commission and Lewis F..
Crawford, secretary.
Comparison is made in the report
to the situation existing with res
pect to the state-owned, state-oper-
ated enterprises when the Nonparti-
san administration went out of pow
er on November 26, 1921. Opera
tions of the Home Building Associa-
tion have been suspended as far as
possible because of the deficit of
the association, which engaged in
the purchase of building materials
and building of homes for over %
persons.
The final loss depends, it is stat
ed, on the result of litigation now
pending in which home buyers con-
tend the cost of the houses was
greater than bargained for. Because
payments are not kept up by home
buyers the loss is growing steadi-
| ly, it is stated.
Drake Shows Profit
Leaks at the state-owned flour
mill at Drake have been stopped, at
least temporarily, the report says.
During the last calendar year the
mill manufactured 1873 barrels of
flour at cost of $18,O96, or $1.2O q
barrel. Under the Nonpartisan ad-
ministration, it stated, just ID bar
rels less were manufactured at q
cost Of $32,829, or $2.19 barrel in
1921. Office salaries were $6,7O7 in
1921 and $2,479 in 1922. Mill wages
dropped from $11,905 to $780,
"Our report for the year 1921,
supplemented by the Bishop, Briss'
CONTINUED on Page Thres)