The Bismarck tribune., 1929-01-09


the interest Of absolute saftey for the millions Of pube
monte. deposit therewith.
this institution would recommend changes in the law
sns the handling sa % and d f the sss .s .a
which will grow steadily larger from year to year Under
principal payments MORTGAGES There serre-
cation Of these funds principal payments g
mpane sinking fund created the retirement
the preservation Of the credit Of the state we'll good
to constitute the principal made on these
use for the bond
issues investment in state bonds Of similar character
STATE MILL AND ELEVATOR
also have before the question Of the operation Of
stormy 1t has passed continuous years
trial and lit is successful from business stand
tail the various phases of this problem the different
few %as one &
basis for making recommendations respecting its
This project involves outlay Of slightly $455oooo
for construction and operating purposes not including in
financed by the sale Of state bonds The annual interest on
these bonds is From the date Of the issuance Of
%sder q s s bonds Of s. IT Il the % Of h the
general s q the of
which was covered into the State Treasury by the Mill and
opening of the Special Session of the Legislature
All Of the principal of these bonds sl outstanding and
ed On IVY l. lsSs, and paid from general tsxson
According to the reports Of the Mill Auditor this business
has during the past six of operation to December l.
1928 cost the state operating including Of
Elevator bonds and on the plant and equipment
the sum Of sl5s4 This calculation is based upon
same reports calculated the basis the loss to the
state for the Of 1928 to December s5s 30
loss s17os4o1e is great Improvement over 1926
w9rn ese e f1nqes os was with
out BY the Mill management from time to time wherein
The The
two statements are easily reconcabe For some the
Or With dep a'
this charge which period
profit My that eh snd
should be included in the operating cost Of this institutions
Of thi, business second the Mill and Elevator Bond
way which the taxpayers readily the true financial
easily time time what the State Treasury
on m ada -
leve the Of all annual fixed charges
nasuc as the annual fixed obligation for bond interest
in the Of $24as75 nce the of s25oooo the
earss Of whether the industry going concern or not
@ be it al
sansy reduced with good prospects of further reduction
part wisdom continue the operation Of this business
by the state until such times satisfactory arrange
the political economic wisdom of nauguratng this expert
ent but rather with the present. practical problem
to keep the losses to the resulting it's existence
down to absolute minimum This, in my judgment,
now the settled opinion OF great majority Of the people Of
the state without regard faction and it is the principle
upon which the new administration will formulate and
execute its Mill and Elevator policy
Let also observe in this connection that this institution
should in opinion be operated primarily its merits
business enterprise and laboratory agency
thought to be vested with mysterious regulate
the market prices of grain and flour first duty well
as immediate problem in respect to its operation
upon se-supporting basis; and possible entirely free
the taxpayers of the state from the here
tfore found for the payment bond obga
tions To accomplish this result follows that it must
all times be operated with strict regard to established bus
principles in the Mill and Elevator industries, and
free from influences Of politics it humanity
With the view Of placing this business sounder and
more stable basis would recommend that its Management
authority responsibility active Management Of the
Mill and Elevator has been vested entirely the
Of the state The result OF this policy has been unortunae
improper and illogical to vest the entire responsibility
the active management of any institution much less large
plant located in distant city, in the hands of the
Governor was elected upon the definite and specific
pledge that the future operation Of this enterprise should
be removed from the the Governor and placed
under commission of three, majority whom should be
of Nonpartsan affiliations such commission be by
this Legislature and vested with full ample power to
Of he Industrial Commission to periodically audit its affairs
earnestly recommend the enactment of this proposal If
this recommendation adopted and official associates
will pledge to such commission complete cordial and
effective cooperation in the administration business
HOME BUILDING ASSOCIATION
The liquidation Of the defunct Building Association just
about completed All state-owned houses but zone.
been Sold and all contracts in controversy
have been adjusted The debt Of the Association due
the Bank Of North Dakota its only unpaid creditor has
ceeds Of the Home Building deficit tax levy which been
in force since 1929 and from other This deficit will
be fully paid in 1880 The ultimate loss Of this