The Bismarck Tribune Newspaper, February 2, 1921, Page 6

PAGE SIX DRAKE MILL LOSES MONEY; | bonds in the east recently, it is unilet HOME BUILDERS . APPEARS in the emplcy of the bank Dee. 31 LOSER, BANK PROF?TS HIGH Vas Liabilities are listed fas $418,630.14, including an appropriation of ‘$100,- 000; notes payable to the Bank of North Dakota amounting ‘to, $225,000, and an overdraft of $63,602.31, leas outstanding checks, making the net amount $42,761.77. Net. Investment. It ig stated that the net investment in hoilses under construction amount to $278,152.23, covering _ homes also; for which ‘contracts haye not been completed. The administrative ex: pense is said to be $15,367.08, and Is claimed to be only slightly above tive percent. a The assocation has purchased and completed 28 ‘homes, it is claimed. ‘There is no profit and loss statement. The pay roll for the year ending Dec. 31 is shown to be $21,986.18. __ Milk Association A statement of the mill and elevator association follows: General “Fund, Year Ending’ Dec. 31, 19: Balance on hand, Dec. 31, 1919 : Interest cn deposits . y eeceerene reas | Home Builders I >———“—-__—_______——_-6 .. $17,668.31 ° The Home Building association re- 15,000.00 port is very brief, and is made as of Dec. 31, 1920. The assets total $418.- 630.14, according to the report, which Home buyers loans of $18,- ig traveling expefises advanced 15,088. equipment, a deferred expense of $15.- >, 000, being amount said to be expend- ed in organization work prior <9 starting operations, and later, ane in- ventory of materials on hand amount- ing to $0,738.59 and real. estate of] value of $2,000. Continued from page 1) Less: Loss on Drake mill.. Home Builders Assn.. (deferred expense) Expense, Indust jal mission Mil and field work Com- 11,814.35 expens property depr ket losses, organizations and develop- ment expenses. *Bank of North Dakota | + > ' < $ 49,236.70 324.06 5 . 270.63 ke—1919 expense . i The Bank of North Dakota has a) Unpaid aceounts total of 4.64 tied up in closed Received from Dra banks in th vm of redeposits and Advances 3 1,142.26 cording to the report of the! Received on sale ¢ s : 60,000.00 11 Commission on the Bank of! Receiver on demand loans to Ba . D. 650,000.00 North Dakota. Deposits in closed; poe oaney 21 ure listed as $492,- TOtAl ciasce sian sveues peach dona saves $760,978.65 on Dec. ‘6 and loans to closed banks are: Less Expenditures The Bishop, Cash advances to Grand Forks . «+ $905,841.51 | sman report\as of Dec. 3, showed eh advances, to Drake, 1920 48,504.38 3 tied up in closed hanks to ag- Sundry expense, Drake A 12.91 ate sumething more than $6s0,- Fur poe cee 000.00. o M I ‘ Loans to state industries are shown Dearie eae Ped | n : 1425. pata vat Manager’s salary .. ‘5,000.00 addition. OY ng Secretary’s salary 721.56 ‘which later are to be charged as Postage 44.00 loans. under the’commission’s system Mileage 660.00 of advancing money to the state in- Auditing | 239. 70 dustries, of $1 1, or a total Stationery an 139144 amount of money advanced amount-" Tncsiyance ... cee ewe ee 500.00 ing to $945 1. representing about Expenses, 1919, paid in 1920 42-40 ten percent of the public funds on de- x : s posit with the bank. Total Expenditures ...... $964,1646 The total amount of assets as of a 4 4 c. Bl are listed at $16,481,110.83, Bank Overdraft . : $203,190.91 | includes redeposits amounting Bank overdraft as above ... - $208,190.91 ne } » the loans of $875,000, Less outstanding checks ... 5 1 i 9 farm loan amounting Overdraft shown by B. of N. D. ...... Be asieialeiorwe’ etstee $130,608.14 . overdraft! tolaling n overdraft of The report says: a “This exhibit represents the general fund of ‘the Mill and ElevatOr association and is, the control account of thé Drake mill, the Grand Forks terminal and the Fargo office of the Mill and Elevator association. es total the same amount “The exhibit is self-explanatory, with the exception perhaps of the! and include: Individual deposits. | item of traveling expense $907.00, Bookkeeper’s salary $1,425.00, manager's 91; due to depository banks, salary, $5,000, and secretary’s salary, $721.56. .The manager was J. A.: due city treasurers de- McGovern of Fargo N. D. The secretary during’ the. period he was retained 69.47; county treasure due townships, chool treasurers, $964,887 pilities of Bank, 13,- | travling expense constitutes the ex: 10; McGovern. "overdraft $208,190.91, and the item of $130,608.14 overdraft shown by B&nk of North Dakcta. In other words the overdrafts shown by tre Bank of North Dakota, plus ‘the outstanding checks which have not .baen presented ! : for payment, equals the overdraft shown by the general-fund of the mill and elevator association, ok? ah 5. penditures made in transportation, by Mr. king fund on public deposit are shown 192,898.03, with time cer- tificates amouiting to $186,729.84, Farm ‘loans, which aggregate ,$2,- 672,849.52 are loaned on Jand on an a ge of $14.17 per acre, and land, jover the state generally is assessed “al an average of $25.27 an acre, it is said. ie ... Transfers of Funds : The explanation continues “You will find in the. assets of the Bark of North Dakota, mill and elevator association overdraft $130,608.14. Under | the law the Industrial. Commission and the Bank of North Dakota are au- thorized to transfer funds to the. sate industries. to be repaid to the Bank by, such industries. In opter that the commission might at all times know | | ne Amounts which, were joing expended in cone ruetior on.the Grand Forks B areas | ject it was deemed advisable ‘to carry the. checks drawn by ‘tl rand | Farm Loans of Banks. Forks, Fargo and Drake businesses as overdratts pis to have the pe cren Defending the comparatively small Commission thereby, kept iriformed as to the amounts beitig invested at: amount of farm loans the report on! Grand Forks. Then at the end of different periods the commission ‘Would the Bank of North Dak which dit-} authorize transfers and the execution of notes therefor. Since December 31) ft ‘om an audit of a firm of ac-| the commission has authorized-a transfer to the mill and. eléVator ‘associa-. countants in that it discussed the! tion and.such transfer has been-made and note executed to the Bank of North various phases of the bank’s business! Dakota for the sum ‘of $200,000.00 to take care of the overdrafts shown in this! in the tone that ‘is customary. in ad-! exhibit. ministration circles, it is said that) Balance Sheet Ahe total amount of loans amount to ae only 61 percent of the legal timit, and Mill and Elevator Association: says a conservative po! followed, and that farm loans on Oct. | 15 amounted to 75 percent of the leg- Balance Sheet, Dec, 31, 1920, Assets Liabilities - | State of N. D. terminal and elevator fund. 22.47 Ml aie nttiated law passed Nov. 3 ig| Furniture and fixtures .4.........0. 0000 444.03 sate eriticived aeverély, tind it is attacked) GTP Forks Mill and Elevator association, cash 908,841.51 as having been supported by the hank-| ivand Forks Mill. and Elevator association, intere: 13,494.16 paren bap “| Drake Mill and Elevator association. 138,604.38 Sit eeplanation of the item of farm) Accounts payable ........... 6. “i 264.33, loan deposits of $214,000, it is stated | Mterim receipts covering bonds sold: ' | that it is customary to make deposits | Field department, 1919-1920, organization expense.... 15,088709 ‘ during the time in which the loans| Bank of North Dakota. general account.. 203,190.91 are being negotiated. The only dis-| Notes payable to Bank of North Dakota. . on 650,000.00 A pancy. Rae books reported is a, TPeasury bonds Nos. 252 to 1,203 inclusive with Bank a 4 shortage of 54 cents in cash, : of North Dakota 95,200.00 |, ; Regarding money tied up in closed, Bonds executed Nos. 1 to 1,203 120,300.00 banks and long-time loans it, ist Accrued interest on interim receipts 1,088.33 claimed that the statement of Dec.’ Accrued interest on notes payable. ... _ 9405.83 29, 1920, showed 48 9-10 percent as s ear t+ much liquid assets as demand liabili- $1,168,572.17 $1,168,572.17 _ Whereas the above balance sheet ‘shows an amount due from the Drake mill, $138,504.38, it should be noted that this is subject to an accumulated. de- ticit in amount $17,668.31, and which is thoroughly set. forth in exhibit DEFERRED EXPENSEASSETS.. \ ties in banks generally and that the; to the Bank of North 4-10, it heing held that in a strong position as BISMARCK DAILY TRIBUNE , was Mr. A. W. Luehrs and the bookkeeper was Mrs. S. Dodd, The item of ‘ “The only other item which is not ,self-explanatory, is the item of bank |' \ ¢ WEDNESDAY, FEB. 2, 1921 (A_ contingent liability is the accrued loss on upon trades on Dec.. 31. These trades were converted to March options and are still open at the date of filing this report. Tipy are as follows: Sold. Dec. 1, 1920, 4,000 bushels, Minneapolis, March: wheat at $1.48 3-4..Dec. 24, 5,000 bushels, $1.61 7-8; Dec. 24, 4,000 bushels, Minneapolis, Marcn wheat, $1.61 5- “ MILL AND-ELEVATOR ASSOCIATION, DRAKE. NORTH DAKOTA, Incontie and Proilt,and Loss Account Year Ended Dee. 31, 1920. We ete aveui Amt: Barrels 6) $313,348,.98 23,185 15,793.35» 2,383 STAR ~ FEATHER |. RIPE NOW ' \ , ' Sales of flour for year, Inventory gn hand Dec. Cost ‘of wheat into flour 269,028.37 expenses for year 34,137.69 Cost of sacks 13,915.88 Flour inventory Jan. 17,771.67 a‘ 25,587 Milling ‘profit for ye: Loss on cereals ... Net milling profit for year 4,185.11 19 short | (As per, bulance sheet) : 7081 IN SALARIES, in ‘connection with the income and profit and loss account the league | uditing company? lists. the expenses, for; the jyéar ending Dec. 31,1920, as) 69. This includes salaries, wages and extra expenses, $18,370.34, :and | various other items uuder ‘the. heading, of advertising, depreciation, ‘drayage, water, coal, ete, i ‘erpansit Mae ewer ; | ‘The item of supplies is given. aS, $2,325.02 and Is explained in a paragraph | attached which reaus: “In the above, supplies are charged the auditors’ time) and expenses incident thereto together.-with. the cost.of; 4. large amount, of | supplies covering the cost -of a, complete accounting -8ystem: installed Nov. 18, 19: ; : ; : Pre sa | In direct contrast to the. audit report of Bishop. Brissman_ and; company, | the report blames the removal of government control of wheat prices for | | ! ° ANDY CHANEY | Helping a friend out of a hole start- ed Andy Chaney’s ring career. Four years.,ago’ Chaney bought gallery seat at a Baltimore fight. One of the preliminary boys didn’: show up. / * a losses after July 15, which was responsible for, ‘a complete collapse of the | market.” (i % seiacal, UF | ‘The report then declares that during 1920 the Drake: mill. manufactured y approximately 500 barrels of clear flour per month but there. was “little or “IN fight 'im,” said. Chaney. no demand .for clear. flour during the market collapse.”.* *..* .Hedging| He séqred a kayo in three rounds; with optiong on, Wheat was: msuticient protection sincethe price of ciea:| The promoter wag Chaney’s friend flour fell-more heavily-than the price of wheat. Glear flour. represents about! before. the fight. But he became the 20 percent of the output of the Drake mill, go. the losses ‘resulting trom the ¢@kid’s friend for lite for helping him above conditions affected about .20 percent of the total-tlonr production. | out. F , ee eS SOLD ON, CONSIGNMEN'R <0 so The blond-haireil featherweight has “Betweon,July 15, 1920, and Sept. 18, 1920, no.gptions were Bold to cover | had 90 scraps since. wheat and flour on hand and, an ean enment | reRUleIng. I # joie ane to the; ' After Kilbane. : tall in, the price of wheat. (The claim is:made that the mill paid 9 to i2, "3 rine: ¥ cents Shove markel Dp Lae RE aay ‘a a hae ey ot a ener nel Hen ‘phe report further claims another contributing factor the small manu-; - 4 facturing profit of;the mill was the rapid decline in cotton and cotton goods. ghee ickara eaves psec lt cites the’ purchase of sacks either, on. hand or. ordered Dec. 31,-1919, us) Champion Johnny Kilbane. over $17,000, ang says “when. the “bottom: fej}. out in the cotton market the; « Roth: Chaney's manager, Eddie rrice of sacks collapsed” and a 40,percent. loss, was, austained. | Medd-and Tex.are willing to n NOT GOOD OUTLOOK. ; 2s re bestosmeet any LOOK. | reasonable/stipulation in wejght or ‘The report does not present an encouraging Outlook for the small Drake purse to get the match mill saying: “It 4g a well known fact among all persons versed in the mill- | “Jf ‘Kilbane ‘wants frie todo 122 ing, trade that the manufacturing expenses are extremely high in a small) pounds,” says Chaney, “I'll do it.” mil” and that “the most important contributing factor to tie small manu-| = 2 ‘ facturing profit is the small size of the experimental mill.” Pals With Lynch, | The new bantam champ, Joe Lynch, RRR ~~ . : and Chaney are pals and stable mates. RING COLOR night. He found he had gone back too! Chaney ‘always said that Lynch far to catch up with Harvey Thorpe. would wear the crows if he got a de- <o— . | ¢ision with Pete Herman. If Willard lost his crown by acci-| Now Lynch says Chaney ‘will win dent then all crowns are, lost the; the feather crown if he ever gets Kil- same way. B | bane-in the ring in ‘a ‘decision gO. ee Reds who have changed color: Dutch Reuther, Bill Rariden, Mor: ; Rath, Jimmy Ring. Greasy N a Eadie Sicking. Pn Give ’em all you have! _ That’s the way Carl Tremaine of Cleveland fights. | Tremaine is being groomed by his! manager, Jimmy Dunn, for a whach at Joe Lynch, bantam champ. i », He.may not win the title. But he'l put more, color into one fight thar most fighters put in a. dozen. Color’s the kid’s name. Dunn, who tutored Johnny Kilbane into a. title, has taught. Tremaine the | same bag of tricks. f a). Hits to Win, nod fhat’s the use of wearing boxins | gloves if you don't, fight, when you get | in. the ring;” says Tremaine. “Every time you win-you go much nearer to the, top. In his recent bouts with Joe Bur. man at Matt Hinkel’s club in Cleve: i | i i | | opinion without which the best progress. ‘that | ee In the tabulation listed as exhibit 3 the Equitable Audit. company car- ries an. item listed as an asset of $15,088.09 field department orginization expense for 1919 and 1920. In a foot note in connection with this,.audit aving this high percentage of liquid assets. The report sa: the profit for 18 months is $17 50. | company says, “It is praperly an item of deferred expense representing, tue sty isd Sho | poet of establishment of the business (mill and elevator, ass fon) aud in ‘y List § ; the accounting of private business would be carri S. “L agset Salaries aggregated $107,397.20 in| absorbed over a i emia vs sat period of years by the operation of the. bus‘ne:: the year 1520, cere a total salary | In the face of the item being carried as an asset the audit, compe expense of $190,130.09. e | goes on to say: “It is carried on this exhibit as a deferred uss.t but by Among those listed on the pay roll’ yeferring to tables 1 and 22 it will be seeti that it has been ‘charged otf ‘ are W. A. Anderson, former secre-/ an actual toss and not carried as a deferred asset in the manuer customs.’ tary of the Industrial Commission.| in the accounting on private businesses.” es, ; as attorney for the bank at a $1,400 MILL_AND ELEVATOR ASSOCIATION. annual salary, this being in addition | Balance Sheet of De 1920 ad to the Industrial Commission secre- | Cae taryship sal: Accounts receivable Prof. . Assets Liabilities | $10,082.58 land Tremaine ‘showed so much of,; the “tiger” spirit. that the referee had | to. call him down. | The, Marquis of Queensbury rules were forgotten. 5 .. , Fan Pleaser, , But the fans liked it. Both bouts wore good draws with,a shade foi 11, Tremaine the first time and, to Bur: man, the last. yo PNA Ee cane “Um going to keep on giving ‘em all I got." sys the Clevelander.’ | “There's no use in half. doing any thing.” y national affairs. two-inch collar of foam again in Mon- treal. Pos \ = Carpentier is willing to meet Frank Moran ‘if it don’t, interfere with the Dempsey match. Os Grover Alexander, Cub pitcher, Shuoting golf, in San Diego. Paeekey . Roylance. statistician) Cag i and publicity man, receives $3,000 a on in Aer N. 16 ayy year. The name of Spurgeon Odell.. Gash at hank at 144.39 Z who was bitterly attacked during the! Jyyentories: Wheat 41568.39 H campaign and who figured in the * Screenings ‘T1249 } ‘ Langer-Scandinavian-American bank Sa ks 4,371.19 case, is listed as a special representa- mon eG 1.087:50 tive at $100. He tried to sell state Cereals "5450 = + Supplies 1,000.00 AY Shorts 8,562, a Coal 170.00 C4 a7 Consignments 29,861.78 Equity Co-op. Exchange . 24,052.12 2 } Claims Soo Line ...... » 801.95 | Unexpired insurance premiums. A 1,777.61 ' | Plant and equipment . 30,836.54 E | | Less depreciation .. 2148.00. 28,683.54 Advance from general fund, M. and E. PAZO OINTMENT i i _Assn. 138,504.38 lieves ITCHING FILES ang ay {| Deficit as below”. i 17,688.31 can get restful sleep after the z ‘ a 138,604.38 firet application. Surplus reported Dec. i Bese All druggists are authorized to | Interest adjustment 989.71 refund the money if PAZOOINT- Loss on inventory of - MENT fails to Cure any case of of wheat prices 25-58156 ‘ ITCHING, BLIND, BLEEDING or Milling profit for ye "ads. PROTRUDING PILES. Cures or- Balance, deficit as above .. « 17,668.31 Cinary cases in 6 days, the ‘. i $25,591.26 > $26,691.26 worst cases in 14 days. Note—-Of the abave consignments $29,861.72 there has been sold $14,290/15 It is guaranteed by Paris Med- ! for which remittances had not been received at Dec, 31, icine Co., St. Louis, Mo., Manu- ; Bank of North Dakota. halance . $16;262.41 facturers of the world-famous Transit items .......0....66- + — 1,837, Genes Laxative Bromo Quinine | tablets, 6. Lgore This signature is on every box of PAZO OINTMENT. 60c. FURTHER LOSSES PROBABLE. In commenting on the above tabulation the auditors suggest a further deficit in the statement “the assets shown on this exhibit are*carried at their reliable value. Market prices wete used for inventory. With the ,possible. exception of consignments at Grand Forks and Bismarck all assets are cor- rectly stated. In those two cases there is a° possibility of’ partial loss, the amount being entirely a matter of conjecture, ; ‘ As per bank's statement .............0eeeeee _ Biedete $18,000.00 ., -Weight, tried a comeback the other _ Garry Herrmann hae: decided that 5 SUBSCRIPTION RATES | Heinie Groh again will keep the grass ‘from growing around the Reds’ hot -corher. ieee nae -o— 2 White Sox kick un, préposed tax on baseball receipts. They expect bi crowds this summer. rs -0— Rev. Roy Blackman is one of the most popular referees in the middle ‘west. } . —O> Wildcat Ferns, Oklahoma welter- aayearans | oe i eee TS MM I i 1 ~ oo MTT E & é READERS ENTITLED TO BOTH SIDES OF ANY QUESTION ELSE PROGRESS BY You frequently hear it said in some such way as this: \“What I object to, and where I think too many news- papers avoid their responsibility is printing opinions as - news; for then they take away from the public, that must depend upon the newspaper for the major part of its in- formation, the basis for founding that independent A newspaper’s first function is to print the news. k Its views are of secondary importance, but news is the'chicf commodity which the reader buys. The Tribune's policy is tocarry the news to the people every evening without fear or favor in local, state.and -. “79148 NO POLITICAL AMBITIONS TO SERVE. AT IS THE SERVANT OF NO VESTED INTER- is ey x = IT INTENDS TO BE INDEPENDENT IN THE Ls ine 4 HANDLING OF NEWS, HEWING TO THE LINE AND ‘t Pamper ee .¢ i Fontes ten LETTING THE CHIPS FALL WHERE THEY MAY. + Gallege recruit pains, $2,000 sal if ‘ou want to buy news rather than propaganda— wee recived ipo for ‘his first join the ever increasing circle of Tribune readers. Year's ‘wor' with Cubs. aj . ms : : fi Fight tans have hopes of Seeing a "North Dakota’s oldest newspaper. ' Not aclass organ, but dedicated to the best interests of Bistharck, North Dakota and the nation. By Carrier in Bismarck, per month....... By Mail in Bismarck, per month...:........... By Mail outside City Limits and in state at large, MQutside North Dakota, per year.............5... $6.00 | HeTHAMAHAUUAREALEEMUUREANUGUEUOUENNUENAUAEOUETE UO GEUOTEUONTUCN LEU A UAUALEAUUNAAUNOUOUDEEDUNGESSSEAOSFCpUOUUASOOLUNUCANGEdUUENCENNDENOUoUNUNddunneuevensTuNdUceNUeAUneEtOTTHEONeUeNOAUUNAUCHOUEEOEAHEREDUUEHEOENSt \ Dense Philippine Foreste, You may cut an entrance into a Phil- Ippine lowtand forest and so dense and high-ts:the overgrowth that you feel as though you might be In a vast cathe- dral ‘with only ‘subdued’ rays‘ of light entering hefe and there through win: dow panes of heavily stained glass. The sun'Is completety obscured and it Is Impossible to tell the points of the compass. A twilight gloom pervades eyerything and it is useless to even guess the time of day, \ How They Breathe Under Ice. The. ability of a beaver to remain under water for a long time fs really not so strange a problem as it looks. When a lake or pond fs frozen over a beaver will come to the under sur- face of the ice to expel breath, so that It forms a wide flat bubble. ‘The air coming, In contact with the iceand water fs” purified, and the beaver breathes It agaln. "This operation he can repeat several times. ‘The otter ‘and muskrat do ‘the same thing. _ Climatic Changes Due to Man. Tracing the climatic records of South Africa, J. M. Sim has reached the conclusion that the rainfall has not only diminished in the last cen- tury bus has changed in character from soft soaking rains to torrential thun- derstorms, Human Influences—the de- struction pf forests and the ruining of the grass veld by burning—are be. lieved to have been chiefly responsible ! for the changes. > / Had Had His Fling. Ted's mother has given him an al- lowance of ten cents a week, but she has tried to -encournge him to save some of it as a matter of training. Last Saturday she asked him how much he had left. He looked rather chagrined at first and then finally con- fessed that he had spent it all. His mother appeared sorrowful, until ‘Ted added with enthusiasm: “But, say, I sure have lived like a prince for once.” Evidence of Failure. ; We frequently find men of culture who take pride in their art or their science but who have no feeling for morality or religion and are rather proud of the fact. Is.tt not rather an evidence that their culture Is failing to raise the possibilities of experience to thelr highest power?—Minneapolls Journal, je is impossible.” \ 60 60 wat i