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Show STATE INDUSTRIES SHOVniET PROFIT Legislature Gets Report on Business Conditions BISMARCK. N. D.. Feb. t. The annual an-nual report of the stale industrial commission, submitted to the secretary secre-tary of stale and the North Dakota legislature, shows net profits of all state owned and operated Industries combined totals SUf.437.7S up to January Jan-uary 1. The gross profit of the Bank of North Dakota Is given as S3u.67.23. from which "live deducted $24,108.07 of appropriations used, $100,000 due and paid as interest on 2.000.000 bonds, and less reserve for depreciation of fixtures of I9860.CC. This left the net profit 17S,9.0, the report said. The Drake Mill and Elevator association asso-ciation showed a loss of tt7.8.Sl. Other Items reducing the profits were: Home Building association, SIS. 000, which Is listed as deferred expenses; expense of Industrial commission, 911.-81416; 911.-81416; Mill and Klevator association field work, tl 5.088 0. In a summary, Secretary H. A. Paddock Pad-dock says that the net profit "Is over and above all expenses, property depreciation, de-preciation, market losses, organization and development costs." Regarding the Drake mill, the report points out that the books showed a profit JutyTSS. but that after that-time' the rapid decline in grain prices resulted re-sulted In a loss, which caused the Northwestern miner, at Minneapolis, to state on January IS that any mill "which closed ts accounts on the right side of the ledger Is to be congratulated." |