The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1927-11-30

Mills Deals With
Joseph Company
Brought Profit
Continued from page one)
Of feed sales made by the North
Dakota Mill md Elevator associa-
ton during July and September,
1925, to I. S. Joseph at $2l per ton
F. 0. B. Minneapolis, Duluth or
Superior. The statement is taken
from the records Of the North Da.
kota Mill and Elevator association.
Information Verified
"Another statement shows feed
purchases made by the I. S. Joseph
company from several national mill
ing concerns. These purchases were
made during the months Of July,
August and September at an aver
age price Of $2l.10 per ton ON the
Minneapolis market. Attention is
called to the fact that these con-
tracts generally provided for imme-
diate or 3O-day delivery. The in
formation was obtained from the
records of the I. s. Joseph company
and verified from duly signed con-
firmations Of the selling companies.
"A third exhibit is . statement
reflecting cancellation Of contracts
with the !: s. Joseph company by
the North Dakota Mill and Elevator
association. We also show the aver
age price per ton received by the
state mill for feed sold during the
months of February, March and
April, 1927, all Of such feed sold
during such months being available
for delivery against untitled con-
tracts"
The exhibit referred to shows
that the mill cancelled contracts
with the Joseph company for 1922
tons Of feed, paying $10,654 for the
privilege, and then sold the feed for
s., 1852 more than it would have
received had it sold the feed to the
Joseph company for $28 . ton,
which would have been the original
contract price plus the 81 penalty.
Made Q Good Profit
Continuing their comment, audi
tors for the governor said: "Bas-
ing our computations on the aver
age selling price Of feed during the
months Of February, March and
April, 1927, we show that the North
Dakota Mill and Elevator associa-
ton received $l3,939.92 in excess
Of the contract price Of $21 . ton on
the 1922 tons Of feed cancelled and
that the state mill realized $3,285.92
in excess Of the penalty Of $1O,654
paid to the ]. S. Joseph company.
"Other exhibits show feed sales
made by the North Dakota Mill and
Elevator association during the
months Of February, March and
April, 1927, respectively, showing
total sales, number Of tons sold and
average selling price per ton"
The schedules mentioned show
that the mill and elevator sold 1926
tons of bran and 2,815 tons of mid
dlings in February at average
prices Of $1,000 and $29.S1 q ton. re.
spectively; and 4,S3l tons of bran
and $500 tons of middlings in
March and April at average prices
Of $29.81 and $29.93 per ton, re.
spectively.
"A record Of all Of the feed sale.
made by the state mill during The
period from December, 1926, K
June, 1927, inclusive, also j.
shown" the report says. This rec
ord lists 262 feed sales made K
firms and individuals in the North
west during the six-month period.
After advancing the various fig
ures referred to. the report says
"After . careful study of the ex
hibits above referred to the follow
ing facts are evident:
"(A) The per ton price received
by the North Dakota Mill and Ele
vator association on feed sale
made to the /. S. Joseph compan!
was $21 per ton. During the same
months the mill made those sales
the I. S. Joseph company purchases
in excess Of 1000 tons Of feed iron
national milling concerns at q
average price Of $21.10 per ton
and, it will be noted, the deliver.
dates on these purchases We're NOR
favorable to the Joseph compan,
than were the dates shown In tn
state mill contracts.
"(B) The mill manufacture
sufficient feed to fill all of its fee
contracts. Default, where made
was not due to not having availabl
the feed necessary to fill the con
tracts but was due to the selling o
feed to other consumers 1t . highe
price and deliberately failing to fl
'' s{ e;''' That the min. by default
ing in the delivery Of 1872 tons 0
feed, r. Allied = clear profit Q
| $3,20602 in excess Of the penalty Q
$lo.654 paid to the !. s. josef
Statement Without Feupdatien
i "lD) That the statement mad
by the auditor for the state boar
o. auditors that the mill contracte
70 deliver it, mill feed products "a
Z period o4 six months q $2l . to-
Il not 81 accordance with the re
ords, IN tact, the statement IL with
out any foundation.
3The Foregoing facts disprove "a
allegation made BY The auditor 80
the stats board o. auditors that "a
cash payment Of @10y66l made I
the ]. s. Joseph company TOR car
collation. q LIZ tons Of feed W
. direct cash loss 70 the state mi
That naN ~ ae.ea,rafnlv ~ m.