St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-03-09

tonna on the south and four miles Of
Faribault on the west. Many Of the
farmers hauled their grain from fifteen
to eighteen miles to reach the Kenyon
market and considered themselves we'll
paid for driving the extra distance.
The prices tor wheat were also close
and most of that cereal was bought by
the mill. which is a large consumer, at
the Minneapolis market less freight.
1t is estimated that $4,000 bushels OF
wheat were marketed here.
The plan under which the Kenyon
company is operated is a most popular
one in that nearly all of it's customers
are stockholders and there are no
Objectionable features in the conduct
ing of its business. There had been
paid into the treasury on March /,
$4,000, by 800 stockholders. OF this
amount all but five shares are owned
by business men of Kenyon or the
farmers of the surrounding country.
The single exception shows the value
of newspapers and is worthy of note.
The Kenyon Leader had published the
full reports Of the meetings prelimi-
nary to the organization of the COM
pany. One of the subscribers of that
paper CHANGED to be August Anderson,
of Company F. Twentieth United
States infantry, stationed at Leaven-
worth, Kan A few days after the
q
Brusletten. treasurer of the company,
received $50 from Mr.. Anderson in pay
ment for five shares of stock. In ad-
dition to the $4,000 already paid in there
has been subscribed $500, which may be
paid in at any time prior to April ].
At that time the price of stock will be
advanced to $12 a share Each stock
holder is entitled to one vote and only
one, whether he holds a single share
or twenty, which is the greatest num-
Der any person may own. AT the pres
ent time the largest number Of shares
owned by single holder Is six, and
the average holding is one and half
shares The actual value Of the stock
is now SIS a share, which is S. above
par. The premium represents the net
profits of five months business, which
will be retained in the treasury as
working capital In order that every
farmer may be interested in the COM
pany the time that stock may be sub
scribed for at par has been extended
to April l.
The management of the business is
left with the general manager, who
buys and sells all the grain and en-
ploys whatever additional help is re-
quired to carry on the business. No
one interferes with him in the matter
of establishing prices or any other de-
tails of the business. He receives an
annual salary OF 9l,OVO, anu luItlSIlco
bond in the sum of $4,000. The treas
urer furnishes q bond for the same
sum and the officers and directors are
paid $3.50 for each day they are en-
ployed on company business. The
board holds quarterly meetings. and
at these meetings the books of the
company are examined and the &C
counts of the treasurer and general
manager checked over Insurance is
carried on the warehouse, machinery
and grain. At the present time this
amounts to 81, 900 and is divided as
follows: On elevator, $4,000; machin-
cry. 81 900; grain, $500.
After the elevator was built 1T was
decided to put in a feed mill, as the
power required for elevating grain
could be utilized for operating mill.
This was done and, although. the
charge for grinding feed Is very small,
there has been a profit from this
source since the mill has been operated.
At the annual meeting in January the
result of the business, for the i've
months ending Dec. 81, 1895, was as fol-
lows: -
EXnenseS ........ NEUTRALITY-SUSPICIOUS.. l,o5o "A