The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-06-26
THE FARMERS DO 1T, TOO.

We find in the Mcintosh Times an
account of the annual meeting Of the
officers and stockholders Of the Farm
ers' Elevator company, Of Sletten, and
we find in it, aside from the interest
ing fact of the financial success Of this
venture of farmers to escape the hum
CRY NAV of the elevator combine"
other matter that confirms an impress
sion we have long held suppressed that
farmers are just as human as other
folk whom sundry editors and ambi-
tious politicians would have them be-
neVe are their oppressors and robbers.
We note that this company bought H.
$50 bushels Of wheat last year, for
which it paid 2,525.72, an average Of
IS cents a bushel, and that it decides
to handle binding Irvine the coming
season. Aside from this it Melted $97. 80
in the purchase and sale Of five car
loads Of feed, and this, with the
net of the wheat business, brought
their net earnings for the year up to
very neat return on the capital in
vested"
Further statements lead US to agree
with the Times. The earnings of the
year show profit Of between "a and
% per cent on the 3O2 shares Of capital
Of the par value Of $40 each. But this
stock does not represent the actual in
Vestment, for we are told that there
was a stock dividend of 100 per cent
divided among the shareholders dur
ing the past year. This would bring
the dividends up to 48 to so per cent
on the capital actually invested, a rate
not exceeded, we believe, by any COM
pany in the elevator combine" Now
We do not note all this for the MIR
pose Of adverse criticism. We are as
heartily glad to see the success of this
enterprise as are the promoters and
beneficiaries Of it themselves. We are
glad, further, to see this demonstra-
ton by farmers Of ability to unite in
business enterprise demanding busi-
ness capacity and to hang to it through
these rocky roads of the past" as
the Times terms the early experiences:
and had they made stock dividends
many times 100 per cent we vouId
say they deserved it, for they had earn
ed 1t.
But the thought that comes to us as
we read this excellent showing is that
or SIetten farmer company is congrat-
uiating itself on having done precisely
what it is the fashion Of their especial
guardians Of the press and stump to
denounce with all their lurid eIouuence
when done by others. We fear
that cur farmer friends at Slet-
ten have not departed from
the methods pursued by others
who have been accused Of "robbing tbs
farmer by watering their stock"
that is, by capitalizng their property
On the basis Of it's present or prosnec-
tive earning capacity instead of on the
actual cash Investment Somewhere
a&.long the statutory lumber Of our leg
iaiation is a law prohibiting stock is
sues except they represent actual
money paid, a law innocuous from its
birth, but expressive Of public opinion
3hat such methods We're wrong. We
ere not saying that stock dividends are
wrong, but we are unable to see the d.
Tidirg line that makes them rightful
When made by, say, our elevator COM
panE at Sletten, and wrongful when
made. say. by railroad or manufac-
turing company. We trust when tho
Populist orator again roans the prair-
ies OF Polk county to tell farmers how
they are robbed by processes which
make stock dividends and large earn
ings possible, ne viii have the good
Tense to see that it Is what the farm
ers' elevator company Of SIctten has