The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-07-04
SOUTH DAKOTA
SUPERINTENDENT.
Cooperation as Praoticed by the
Farmers Around Milbank Is L
Found to Pay.
How They Have Added to Their
Surplus Besides Keeping Up
" Wheat Prices.
speoial to Tho Journal

Special to Tho Journal $3.50 80 =
Milbank, s. D., July 4.-Five years ago
farmers residing in the vicinity OF Mil
bank organized a co-operattve company
with shares at $1b, anu provision that
no person could own more than Two
shares. They bought out an old-line eie-
vator and improved 1t. They Determined
to pay every cent that the market would
afford after providing for a safe expense
account. There was no idea OF buying at
a profit that would pay big dividends. iFhe
dividends were to be paid to every farmer
in advance as soon as he hauled load or
wheat to the farmers elevator.
r The original price paid for the property,
was $3,250. With additions and improve
ments, such as flax bin, dump scales, ETC.,
the property is now. worth $5,1S9.6O. The
improvements have been paid for out or
the profits except $500 received from extra.
stock issued. Up to one year ago three
dividends, aggregating IS per cent, had
been paid, and at the annual meeting last
week dividend Of so per cent was de-
clared, and the neat cash balance Of
81, 1857 left IN the treasury to provide
a total dividend of 115 per cent In five
years, besides increasing the value Of the
property s1,939.60.
The annual meeting was largely at
tended and the reports. of the secretary,
treasurer and Of the. auditing committee
were read and made a most gratifying
showing. According to the books of the
secretary there had been 124, ISL ush-
els Of wheat bought, and 122,Se old,
leaving a, book balance of %1,36-:. - out
the weighing committee found 1,61- lush
els net gain in weights of 310:35 bush
els. The total flax purchased was
7509.52 bushels and 1892 rs bushels sold,
leaving net gain in weights of 71.30
bushels.
The receipts for wheat sold amounted
to 77,0s2.95, from flax $9,25S.66, and from
storage. $144.70, making total Of $685.
4S1.31. "
The amount, paid for wheat was s7s,-
617.03, for fax $9,083.49. =. :. :.
The profits from the sale Of wheat were
s3,465.s2, from flax $17O.17 and from
storage $144.70.
Here are some interesting comparisons
Of the last two years business: The total
amount of net wheat purchased for the
year ending June /, 1902, was IS, S55.35.
The amount of net wheat purchased for
the year ending June /, 1908, was 1874
071.40, showing a net gain In bushels
| average price paid for wheat for the year
| ending June /, 1902, was 56 20 cents.
The average net price received for same
was SO 2-5 cents, making a profit Of 9
cents per bushel. The average price paid
| for wheat for the year ending June /, 1908
was % $40 cents, ant" the net price re-
ceived for the same was 62,.7-10 cents.
making an average profit OF 3 52-6 cents
| per bushel. 81 Y: = =
The capital stock Is now 1885! The
/ estimated value of the property 5 is
IS, 1890 The cash balance, or}surplis;i is
81, 155 81. The actual value Of the stock
to-day iss$2:49h upon Sthe original dollar
| TIissoniy represents =aasrnalf oftfon:of the
value sor bsA II the farmers elevator has
been to the farmers during the past five
years when the fact must be taken into
consideration how the keeping up the
I market price has put thousands IS = .upor
thousands Of dollars extra into the pockets
of farmers that otherwise would have
gone out Of the state. z% r..