Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1904-11-25

state of Illinois, We were inc )rporated
for 81. 500 with shares at $25 each an l
seventv-six stockholders. II csc We're
the best and most extensive farmers
near the village. For some time prior
to this date we had been organized,
and thought we had a bin bought that
would do until we could increase our
stock. get into business and know more
what would be needed in GU new en-
telpiise.
rhere were no farmers elevators in
this locality, and all eyes wer. upon us.
Some good men would not take stock
with us yet said 1T was good thing;
we want to see you try it. You may
have our grain" We got into a mix-up
with an old line firm that h I'd bought
grain in Anchor for many years and
were buying at this time in one of the
best and largest elevators in the state,
but which they were operating under
lease, the house being the property of
the railroad company.
About the time we got oft of this
trouble the other company Ding bust
ness here concluded that ''one year
would do the old hyaseeds. SO leased
sud hayseeds their house fol. one year.
We took possession November 2, 1903.
The next April this firm sued us for
possession, claiming brea III of con-
tract. The court saw it differently,
however, so we kept on.
We have been prosecuted us is nearly
always the case where fir n starts in
o. new locality, but our litigation was of
a kind that brought us custo m and any
one could very readily see that there
was a determined effort to get rid of
us. Why? Simply because there had
been for years absolutely 20 competi-
ton in this locality. There were two
big houses. one of 40 thou sand bush
els capacity and the other one 100000,
but tn price was always TIE same
One of these firms was in business
five miles on one side of us, one on the
same railroad, the same distance away,
but the farmers were paying sometimes
as high as three cents per bushel more
for grain, and seldom ever did they
come within one cent of US. Wasn't
that reason enough Qor the ny to want
us out of the road?
We were determined from the start
to have a house of our own; tried long
AMI hard to get lease from the rail-
road SO that we could be ut home af-
ter November 2, 1904" but they turn
ed Is down We began preparations
to increase our stock, buy location
ard bald a side track. .'he railroad
company then came with proposition
to sell US their house and terminate
the lease of the firm who made us so
much trouble IN our efforts to protect
ourselves and we bought.
The amount of business we have
done in that time-well it's very hard
for some people to believe, but our
books show it ESQ do our profits).
We took possession of "our" house
July 1 Qast) and let the other house
go back. We did busir ess in that
house eight months. We bought and
shipped during that time 295,O00 BUSH
els of grain. We shipped to one firm
alone almost $4,000 worth of grain
Exclusive of freight and oommission).
We did practically all the business and
bought of many farmers who had for
merly hauled to other tow is.
Last June, when we found we could
buy the companys house we increased
without trouble this time) our stock
to $4,000, took the new stock in July
i. so had to divide up oui loss our
SO. 500 had cleared us $4,3f5. or just 125
per cent in eight months. beside very
handsome profit on our Grain by SELL
ing for what 1t was worth.
Since July 1, we have done practi-
cally all the business and expect to
continue doing it. But tile grain was
delivered in July. In August, we took
in $4,000 bushels. Since August i. we
have taken in 10000 bushels Of oats
and $4,000 bushels Of old corn and
have bought about $4,000 bushels new
corn.
No manager can make this business
a success, neither can a board of d.
rectors You must first have loval
stockholders, then business-llke
board Of directors and square, con-
genial man for manager Cat good
salary or he isn't a good man for that
place; good men command good pay.
We treat every man alike. from the
president to the non-stockholder with
but one load of grain. We aim to make
a fair margin. Our first dividend was
a great surprise to us tnat we did so
much business on so snail capital.
We had at one time $4,000 borrowed
from banks but never overdrew one
cent on our commission. firm.
In borrowing this money the darec-
tors signed as individr ais, not being
at all afraid of losing orr farms as our
opposition declared we would do.
EVERYONE of our sto ,kholders talks
for the business and are satisfied with
the management They number now
1876. so what disagreeilble business 1t
would he if good portion OF them
were cranky or afraid someone else
got favors not accorded them. Com
mission men who turned US down when
we first began to ship are now sol1c-
ting our trade. eve t'lrn them down
every time.)
There seems to me nc reason why, in
a grain locality, the farmers should
not buy and ship their own grain.
There is profit in III. You feel more
Ike free American citizens than If you
are tied to Some buyer who in turn
is tied to the grain bu.'er's union. But
a few more years aid the farmers
VII control all or this trade.
think any locality starting in bus
mess should have a rep 'esentative from