The independent. [volume] (Lincoln, Neb.) 1902-1907, 1904-06-23

Readers of The Independent have
from time to time been informed OF
the plans and purposes OF the Farm
ers' Cooperative Shipping associa-
tion. On June 8 was held it's first an
nual meeting Of stockholders and the
results will be specially interesting TO
Nebraska farmers, and particularly TO
the enterprising readers OF The lnde-
pendent. The published accounts OF
the meeting were more or less lurld,
hut as usual only conveying little
truth with mass of "stuff."
The association was organized to
operate in Nebraska, Kansas ana ok-
lahoma, and during ten months II ac-
cumulated 10000 of capital stock ana
ala q business of handling over two
million bushels of grain. 1t organ
ICED in May OF last year, but its capt.
tai was not ready for business until
July 8. SO that it's first years showing
81 business embraces in reality but
ten months, for the books were closed
an MAY 20 to strike the balance sheet
"a he In readiness for the annual meet
ing on June 8.
so successful farmers corporation
as this one. It is paying 3 per cent
In cash on it's capital stock and re-
bate. or grain dividend, Of 3-4 cents
q bushel on all grain sold to the as
ISOLATION by the stockholders. Ihis
Is also paid in cash. The annual re-
mort showed net profits. after payment
OF all expenses, of $4,000, or So l-S
DER cent on the entire capital stock,
or about so per cent profit on the "av-
erage capital" for the ten months
since business began. Such SHOW
ing by a farmers company that mas
necessarily incurred heavy expenses
In organizing in three states sucn 9
vast enterprise. is the best evidence
that can be given of the great profits
In the grain business, as conducted
BY the elevator combine.
The annual meeting was the Occa-
sion for sharp conflict between two
factions in the association, but the dis
agreement concerned only the future
policy Of the association. No charges
Of financial crookedness we're made
by either faction, but all agree that
profits are large and entirely salts
factory. One faction led by the foun-
der Mr.. Butler, favored continued ex-
pansiOn and the pushing OF Organlza-
ton work into scores of new towns till
all farmers should be benefited by the
presence and business of the associa-
ton. The other faction, led by MIR.
Hoffman, favored stoppage OF organi-
cation work, being content to manage
the business already in sight and in
the control of the association.
The election of board of directors
was in some respects a drawn battle,
for while Mr.. Hoffman's friends are
In the majority and control the asso-
citation for the coming year, Mr.. Hoff-
man himself was left off the board !:
while Mr. Butler was elected to the
board by the largest vote given to any
Of the nine directors. With him was
also chosen J. F. Willitts, formerly ma
tional lecturer and later president Of
the farmers alliance. But Mr.. Hoff-
mans partisans being in the majority
on the board, his policy has been
adopted, and all the organizing force
discontinued.
This will mean that the rapid growth
of the association near Lincoln during
the past few months will be stopped
This is somewhat discouraging to Ne
braska farmers, but the effect of the
Hoffman policy will be but tempo
rary, for the striking financial success
of the association will greatly slim
ulate the work of organizing eithel
locally or in the national farmers OK
change whose Nebraska Representative,
Is Hon. H. III. Hanks of Nebraska City
This new company was formed II
April OF this year and already has cap
ital stock subscribed amounting t,
nearly $4,000 and contracts were lie
last week for the construction of 81,
or eight new elevators.
Mr.. G. Vincent Of Omaha gets mix
ture OF emotions out of this annua
meeting. He has for year and a hal
persistently and continually pushes
the organizing work In Nebraska III
Is probably more cordially hated thai
any other man In the state. by Oh
men who have for years exploited tn
farmers and amassed fortunes TO
themselves In the grain business
Their enmity Is natural because MI
VIueeuf has taught farmaru thu lpQan