The Ward County independent. [volume] (Minot, Ward County, N.D.) 1902-1965, 1912-11-28

for the nrd1s they represent. II 20
far as they confine their scuvides 70
elevator companies to speculate In
grain on the corporations account.
Whenever Z man enters Your office on
that mission show him the door ano
administer unto him few kicks we'll
placed. The directors Of bank will
moi permit stock brokers % hama
around the bank tempting the cashier
with the offerings Of Wall street.
Neither should the representatives Of
grain Spectators be tolerats0 on The
premises of farmers elevator com
pany, Futures are not Legitimate, sx-
cept to hedge" against grain which
has been bought.
You naturally wonder what shall be
done with grain that has been stored:
I reply that the place to store gram Is
on the farm, and not in local eleva
tor. II farmers insist on hauling their
grain away to he stored. the storing
should be done In the large terminal
elevators concerning which I will
speak later on. .
The society has organized their COT
poraaions on the truly cooperative
plan. This plan differs from ordin-
airy stock companies in this respect,
that after paying fixed dividend on
the capital stock, ranging from six
to twelve per cent, the balance of
proceeds are distributed among th>
patrons, who are stockholders, in pr
portion to the grain sold or purchases
made. We have a company orga:
lied On that plan at New Rockford
N. D. 1t began business in the fal
Of 1908 in competition with six Q.
line elevator companies and one far
mers' elevator company operated on
the plan of paying dividends On the
capital stock only. The first year in
business it handled about two hun.
dred thousand bushels of grain. IT
paid the regular local grain prices
that We're paid at New Rockford. It.
paid Z per cent interest On it's CAPT.
tai stock, and all the running expens-
es of the corporation. In addition
thereto it declared a patronage div.
idend of IL cents per bushei, which
was distributed to the stockholders In
proportion to the number of bushels
which each had delivered. This com.
pany also handled coal. charged the
price asked by. the regular coal deal.
ers of the village, and at the end Of
the year declared a coal tonnage div
idend of 81. 30 per ton. AS result
of this the Equity elevator is now get
ting about nine.tenths Of the grain
sold at New Rockford. Their stock.
holders membership has more than
trebled and you never hear any more
complaints of farmers hauling their
grain to other elevators. II you wan
to do away with this complaint usu
ally the greatest difficulty with which
farmers elevator companies have tc
contend, adopt the Equity plan of pay
! ing dividends.
So much for the local markets, anc
now we will proceed to the termina
The great bulk of the grain grown ir
Minnesota and the Dakotas is mar
keted in Duluth, Minneapolis and Chi
oago. These great centers hav'
come to be known as terminal mar
kets. They are the all important
points in the grain business; because
it Is there that you come in contac
with the home and foreign buyers
who, as far as the farmer is concern
ed are the ultimate consumers. It !.
there that the grain Is given its dna
l
inspection grade. weight and dock
age; and it is there too that the pric,
to producers is settled upon. On tn,
blackboard here behind me, whici
some one has been Kind enough t,
post, you Bee what is called the "ot
fcial closing pr1ces'' Of Duluth. Min
neapolis and Chicago. want TO as,
whose officers It was who flxed thos
CLOSING prtces?" Was It the o&lcer
Of any farmers organization!
voice. No! No!) We're the farmer
taken into consideration az iii whe
those prices wsre HANDED ouh1 No
The conclusioa thea must - IT,
these 90 called 'smclaa closing se1oeG
have been given % ~ 10 sfai
dealers, by the speculators and a 4
their ilk. Az vt the farmers Or
not represented In those markets. n
one Is doing business there except "a
private gain. It d the purpose Of th
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