The daily sentinel., 1913-02-03
Mr.. FIetcher's Statement.
Grand Junction, Colo.

FeD. 3, " l. j.
To the Stockholders of the Grand
Junction, Fruit Growers Associ-
alton:
In line with the recommendations
Of the stockholders at their last an
rual meetisg. we take .DleaSur IN
enclosing herewith financial state
ment of the condition of your busi-
ness at the close of the fiscal year
of 1912.
In addition to the showing made
by the enclosed statement we have
deprecated the value of all build
ings, fixtures and equipment 3 per
cent, have discounted all supplies
and mercandist > per cent. have
charged off all bad accounts that
have accumulated during the past
five or six years; also charged off
all side tracks, which we do not
consider to be carried as an asset, so
that in our opinion your business is
in much better shape now than ever
before.
The board of directors at their last
meeting declared cash dividend out
of the earnings and have placed
good sum to undivided profits. in or
der to offset to some extent the
amount expended in improving the
property and equipment. All of the
property has been brought to the
highest degree of efficiency and no
additions will be necessary for some
time. Our total expenditures dur
ing 1912 for improvements and new
buildings amounted to $23,521.l3.
The expenses of the association have
been materially decreased, showing
an average of S31.50 per car during
1912. as against S47.27 per car dur
ing the year 1911.
On account of the depreciation and
discounts which have been made on
the property, also the amount placed
which is practically per cent, the
stock of this organization is actually
worth more than par.
The financial statement can give
only a partial idea of the success of
the association during the past year,
by all who have been in
touch with market conditions. and
the inferior quality of our fruit, to
be the hardest yet encountered by
Grand valley shippers.
Were it possible to procure ac-
curate figures from other shippers in
OIutl 10 Hldht toHlpdllSUHS DtlWttl
the results secured by this associa-
ton and those secured by other ship
pers in this and other districts. the
actual success of our association
could then be discerned.
We do not consider that the prime
business of our association is the
making of dividends, but the secur-
ing of results for the growers, and in
securing results for the growers, div
idends for the stockholders naturally
follow.
We have endeavored to give our
growers the very best service at the
minimum of expense. The affairs of
the association have been conducted
in an impartial manner. always look
ing toward the general advancement
and collective results, considering
every individual as a part of the as
sociation, and eliminating any desire
to serve individuals. except as such
service would prove beneficial to the
whole.
If there are any items in the en-
closed statement which are not thor
understood. we would re-
quest that you either telephone the
association, or call at the office prior
to the annual meeting. as We wish
an absolute understanding to obtain.
although we have attempted to make
the statement as clear as possible.
THE GRAND JUNCTION FRUIT
GROWERS ASSOCIATION.
BY II. G. FLETCHER, Manager.
Continued on Page 6.)