The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1934-08-28
Stockholders Show Faith in FL.
ture by Plans For New $780,.
600 Structure
80 TO 40 WILL GET JOBS
Unusual Record Maintained by
Group; Has Paid Over $780,
600 Dividends
Especial 10 The Tribune)

Scranton. N. D., Aug. %. Stock.
tclders Of the Scranton Equity Elk
change are rolling their own emer-
sc rcy relief program.
This week the work Of wrecking the
two large grain elevators of this COM
rany was started with farmer stock
holders Of the company furnishing
the labor under the direction Of Pat
terson Bros. Aberdeen, 8. D., contrac-
tors, who, at the annual meeting OF
stockholders last week were given the
contract for the construction Of new
$4,000 bushel capacity modern sheet
Steel grain elevator.
Material from the two elevators now
being torn down by farmer stockhold-
ers. who this fall have no crops to
harvest, will be used in the new grain
house.
The Scranton Equity Exchange is an
independent cooperative elevator
which, according to E. Christopher
Scranton banker, has never failed ia
ray 4 dividend to its stockholders
since the business was organized In
1914.
Paid $220,000 Dividends
Figures prepared by Sam Elenbaum
Eanager, show that the elevator has
paid more than $4,000 in pro-ration
dividends during the past 20 years, be-
sides dividends paid on capital stock
At the meeting held August %, the
books showed a net profit for 1888
amounting to $7.13408.
Between 80 and 40 men will be en-
ployed this fall in building the new
grain house," Contractor Patterson
stated.
Farmer stockholders Of the company
started work on Monday tearing down
the two grain houses. They have time
to work this fall, but unlike most
farmers in the drouth belt, their own
business organization Is paying them
cash for their labors in this emergency
work.
G. H. Ensign, president, explained
the necessity for the wrecking OF the
two old grain houses and the building
Of the big new elevator. It costs addi.
tional to furnish help to operate the
two elevators. located q couple OF hun
dred feet apart. Additional help, take,
and the fact that this growing con-
Germ, which in one busy season han
died . quarter million bushels Of
grain, needs the very latest In equip.
ment, made the stockholders decide
to build this year. BY using material
from the two elevators now being
wrecked the big new structure will cost
the company only 1000.
Has Money TO Do Job
The company has the men and the
money to do the Job. For years this
cooperative grain elevator has oper.
ated upon its own money. There was
always . credit with the Minneapolis
commission firm and the company
used its own reserve funds with which
to buy grain instead Of borrowing
each fall. The company today has q
surplus which has been built up dur
ing the years OF $26, 807.90.
Some $15,O0000 worth Of stored
grain had to be moved this week be-
fore the work Of wrecking the eleva-
tors started. The capital stock Of the
company Is 430,l5O.00.
An interesting feature OF the annual
report was the fact that even In q
short-crop year like 1888, the company
made q profit on each project han
died, including shipments Of turkeys
handling livestock, fruit and potatoes
and fence posts. The oil department
allowed profit Of $3,623.44.
The fine financial condition Of the
company Is seen as the result Of wis
dom Of the officers and directors Of
the company, who during the good
years built up . reserve, which today
Is footing the bills for an emergency
labor situation and . big development
program which displays faith in the
future.
Officers Of the company include O.
H. Ensign. president: L. <. Morland
secretary: =. I. Butler, manager OF
the oil department: Sam Elenbaum,
elevator manager: M. Torpen, direc-
tor: A. g. Anderson and J. =. Rise,
directors.