The people's voice. [volume] (Helena, Mont.) 1939-1969, 1944-06-16
F. u. G. 7. A. TO
RETIRE PREF.
STOCK ISSUE
Preferred Stock Issue of
$4,000 Represents Savings
Made by First Years Opera
ton Ordered Retired by
Board of Directors.

ST. PAUL-The board of directors
of Farmers Union Grain Terminal
Association, nations largest grain
margeting cooperative. at its last
quarterly meeting voted to retire the
first issue of GTA preferred stock,
covering patronage savings made by
farmers for the fiscal year 1889
Retirement of the first years stock
represents the net savings of GTA
during its first year of operations,
from June 1, 1888, to May 81, 1899.
Authorization for retirement was
made by the board as GTA concluded
its sixth year of operations, with net
worth of more than $5,000,000, all Of
which represents savings made by
farmers through cooperative market
ing.
The retirement of preferred stock,
as we'll as interest payments on out
standing stock, will mean that in the
next several weeks more than quar-
ter of million dollars will be re-
turned to northwest farmers who par
ticipated in the cooperative savings
made by Farmers Union GTA, NJ. w
Thatcher, general manager, said. The
patronage savings for the first year of
operations totaled $150,000.
Operations for the fiscal year end
ing May 81, 1914, have been the most
successful in the co-operative's his
tory More than 100 million bushels
Of grain were handled in the 12-month
period. In the first year. GTA han
lied II million bushels. Operations
Of GTA now extend through eight
states.
In addition to its regular operations |
If marketing and distributing grain,
TIA supervises operations of three |
Farmers Lumber and
Supply Co., with Al cooperative lum-
)er yards; Farmers Union Grain and
Supply, of Williston and Minot, N. D.;
md Farmers Union GTA Mills, Inc,
eed manufacturers with main opera
ions in Minneapolis.
The patronage savings, or refunds
lue to farmers who marketed grain
through GTA, have been paid out In
preferred stock dur
ng the past six years. This was done.
Thatcher said, in order to place the
in sound financial posi-
ion and in order to place the cooper
tive in sound financial position and
n order to build terminal and sub
criminal elevators and to acquire
ountry property to place the cooper
tive on a strong and permanent OPP
rating basis. AT present there are
lore than 500 country cooperative
levators operated by or affiliated
nth GTA.
Thatcher said that GTA now has
cached the point of operations when
substantial amount of savings can
Q paid out in cash each year, on a
eyolving-fund basis. This would {
Iean that the Oldest outstanding stock Is
ould be the first to be retired This
the general method followed by y
lost co-operatives once they have {
established sound fiscal structure s
nd have adequate capital on hand L
IT operating the business. lh
Members of the board of GTA, all a
Derating farmers are: Ole l.. Olson, a
uxton, N. d., president; Alex Lind, o
N. d., vice president; A. e. S
athan, Brady, Mont, secretary-treas- n
-er; Ole L. Gunderson, Power, Mont; I
,hn Neubauer, Wolf Point, Mont; 6
mil Loriks, Arlington, S. D.; e. l.. C
NTH, Montevideo, Mimi; Bonnie M. e
randi, Roseau, Mimi; Filing Knud- 9
IN, Edmore, N. d.; ]. F. Fitzgerald,
N. d.; Walter r. Blume, t
mot. n d. c