CHAPTER X 



PRINTERS' INK 



The fewer the voices on the side of truth, the 

 more distinct and strong must be your own. 



Channing. 



AS the farmers saw it, there was no reason in the 

 world why the bank should do what it did. The 

 Company had closed its first year with net 

 profits sufficient to declare a seven per cent, cash divi- 

 dend and the profits would have been augmented 

 greatly had it not been for the heavy interest payments 

 which accrued on the unusual overdrafts imposed by 

 special conditions. In spite of their extremely limited 

 resources and the handicaps forced upon them, the 

 volume of business transacted had exceeded $1,700,000 

 during the first ten months that the farmers had been 

 in business; their paid-up capital had been approxi- 

 mately eleven thousand dollars of which over seven 

 thousand had been required for organization outlay. 

 The number of shareholders had nearly doubled during 

 the ten months and everything was pointing to rapid 

 advancement. The Company had been a good customer 

 of the bank, which had received about $ 10,000 in 

 interest. The security offered for their line of credit 

 was unquestioned. 



Yet the new directors had scarcely settled into place 

 for the approaching busy season before, without warn- 

 ing, the bank notified them that they wished to close^ 

 outjhe account. 



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