258 CORN 



The first Farmers' Elevator to be organized in Iowa was at Rock- 

 well in 1899. Up to that time such organizations had not proved very- 

 successful. One of the first difficulties was to secure elevator sites 

 from the railroad companies. Then, trouble was found in securing 

 cars and equable shipping rates. For several years it was almost im- 

 possible to induce commission merchants in the central markets to 

 handle their grain. The Farmers' Elevators were practically boy- 

 cotted. Until the penalty clause was inserted in the by-laws of the 

 organization, progress was very slow. The penalty clause simply 

 provided that in case the farmers of the organization sold corn to 

 other elevators they should pay a certain amount to their own elevator. 

 This was for the purpose of protection against some of the methods 

 which had been employed by other grain dealers to cripple the 

 Farmers' Elevator. The fact that the organization has endured 

 against all adversities is the best proof of its value to the producer. 



In recent years the movement has become of such strength as to 

 win the solicitation and support of a large number of the commission 

 firms. State and National organizations are being formed. It might 

 be added that a growing harmony is being felt among all grain deal- 

 ers. The growth is best shown in the following table. 



TABLE NO. 59 



SHOWING THE NUMBER OF FARMERS' ELEVATORS IN DIFFERENT 

 STATES— 1903-1913. 



State '03 '04 '05 '06 '07 ' '08 '09 '10 '11 '12 '13 



Illinois 15 90 125 125 150 170 170 225 300 300 300 



Iowa 7 30 78 175 200 209 250 300 324 347 347 



Minnesota __ 150 168 178 205 224 240 277 307 



N. Dakota __ 85 85 85 85 85 300 300 350 



S. Dakota __ 100 100 100 150 200 200 220 220 



Nebraska ___ 140 160 200 200 200 200 



Kansas 32 



22 120 203 635 703 882 1020 1234 1564 1644 1756 



Farmers' Elevator — How Organized. Organized under the laws 

 of their respective states the corporations elect the usual officials, 

 namely, president, vice president, secretary, treasurer, and board of 

 directors, varying in number but usually consisting of from five to 

 nine men. 



The capital of the company is ordinarily about $10,000. Shares of 

 stock are issued and sold. The par value of a share is usually $25.00, 



