244 THE BOOK OF CORN 



organized in Iowa with a capital not to exceed $25,000, 

 shares $10 each, no member being permitted to own 

 more than ten shares. From a business of $220,000 ia 

 1895, transactions of this society increased in five years 

 to $625,000. The plan is to pay farmers just as much 

 for their product as possible, and sell them needed sup- 

 plies as cheaply as possible. 



The officers include a business manager who can- 

 not assume indebtedness exceeding two-thirds of the 

 shares of stock actually paid up. Money can be bor- 

 rowed on a two-thirds vote of the officers and directors, 

 but the amount must not exceed $5000. Selling mem- 

 bers always receive one-fourth cent per bushel more 

 for grain than non-selling members. If a member de- 

 sires to sell com to an elevator competing with the 

 society's plant, he must pay the society one-fourth cent 

 for each bushel sold to the competitor. For example, 

 the farmers' elevator is paying thirty-one cents for 

 com, and the competing elevator offers thirty-three 

 cents; the members sell to it, and after paying the 

 society one-fourth cent are still one and three-fourths 

 cents ahead. This feature alone has prevented com- 

 peting elevators from coming in and paying high 

 prices for a considerable time until the farmers' 

 elevator is forced out of business. The one-fourth 

 ^ cent meets all the running expenses. 



