28 BULLETIX .547, U; S. DEPABTVEEXT OF AGBICULTURE. 
only a few members or which appeared to have most of the stock 
owned by one or a few individuals were excluded entirely. While 
1,074 elevators do not distribute their profits in a cooperative man- 
ner, many of them have certain cooperative characteristics. In all 
of them the stock is distributed among a number of farmers; in some 
there is a limit to the number of shares one person may own; often 
there are regulations in regard to the transfer of stock; and many 
oi these organizations adhere to the "one man one vote" principle. 
There are many cases where the stock is distributed among farmers, 
few holding more than one share. The main point on which these 
organizations fail to live up to cooperative principles is in the dis- 
tribution of profits, since they fail to make use of the patronage 
dividend. In this connection the fact should be borne in mind 
that many of the States only recently have enacted cooperative 
laws, and in many instances the payment of dividends according 
to patronage has not been provided for. The elevators grouped 
in the cooperative class limit their stock dividends and distribute 
any further profits in the form of patronage dividends. Some of 
these pay patronage dividends to all of the patrons and some only 
to the patrons who are members. Often the nonmembers are paid 
at one-half the rate to members and some associations provide 
that the dividends to nonmembers shall be applied toward the pur- 
chase of a share of stock. The shares in these companies range 
from $10 to $100; in most cases the par value is from 810 to $25. 
Business transacted. — As previously stated, the reports , for the 
volume of business are not all for the same year. The average 
volume of business of those reporting was $143,268; applying this 
average to all of the 1,637 elevators reporting, an annuai business of 
$234,529,716 is shown. 
A large number of elevators carry side lines in addition to handling 
gram. Of the 1,637 elevators, 630, or 38 per cent of the total,, 
handle fuel, indicating that the farmers' elevators have found this 
practice desirable. In most cases farmers themselves shovel the 
coal from the bins in order to reduce the handling charge to a mini- 
mum. Most of the coal is hauled by the farmers on the return trip 
from the elevator during the season when gram is being delivered. 
The largest number of elevators which handle fuel was reported from 
Iowa, this State having 99; North Dakota reported 94. Kansas 85, 
Nebraska 82, Minnesota 75, South Dakota 71, and Illinois 66. 
The handling of live stock was reported by 132 elevators. Of this 
number 58, or a little over one-third, are located in Nebraska, show- 
ing how prevalent this practice is in that State; Iowa reported 20, 
South Dakota 13, and Minnesota 12 elevators handling live stock. 
Separate live stock shipping associations have sprung up in many 
