Jasper County Democrat, Volume 21, Number 93, Rensselaer, Jasper County, 19 February 1919 — THE FRANCESVILLE ELEVATOR [ARTICLE]

THE FRANCESVILLE ELEVATOR

Shortage Due Principally to Losses on Grain Handled. N. Osborne of Newton township, who was one of the chief organizers of the Farmers’ Elevator Co. of Francesville and its first president, attended the stockholders’ meeting held there Saturday, at whiqh it was decided to re-organixe as a ‘ co-operative company—the same "plan as that of the Rensselaer Farmers’ Grain Co. —and increase the capital stock from $lO,000 to $25,00,0. The shortage or losses, it is said, will reach between $15,000 and $25,000, and is mostly due to a sharp drop in grain prices and a disregard of instructions, it is reported, by the manager, Melvin Maxwell. The latter is reported short some in his accounts also, but his father, Sidney Maxwell, -of near Delphi, and father-in-law, Frank Blinker, of Monticello, have assured the directors that they will make good any losses of funds used by young Maxwell personally.