Article Text
ELEVATOR FINANCES STRAINED. No Alarm, However, Over Large Liabilities of Barnum Concern. Special to Times-Republican Manson, Sept. 1.-The Farmers' Cooperative Elevator Company, at Barnum, has ample funds among its stockholders to pay every dollar of indebtedness and continue business, hence no great alarm is felt over the flurry which caused such a sensation in that vicinity this week. One day the Bank of Barnum refused to cash the checks of the institution, and a small panic ensued. Investigation revealed the fact that the company had an overdraft of $1,300 at the bank, owed borrowed money to the extent of $5,550, and had on hand only about 8,000 bushels of oats. The directors of the institution met and made arrangements to fix matters up, but nothing was done until yesterday, when they met again and it is supposed that satisfactory arrangements were made to tide the elevator over the difficulty.