I lost 66% of my old equity in Bongard"s Creameries when they redefined bookkeeping a few years ago. Well over 30 grand that they said really doesn"t exist. They were a well-managed dairy co-op under the guy who built it up over decades. New guy and board spent over 10 mil in cash on hand to modernize a Grade B cheese plant so they could sell a few tankers Grade A per week into TC bottling plants. Bankers pressured farmers to insist on Grade A for the dollar/cwt premium, yet bulk of milk went into cheese. Bought a plant in Perham (?), hundreds of miles away, to expand in a downsizing industry. New guys claimed bylaws required a refiguring of equity. We went from years of over $1.50 cwt dividends to years of no profit. They paid no old equity this year.
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Today's Featured Article - Old Time Threshing - by Anthony West. A lovely harvest evening late September 1947, I was a school boy, like all school boys I loved harvest time. The golden corn ripens well and early, the stoking, stacking,.... the drawing in with the tractors and trailers and a few buck rakes thrown in, and possibly a heavy horse. It would be a great day for the collies and the terrier dogs, rats and mice would be at the bottom of the stacks so the dogs, would have a busy time hunting and killing, all the corn was gathered and ricked in what we c
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