F.M. Martin Grain and Milling Company.

The F. M. Martin Grain and Milling Company was founded in August, 1907, by Francis M. Martin (1858-1925) and J. F. Smith, with the assistance of Clarence D. Martin (1886-1955). The company was capitalized at $50,000 with 200 shares of common stock. F. M. Martin retained the controlling interest with 174 shares, Smith had twenty, C. D. Martin had one and two other investors held five shares. The founders were careful not to limit the company to operating a general grain and milling business. According to the Articles of Incorporation, the company's purpose included the ability " to buy, acquire, lease, own, control, operate, improve, sell, mortgage and convey any and all kinds of grain, mills, water power, electrical power, stocks, bonds, personal property and real estate, to borrow and loan money; and to do and perform any and all things deemed by the officers of said company as necessary in carrying out the general purposes [of the company]. "

F. M. Martin was elected president and general manager and retained that position until his death in August of 1925. During the first decade of operation, the company was extremely successful. Profits were such that the company directors declared substantial dividends in the years from 1910 to 1916. In 1916 alone the dividend was $100 per share. The exception to this succession of prosperous years came in 1912 when a fire at the mill, causing over $20,000 in damage, forced the directors to defer issuing the customary dividend. The company expanded its operation in 1918 with the construction of a new and larger mill which was fortuitously completed just after the destruction by fire of the old mill.

Clarence D. Martin, son of principal founder F. M. Martin, succeeded his father as president and general manager in August, 1925. In November, 1932, C. D. Martin was elected governor of the state of Washington and, therefore, took up residence in the Governor's Mansion in Olympia. Until January, 1941, when he returned to Cheney, he left the operation of the business to his business secretary, Elizabeth Goerling, and his eldest son, William F. Martin. Early in 1943, after months of negotiation, Martin sold the mill to the National Biscuit Company for $1,000,000 cash. This was not, however, the end of the F. M. Martin Grain and Milling Company. The company, which retained its headquarters in Cheney, had acquired substantial real estate, business and financial interests throughout the state of Washington as well as numerous stocks and bonds. In August, 1955, C. D. Martin died and the firm passed to his three sons. The company continued in business with Elizabeth Goerling as business secretary. The last entry contained among these records of the company is for December, 1959.