Shepard Farmers Elevator Company was first organized in 1904. The elevator was built the fall of 1904. First board of directors was as follows:
| Jorgen Soma | president |
| Martin Ueland | vice-president |
| F. Greenland | secretary |
| Edward Michaelis | treasurer |
| Ole Lima Duncan Sinclair Carl e |
Directors |
The capacity of the elevator was approximately 34,000 bushels at the cost of $6,800 or about twenty cents per bushel. According to the minutes, the mortgage was paid off in the year of 1908. Grain prices at Shepard July 9, 1906 were: Wheat 70¢, Barley 38¢, Flax $1.05 and Oats 32¢.
The organization was reorganized in 1945 in that anyone who would sell grain and earn a dividend would have the right to a membership providing the elevator made a profit. The first commission company to help finance the elevator operation was McCarthy Brothers of Minneapolis, Minnesota, in 1904. They financed the elevator until it merged with Atwood Larson Company in the middle 1960's. Atwood Larson Company is presently serving as commission company for the elevator.
In reading through the minutes it is difficult to determine who the different managers were and how long they served the elevator up until Andrew Sharpe started July 8, 1912 and managed the elevator until June 1, 1923. A.M. Hausen then served for one year. Gabriel Sharpe served until October 1, 1936. V.F. Bunde managed from July 5, 1937 to December of 1939. Roy Ashland began in February or March of 1940, and served until March 1, 1946. Carrol Torger son served until March of 1952. Al Boe then took over and managed until the later part of 1957. Orville Eckert man aged until June 1, 1961. Wally Rislov took the manager’s job beginning July 1, 1961 and as of December 1, 1981 is still managing. Allen Klipfel is assistant manager. As of this date and writing the Shepard Elevator Company complex consists of the main original elevator plus one flat storage Butler bin north of the elevator, capacity about 61,000 bushels, two round steel bins next to the driveway, each about 9,500 bushels, three round steel bins southeast of the elevator, each about 9,500 bushels, five round steel bins south of the elevator, each about 4,000 bushels, are used mainly for seed. There are two wooden warehouses used mainly for chemicals and sack seed. A sunflower complex was erected in 1978 north of the Butler building along the sidetrack. It consists of two steel legs with a steel tower approximately 115 feet high with two steel flat bottom bins, one 57,200 capacity and the other 15,000 bushels, both with aeration, a dryer with a 4,200 bushel holding bin above, and a concrete driveway with unloading conveyor. Shepard is now in the process of building a machine shed for trucks and tractors. The manager lives in the elevator dwelling across the tracks to the west of the elevator. The current board of directors is:
| Clarence Bednar | president |
| Frank Pfeifer | vice-president |
| Carrol Retzlaff | secretary-treasurer |
| David Saxberg | director |
| Bennett Michaelis | director |
| Leland Harvey | director |
| Leonard Johnson | director |
Current prices: (as of December 1, 1981)
| Wheat | $ 3.60 |
| Durum | $ 3.75 |
| Flax | $ 6.90 |
| Oats | $ 1.75 |
| Sunflowers | $10.15 |
| Barley | $ 1.75 |
Source: Cooperstown, North Dakota 1882-1982 Centennial Page 221