Evening Republican, Volume 21, Number 137, Rensselaer, Jasper County, 18 June 1918 — ANNUAL MEETING STOCKHOLDERS [ARTICLE]

ANNUAL MEETING STOCKHOLDERS

THE FARMERS GRAIN COMPANY HAVE A VERY PROSPEROUS YEAR. x Monday, June 17, was the date for the first regular annual meeting of the stockholders of the Farmers Grain Company. The two hundred or more stockholders of that institution met in the court room in the court house at 2 p. m., on the above date. H. W. Jackson, president of the board of directors and Charles W. Postill, secretary, were in charge of the meeting. The report of the. secretary was read and adopted. The report of the manager, Harry Hartly, was also read and approved. This report showed that the company had cleared over 100 per cent during the past year and great credit for this remarkable earning was given Mr. Hartley. Seven thousand dollats in profits were distributed as follows: Seven per cent cash to all stockholders. This gave to each share of stock, fifty dollars, an earning of $3.50. Four and one-half per cent distributed to each farmer who is a stockholder on each bushel of grain he had sold to, the Company. Some of the farniers received checks representing a considerable sum. No dividend was given on the coal sold, but the net profit on coal was from 50c and SI.OO per ton. The amount of net profit on coal is a little hard to determine on account of the difficulty in aggregating the expenses for the different parts of the business. The most important feature of the meeting was the election of seven directors for the following year. The splendid record made by the institution argued very much in favor of re-electing the old board, that had so successfully managed the affairs during the past year. This was done with a single exception. Herman Hordeman succeeded Sherman Thornton. The following men were nominated and received votes indicated: Fred Waymire 177; Edward Ranton 172; F. Li Hoover 162; C. F. Stackhouse 153; Michael Kanne 130; H. W. Jackson 130; Herman Hordeman 109; A. F. Long 54, and Frank Welsh 49. Waymire, Ranton, Hoover, Stackhouse, Kanne, Jackson and Hordeman having received the highest number of votes were declared elected. Secretary McCollum, of Wolcott, from the Farmers Elevators Association, of Indiana was present and gave instruction and advice on the function of co-operative organizations. After the adjournment of the stockholders meeting the newly elected directors organized as follows: President, F. L. Hoover; Vice President, Michael Kanne and Secretary, Ed. Ranton. During the stockholders meeting the proposition to increase the capital stock from $14,000 to $25,000 was carried. It is possible that an additional dividend will bqgiven to each stockholder. This it is estimated may amount to $lB per share. There was a very strong sentiment in the meeting for the retention of Harry Hartley as manager. Mr. Hartley has some very flattering offers .to go elsewhere. If the sentiment expressed in the meeting is carried out, the board will retain Mr. Hartley, if possible. The stockholders were very enthusiastic over their investment and expressed entire satisfaction with management of The Farmers Grain Company.