Evening Republican, Volume 23, Number 149, Rensselaer, Jasper County, 21 June 1920 — GRAIN COMPANY HAS GOOD YEAR [ARTICLE]

GRAIN COMPANY HAS GOOD YEAR

MANAGER H. H. POTTER SHOWS FIRM HAS HAD SUCCESSFUL YEAR. The Farmers Grain Company held its. regular annual session beginning at 10:00 a. m. this Monday morning. Roll call showed that there were 123 stockholders and that in addition there were 28 proxies represented. F. L. Hoover, president of the board of directors presided. Not being wpll, he was assisted by H. H. Potter. F. S. Tyler, the secretary, was assisted by C. H. Mills. The secretary reported that the directors had held fifteen meetings during the fiscal year. That the number of stockholders had been increased from 268 to 286, an increase of 18. That the number of shares of stock had increased during the year from 413 to 451, an increase of 33. The manager’s report was read and will be given in more detail in a later issue. Two important changes were made in the by-laws in the forenoon session. The first change was made so that four of the directors . Would hold over each year and but three new members could be added to the board of seven. The old bylaw provided that the seven directors be elected each year and that their term of service was one year. By this provision the whole board could be composed of new members each year. Under the new by-law, three new candidates are to be selected by the nomination of any number not less than five. This may be any number. The three receiving the highest number of votes together with the seven of the old board are then placed in nomination and the seven receiving the highest number of votes on this ballot are the new directors. Another by-law changed was the one relating to voting. Formerly each share of stock was voted. Now each member has but one vote regardless of ithe number of shares of stock held. All proxies are under the change entitled to but one vote. The meeting adjourned at 12 o’clock to\reconvene at 1:00 p. m.