Jasper County Democrat, Volume 21, Number 23, Rensselaer, Jasper County, 19 June 1918 — FRANK HOOVER IS PRESIDENT [ARTICLE]

FRANK HOOVER IS PRESIDENT

Of Farmers Grain Co., Elected at Annual Meeting Monday. The first annual meeting of the Rensselaer Farmers’ Grain company was held in the court room at the court house Monday afternoon and was largely attended, nearly ali of the 175 or more stockholders being present. The report of the secretary showed wcat improvements had been made during the year to the property, such as the addition of a dryer, corn sheller, sewer, etc., and that the directors had held twentytwo' meetings, twelve regular and ten called; that it had been decided to increase the' capital stock from $14,000 to $25,000; that the net profits were $14,614.65 for the yeai, and out of this the farmers selling grain to the company would receive cents per bushel more than the market price at the time they solu, and each stockholder would receive 7 per cent, interest on all stock issued and a stock dividend of $lB per share. Recommendations were made for enlarging the grain office, building of new bins over the driveway, etc. Director Sherman Thornton of Surrey asked that a small elevator or binning facilities be provided at Surrey, in the vicinity of which a large amount of grain is raised, and it was voted that a committee of three**farmers of that neighborhood meet with the directors and talk the matter over, and the latter be empowered to go ahead and do whatever in their judgment was best in the premises. Grain and stock dividend checks aggregating several thousand dollars were distributed to the stockholders. In the election of directors, all the old board were re-elected except E. S. Thornton, who was succeeded by Herman Hordeman. The board now consists of H. W: Jackson, Michael Kanne, Fred Waymire, C. F. Stackhouse, F. L. Hoover, Ed. Ranton and Herman Hordeman. The new board met and elected F. L. -Hoover president and Ed. Ranton secretary, neither Mr. Jackson or Mr. Postill—the old president and secretary—being candidates for re-election, it is understood. Mr. McCullum of Wolcott, secretary of the state organization of farmers’ elevator' or grain companies, was present and made a

splendid talk along what had been accomplished for the farmers by co-operation in grain selling and what the future held in store along the development of both selling and buying under this plan. He paid tribute to the good management of the business here, which was shown by net earnings of more than the entire capital stock during the first year. The stockholders were all feel-* ing good • over the success of the enterprise and left the meeting with substantial sums In checks for shares of the earnings. The report of the manager showed a gross profit of $3,396.82 on the 2,621 tons of coal handled during the year. The coal and grain accounts were ,not kept separately last year, but will be this year, and each stockholder purchasing his coal from the company will get his coal at actual net cost. This will mean a nice little sum to the larger users of coal and a few dollars each, to the smaller users. A printed detailed report of the business done by the company last year will probably be issued soon to the stockholders. At least this should be done.