Jasper County Democrat, Volume 23, Number 25, Rensselaer, Jasper County, 23 June 1920 — MEETING LARGELY ATTENDED [ARTICLE]

MEETING LARGELY ATTENDED

Farmers’ Grain Co. Held Regular Annual Meeting Monday. The third annual meeting of the Farmers’ Grain Co. of Rensselaer was held in the west court room Monday and was attended by several hundred people, a majority of the 541 shares of stock being represented in person and by proxy. On account of poor health, Presi-» dent F. L. .Hoover made the request that his name be not presented again for one of the directors, and in this meeting Manager Potter acted in his stead. The by-laws were changed by unanimous vote to put up but three new directors with the seven old ones at each annual meeting ot stockholders, from the 10 so nominated seven to be elected, in order that but three of the old directors could be retired each year; also, provldinng that each stockholder have but one vote in a stockholders’ meeting, regardless of the number of shares held, and but one proxy vote. The report of the manager shqwed a business last year of approximately half a million dollars and that the business was in a prosperous condition. A refund of 58 cents a ton was made to stockholder coal purchasers; 1.7 cents per bushel to stockholder grain sellers, and $1.35 per ton to fertilizer purchasers. The actual earnings for the past year were about SIO,OOO, and after taking into consideration some sl,800 depreciation in the elevator here and the one at Surrey, it left SB,673.84, from which 7 per cent interest was paid on the outstanding stock, which, with the rebates, amounted to $6,858.65 that was actually distributed. In the election of directors for the coming year, Fred Waymire, Bert Amsler, Ed Ranton, E. L. Fidler, George Kanne, Amos Davisson and John Kolhoff were selected, and the directors elected Ed Ranton, president; Bert Amsler, vice-president; George Kanne, treasurer, and Fred Tyler, secretary. The retiring di-t rectors are C. F. Stackhouse, F. L. Hoover and Herman Hordeman. The book value of the stock outstanding is about S6O per share, not taking into consideration the fact that the elevator property is probably worth more today by several thousand dollars than was paid for It.