The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1905-06-14
THE FARMERS WON OUT
From first page.

NC mCO6luS WdS Cdllcu IOI &
o'clock. By that time Messrs.
Gold and Miller we're the targets
for the oratorical shafts Of num-
Der OF the senators. They were
cornered over on the south side of
the hall, and it wasn't until 2:20,
and after. the crowd became rest
less, clapped their hands, stamped
their feet and called for time, "
that the president was able to break
through the lines and walk to the
railing and call the meeting to or
der. Cassius Fuller had the front
seat, and alongside of him was
Brutus Whittet, while on the other
side was A. D. Smith with sort
of sic 'em" look that broke out
into a growl and bite later in the
proceedings. Clark Miller. who
seemed to be the particular object
at whom the shafts were aimed,
played the other side of the railing
for safety.
Mr.. Colds remarks were lengthy
yet conservative and we'll chosen.
He spoke of the probable trouble in
making exchange arrangements in
Redwood Falls when the present
contract expired two years hence.
Then he touched upon contemplated
connections at other places, all of
which would require au increase in
capital stock to $50, 00O To liqui-
date he said it was not feasible to
issue bonds; that it was hard to
sell stock, and that the board be-
lieved that it would be the best
thing to issue a preferred stock on
which the dividends would, be guar
anteed at per cent per annum. He
said that the monthly receipts were
now about $500, with only 5000 ex-
pense, and the indications were
that the receipts would soon be in
creased 800 per month. The feel
ing was apparent that there was an
inteEt to gobble up the company,
but as far as he was concerned he
had no idea along that line. At one
time, he said, the directory thought
it would issue a $4,000 bond, but
that bond couldn't be sold.
What authority did you have
for attempting it?" put in Mr..
Smith.
Il don know" came the reply.
You mean to say that as presi-
dent you Didn't look into it?"
81 understand that the law gives
US that power" Mr.. Gold replied
He then stated that the most salts
factory way would be to liquidate
the indebtedness among the stock
holders. He recommended, as o
business proposition, the changing
of the voting power to- one vote for
each share of stock. and also the in
crease in the phone rental to all
rural subscribers, whether thew
were stockholders Or otherwise, to
ST per month.
Cassius Fuller arose. He parted
Mr.. Gold S remark by saying that
ahe telephone company was not to
be compared with bank. He de-
MED the statement that all rural
companies were making a charge of
H or more per month"; and said that
he knew some where the charges
we're practically noshing. He in
sisted that the Redwood rural COM
pany should be left on the mutual
Iplan-one vote to each man, and
said that the directory didn't dare
Iorganize it On the old-line plan.
1--WE are here to consider a mutual
,line-nothing else, and there was
heavy applause from the fellows
who had the votes.
Brutus Whittet thereupOn arose and
stated that had the farmers holding
stock been assured of an Is per CEN
dividend one year ago and a 16 pei
cent dividend this year they would
have taken the stock, implying tha
the directory had taken advantage o
its position and invested heavily.
Clark Miller, from behind the railing
said that the directory would agree, i
the stockholders would comply witt
all other requests, to guarantee tina
the rural rates should never be highe
than 81 per month. He also insisted
that if dividends han't been accumu
II