The Hood River glacier. (Hood River, Or.) 1889-1933, 1908-04-30

| any one Mr.. Shepard said that he
was not prepared to give an opinion
as to the law, but thought that it
could be sold to any one.
Capt. Henry Crandall suggested that
pros ision might be made whereby
the stock must be first offered to the
Union, when it could be bought up
and placed In the treasury il il was
thought to be going into undesirab BILE
| hands
A. |. Mason said that no did not
fully understand the first of the reso
lutions, which had been prepared by
j. l.. Henderson for the directors.
He asked foi an explanation OF the
clause about assessments OF stock,
and wanted to know If it was proposed
to make the stock assessabIe.
B. K. Tucker read a set of resolu-
tions, which we're not voted on, how
ever, AMI which he explained provided
In effect that the stock be not a reve-
nue. producing stock but merely self
sustaining. He said that such an
effect would be to eliminate the posi-
bility of capitalists getting control of
the stock and which they would not
want it 1t did not pay dividend
Mr. Sproat said that the idea of
making the stock pay seven per cent
was to give those who put up unequal
amounts of money tu get returns 10
proportion to their Investment. 1t
might be necessary to get few sub
scriptions from business men or
banks to make up the required
amount, it it was not found possible
to get the whole amount subscl bed
by the growers. lfeveiy apple grower
should subsci ibe just 500 worth of
stock then there would be no need of
this requirement.
Mr. Shepard also advanced another
argument in favor of the pei cent
stock. He said that there we're many
who would take stock who would not
have orchards in bearing for \ nun
ber OF years, provided they got some
return for the money invested, but
who might not went the stuck il they
got absolutely no returns for their in.
vestment for a number of years.
b f. Shoemaker was decidedly in
favor OF the per cent clause.
Mr.. Tucker further explained his
remarks at the opening of the meeting
in which he said that he considered
the per cent clause would o,'ly prac-
ticaily make the stock self sustaining
and was in favor of it.
A. |, Mason said that he was oppos
ed to the per cent feature he said
that he had cold storage plant Of his
own and was not personally interested
in the proposition Of the union, but
thought that the plsnt was necessary
and was in favor of building it, but
differed as to the plans submitted by
the directors. He was sorry the CO.
operative plan was not considered,
and thought that it could be worked
out as successfully as the ditch asso-
Citations and tho Grange affairs, which
we've purely operative.
Troy Shelley spoke In favor of the
proposition as submitted by the di-
rectors.
II A. Cunning objected to placing
the minimum of stock which could
be subscribed at 500, IS he was un.
able to pay that amount now, and
thought there would be others whom
it would Inconvenience. He wanted
only $40 stock himself He was in ia.
vor of the cooperative plan and bor-
row the whole amount to build the
warehouse, and let the future storage
charges pay 1t back.
MIR. Mason objected to the word
"union" aud thought that it should
read "assoc iation." He was in favor
of giving each grower vote for every
five acre OF orchard, as it was the
only fair way.
j. Gleason said that the object OF
the meeting was to build cold stor-
age warehouse and not to change the
whole legal status of the organization
ty making it cooperative associa-
tion. He said the eastern states we're
stIewn with the wrecks OF co-opera-
tive associations, aud be did not wish
to go backward.
Mr.. Sproat said that arrangements
bad been made with the banks where
by those unable to pay 500 cash for
their stock could get the money at the
bank Tor per cent, and which would
be carried for reasonable length OF
time to enable every one to make ar
rangements to pay for IL. As the
stock itself would bear Z per cent 1t
would cost the borrowers but one per
cent, or one dollar year, and enable
the union to build the warehouse
without delay.
Oscar Vanderbilt was in favor Of
keeping the money at home, instead
trying to feat loan for the bulk
of the project outside.
A vote on the resolutions was made
by roll call, aud resulted in 81 for aud
seven against.
A subscription paper Wss imm.ui-
ately opened foi the subscription uf
500 stock for eGca grover, and was
largely signed by those present at the