Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1910-05-05

Industrial expansion of extraordinary
ised in the plans adopted by the board
of directors of the Western Grocery
Company at the annual meeting held
in this city Wednesday. The present
Company Mills is to be but a small be-
ginning compared to what this plant
will be in the lear future, when the
plans and hopes of the company's nan
agement, and particularly of the COM
pany's president, Mr.. F. c. Let's, are
realized.
The Western Grocery Company now
has issued in capital stock, out of a
total authorized capitalization of So
00C, 900, 5 1,750,00O in common stock n
s23S. 900 in preferred stock, making a
total of $1,9SS. 900 of capital stock out
standing. The board of directors We'd
nesday afternoon voted to sell an ad-
ditionai issue of s511, 100 of preferred
stock, which will raise the total capital
stock investment to s2,5O0,000 and a
very large part of the money realized
will be used in the development OF the
manufacturing industries in this city.
To Add Other industries.
In addition to the general canning,
packing, and manufacturing business
now done here, it is hoped that in the
future an extensive cracker factory and
candy factory will be added. The gro
Gerry organization finds that it's outlay
for grocery sundries of all kinds is so
large that it becomes highly profitable
to manufacture in its own mills as
500 ~f "A, ~~@J,,ofc oc rNcCih1o hn-
cause the selling expense. and more or
less speculation, permit of selling the
factory's output before they begin to
manufacture This year, for instance.
practically the entire output Of the
canneries is now sold before any Of the
material is manufactured.
Stockholders to Have First Chance.
The preferred stock is to be offered
first to the present stockholders, and
Mr.. F. c. Let's heads the list with a
subscription Of $4,000 of it himself.
After the present stockholders are
taken care of it is expected that there
will be a small amount Of it for sale
to the general public. The stock is
preferred as to assets, being in this
respect equivalent to a bond in Secur-
ity. bears 6 per cent preferred divi-
dends, which are cumulative, and must
be paid each year in semi-annual in
stallments before the common stock is
permitted to enjoy dividends.
In view of the fact that SO much OF
the company's investment is being
made for the commercial and industri-
al development of Marshalltown, it
is Mr.. Let's hope tina some of his
Marshalltown friends will find in this
preferred stock a desirable investment
to such an extent that Marshalltown
people may become as strongly repre-
sented in the company as some Of the
other cities in which the company now
operates branches.
During the past year the Western
Grocery Company has opened branches
at Clinton, Iowa, and Owatonna, Mimi,
and reports a profitable and prosperous
year to its stockholders. The annual
meeting hereafter will be held On the
last Tuesday in January instead Of the
first Wednesday in May.
Old Officers Reelected.
The old officiary of the Western Gro
GER Company was reelected at the an
nual meeting Wednesday. The board
Of directors were reduced to fifteen
members from seventeen at the stock
holders meeting. the designations of
John Let's and Linn c. Norris being
received. Mr.. Let's is now in business
for himself in Washington, D. c., and
Mr.. Norris is in the real estate bust
ness in Seattle.
Upon its assembly the board of
directors reelected, Frank G. Let's,
of Chicago, president; II. l.. Spencer,
of Oskaloosa. first vice president; Ollie
S. Ellis, Marsholltown, second vice
president; and "A. P, Spencer, Oska-
loosa, secretary and treasurer.