The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1913-07-16

came to anai trial. which was IN the
early party Of the year 1914 This wa
won By the Society. One Of the other
suits was 'ettied shortly aztec this
The two remaining suits. involving
about $500. 100000. were not settled un-
I'll about the nrst OF May. 1914
During tn, tendency Of these suits.
no distribution Of this balance OF the
1907 money could be made Before the
settlement Of these suits the Auditors
Agent Of Kentucky alec suits in about
forty different counties for back taxes
against the Society. covering the 1905,
1907 and 1909 pools. seeking an as
sessment against me Society covering
the years 1907 to 1911. the aggregate
assessment claimed In these suits
amounting to sss.ooo.ooo in round num-
bers. the taxes sought to be collected
amounting in round numbers to $780,
900 with 20 per cent penalty to be
added. These tax suits were pending
when the suits In the Federal Courts
were settled and are still pending and
until they are determined no distribu-
ton of this balance of the 1907 pool
can be MADE.
About May 1, 1918. however. when
the Federal suits were settled. the
Board directed distribution sheets to
be prepared and hey were prepared to
enable the Society to distribute this
balance of the 1907 pool money as
soon as these suits brought by the
Nothing remains to be done by the
Society in reference to the distribution
of this balance except to write out the
checks when this litigation il deter
mined.
Stock To he Issued.
The certificates for the capital stock
in the Burley Tobacco Company are in
the hands of the printer and will be
issued to the members of the 1909 pool
or the holders of the warehouse re-
ceipts as soon as the warehouse re-
ceipts are turned in to the Company.
The holders of the warehouse receipts
should turn them In to the County
Chairman or Secretary to be forwarded
to the Burley Tobacco Company at it's
office in Lexington. Ky. as soon as
possible SO that the certificate of stock
can be issued to the owners.
The Company could not issue these
certificates of stock before this time for
the reason that the amount to be is
sued to each member could not be as
certained until the tobacco was sold.
The final sales were not completed until
July 4. 1919. A man who buys tobacco
on the hogshead market is allowed six
months to make reclamation for dam
hogshead not being as good as the
sample The time would not run out
for these reclamations until January 4,
1913. and until that time it could not
be determined what amount of stock
should be issued to each holder. How
ever in the month of August, 1912, bids
for the printing of this stock were Sc
cured from the printers and the form
of the stock certificate was directed
to be prepared by the attorneys of the
Company. In the first part of October,
1912, suit was filed by two men. own
ing SITS worth OF stock, in the Kenton
Circuit Court against the Burley To-
bacco Company, attacking the charter
OF the Company and the right to issue
the form of stock certificate which the
charter required to be issued. That suit
was brought to final determination In
the lower court as soon as could be
done and was then taken to the Court
of Appeals and advanced and submit
ted at the earliest possible moment and
was not finally decided by that Court
until the nth day of June. 1913. The
Court OF Appeals in its decision held
that the provisions in the charter of
the Company relating to the form of
the stock certificate and the voting of
the stock were void and that the stock
would have to be issued with the vot-
ing power accompanying 1t directly to
the owner OF the stock. Immediately
upon the reI dering of this decision the
Company proceeded to have the stock
certificates prepared and they will be
promptly issued.
Protected the Control.
1t was the purpose In the organiza-
ton of this Company to keep the man
agement and control beyond the reach
OF the enen. s Of the growers. and the
charter of IL Company provided that
he Individuals constituting frano TINA