Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-06-17
NEWS OF WEDNESDAY, JUNE IL, 1918
DAUGHTER OF {. o. PAINTER
HEADS FERTILIZER CONCERN

JACKSONVILLE, June 11.-Miss
Okle Painter, daughter of the late f.
o. Painter, was elected president of
the E. o. Painter Fertilizer Company
at a meeting of the stockholders held
last night. At the same time it was
decided to increase the capital stock
of the company from $3.50, 600 to $500
600, with the privilege of increasing
the liabilities to an equal amount.
Reports submitted at the meeting
declared the condition Of the business
of the company to be furnishing. A
10 per cent annual dividend was de-
Clared
Miss Painter announced, after the
meeting, that the business of the com
pany would be conducted upon the
same plans as heretofore under the
presidency of her father, who was
drowned in the st. Johns River May
p, the cause of which is still a mys-
terry
No one is better able to carry on
the work of the dead man than Miss
Painter. Since finishing school she
has occupied a place in her fathers
Office. Having no son on whom 20
depend, he trained his daughter to
take his place. She is familiar with
every detail Of the business. both ad-
ministrative and manufacturing. She
has spent much of her time at the
fertilizer plant, directing affairs for
her father
Another reason why the daughter is
the logical person for president of the
company is that she controls the ma
lor portion of the stock Her father
held $4,000 Of the outstanding $780,
600 issue. Under his will all of this,
except $4,000 distributed in special
requests, goes equally to Miss Pain
ter and her mother, Mrs. Martha
Painter. The daughter retains the
exclusive voting power of the SIG, 600,
the benefiCiaries to receive only the
income therefrom. This S26,000 will
eventually revert to Miss Painter or
her heirs She also represents her
mother in the estate.
The action Of the stockholders in
doubling the capital stock is simply
carrying out the plans made by Paint
or. He had worked out the details
whereby small blocks of the stock
would be sold to planters in Florida
and South Georgi-, who in turn would
buy their fertilizer from the Painter
company, thus increasing the volume
of business done and give the planter
stockholders small rebates in the form
Of dividends.
And at the same time Painter saw
how he could add to his own holdings
by declaring a stock dividend, giving
the old stockholders proportionate
shares Of the new issue. Painter, Of
course, planned to secure enough of
the new stock to still give him a
majority of the combined issue and
retain fun control Of the business.
Now the widow and daughter will
come in on that distribution, making
the daughter probably the only young
woman in the South as the head and
absolute dictator Of a half million
dollar corporation, doing an annual
business said to exceed $4,000
since the death of Painter, State
Senator J. b. Conrad, of Glenwood,
has been nominally acting president
of the company but he spent two
weeks of the time at Tallahassee at
tending the final days sessions of the
Florida Legislature, leaving the
Painter business actually in the hands
of Miss Painter, d. A. Morrison, Jr.,
secretary of the company, anu q. c.
Hamlin, general counsel.