The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1914-06-17
HOW TO KEEP THE
BOY ON The FARM
Problem Solved by Unique Idea
Of MinneSOtan
HIS FAMILY A CORPORATION

He 10 President and the Boys and
Girls Are Interested Stockholders.
Latter Are Department Managers and
Can Buy Fathers Stock Out of the
Dividends.
The age old problem of how to keep
the boy on the farm has been solved
by a Minnesota farmer. John Nc
Callum, a canny Scot farmer of Big
Stone county, organized his nine Sons
and daughters into a corporation and
divided the stock of his 1900 acre
farm among them, as though 1t were a
regular city business, a factory, store
or mill.
McCallum himself was elected presi-
dent Of the farm corporation, by the
vote Of all the stockholders, while his
oldest son, Gilbert. was elected gen
eral manager and a younger son, Leslie,
was chosen secretary and treasurer.
One son was made superintendent oil
the hog department, all full blooded
stock. Another boy was chosen to
care for the horses. Between two
other sons the cattle and sheep were
divided, The girls were placed In
charge of the home. Each child was
made superintendent OF some division
OF the farm work and given supreme
authority In his or her department
Farm Corporation Is Born.
Il thought the matter over a long
time" says the ~farseeing Scot, telling
of his plans. Then | finally drove to
town, got a lawyer and told him my
plans. | suggested We call the farm
the Lismore stock farm, from the
name OF the island in Scotland where
| was born. He Incorporated the farm
with a paid up capital representing
my valuation of the farm and stock. |
had a stock book printed and filed reg.
ular articles OF Incorporation.
"A few days later i called the chill.
dren into the parIor one morning after
breakfast and told them to be ready
for a surprise. There were FIVE sons
and four daughters. | had capitalized
the farm at 100000 and divided the
stock into blocks. | kept enough for a
controlling interest Then | presented
each child with a block of stock. The
plan | had outlined was for them to
keep at work. buy some of my stock
each year, so that by the time | die
they will have purchased all Of my
stock and will have absolute control OF
the farm"
Makes Report TO Government.
The children were enthusiastic over
the idea. Ii gave them an interest In
the work on the 1900 acres that they
had never had before, and before the
first week was Owe each one of the
board of directors was doing bis best
to stop the leaks that beset any large
corporation. The directors hold daily
meetings around the family breakfast
table. where the work of the day Is ap-
portioned. while annual meetings of
the stockholders are held, as required
by law. and the formalities OF business
procedure are duly observed.
The McCailum farm is the only farm
corporation In Minnesota-and one of
the few In the entire United States
that makes reports to the state and to
the United States the same as a big
railroad corporation does.
What has been the result OF the ex-
perimentf OF the nine children eight
have stayed by the farm. one deserving
IL to become a lawyer. Nor have the
eight stayed against their will or be
cause they did not know by experience
the lure of the city. Five of the chill
dren have been away to college. have
completed their courses and her hur
ried back home TO stay by the old
farm, In which they are directors. Two
of the girls are now at college, draw.
ing dividends from the farm corpora
ton and planning to return home the
minute they have won the coveted de
r
La only one important particular does
the McCallum corporation differ from
the usual one. The check book Is a de-
cided innovation. Mr.. McCallum had a
special set of checks printed. Each
year a certain percentage of the sur
plus is set aside. Each director may
write a check on this surplus fund. In
dorse upon the check what the money
is for and cash 1t without asking the
permission Of any other director.