Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1914-06-12
THIS MANS KID"
STAY ON OLD FARM
CNNNN MINNESOTA SCOT ORGAN.
iIES CHILDREN INTO
STOCK COMPANY.

rONNlLLE, Mimi, June IL
! The age-old problem OF how to keep
the boy on the farm has been solved
by a Minnesota farmer. John Me
/ Callum canny Scot farmer of Big
Stone county, organized his nine sons
and daughters into a corporation and
divided the stock of his 1,S00-acre
farm among them, as though it We're
a regular city business, a factory.
store or mill. Mr.. McCallum himself
y as elected president of the farm
corporation, by the vote of all the
stockholders, which his oldest son,
Gilbert, was elected general manager,
and younger son, Leslie, was chosen
secretary and treasurer. One son
was made superintendent of the hog
department, all full blooded stock.
Another boy was chosen to care for
the horses. Between two other sons
the cattle and sheep We're divided.
The girls were placed in charge of
the home. Each child was made su-
perintendent of some division of the
farm work and given supreme author
ity in his or her department.
Farm Corporation Is Born
81 though the matter over long
time" says the far-seeing Scot, telling
Of his plans. "Then I finally drove to
town, got a lawyer and told him my
plans. l 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 repre-
senting my valuation of the farm and
stock. I had a stock book printed
and filed regular articles of incorpor-
alton.
"a few days later l called the chill
dren into the parlor one morning az
ter breakfast and told them to be
ready for a surprise. There were five
sons and four daughters. 1 had cap
italized the farm at 100000 and di-
vided the stock into blocks. I kept
enough for a controlling interest.
Then l presented each child with a
block of stock. The plan I had out
lined was for them to keep at work,
buy some of my stock each year, so
that by the time I 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. 1t gave them an interest in
the work on the 1900 acres that they
had never had before, and before the
first week was over each one OF the
board of directors was doing his 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
apportioned, while annual meetings
of the stockholders are held, as re-
uuired by law, and the formalities OF
business procedure are duly observed.
The McCallum 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
experiment? OF the nine children
eight have stayed by the farm, one
deserving it to become lawyer. Nor
have the eight stayed against their
will or because they did not know
by experience, the lure of the city
Five of the children have been away
to college, have completed their
courses and then hurried back home
to stay by the old farm, in which they
are directors. Two of the girls are
now at college. drawing dividends
from the farm corporation and plan
ming to return home the minute they
have won the coveted degree.
Overriding the President.
In only one important particular
does the McCallum corporation differ
from the usual one. The checkbook
| ia a decided innovation. Mr.. Mccall
lum had a special set Of checks print
ed. Each year a certain percentage
of the surplus is set aside. Each d.
rector may write check on this sur
plus fund, indorse upon the check
what the money is for and cash 1t
without asking the permission OF any
other director.
Only once has there been a very