The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1921-03-04
PASSING OF PROMISED
DIVIDENDS BY l. T. C.
NETTLES STOCKHOLDERS

Apparently things are not running
as smoothly with the Industrial Trans
portation Co., chain store organiza-
ton which operates entirely in small
towns, but which is said to own more
than 200 stores in Missouri, Arkansas,
Louisiana and Texas. A stockholders
meeting was held at the company's Of
flee in St. Louis Monday and Tuesday
of this week and while The Inter-
state Grocer was unable to get all the
facts, it obtained sufficient to indicate
that the passing Of the promised divi-
dend n January did not set we'll with
the security holders.
The fact that the company's stock
is being offered as low as $3.50 a
share by brokers when it is being sold
out in the small towns of Missouri by
the company's brokers at $i2.5G a
share, has not tended to create a very
high degree of confidence, though the
slump in the stock is not generally
known by the stockholders. When it
is, difficulties are certain to be en-
countered as the public is not going to
fall over itself paying $3.50 share
for stock whose market value is less
than one-third.
! From what reporter for The In
terstate Grocer learned the argu-
ments In the meeting were somewhat
acrimonious at times. The meeting
was said to have been made up largely
of store managers who had proxies,
and a sprinkling of investors who
came to town to find out what was do
ing. Whether they succeeded or not
is not definitely known, but the man.
agement is having trouble is evidenc-
ed from expression of some of the in
vestors.
Happy" Day Not So Happy.
One of the investors, one Texas, told
an Interstate Grocer man that "some-
thing had to be done to correct the
mistakes that have been made. Be-
fore is was possible to ascertain what
they were this stockholder was called
away by Happy" Day, who was the
chairman of the stockholders meet
ing, and who came up the elevator
This investor had just been shown an
advertisement in a st. Louis daily pa
per offering 100 shares at 1878.
He was accompanied by another
Texan, who, after his friend had read
the advertisement, kicked him slightly
in the bend of the knee with the re-
mark snow don't get weakened"
Happy" Day was shown the adver-
tisement and suggested that this was
nothing more than many other stocks
had declined, to which The Interstate
Grocer man made the rejoinder "but
you are selling this stock at $3.50 a
share out in the country when the on
ly market price is what the stock will
bring in the open market"
"Happy" Day seemed to be some
what frustrated over the incident and
after calling the first Texan away
called to the other man that he want
ed to see him. He spoke few words
then sauntered to his office, took off
his coat and came back to the entrance
of the /. T. G. office and said in a
loud tone: "You gentlemen go into the
office, don't enter into any discussion
with the people in the halls" What
"Happy's" motives were he did not
make clear. but evidently he wanted
to avoid an embarrassing discussion.
Expels Interlopers from Meeting.
When the stockholders meeting
opened Monday afternoon, "Happy"
Day was made chairman of the meet
ing. He at once announced that a
definite program had been mapped out
and that it would be followed to the
letter. No question will be permitted,
nor discussion allowed, he said, to in
terfere with that program, adding that
when this program is completed the
stockholders would be given chance
to ask questions. He also announced
that all newspaper men and outsiders
should leave the room and appointed
two sergeants-at-arms to look over
the credentials of every one present
to see that there were no interlopers.
The Interstate Grocer man was un-
able 70 get an accurate outline Of the
program though he did learn that