Free trader-journal and Ottawa fair dealer. (Ottawa, Ill.) 1920-1927, 1922-01-05
SHORTAGE DENIED
OFFICERS BRAND AS FALSE THE
STORY THAT CONCERN is
"SHoRT" ON coRN-UNSTEADY
MARKET BLAMED FOR CLOSE
! DOWN - STOCKHOLDERS TO
MEET.

Hit by the business depression
which has proven such menace to
the elevator business throughout the
middle west during the past year,
business was temporarily suspended
at the South Ottawa Cooperative
Grain g. Supply Co. yesterday while
an audit Is being made Of the com
pany's books and the inventory taken
of materials on hand.
The elevator, which Is one Of OF
tawa's youngest institutions, is the
first during the present business de
preston in this section Of the state
to temporarily suspend operations,
although 1t is said that several others
in and about La Sale county are
skating on quite as thin ice as the
south side institution.
A bad business year, which has
proven Improbable to great many
elevators, and a chance TO know just
where they stood is said to have been
the reason the directors Of the com
pany ordered a suspension of bust
ness while an audit was being made,
and an inventory taken.
Lost On Future Deals.
The purchase Of futures to protect
the patrons of the company who plac-
ed their grain in the elevator for fu-
ture sales, and the general unsteadi-
ness of the grain market is said to
have caused the depression. The OF
tawa Banking & Trust Co. has been
engaged to make the audit and Attor-
ney Roger Clark has been retained
as legal adviser of the company,
Men in close touch with the af
fairs Of the elevator today stated that
there was no doubt but that the com
many would prova solvent, Rumors
which have gained circulation since
the suspension Of business yesterday
to the effect that the company was
short 100000 bushels of corn were
branded as absolutely fantastical by
. the men in close touch with the at
fairs of the concern today, as were al
so reports that improper management
and operation had caused the shut
down It was stated that the general
slump which has for many months
been sweeping through the country
was alone responsible for the poor
business year.
Call Stockholders Meeting
Today stockholders of the com
pany all received the following no.
tice. calling a meeting on Jan. Is at
the court house
OTTAWA, H., Jan. 3, 1922.
Dear Sir:
"You will hereby take notice that
there will be a special meeting Of
the stockholders of the South ottawa
Cooperative Grain & Supply Co. at
the supervisors room in the La Sale
county court house on Wednesday,
Jan. is, 1922, at 1 O'Clock, for the
purpose of receiving the report of the
board of directors of said company
showing the business for the preced'
ing year, the present financial status
of said company and take such ac-
tion Herewith as may be deemed to
be for the best interest Of said com
pany.
South ottawa Cooperative Grain
& Supply Co,
BY J. j. Hornung,
ED F. Pack, Sec" Pres"
viii Hear Reports.
At this meeting the stockholders
will be presented with the officers
reports and the results of the audit
and will have the opportunity to de
eide whether they wish the business
to open at once, to remain CLOSED
temporarily, or to dispose of theil
interests
The elevator was organzide abou
three years ago by a number of prom
inent farmers of South ottawa town
l. q i