The journal. (Caldwell, Ohio) 1934-1961, 1946-11-28

The site of the proposed new
business for Noble county, in
which a number of farmers will
have share, is located directly
across from the Cozier Wood Con-
tainer Co., near the Pennsylvania
railroad tracks. The land extends
in a narrow strip from the corner
of Playground and Railroad streets
to the junction of the railroad with
Mill street.
The location is well situated for
a cooperative store and when
completed will mean much to the
interested farmers of this section.
Donald c. Leonard, who has
been heading the committee for
the advance sale of stock, stated
that enough had been sold to pay
for the purchase price of $6,000.00
It is expected that high ranking
officials of the Farm Bureau in
Ohio, now stationed at Columbus,
will be in Caldwell and map out
the construction plans.
One of three counties in the state
where such a cooperative store is
not in existence, its actual con-
Struction will mean much to farm
ct LIlS1l1DClo, WIN AoNS OSSA ASAA
ing in adjoining counties.
Although the coop has registered
with the State Securities commits
sion 100000 in stock, actually only
one-half of this amount is for sale.
The class B common stock will not
be offered for sale as this will be
vsed for paying dividends only. Its
par value is $1,000.
The $4,000 shares being offered is
four percent non-cumulatiVe pre-
ferred, selling at the par value of
$1,000. The preferred feature means
that this issue has first call at net
earnings Non-cumulative indicates
that if the 40 cent dividend is not
paid in any calendar year it will
not be considered in arrears.
In other words, either 40 cents or
nothing will be paid on non-cum-
ulative stock annually.
The additional 5000 shares is of
Class A common stock, selling at the
par value of $1,000. This is the vot-
ing stock and only one share may
be sold to any Individual. The indiV-
idual must be a farmer, renter, ten
ant or farm owner. These bylaws
may be found in the charter.
Under the cooperative charter,
patronage dividends are paid from
profits to all those who buy from
coop, regardless of whether or not
the individual is a Stockholder.
Other clauses in the charter make
it necessary for Class A common
STOCKHOLDERS to transact at least 81
percent a the business in order to
secure the complete benefits of
profit sharing.
Ownership of stock certificates is
not transferable except by permis-
sion of the board of directors. How
ever, it is said that in general prac-
tice the board will buy in stock
when the owner desires to sell. Most
certificates are being sold on a CO.
ownership basis which makes trans
fers unnecessary in the event of
death of one party.
Donald G Leonard, who has been
an enthusiastic worker in the loca-
tion of the coop here pointed out
that some confusion still exists in
Eoble county relative to the various
classes of stock It is best to remem-
Der that Glass A is on sale, one to
customer and preferred That not
for sale is Glass B. Common stock.
l.. E. Hedge of Brookfield town
ship is president of the Farm Bur
eau organization in Noble county.
Directors are Don c. Leonard, Nor
rls Bigley, Forrest Farson, Ted Os-
borne, George Mckee and w. H.
Calland.