From the Franklin Press and the Highlands Maconian, published Thursday, June 30, 1938
A semi-annual dividend of three per cent will be distributed July 1 to stockholders of the Farmers Federation, according to an announcement by James. G.K. McClure, president of the farm cooperative.
Declaration of the dividend was made at a meeting of federation directors at the central offices in Asheville on June 22. It keeps unbroken the record of semi-annual payments on federation stock since dividends were resumed in 1934.
Dividends on common stock will be paid in cash through federation warehouses and dividends on preferred stock will be paid by check. All shareholders of record June 22 are eligible to share in the declaration.
The federation, Mr. McClure reported, has 3,598 shareholders, including holders of partial paid stock. This represents an increase of nearly 400 over a year ago. The gain, it was explained, is due largely to expansion of the federation’s territory and the issuance of new shares to customers who have earned them through patronage dividends. Early this year the federation established two new units, one for Cherokee and surrounding counties with a warehouse at Murphy and another for Transylvania county with a warehouse at Brevard.
The past year also has seen the federation undertake a more ambitious program of service to Western North Carolina farmers, especially in the field of marketing farm products. It has launched a program for improving the quality and the quantity of poultry production and is now engaged in selling eggs on a grade basis. It has increased production at the Highland Crafts plant at Fairview, where rag rugs and industrial uniforms are manufactured and plans for increased operations this summer at the Farmers Federation cannery at Hendersonville.