Omaha daily bee., 1874-07-09

lately occupied by the Merchant 8
Exchange bank. 1t has been pub
licly stated that 500, 900 of the stock
has already been paid in. This is
not correct. The stock will be called
in in ten per cent installments. The
first installment will be called in
July /. The directors are empow-
cred to call in the I'd installment in
three months after The first, but 1t Is
that the second call will not be is
sued until January, 1875. The bank
will be opened informally on July
Is. There will be no splurge or dis
play, but the directors expecttO Ego
slow" for q while until all the first
installment is paid in. The object
of the bank il to enable farmers to
borrow money upon as favorable
terms as can be had in the city for
commercial purposes. The subscrip-
tons are nearly all in small amounts
the subscribers being residents Of
nearly every county in the State.
The bylaws promise the same con-
sideration and attention to the rights
of small stockholders a. those Of the
largest, and tsequal justice to all"
There are already over 1000 subscri-
bers, and the aggregate Of the sub
scription exceeds $1,000 900.
The officers are: Alfred F. Wal
colt, Of E. E. Morgan's Sons, presi-
dent; Calvin ]. CROSBY, Of Stanis-
laus county, vice-president; VIM.
3. Baxter, secretary. Messrs. Wal
colt and CROSBY, with the following
named gentlemen, serve as q board
Of directors; Thomas Mcconnell,
Sacramento Gilbert w. Colby, of
Butte; John G. Hill, Of Ventura ;
John p. Chrisman, of Contra Costa /;
John v. Webster, Of Almeda Fla
vel J. Woodward, of San joaquin ;
Justice c. Merryfeld, Of Solano;
Carlisle s. Abbot, Of Monterey ;
John Lewellyn, of Napa. MI.
CROSBY, the vice-president, Is q very
opulent farmer, and president of the
Farmers Bank, Of Modesto. he is
about pulling up stakes, with the
intention of removing to this city
with his family and permanently
devoting himself to the interests Of
the Changers and their big bank.
The iron rule Of Friedlander, the
hitherto mighty grain king, and his
powerful associates is broken. These
men have for years controlled the
grain market, and one Of their most
effective means to that end was con-
trolling the tonnage of the port. The
leading Changers say this obstacle
no longer cOnfronts them. They
have been enabled to charter fifty
vessels themselves this year, and
are confident that facilities will be
amble in future to take all their
grain to market. The Changers
have also in this city a produce
depot, at the southeast corner of
SansOme and Commerce streets, in
charge Of Mr.. Hegler, late of Bode-
ga Grange. They have also an
agent to purchase farming imple-
ments, and others to buy bags, char
ter ships, and perform ether i'm
portant functions.
1t has been said that the Changers
have been paying more for their
grain-bags than they are worth ;
that they have been "bit :" but this
is incorrect, for they get their bags
just as cheap as anybody-they pay
cash.
These Changers, whom the Oron-
icle reporter visited, also deny that
some wealthy men have withdrawn
from the Order under the fear of
having to "oarry" the weak and
sickly members. They further say
that the rich Changers neither fear,
nor have reason to fear, any such
thing.