Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-01-10
1T HURTS
-----a----
The Farmer and All Texas in a
Degree,
DOES THE CORPORATION LAW,
But II Can Easily Be- Fixed and Senator
eWayne Has Promised 10 Have u
Dons-Gsn. Clarke's Letter
on the Subject
DOES THE CORPORATION Law

III Nte0Fu WITH tue httliuthAH tANltnafN
by General Clarke and viii use bis best
Efforts to secure the desired legislation.
THE LETTER.
Fort Worth, Tex, Jan. Q, 90.
Hon. james w. Swnyne Of 1arraht,
Senote Of Texas, Austin, Tex.
Senators BY direction Of the chamber
Of commerce beg to invite your atten-
ton 10 the following clause of the law
Of Private Corporations"
section "a The purchase aud sale of
goods. wares, and merchandise aud ug-
ricultural and farm products. The nun-
Der OF persons Incorporating for such pur-
poses, shall In no instance be less thun
ten, nor shall any person hold Ur own
more than 5000 OF such stock, and any
person owing or holding more than $500
Of such stock shall be- liable for all of
the debts Of such corporations"
The presence Of this Inv upon our
statute books is very hurtful 10 one of
the largest and most important indus
tries and interests Of the state. People
are unwilling 10 enter into corporate
association for the purpose of construct
ing ana maintaining grain elevators un-
der the present law. for the reason that
many good lawyers have given Il as their
Nf,'i"i 'huN hii bluiu II an AGRICULTURAL
und farm product and consequently
may not be bought or sold In Texas By
any corporation that is not formed In
accordance with the section Of the law
above quoted.
The cost Of constructing grain ele-
vatOr will vary from - cents TO 45
cents per bushe Of the elevators capac-
ity, 80 that nm elevator OF o capacity Of
100000 bushels VIII cost from S25 900
Hn Al a.
present law the corporation owning an
elevator valued ut say SIS. 900. would
require ninety stockholders. The law.
You see, By requiring such an army Of
stockholders, virtually inhibits the cree
ton OF large elevators in the state of
Texas TO be operated In the ordinary
manner i'm which elevators are operated
IN other states, that Is FOR the purchase
aud sale and storage of grain.
A very intimate business association
with the leading grain dealers OF the
United States, extending over period
of over twenty years, leads me TO uu-
hesitaungly say that no grain elevator,
operated exclusively for storage purposes
has. Is or will be n paying affair The
storage side Is always identified with
the. purchase aud sale side of every
desirable elevator,
The presence Of storage and pur-
az points In our state within easy reach
OF our vast grain fields, would be of In.
estlmable value To the farmers: and tho
Legislature could confer no greater bene-
ht upon the producer Of grain Ina this
state than 10 make the erection OF such
elevators not only possible but entirely
Tree FROM any fear Of measures hostile
10 their legitimate business operations.
As il now Is the farmer dosirous 81
money at harvest time for the purpose
OF paying his extra help and for making
payments upon his binder. Irvine. etc
~ utterly unable 10 borrow money from
the banks upon his uninsured grain. He
has to make his debts to the machinery
anu Implement men good, aud he Is
soon as II Is threshed 10 ANYBODY who
VIII buy It. He is forced 10 have Tho
money and he does sell his graIp. nj q
low price, 10 the travelling shnrks. who
!akc advantage OF his necessities. Now
II there We're good elevators at Fort
" oYth' az Dallas, ut Waco al Wichita |
He, OF any other point suitably adapt |
ed 10 their location, the farmer could |
deposit his wheat az such elevators for |
storage and the ''receiptn OF the elevat- |
or eYinclng the depositing or stornye ~ |
the wheat would be accepted by nv
bank IN the United States. and unon |
IL tue farmer could, without additinnoi |
NNu'i's' h"!loW from the bank what |
money he might need, aud he would not
De required 70 sell his wheat M no |
time, but have the privilege OF withhold. |
ing the sale until, la hist judgment the
market reached its highest figures
IN Subsequent section of the cornoro-
non law, (Sec. POI, permitting cornora.
ions 10 sell and buy goods. wares All
merchandise by Wholesale. there IL n M
VISION excluding such corporations frou,
we restrictions imposed in The section
l2t) OF the law FIRST quoted.
leave TO your wisdom the monner 4,
Whieh proper change In the law MAJ,
ee made 70 secure the ends desired
ltel CONFIDENT land In so speaking I
voice TIE sentiments of every inemhee ~ |
.he commercial organization ~ which =
llh secretary, that you will seonre snoh
= modification Of the law as viii oii",,.
lhe construction and maintenonNe -
elevators for the purpose OF STORING h,, -
ng ana selling grain in the 80 Dus
Texas without reQnring that tbe NJ,
~ 10 De expended In the construc.
.i,v ,adi, "iu Hiuihtehance OF such elevators
,,.ra W ui.luS1 among number of
, Nv OF stockholders NO numerous "a
~ ~ 10Y ohly unweildly but positivelv
AN 1 10 successful business Operations
ne demand for the above * ,,rgent
rom reliable information / learn stbnt
.,i.,i oup'uW acres are now plantsd
WIN wheat of the winter variety VIM
ln1sf ordinary conditions OF ciimato I'M
,iell lV'VOOOO bushels. ME ground w ~
s'ulPllSu with plenty OF moisture ~ 40, -
49, aie Ni1 cFol. ,rnd with additional sprin,,