The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-08-30
AIMS OF FARMERS TRUST.
PLAN TO GET ALONG WITHOUT THE
COMMISSION MEN.

Mississippi Valley Wheat and Corn Grow
era Want to Regulate the supply to Meet
the Demand in Their Own Way-To
Open Headquarters in Several cities.
TOPEKA, Kan.. Aug 2o-.The Farmers Feder-
alton OF the Mississippi Valley promises to
reVolutionize the agricultural business VI
the country by stepping In as the agent OF
the producer and protecting him from
the extortions OF the middleman. The
trust also promises to break down tho
influences which have controlled and
Fixed the prices Of the products Of the farm by
storing in elevators. granaries and cribs sur
plus grain and placing only on the market
enough to supply the demands. The purpose
OF tho corporation is to regulate and control
the sale and shipment OF farm products
OF all the States and territories OF the
Mississippi valley. and to establish
and maintain Offices yards. grain
elevators and to appoint and maintain agents
and agencies for handling. gathering. keeping.
selling and distributing products. and to loan
and borrow money and to do a banking bust
ness" The places where it's business is to be
transacted arc Topeka, Omaha Kansas City.
st. Louis Chicago and New Orleans.
The amount OF capital stock will be $40. 000-
900. divided into 100000 shares OF SO
each. In addition to the bank department
provided for in the charter. the bylaws create
a bureau OF statistics and separate sale depart
ments for grain. live stock. cotton and to-
bacoo. Tho bylaws also provide that there
shall be no rebates to shippers or
dividends paid to stock holders. but the surplus
earnings OF the company shall be held as q re-
serve fund to finance tho bank department to
pay interest on the bonds OF tho company
and for tho purchase OF the business
and good will OF commission houses
Later on, when this institution shall
be be brought to successful issue.
the surplus earnings from q commission and
from the lonns OF money by the bank depart
ment shall be equally divided between the
stockholders and the farmers. who may be the
holders Of non tran sferable bonds Of the COM
pany.
In order that tho business OF concentration
may facilitated and the work Of emancip patton
may be speedily accom- lished. it is further pro-
vided by the by laws that there may be issued
S1n.000.O6O Of per cent twenty-year deben-
ture bonds OF the company. or so much there
OF as may be necessary to purchase
the business and good will of the commission
houses Of Chicago. Kansas City. Omaha. st
Louis and New Orleans. The headquarters
OF tho federation will be at Chicago after jan
unry next.
Replying to the que .tion. "wil tho farmers OF
the West stand together" President Allen says
1T is not necessary that all the farmers should
stand together in the execution OF this plan for
mutual protection. II one-twentteth OF tho
farm ers OF the West and and South who produce
corn. wheat and cotton equal to the export
demand should unite with the Farmers Fed
Grafton. with pledges to abide by its rules and
| regulations. protection could then be afforded
to every producer Of corn. wheat aud
cotton in the United States. The power
that can check or restrain shipments Of
farm products: the power to hold out Of the
public markets OF this country 5 per cent OF
any percentage however small. 10 the master
who oan regulate the price Of corn. wheat and
cotton In the home market. and In all the
markets OF the world"
President Allen admits that this federation
| 10 a gigantic trust. but he says: There IL
nothing In the charter nor in the by.
laws that conflicts with the Interstats
| Commerce law. nor with antitrust laws Of
any OF the States OF the Union. Its pur.
| pose Is not to restrain production mol
| to arbitrarily fix prices It assumes only tbs
| power to control the shipments OF farm pro-
| ducts and to thus regulate the supply to the
| demand in the general markets, II therf
should appear to be an overproduction. We
would simply sell enough to meet the leGiti.
| mate demands for consum ption and hold bach
| our surplus in our Rranaries and on our farnt
to meet contingencies OF short crop seasons.