Arizona republican., 1899-09-05
A FARMERS TRUST
Plan 10 Get Along Without
 inc Commission Men.
Valley Wheat and Corn Growers want 10 Regulate inc Supply 10 Meet inc Demand tn Their Own Way.

lAeueTdlIOn OI Ine MlSS1SS1pp1 valley
 promises to revolutionize the agricul-
 tural business of the country by step
 ping in as the agent of the producer
 and protecting him from the extortions
 or the middleman. The trust also
 promises to break down the influences
 which have controlled and fixed the
 prices of the products of the farm by storing in elevators, granaries and
 cribs surplus grain and placing only on
 the market enough to supply the de-
 mands. The purposes of the corpora tion is to regulate and control the sale
 and shipment of farm products of all the states and territories of the Mis- 1 sissippi valley, and to establish and
 maintain offices, yards, grain ele- vators and to appoint and maintain
 agents and agencies for handling. gathering, keeping, selling and distrib- uting products, and to loan and borrow money and to do a banking business D The places where its business is to be transacted are Topeka, Omaha, Kansas City, St. Louis, Chicago and New Or leans.
 The amount of capital stock will be S20,000,0o0, divided into 2,OOO, ,OO0 shares of $10 each. In addition to the bank department provided for in the charter the bylaws create a bureau of sta- tistics and separate sale departments for grain, live stock, cotton and to- bacco. The bylaws also provide that there shall be no rebates to shippers or dividends paid to stockholders, but the surplus earnings of the company shall be held as reserve fund to finance the bank department, to pay interest on the bonds of the company, and for the purchase of the business and good will of commission houses. Later on when this institution shall be brought to a successful issue. the surplus earnings from a commission and from the loans of money by the bank department shall be equally divided between the stock holders and the farmers, who may be the holders of non-transferable bonds of the company.
 In order that the business of con- centration may be facilitated and the work of emancipation may be speedily accomplished, it is further provided by the bylaws that there may be is sued s10,000,O0O of per cent, twenty or so much thereof as may be neces- sary to purchase the business and good will of the commission houses of Chi cago, Kansas City, Omaha, St. Louis and New Orleans. The headquarters of the federation will be at Chicago after January next
 Replying to the question, ''WilI the farmers of the west stand together?'' President Allen says: "It is not nec- essary that all the farmers should stand together in the execution of this plan for mutual protection If one twentieth of the farmers of the west Ind south who produce corn, wheat and cotton equal to the export demand should unite with the farmers fedora ion, with pledges to abide by its rules | md regulations, protection could then | De afforded to every producer of corn, wheat and cotton in the United States. The power that can check or restrain | 'hipments of farm products; the power | 0 hold out of the public markets of | his country 5 per cent, or any percent | lge however small, is the master who | ;an regulate the price of corn, wheat l md cotton in the home market, and in | Ill the markets of the world
 President Allen admits that this fed ration is gigantic trust, but he says: There is nothing in the charter nor in he bylaws that conflicts with the fn- erstate commerce law, nor with anti rust laws of any of the states of the Union. Its purpose is not to restrain 'roduction nor to arbitrarily fix prices. t assumes only the power to control he shipments of farm products and to hus regulate the supply to the de- hand in the general markets. If there hould appear to be an overproduction, Ve would simply sell enough to meet he legitimate demands for consump- ion and hold back our surplus in our -ranaries and on our farms to meet of short crop seasons"