The Providence news. (Providence [R.I.]) 1891-1906, 1902-08-16
new MOVE AIMED
AT MIDDLEMEN
VIII Stop Market Corners and
Prevent Manipulation.
FARMERS ARE IN EARNEST
Ample Capital Assured and the P'tIscl
viii Eventually Benefit Consumer as
Well as Planter.
FARMERS ARE IN EARNEST

Chicago. Aug. l6.--J. w. Burton, of this
city. legal adviser for the proposed Farm
ers, Trust. today outlined the chief fea-
lures OF the organization. which was IN
corporated yesterday at Pierre with a
capital OF s0,0oo.ooo.
Under the plan no one but farmers VIII
be allowed TO own a share or the stock'
Branch offices are TO be established all
over the United States. the chief branch
esfahlishment to be In Chicago. All
Kinds of farm products are TO be delt In
and handled on a commission basis OF ior
cash as circumstances may direct.
SHUT OUT THE MIDDLEMAN.
neals on the Board OF Trade in cash
grain are also contemplated with the op-
,ect of giving the farmer a chance OF get
ting a better price for his product and at
the same time shut out the middleman
II is believed by eliminating the mid
dleman and having the farmers of the
country behind IL the organization can
maintain a uniform price TO the beneit OF
the farmer without injury TO the con-
SINNER. both parties benehtins by the
el,mination Of the middleman.
Manipulation by spectators and cor
ners In grain and other articles. 1t LIS said
v,,, he impossible. while al the same
time prices will inevitably benefit the
farmer.
All commissions, save small part
which Is to be given agents In lieu OF
salary. will be used as dividends ana 10
bo paid back TO the farmers
TO ESTABLISH AGENCIES.
Tn order To dispose OF stock, agencies
will be established In banks throushout
tho country. one institution In each
county 70 be selected. One-half OF the
.,onav thus received for stock Is to be
retained by the banks in each county 10
ha loaned back at a low rate or interest
10 the farmers themselves 70 enapie
them IL necessary. TO hold their pr""uoe
a. casa current prices are too low.
~ this means II Is expected 10 prevent
s,,,,t an the market and do away with
80 tarontation to unload and force prices
Sowrward 10 the benefit OF elevator men
and others who have the necessary capi-
tai 10 enable them TO hold TOT rise.
rhe interest on the money lent il 10
-. na,d hack I'm dividends. so In reality
the farmer gets money coming ana gong
The promoters Of the enterprise are san
gu,ne regarding its success
Hamilton White. OF Chicago is the NOV
to- snirtt In the concern. UP 10 two years
ago he was a resident OF Red OAK Iowa.
and practical farmer
SUCCESS is ASSURED.
f,o-oneration of farmers has long been
=. ,daa with him, and for the last is
,sars ne has been devoting his time TO
this subject, travelling extensively
through all farming districts, enlistins
representative men In the enterprise, ana
asserts that success is assured
According TO accounts ample capital
has been promised by leading Chicago
bankers VINO have been enlisted In sup
mort OF the enterprise. and II IL fail. II VIII
M, be due 10 lack OF the necessary finan-
clal support.
ofrcers have not been elected as yet.
b,rt will be chosen at meeting 10 be
heIa here either on Saturday or Monday.
when additional details will be given out.
Mr. white will. II is said. undoubtedly be
chosen president.