The independent., 1903-03-12
A Big GRAIN COMPANY
ORGANIZATION and Policy or the Farmers
COOPERATIVE Grain and Live Stock
Association

Association
The farmers meetings held In this
city in January and February resulted
In the organization of an association
which will doubtless make itself felt
ere long not only in this state, but in
the entire west. A resume of the work
accomplished appears in last weeks
Central Farmer, from which we quote
in part:
The board of directors of the Ne
braska Farmers Cooperative Grain
and Live Stock association met in
Lincoln to mature plans, and the
treasurer and organizer were invited
to meet with them. All the directors
were present except Mr.. Armstrong,
who was compelled to be absent from
the state.
After a full discussion of the sub
iect it was decided to incorporate
with capital of half a million dol
lars, as soon as s25,000 shall be sub
scribed. This. corporate organization
will be for the benefit of those per-
sons and local companies that desire
to purchase stock in such corpora
tion, but will not supersede nor dis
place the association" formed on
February II. In order to make clear
the scope of the rganiZations-of
which there will be 1.-TWO in one,' or,
in order to make clear the dual
character of the state organization
the following description is given:
There was formed on February IL
the Nebraska Farmers Cooperative
Grain and Live Stock association, :"
which is protective" in it's nature,
and it not an incorporated body. It's
purpose is to- assist the local cOmpa-
nies and associations in legal con-
tests, and to protect the interests OF
all the local members in every legiti-
mate way. 1t holds no property ex-
cept the cash furnished by the men,
bership fees, and this is to be ex-
pended in promoting the welfare of
the locals in such manner as the board
may deem wise and expedient.
Note that this is the state "associa-
tion.'''
In addition, and in pursuance of the
directions from the state "associa-
tion,' the directors have now decided
to incorporate company" to do bus
iness, buy and sell grain, erect, hold
and operate elevators, including ter
minal elevator or elevators in central
markets, and do such other business
as is named in the articles of incor-
poration, whenever it shall be deemed
expedient to do SO.
This organization is named the
Farmers Cooperative Grain and Live
Stock company" of Nebraska. The
stock is fixed at $50O,OO0, in 5000
shares of $100 each, and articles of in
corporation will be filed when 250
shares, or $4,000, are subscribed.
AS stated above, this organization
will not supersede nor displace the
association" but is for such ''asso-
citation members" as want to contri-
butte to the establishment of a cline
system" and those who wish to con-
tribute to the purchase of member
ship on board of trade and to the
establishment of terminal facilities in
central markets.
Stock may be subscribed in sums OF
500 or multiples thereof Except that
the board may, and probably will,
provide, in the bylaws, that the mini
mum amount of stock that may be
taken by local association or COM
pany shall be $500-but this point is
not fully determined as yeti.
To recapitulate:
1) A local company may control
absolutely every transaction of busi-
ness at it's local Office, including the
sale or disposition of it's grain and
other products, and yet obtain the
protective" influence of the state as
sociation by simply paying into the
state association treasury one dol
lar for each member in the local COM
pany.
(2) A local company may do the
above, and in addition thereto may
purchase shares ($500) Or more in
the state cooperative company" and
to that extent share in the ownership
of terminal elevators in central mar
kets, and in such memberships as may
be purchased on boards of trade in
such central markets.
(3) A local company may, if it sc
desires, subscribe its entire capital
stock in the above state cooperative
company Exchange it's stock in the
local company for a like amount OF
stock in the state Company, and, in
that case, the elevator property, erect