The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-11
FARMERS EXCHANGE
WILL GO IT ALONE
1t Decides Against Affiliation
With the National Body for
the Present.

Until the Minnesota Farmers Ex-
change shall become firmly established
as an independent organization on a
business basis it will not affiliate with
the national organization, whose first
convention was recently held at Omaha.
That point was decided yesterday in
the adjourned meeting of the Mime
sofa Exchange, now in progress in this
city. This meeting was held chiefly for
the purpose of receiving reports from
the committee on constitution and by
laws and the special committee ap-
pointed to prepare articles of incor-
poration, and the attendance was con-
fined almost entirely to the members
of those committees and the executives
of the organization The day sessions
were held at the capitol and an even
ing session was held at the Merchants
hotel.
OF the officers there were present:
c. E. Jackson, Morrison county, presi-
dent; J. S. Macdonald, Chisago county,
secretary, and w. S.. Weatherston,
| Dodge county, treasurer; and of the
board of directors, Stephen Leahy, Rice
county; William Miles, Rice county; M.
! K. Hunt, Benton county; j. H. Coates,
Stearns county; J. H. Brady, Waseca
: y.
| Elias STEVENSON, Polk county.
Shares Put at $50 Each.
The spical committee which con-
sisted of H. C. Block, Stearns county,
chairman and A. V. Anderson, Good
hue. county, and Elias Stevenson, Polk
county, reported for consideration and
approval articles of incorporation, the
principal features of which were that
| the capital stock should be $500,000, di-
vided into shares of $40 each; the term
| of corporate existence thirty years, be-
| ginning May I, 1904; the headquar-
| ters at Minneapolis, with provision for
| branch offices wherever in the state
! they may be found necessary and the
| government of the corporation vested
| in a board of nine directors, to be
| elected by the stockholders; three of
| the members of the first board to be
| elected for one year, three for two
| years, and three for three years; and
! three members to be elected to the
| board each year thereafter.
/ Consideration of the report of this
/ committee occupied the entire day, as
| the articles were taken up seffatim,
| discussed, in some cases amended or
modified, and adopted. This work in
volved numerous questions of policy.
and diversity of opinion led to much
argument on some of the vital points.
[ Some members were in favor of cut
! ting the price of shares from $40 to
$40, and commended vigorously for an
amendment to that effect, on the
ground that at the lower price nearly
| ain of the farmers of the state could
| to many of them. When the question
was put the price was left at $40 per
! share.
Restriction in Membership.
A source of mulch discussion was the
proper basis of admission for farmers
cooperative elevator companies,
creamefies and other cooperative bus
[ mess associations. 1t WAS promptly
settled that elevators should not be adj
| mitted on less than $500 of stock and
should rot be permitted to purchase
I more than $1,000 each; but the cream
/ cry question was more of a puzzle,
Some members thought the minimum
should be $500, but the balance of SEN
tfment was for a lower 1in1it, and 1t
/ was finally agreed that all farmers, CO.
| operative associations other than ele-
+ vators should be admitted on $100 OF
stock.
In discussion of the proposed by
| laws it was determined. that the ex-
change shall devote it's attention first tC
the establishment of elevators ane
when that branch of the work shall be
[ well under way, proceed to creamerles
cold storage warehouses and other en-
terprises included within it's purposes
| of Incorporation.
+ Sentiment was very strongly in favor
| of the early establishment of terminal
/ elevators at either Duluth or some 9TH
er desirable point, and there was con-
I siderable talk of local elevators to bf
built by the subordinate organizations
with local capital.