The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1904-02-06

idea of a gradual evolution of a COM
plete system of cooperation, we rec
ommend that we concentrate our ef-
forts: First, on grain; second, on live
stock; third, on cold storage: fourth,
on lumber and coal; fifth, beef and
pork packing and milling. We recon-
mend that branch offices be establish
ed and elevators and warehouses De
built or bought all through the grain
belt from Oklahoma to North Dakota
and from California east to the Al
legheny mountains, and we have ar
ranged a plan of organization to reach
every school district in the territory
designated and will put organizers,
trained in this special work in the field,
if application is made to H. N Gaines,
Topeka, Kan.
I'VE recommend that farmers store
their grain in their own warehouses or
cribs and sell it gradually instead OF
rushing it to market, causing gluI
and lower prices, as we know from
long experience and observation that
the best prices are obtained in that
way.
"Organize the American Farmers Ex-
change, capital $50, 100000, shares $lO
each, on the following plan:
"First-No one person can buy more
than 300 shares.
'Second-No voting by proxy al
lowed.
"Third-In the election of directors
every stockholder can nominate, IN
writing, properly certified to by a ma
tary. and send it by mail or otherwise
to the secretary nine candidates, Whlch
will be the number of directors in the
company, but no stockholder, no mat
ter how many shares he owns, can
nominate any more than nine candi-
dates, so that person with one snare,
stands, in this respect, on an equality
with the person who owns 300 shares
"Fourth-The 27 persons receiving the
highest number of votes shall be de-
clared the regular candidates and no
other candidates can be voted for but
nominations must be in the office of the
secretary at least 80 days before cleo
tion.
"Fifth-At the election of directors
voting may be done either by mail or
in person. but the signature of the
stockholders voting by mail must be
certified to by a notary.
''Sixth-No stock can be transferred
to a person not already stockholder,
without the consent of a majority OF the
directors.
"Seventh-The nine candidates receiv-
| ing the largest number of votes by
share shall be the directors for the en-
suing year. In case of a tie, at a nOmi-
nation or election, among the lowest
candidate, the tie shall be decided by
| lot. When vacancy occurs in the di-
rectory the man standing highest on
the unelected list shall fill the vacancy,
and in the case Of a tie it too shall be
decided by lot.
"Eighth-Neither the general man
ager, attorney, auditor, head of a de-
! partment or their appointees shall be
members of the board of directors.
"Ninth-AH persons holding positions
of trust and having charge of money
or property must give indemnity bonds
4 in amounts to be fixed by the directors.
'Tenth-No appointments tshan be
made for period exceeding 80 days
prior to the regular meeting of the
/ r6 of t7iroofnrS and if ann0int +
ment is not approved by the directors
/ the person rejected shall not be ap-
pointed to another position by the same
party, without the previous consent OF
directors No salaries shall be paid un-
| til the amount of said salaries has been
approved by the directors.
= "EleVenth-NO officer or employe OF
/ this company can engage in any specu-
| lation in grain, provisions or shares OF
stocks on any commercial exchange OIL
elsewhere without the written consent
of the directors, and shall upon con-
viction, after having had a chance tC
/ be heard in his own defense. be dis
! charged.
''Twelfth-Dividends on the capital
stock shall not exceed 8 per cent. pei
annum and after setting aside a proper
/ funded to the patrons of the company
4 in proportion to the amount of grain
each stockholder has sold to this com
pany during the year.
| ''Thirteenth-AH subscriptions OF
stocks in The American Farmers Ex-
change will be solicited on the express
| condition that the above propositions
| be embodied in the bylaws and thai
said propositions shall not be altered
amended or repealed except by the con-
sent of two-thirds of all the Stockhold-
ers on a referendum vote
Fourteenth-Officers for the selling
of grain on commission or otherwise
shall be established at Chicago, Kan
sas City, ST. Louis, Omaha, Mime
apolis and other necessary points.
'Fifteenth-All corporations, associa-
4 tions or societies are invited and urg-
| ed to merge with this new company
on equitable conditions, and with this
licited with any member of this COM
mittee; but no shares of the new com
pany will be issued, except at par, fully
paid in cash, or for assets duly ap-
praised or for actual service rer-
dered.
*sSixteenth-We report that actua
steps have been taken to secure uermi
nal elevators at Omaha, Kansas City
Minneapolis and Chicago.
I'm conclusion we congratulate the
farmers that actual work has been anC
is being done in the erection of eleva-
tors in various states and that we are
actually doing business, but in a very
short time the company now in the
field will have reached its limit anc
will be merged in The American Far
rners' Exchange to be born at Omaha
on the second Tuesday in June, 1904
I'VE call upon all farmers and al
farmers societies to join in this grea'
enterprise under one central intelli
\ gence regardless of geographical boun
daries."