Smyrna times., 1911-12-06
STATE PRODUCE EXCHANGE
HOLDS A LIVELY SESSION
DOES ABUSINESS WITH PRoDuc.
ERs AMOUNTING TO 100000
Officers Reelected at Dover and Mat
ters of Interest Discussed, Look
ing to Success of Organization

OHlCeTs he'SieCteo at Dover and Mat |
ters of Interest Discussed, Look
ing to Success of Organization
The annual meeting of the stock
holders of the Statewide organiza-
tion of farmers and fruit growers
the Delaware Produce EXCHANGE
was held Friday in Dover and was
by far the breeziest and most sensa-
tional shareholders meeting ever
held in Dover. Farmers over
crowded the Levy Court chamber
stayed without any dinner and
called "black, black" and ''whita
white, - and added some names not
in the hymnal. The exchange does
a business with the producers of
this State amounting to half mill
lion dollars, each year (only slightly
over $500, 600 this year because of
shrunken crops), and is controlled
by board of directors. Two prin-
cipal accusations were made.
First, that the exchange has engaged
in speculation; second, that the ex-
change had paid farmers for their
fruit before receiving any returns
from the fruit itself. There was
another accusation by Edwad J.
Freerey, of Delmar, that the ex-
change had fallen short twenty cents
a carrier on cantaloupes in its Del
mar purchases after a positive guar
antee of price. Even President Gil
bert j. Meredith, a minister and
man of widely known integrity, was
attacked by some of the shareholders
and once the meeting appealed from
his decision and reversed him by a
large majority.
RidgleY, Hughes and Drexler Report
Henry Ridgely, James H. Hughes
and State Senator Drexler, who got
lots of applause from the meeting,
tried to adjudicate matters and con-
fine the discussion to consideration
of the annual report, but the mass
meeting of shareholders overruled
the president every time he tried to
confne the meeting specifically to
the report. Everybody present
seemed to believe in the necessity
of the exchange and its perpetuity
"The Middle West and Far West are
all organized against us and we
must organize and fully perfect our
system of selling" decared Mr..
Drexler, who drew applause and
then he got a laugh by admitting
that the people of his local exchange
had "ousted" him. President Mer-
edith admitted that the directorate
had erred in taking too much advice
and counsel from the salaried en-
ployes of the exchange, men who
had experience in the business and
who were allowed a ''free hand >"
He declared that when a quick de-
cision had to be made of overstep-
ping the bylaws not in spirit but
in better or losing business all
around when buyers on the yard
were guaranteeing and paying cash,
the exchange had gone in and gotten
the business.
Directors Wanted Who Will Direct
At this the dissenting shareholders
shook heads and murmured that they
wanted directors who would direct.
elf had my choice of getting bus
mess by over stepping my corporate
laws, were / the president, or oi
wrecking the concern by adherine
strictly to the laws l would wreck
it," said Senator Drexler, and this,
too, got applause. M. Quattlander,
of Millsboro, chairman of the audit
ing committee, was called frequently
to the floor to explain all details.
He declared that the committee had
employed an expert accountant be-
cause of some confusion between
the shippers" and "claims" &C
counts, but that they had worked
out every detail. He was nearly al
hour answering questions. The con
Germ had made net profit OF S4' OO'
last year, but this year it showed
on the face. deficit OF 81, I54, max
ing a net deficit since the beginning
of business of $1OO.51. This wa
afterward analysed by Mr.. Ridgell
to show a real deficit Of only 81, oO
instead of $4, 754. Henry Ridgel.
said the whole matter could be eas
lily adjusted by a strict conformit
to the laws. eff you are now tax
ing out FIVE per cent from gross sale
to be used for all expenses, and ar
paying good salaries, operating ofhc
and equipping agencies, then thes
risks cannot be taken and simpl
resolve to adhere strictly to tn
law" In many localities, it wa
shown, the exchange got mue
higher price and quicker return