The Delta independent. [volume] (Delta, Colo.) 1886-19??, 1912-02-23
FARMERS FLEECED ON
COOPERATIVE PLAN
CLEVER PROMOTERS IN CHARGE.
to Furnish the Business That
Paid the Princely Salaries
of Men Higher Up.


different sections of Colorado for
two years past are now owned by
individuals and will be conducted
in a more business like manner in
the future.
The idea of a union company to
deal in merchandise and let the far
mer, or anv other working man, for
that matter, take stock and be bene-
fitted by his own trade, was con-
ceived and carried out by s. T. Sch
neck and others, and Schneck must
have been the big gun" in the deal
for he had the plan perfected SO
that he was to preside as president.
and as such officer and manager.
was to receive 81 900 per anum from
each store established. There were
fourteen stores when the crash fell.
and Schneck was therefore getting
Sl4 900 eyeery twelve months for
doing business for and with the
farmers OF the state. Other big ones
in the business were getting fat sal
aries. and the plan now seems to
have been for the sole purpose OF
fieecing the farmers and at the
same time taking in the creditors
who had full confidence in COM
pany made up of the real producers
of state and sold them great guam
titles of goods on terms as desired.
Delta had one OF these Union
stores-the fourteeIth-and il can
be said that Delta has made a bet
ter showing than any OF them. ac-
cording to the figures of the referee
in Pueblo last Saturday. at the con-
clusion OF the sale at auction OF
the entire list of stores. and this
fact can doubtless be credited to a
better business management by
competent local manager.
!. b. Raichart, one OF the local
stockholders, was in Pueblo on Sat
urday for the purpose of bidding on
the stock and fixtures In the Delta
store. but it seems that he was not
successful in his mission. and the
property went to Harry Golden OF
Denver. for $500. a sum which. 1t
is said. comes within n fraction of
paying one hundred cents on the
dollar of the stores invoice. The
Delta store is to be restockcd and
put on a good business basis imme-
diately.
In the published account of the
sales of the Union Trading company
stores. there are some things which
contradict the favorable light in
which the word-picturings are hur &.
1t seems that many of the stocks of
merchandise did not bring good sums. |
In Grand Junction, for instance. a |
full page advertisement was publish !
ed. announcing that the stock of
that store would be disposed of by /
the purchasers at 80 to 60 cents |
on the dollar. The stock was |
bought for speculation. hence must |
have gone TO these purchasers at APP
proximately 90 cents on the dollar |
OF its actual value. The stock in Ola
the, which is said to have been
worth SIS. 1000, seems to have been
sold for less than fourth that
amount, and SO on in some of the
ether sales. 1t is claimed that the
Delta store came nearer bringing
100 cents on the dollar than any in
the list of fourteen.
This is all well enough to show
that the mercantile creditors will get
100 cnets ON the dollar, when he
notes due the company and it's hold
ings are disposed of. but where do
the stockholders, who are creditors,
come in? We may be mixed up
I'm the matter, but II the affairs of
the company can be adjusted and
the court costs can be mot and eV-
cry body get out even. as the fol-
lowing article which appeared in the
Pueblo Chieftain suggests, wa would
ike to see the key work in the lock.
That the creditors Will not only
receive their money, but the stock
holders as well, will get at least
rs cents on the dollar OF their In
was n statement made by
n man in n position to know. III
the real estate and notes OF the
Union Trading company. declared to
be valued Mt 100000. are worth
near that amount. everyone is going
to pull out OF this deal much better
fContinued on page four)