Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1919-12-19

| to receive, grade, handle and ware
house all of the wheat to be deliv-
cred to it by the association; secure
all the necessary supplies therefor;
and do everything connected with
the physical handling of the prod
ucts, as directed and instructed by
the association.
The association will contract to
pay the corporation for such serv-
| ices:
(a) The costs of operation;
(b) Taxes; insurance;
(c) Depreciation;
Id Coste of betterments and i'm
provements;
(e) Normal reserves;
(f) An amount for dividends on
common stock. not TO exceed seven
per cent per annum;
(gl An amount required for divi-
dend on issued preferred stock;
(h) An amount required for re-
tirement of one class of preferred
stock annually, beginning 1920 or
1921.
Other than these payments, the
operations of the corporation would !
be on a strictly non-profit basis.
co The association, however, |
will retain title to the wheat and
will do everything connected with
the marketing thereof.
Neither the grower as an indiyidu-
al, nor the corporation, as such, will
have any share in the marketing
problems
The marketing will be conducted
by the association, of which only
growers are members. The board |
of directors will be in every instance
wheat growers, whose decisions af-
feet their own wheat as well as the
wheat of their fellow growers.
CID It is obvious, however, that
wheat is not to be handled as a state |
product The commercial conditions
depend upon the world markets and
upon world production,
Therefore, the wheat mark citing |
problem must be nationalized.
| therefore contemplate that the
original marketing agreements be- /
tween the grower and the associa- /
ton will provide that the associa- /
ton may market the products
through a national wheat exchange, /
the procedure being summarized in
the marketing agreement.
CD The national wheat exchange
will be composed of one representa-
tive from every statewide wheat
growers association and an addition
al representative from each state as
socation for every 100000 bush
els of wheat or major fraction there
OF produced in any year,
The representation will be subject
to adjustment annually on the basis
OF the yield
This national exchange will meet
quarterly, or more often if necessary,
| and will conduct its actual business
through the medium of an executive
committee of five of it's members,
together with a general manager
and other officers or agents to be
selected by the exchange. The pres /
ident and general manager would be
eX-officio members of the executive
committee
Three members of the national
exchange should be appointed by the /
secretary of the department of agri-
culture, if he chooses so to act, One
of these members should be elected .
a member of the executive COM
mittee.
These appointees will be repre-
sentative of the interests of the pub
lie as such and will voice the view
point of the consuming public as we'll
as the agricultural interests on all
matters.
The federal reserve board should .
be given the opportunity to appoint
one member of the national wheat
exchange, to represent the public
banking viewpoint on all financing
problems.
The federal trade commission .
should be given the right to appoint
one representative on the exchange
to represent the obvious viewpoint
of commercial properties
CD The exchange will be given
legal agency to represent all Of the
state associations, through their in
diyidual representatives or other
wise, in the marketing of the wheat
products.