The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1921-03-16
FARMERS Will CONTROL own SALES AGENCY,
ELIMINATE SPECULATION, SEEK new MARKETS

otherwise used on the farm by way
Of local cooperative elevators or grain
growers associations, and where there
are no cooperative elevators, through
the national sales agency, which will
be the United States Grain Growers,
Incorporated. This will be a nom
profit, non-capital stock corporation,
operating on the cooperative principle
with surplus earnings over cost of
operation refunded to the farmers as
is now done by the cooperative eleva-
tors. This national agency will own
terminal facilities, and all property
necessary for the sale of the grain,
through subsidiary corporations. These
subsidiary corporations will have two
kinds of stock, common, and preferred
Preferred stick will be marketed to
investors and will pay a fixed and at
trative rate of interest, but will carry
no vote, and have no control in the
management of the corporation.
Control will rest with the common
stockholders or stakeholder, as it is
contemplated that all common stock
will be retained by the United States
Grain Growers corporation, and voted
by the directors of that body. Thus
control of these subsidiary corpora
tons will be in the hands Of the
national sales agency. which in turn
will be directly controlled by the grain
growers who are members.
To Develop Markets.
Subsidiary corporations which are
contemplated are a finance corpor-
alton, one owning terminal warehouses
and other including sea port facilities,
selling agencies, such as commission
houses, Indiana farmers already have
their own commission house such as
this plan provides) and probably in
the future, after the country is we'll
organized, an export corporation which
will work to develop foreign markets
and dispose Of surplus grain over
domestic needs. in other countries, and
prevent Cutting of the home market.
"The government should have done
this" said Gregory, "our foreign grain
market should be as carefully and
fully developed as our market for man.
ufactured goods. We will investigate
foreign demand for our grain, foreign
crop conditions and probate supply,
and pass this information on to our
, members, and the foreign corporation
when it is formed. can send out
diummers as the manufacturers do,
and educate these countries to the use
OF our grain and find new markets. We
will sell. instead of letting them buy
as the British grain commission did
when it sold on our markets. dnpress-
cd the price. and bought largely before
the market could recover" Gregory
read climbing from the London mil
Ter" which explained how the British
"rs. GENERATING on the Chica go Board of
Trade had accomplished this desirable
result"
Membership Limited.
membership IN the system will be
confined to grn in producers and to
| land owners who receive part or all
rent in grain Ri1dine contracts will
| he SIGNED that all surnlus grain must
be sold through the farmers agency
an initial fee of about $40 collected
and at the same time farmers will ne
given an opportunity to subscribe to
stock in the subsidiary corporations.
! Contracts. constitutions. and incor.
poratinn features arc being drafted
now in Chicago bv gronD Of LAWYERS
of n%'innal reputation, including Cliff
ford Thorre. and Aaron Sapiro. and
ing. Many mills and other grain users
have already promised to sign con
tracts for grain output OF American
FERNS. as soon rs the system is ready
for operation.
In the afternoon. the meeting was
addressed by Middleton, and after an
swering a few more questions. the
sneakers left for Columbus where a
similar meeting is scheduled for Wed
nesdnv. President Brown called E
G. MrCr''om TO explain the producers
OF the federated marketing service
and later himself mentioned the gift
corn plon for foreign fomine relief
| After "eynerienco tee+inonv from
! representatives of various counties
the meeting was adjourned at about
| five o'clock.