The Birmingham age-herald., 1923-06-22
Nothing Definite Agreed On Yet
By PAUL FREDRIx. By Leased Wire to The Age-Herald.o


 NEW YORK, June 21.=The CO., operative purchase by farmers of the Armour Grain company was urged by Bernard M. Baruch, in an inter- view at his New York home here Thursday evening.
 Baruch. noted financier and econ- omist, suggests that farmers take over the entire machinery personnel and notifications of the Armour Grain company and market through this huge organization.
 T have spoken with ogden Armour, head of the corporation,' he said. He was adverse to the proposition until l appealed to him on the ground that if farmers could own and ab- solutely control the company 1t would be a monument to his father and to him. He then became somewhat sym pathetic to the plan, and, while 4 am by no means certain of 1t, I be- lieve some arrangement could be made. Mr Armour referred me to George Marcy, head of the company, who seemed captured by the idea. :"
 Baruch suggests the United States Grain Growers association as a far mer organization which might possi- bly, take oyer the Armour grain in- terests.
 Nothing of definite nature has been agreed upon," he said, and no final representation was made by me or any other group to the Armour in- terests or any other. I am not com mitted to the Armour group if any one can find any organization which can do the job better.
 'I simply give expression to what I am confident is practical short cut to the difficult task of cooper ating the marketing of a part of the worldwide crop of wheat. rep- resent no one but myself, but I have the most complete confidence in the efficacy of the plan that Is being evolved.
 If the farmers will support the plan 1t will be practical short cut of the collective marketing of grain while there are scattered but effec- tive agencies for selling wheat CO., operatively there Is no central or- ganization established in touch with
 i'd situation to which the far
 greed to sell his wheat
 can send his product.
 ".Ah5 oI there is the difficulty of Cbts 7... nen with the heart and head to such an organization.
 % the ought occurred to me of purchase by the farmer of one of the going eJnC .rns.
 we have an organization of long standing and experience whose per sonnel can be taken over.
 MT. Marcy told me that if this ofSdnlzatlon had been functioning last year he believed the farmers under then prevailing world condi- tions could have obtained 40 cents more bushel for their wheat with out costing the people of this coun- try any appreciable amount extra for bread"
 Baruch declared the financing could come from the farmers who would subscribe an amount sufficient to make large part payment, the balance sto be raid out of savings in handling the grain.
 The farmers would receive a cer- tificate of interest for their original subscriptions and for the profits to be made out of the grain until the profits had paid for the purchase.
 Armour and company would retain a certain number of directors and the farmers would have certain number. third class of directors whose business would be to adjust disputes between the two parties and see that the business was run ac- cording to the contract would give the balance of power on the board.
 Baruch suggested the proposed concern could obtain money to han ale grain through the new agricul- tural credits and warehouse acts. He cited the success of tobacco farmers in cooperative selling as an example of the possibilities offered by the cooperative field.
 The handling of 35 per cent oS the nations grain co-operatively would be necessary to assure the suc- cess of the project, Baruch declared