Evening star., 1924-07-16
GRAIN FIRM STOCK
OPEN T0FAR|N|EnS
2,5W,W0 Shares IN $2G,.
GOO, 600 Company Offered.
Directors Not Announced,
lr ia As.ce7s a., s..


CHICAGO. Juis f6.-ftnmediate oper-
afton will be Besun by tie Grain Mar-
ketths Company. the merged $4,000, 900
capftaiised concern which amalgamates
four Chicago and one Kansas City grain
Company. and which Ia designed even-
tuallJ to be farmer owned, controlled
and operated.
The company Win start without de-
lay to handle the srain crops that are
coming to MARKET in the elevators it
controls hers ana at other grain centers
with a capacity Of 50.0o0.0oo bushels,
according to John Calhoun O'Laighlin.
spokesman for the sSain riaerckants.
To further the pfan for producer
operation among tho nanaxer directors
nve men have been named representing
the companies prUpustng to sell to the
farmers: George n. Marcy. president
Armour Grain Corporation; b E. Ros.
enbaun. president Rosenbaum Grain
dent Rosenbaum Brothers; John J..
Stream. vice president j. G.. Shaffer
Grain Company, and 0eoree H. Davis,
president Davis holland MerrlH Grain
Company.
| OIL tHe plRH TOT
inviting farmers to purchase and
operate the $26, grain elevator
company whose formation under CO.
operative laws was announced yester-
day, was noted here today in a state
rr,ent from the headquarters of the
American FARM Bureau Federation.
The statement said 1t was hoped to
work out details at meeting Friday.
According to John w. Cloverdale.
secretary Of the American Farm
Bureau Federation" the statement
said. "the first job of the newly or
ing Company will be to deal with the
proposed plan of taking over the
facilities of the Armour Grain Mar
ketinG Company. RosenbAum GrAn
Company. Rosenbaum Brothers. J. G.
shs.r M.,r ,.,s Co .n, ana xs.sa:
City"
Directors Named.
The statement lists the following
men ~ having been invited. elected
and having accepted places on the
temporary board Of directors of the
Grain Marketing Company: o. E.
sradfute; ts dilute ohio, president Of tn, the
". ]. Brown, Minnesota, president of
the American Wheat Growers. Inc
Harry L keefe, Nebraska, president
Of the United states Grain Growers,
dent Of the 1ilinais Farmers' Elevator
Association; ]. NJ Dyer, Spencer.
Iowa. president Of the Iowa Farmers
Elevator Association; Millard Myers,
Illinois Farmers Elevator; ]. F. Reed.
Minnesota, vice president American
Farm Bureau Federation; Oscar Ash
worth. Mattoon. ILL.,. grain farmer: Gray
Silver. West virginia, grain farmer; ].
W. Cioverdale, Iowa, grain farmer.
The new board of directors will
meet Friday" the statement adds
They win work out bylaws, con-
tors permanent management will be
announced
HeAAAuArt<Rs In CAicAko,
Headquarters OF the new company
will be at 30s South La Sa1le street,
Chicago. Upon completion OF the final
AfrAn eements. the company win be-
gin business with . .$4.oe>. zee pAid-i
supplied through the grain marketing
companies that are taken over by
the new cooperative.
The articles OF Incorporation were
nled in accordance with the Illinois
cooperative naarksting act: OF 1928,
reau. which is in harmony with the
national cooperative Act. the Capper-
VolsteAd act. which was the farmers
greatest legislative victory OF 1922.
THE articles of Incorporation show
2 S1s.eoe.ooo capital stock. divided -
"one million shares OF common
stock at u . share.
One million shares class A prefer
re" arsss ssUet handrsd " s shares shares Of class 3
preferred stock at $50 . share.
IAeeae vs< Fixe1.
TT Is understood that the class 3
stock will be sold for Immediate
financing purposes. II - also under
stood the sarnines OF the new com:
pany ever ana ab9xe % sIe opsrasins ;nin1,s and e
ciass 4 stock. will be used in retiring
.Ths preferred stock in the corpo.
ration will bear = dividend Of pei
given to members of the association
The company will operate according
to rules and customs OF various ex'
changes.
Members Of the association, &C.
cordine to the cooperative mark ct
ing act, must be bona fide producer
ana will Be required to purchase ont
share Of common stock. par value "
and one share Of f. class A preierret s, e;
incorporation provide that the Erair
marketing company can handle graiI
Of non members, who will, Of course
not share IN the patronage dividend
farm groups during the past tive
weeks It has been pointed out that IL
the organizing Of this company ant
taxing over facilities Of these 1rair
marx citing companies there viii B.
the doinV away Of Duplicating ma.
PRIMERS now have an oppor.
tunity,' said Mr.. Ciovefda1e, to takt
over such marketing machinery u
a - A,,.
vides sufiicient income. The. newl,
ofeanised grain marketing company
With its board cf difectofS, constituted
An official boly to act FOR the fafme eT1
in negotiating With the Grain market
fh2lp oHouAftfA8,'"