The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1924-07-17
AGENCY
APPLIES FOR
CHARTER
Five Of Largest Elevator Com
panies Merge in 0igan-
tic Pool

action BY which grain growers are
70 acquire control OF all elevators
cf five Of the largest grain elevator
companies In the United states was
reported completed today. Incorpor-
alton papers for national cooper
alive sales agency, to be known as
the Grain Marketing Company, were
reported filed at Springfield.
The companies whose properties
were to be taken over by the new
corporation are the Armour Grain
Company, Of Chicago; the J, G.
6haffer Grain Company, Of Chi
cago: the Rosenbaum Grain Corpor-
alton, Of Chicago Rosenbaum Broth
ers. OF Chicago, and the Davis,
Noland 4 Merrill Grain Company.
Of Kansas City.
company is capitalized at 500 ,0OO, 900
and viii begin immediate operations
10 Concentrate Offices.
The companies had proposed to
surrender their various offices at
central points in the United States
and abroad, their leased wires cover
1 ing the country, and their five
different organizations. One office
at the same points, one leased wire
connecting them and one service
wire to supplant them.
The new company would have eIe.
vator space in Chicago and other
strategic centers with capacity
exceeding 50,000,O0O bushels.
It was announced that the com.
pany would control elevators In
such interior centers as Kansas
City, Omaha, Minneapolis. Wincna,
Mimi; Fort Worth, Tex, ana such
Eastern or Central points as To.
ledos and F'airport, Ohio; Erie, Pa;
Buffalo, N. r., and exports points,
including Galveston, Texas City,
Tex, and Norfolk, Va.
The Bartlett Frazier Comparly, of
Chicago, may enter the arrange.
ment later, but owing to legal tech.
nicalities does not appear in the
Original papers.
FOstered by Farm Bureau.
1 The grain-marketing company IL
fostered by the American Farm
Bureau and other farmers organi.
zations. The present heads OF the
elevator companies have agreed to
run their elevators for five years
and instruct their successors in
methods Of operation.
The plan for financing includes
the issuance Of 1000 900 shares OF
common stock, 100000 shares Of
preferred "A" stock and 500 900
shares Of preferred "B' stock.
| The organization and operation
OF the grain.marketing company
means that hereafter the farmer
not only will produce but also may
market his own crop. An an.
nOuncement said:
The company will assist In every
sound way any cooperative ele-
vators desiring assistance. r will
market the grain they may receive
IL they wish 1t to do so, aid them
financially If they are in trouble,
lease them or operate them under
lease or actually buy them. In
other words, the Grain Marketing
Company has constituted itself the
big brother to all cooperative ele-
vators, of which there are 5000
scattered throughout the country.
The company win also be at the
service Of any other farm organiSa-
lions. pools, ETC., besides the indi-
vidual farmer"
Economies to Be Practiced.
Among economies to be practiccd
will be direct routing of grain from
local elevators to the consumers and
lessened elevator costs
Managing directors of the new
company will include John J. Stream,
vice president Of the J. G. Shaffer
Company; George e. Marcy, presi-
dent Of the Armour Grain Company:
e. F. Rosenbaum, president OF the
]. Rosenbaum Corporation; Edward
| s. Chaser, president of Rosenbaum
Brothers, and George H. Davis.
| president OF the Davis. Noland.
Merrill Grain Company.
The announcement stated that
these men will serve as employees
| of the farmers owning the Gram
Marketing Company for a definite
period. and when the company ii
launched and firmly established
they may be retained or dismissed.
according to the win of the Board
of Directors, which will be made
up of farmers.
VIII Watch Organization.
o. e. Bradfute, president OF the
American Farm Bureau Federation.
said that the committee OF the
| federation that had been studying
the proposal Of merger win CON.
tinue its study end win watch the
organization and operation OF the
new company with interest.
Gray Silver, legislative represen.
tative Of the federation, said thar
the cooperative procedure that the
i plan involved had been discusses
informally with administrator de.
partment heads at Washington.