The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1924-06-07
HIGH LIGHTS
OF THE WHEAT
POOL CONTRACT
Various Phases of Marketing
Agreement Are
Analysed


kota Wheat Growers Association is
to promote the business of market
ing wheat comparatively. reducing
speculation in wheat. stabilizing
markets and for other purposes.
1t is a cooperative non-profit,
non-stock organization.
The Association is incorporated
under the state law of North Dakota
1t has been operating aimee the
spring of 1922
Only wheat growers may become
members. This however included
both landlord and tenant, il either
receives part of the proceeds of the
wheat.
The association is managed by
twenty directors. and it's principle
office is in Grand Forks.
For the purpose of clccting direc-
tors the state has been divided into
twenty districts, so rs to have APP.
proXimatcly and equal amount OF
wheat signed up in each. The mem
bers in each district elect one di-
rector. IL unable to attend the dis
trict meeting the member may vote
by mail.
The board of directors elect AN
executive committee from among
their members, who are i'm immedi
ate charge of the management. All
officers and employees handling
funds are heavily bonded. .,..
Each member Of the association
has one vote regardless of how much
wheat he raises.
The membership fee is $1,000 paid
only once. This is used for organi-
cation purposes and in payment for
THE WHEAT GROWER, official or
gan Of the association.
No elevator in this state can re
fuse to handle pooled wheat In
dealing with elevators preference is
given to elevators now owned by
farmers. They are paid Il handling
charge Of 312c per bushcl besides
the regular storage fee.
The contract which the grower
signs provides that he shall deliver
all his marketable wheat to the as
ISOLATION for period of five years.
1t is provided however, that the
grower may keep for his own use
whatever feed and seed he wants;
seed may be also sold to other grow
ers.
If mortgage is placed on the
crop the association will endeavor
to have the mortgage consent to
having the wheat delivered to the
association in which case the money
is paid to the mortgages until the
mortgage is satisfied
the local elevator. If there is no
local elevator the wheat may be
shipped according to instructions
from the association.
Payment is made on wheat ac-
cording to grade and protein, the
higher grades with the higher pro-
tein content receiving the higher
prices.
The association sells the wheat
and after deducting the cost of OPP
GRAFTON, pays the net proceeds to
the growers. The association is for
hidden to make any profits for it.
self in the transaction, but may
only make profits for the growers as
a whole.
Each grower is paid the same
for the same variety, quality
and quantity.
The association pays a substantial
advance on the wheat as soon as it
is delivered to the elevator-about
70 percent of the market value on
the, day it is delivered.
The association sells wheat where
ever it is most profitable to sell it,
directly to millers, export
ers or otherwise.
The association borrows money
from the intermediate Credit bank
of st. Paul in order to make this
advance payment.
For the purpose of making ad-
vances to growers, farmers are au-
thOrized to draw on the association
by means of sight drafts through
their local banks. These drafts
however, will be only for the au-
thOrized advance.
A grower can stop growing wheat
any time he wishes. He is not re-
luired to deliver any particular
but if he does grow wheat
within the term of the contract,
within this state he mist deliver IL
When the grower makes crop
mortgage he must notify the asso-
,iation.
The association is authorized to
with similar associations
n other states with view of es-
central sales agencies.
The contract is made binding and
! penalty is provided for its viola
ion. This is in order to protect
member against the weakening of
Continued on Page 10)