Fitzgerald leader enterprise and press. (Fitzgerald, Ben Hill County, Ga.) 1921-1964, 1924-07-31
GRAIN RAISERS BUY
GREAT ELEVATORS

| CHICAGO, Ill.,-The transaction
by which grain growers are to acquire
control of all elevators of five OF the
largest grain elevator companies in the
United States was reported complet-
ed last week. Incorporation papers for
a national cooperative sales agency tc
be known as the grain marketing com,
pany, were reported to have been filed
at Springfield.
The properties involved are valued
at SIS, 100000. The Company, it is said
will be the largest cooperative associ-
alton ever organized.
The companies whose properties
were taken over by the new corpora
!, ton are the Armour Grain Company
Iof Chicago, THE j. c. Shaffer Grain Co
OF Chicago, the Rosenbaum Grain Coz
poration of Chicago, Rosenbaum Bro.
theirs of Chicago, the Davis, Molano
and Merrill CRAM Co., of Kansas City
According to the report the new com,
pany is capitalized at $26,0OO,0OO and
will begin immediate operations.
The companies had proposed to sur,
lrender their various offices at centra
points in the United States and abroad
their leased Writes covering the coun-
trv and their five different organiza-
tions. One office at the same points
one leased wire connecting them and
one service were to supplant them.
The new company would have ele-
vator space in Chicago and other strat-
egic centers with a capacity exceeding
100000 bushels.
| 1t was announced that the company
would control elevators in such inter-
ior centers as Kansas City, Omaha'
Minneapolis, Winona, MINI, Fort
Worth, Texas, and such eastern or
central points as Toledo and Fairport
Ohio. Erie, Pa, Buffalo, N. Y, and
exports points, Galveston, lex, ana
Norfolk, Va. ~.
The Larlett Frazier Company of I'M
capo NAV enter the arrangement later,
hut owing to legal technicalities does
not appear in the original papers.
The grain marketing company, IS los
tered by the American Farm bureau
and other farmers organizations. Inc
present companies have agreed to- run
their elevators for five years and IN
strrct their successors in methods Oh
operation.
The company is capitalized at go
0O0O 600 and the plan for financing IN
cludes the issuance OF one m nj. silaa
es of common stock, one million Shares
of preferred "a stock and i've nun i.n,,
dred thousand shares of preferred d
stock. &c
The organization and operation OF
Abe grain marketing company means
that hereafter the farmer not only WIN
produce but also may market MS own
crop. An announcement sald:
"'The company will assist IN. every
eonnd way any cooperative elevator
desiring assistance. 1t will market the
orain they NAV receive if they wish II
to do so. aid them financially If they
are IN trouble. lease them or operate
them under lease or actually buy them.
In ether words the grain marketing
comrany has cons, tutec itself the Dig
br ,.hcr to all cooperative, elevators OF
wh,ct ,her. are 5000 scattered through
out the country. The company VIII al
sobe at the service of any other 1arln
organizations, pools, ETC., besides the
=, individual farmer" 80
Among economies to be practiceo
will be direct routing OF grain from
Local elevators to the consumers and
lessened elevator costs,
MANAGING directors of the new COM
,anv will include the presidents Of the
companies whose properties are tan,
en- over. The announcement stateo
that these men will serve as employees
|of the farmers owning the gram mar
lketing company for definite perioa1
and when the company is launched ano
firmly established they may be retained =
Or dismissed according to the VIII o.
1.-The board of directors, which VIII De