Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-28
16 Representatives of Indus
try to Form S10,00O,OO0
National Corporation.
MARKS FIRST BIG STEP
IN TACKLING PROBLEMS
Central Distribution Facilities to
Be Built for Co-operatives and
Farmer-0wned Channels.
By the Associated Press.

By the Associated Press.
CHICAGO, July 27.-Under the
guiding hand Of the q raj Farm
Board, the nucleus of VIII ' is ant.ci-
pated to become 100000 gre',
marketing corporation was formed ~
today.
The nucleus is q committee of Is
representative grain men, selected from
among more than so who have attended
the sessions of the Farm Board here
during the last two days, at the boards
invitation.
Will Meet August rs.
This committee will hold its first
meeting in Chicago, August rs, and
organize the Farmers National Grain
Corporation. with an authorized capital
stock Of $4,000, ,O00 which will be in
creased ultimately to $50 ,000, 900 through
the instrumentality OF stock dividends.
Stockholders in the new corporation
Will be cooperative marketing aSsocia-
tions. elevator companies or farmer
owned sales agencies at central markets.
on the basis Of one share of stock for
each member. Individual farmers also
will be permitted to purchase one share
OF stock each. Par value of the shares
will be 500.
Organization by the grain interests
of the Farmers National Grain Cor
poration will mark the first actual step
taken by the newly created Farm Board
to solve the farmers marketing
problems.
Other similar corporations are ex-
pected TO be organized later to deal
with other commodities.
Held Best Way to Sterilization.
Plan for the new grain corporation
was submitted to the grain men by the
board as the most feasible means of
stabilizing prices. Members of the
board expressed themselves as gratified
over the attitude of the grain men to-
ward the suggestion, and over its ready
adoption.
william Settle of indianapolis. presi-
dent of the Indiana Farm Bureau Fed
Grafton, is chairman of the committee
representing the Central States wheat
pools.
The other members include George
Duis, Grand Forks, N. Oak, represent
ing the Northwest pools; Ernest Downie
Wichita. Kans., and John Manley.
Enid. Okla. representing the Southwest
pools: NJ. w. Thatcher, st. Paul. Mimi,
and H. @. Keeney. Omaha. Nebr., rep
resenting the Formers Union commits
sion agencies: S. j. Cottington. Stan
hope, Iowa. representing the National
Farmers Elevator Grain Co.; L. e.
Webb, Jetmore, Kans., representing the
Farmers Cooperative Commission &C.
Of. Hutchinson and Wichita, Kans.; e..
M. McCollunl, Indianapolis, Ind. repre-
senting Ohio. Indiana and Michigan
farmers elevator associations; Lawrence
Farlow, Bloomington, H.. representing
Illinois and Iowa farmers elevator as
sociations; F. H. Sloan, Sioux Falls, S..
OAK, and P. A. Lee, Grand Forks, N.
Oak, representing Montana, North Da-
kota, Minnesota and South Dakota
farmers elevator associations; s. H.
Thompson, Chicago, representing the
American Farm Bureau Federation: l..
j. Tabor, Columbus, Ohio. representing
the Grange: c. E. Huff, Salina, Kans.
representing the National Farmers
Union. and j. j. Knight, Kansas City,
Mo. representing the Farmers Equity
Union.
Settle Is Jubilant.
Chairman Settle of the committee
was jubilant over the great step for
ward which he considers the projected
organization OF the marketing corpora =
ton to represent for agriculture. This
Continued on Page 8, Column -