Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-27
FARM BOARD PLANS
GIANT COOPERATIVE.
$40, 600, 900 Marketing Cor
poration Would Be Eligible
for Agricultural Loans.
BY the Associated Press.


CHICAGO, July 27.-A $4,000, 900
worldwide cooperative marketing cor
poration is the prescription Of the newly
formed Federal Farm Board for the
financial ills Of grain farming and SELL
ing.
Although members Of the board and
representatives of approximately so CO.
operative marketing associations de-
clared last night after their meeting
that no agreement had been reached, 1t
was understood that much progress had
been made toward founding the man.
moth cooperative and that details
might be expected soon.
Yesterdays was the first meeting Of
the board outside of Washington, and
was to consider the grain marketing
problem. All eight members attended,
although Arthur M. Hyde. Secretary OF
Agriculture and eX-of1cio member,
could not be present. The ninth men,
ber has not yet been appointed. He
will represent wheat growers.
The meeting was behind closed doors.
and all persons not specifically invited
were asked to leave. Among them was
ocLldIOT w. oAOOhk1dAIt XSCP0b-
lican, Iowa, who was passing through
Chicago on his way to Washington.
Would Be Intermediary.
The proposed new cooperative, as
envisioned by the farm leaders, would
act as an intermediary between the
Farm Board and the smaller co-opera-
tives, which would be invited to join the
larger organization. An international
chain of officers for the collection and
correlation of important data would be
established throughout the world.
The official statement, issued by the
board at the close Of the meeting, de-
clared:
1.-The board has proposed to repre-
sentatives of the farmer owned grain
associations and pools that, as a part
Of the longtime program for the de-
velopment of agriculture, all of them
should join in the creation Of sales
CORPORATION with an ultimate paid-up
capital of not less than 10000, 600
which shall operate for all grain CO.
operatives in all markets Of the United
States and foreign countries for the
collective selling of such portions of
the grain crop as are now or may here
country points.
Eng1billty Tor Loans.
"The board has proposed that the
new corporation shall be so organized
as to be eligible for loans under the
agricultural marketing act, and 1t has
further proposed that the new corpor-
alton shall be an intermediary between
the board and all grain grower CO.
operatives in financial transactions"
The statement explained that "the
plan Is so large and details Of its de-
velopment so many that a great deal of
time will be necessary before such a
corporation could In any event be placed
in active operation"
Carl Williams of Oklahoma City, who
was authorized by Chairman Alexander
H. Legge to be official spokesman for
the board. explained at q press con-
ference after the meeting that the
plan Is to centralize and strengthen, as
far as possible, all farm co-operatives
in the country.
The $40 200 900 capital Of the pro-
posed super-co-operative, he said,
would be obtained by assessment on
organizations joining the movement.
Assessments, he declared, would be
levied on the basis of membership.
More details of the plan were ex-
pected to be worked out at today's
meeting.