Show FINAL STEPS IN III STORAGE SCHEME Wool Growers Meet in Chicago Monday to Incorporate Warehouse Company PRODUCT IS ALL PLEDGED ARRANGEMENT MEANS BIG SAV SAy SAVO O SHEEP HEEP MEN MENAn All An western wool growers who have hare be become become come stockholders ID In the tho Chicago o ware warehouse warehouse warehouse house scheme by b virtue of having sub subscribed subscribed scribed to stock or pledged a sufficient number of pounds of wool woo to the tile project will III be notified at once to appear In Chi Chicago Chicago Chicago cago next Monday for the purpose of elect electIng electing Ing ng directors for or and incorporating the National Wool Warehouse company This announcement wa Wall made last night for fur the first time by b George W of at this city who ho at the Pocatello meeting of the National Wool Growers association was elected temporary secretary of ot the proposed corporation It means that the wool storage project for Chicago o is to become an assured fact act that the western wool growers have complied with all aU the requirements stipulated by the Chicago business men Mr lr states that the Chicago men inca have hae been notified of the success su of the movement in the four spates of Utah Idaho Montana and Wyo Wo Wyoming Wyoming ming minI and ha have e telegraphed that they are perfectly satisfied and are ready to carry carryout carryout carryout out their part of the agreement Tele Telegraphic Telegraphic graphic arrangements for the meeting for next Monday were made yesterday and late last evening Mr announced that everything had been satisfactorily ar ax arranged arranged ranged He will send notices of the meet meeting meetIng meeting ing to tc 4 nil all the wool growers interested In Inthe Inthe Inthe the movement JI ement today toda V I I Origin of Movement The wool store house bouse plan is one that has been agitated for or over two years ears It first took definite shape at the meeting of the national association a year ear ago go when It was widely wide discussed and a committee was appointed to visit various cities to ascertain which would offer the best in inducements Inducements inducements for the establishment of a i warehouse for wool and which city seemed the best suited in all respects for tor the loea loca location ion tion of such a warehouse The committee headed by F W Gooding president of the i national association made an extended trip visiting Omaha St Louis St Paul Chicago and other cities They The reported finally In favor for of Chicago The Chicago business men backed by b the bankers of that city offered the best inducements for fora a warehouse and have hae since been doing everything possible to promote Interest In Inthe Inthe Inthe the project After Arter considerable negotiation the matter was taken up by b the Chicago Association of ot Commerce and an agree agreement agreement agreement ment was made by b the Chicago business businessmen men that under certain conditions to be complied compiled with on the part of the wool growers they the would erect the warehouse donate the site provide arrangements for advancing money moner on wool stored and take a large block of stock In the enterprise The conditions were briefly that the wool woo growers should form orm a corporation with witha a capital stock of representing shares of a par value alue of 50 each that the tile wool men should pledge before b ore Feb 1 I no noless not less than 2 pounds of ot wool for the warehouse scheme It was waR agreed that every wool grower pledging pounds o ot of otwool wool should be entitled to one share of or stock and the Chicago men agreed that when of or the stock had bad been sub subscribed subscribed scribed by the wool men and the sub subscriptions su subscriptions had been forwarded to Chicago they would take the remaining worth of ot shares In the corporation and would carry out their part of the agree agreement agreement agreement ment Immediately Secretary an announces announces flounces that the wool woo men have agreed to subscription subscriptions of O worth of stock that the Chicago men have bae been notified and have expressed themselves as willing willingto to take up the rest of the stock and incorporate Incorporate incorporate next Monday Meets Instant Approval After the report of the investigating committee to the national association and It had been decided to take up the proposition proposition of the Chicago men a meeting was called of the executive committee and andon andon andon on estimates based on previous productions productions lions assessments were made covering the territories of the states of Utah Idaho Montana and Wyoming for pledges o of clips clip Utah was assessed pounds for Its quota and the other states were as assessed ss for or proportionate P pohl nate amounts In lo I Montana and ana Idaho 1 the warehouse scheme seemed to meet with almost instant ap approval approval approval and It was announced some time ago that the wool men of each of ot those states would come up with their full as assessments assessments assessments In Wyoming the matter had to tobe tobe tobe be talked up lip very eo extensively extensive but it is isnow isnow isnow now said the growers there will com come through The most backward of ot all were the Utah growers but Vow jow ow Secretary Py per states he has on file in his office pledges and subscriptions sufficient to meet the requirements insisted upon bj by b the Chicago men menI hI I 1 am indeed very veo pleased to be able to tomake tomake tomake make this announcement said Mr r to a 11 representative of The Herald last las night because of ot late there have been many rumors to the effect that the scheme of a warehouse In Chicago would never materialize I can say sa that at the secret session held by b the executive committee of ot the wool growers browers in Pocatello last wee week eek it was definitely understood for the first firs time that the project would be carried out but I was as not given permission at that tha time to make moke an official statement to that tha effect as there were several matters to tobe tobe tobe be definitely arranged before the an announcement announcement could be made The rumors discouraging the project were circulated for the most part by th the commission men or their representatives who knew that If the scheme of ot the woo wool men materialized It would be disastrous to them and of great benefit to the pro producers producers With the establishment of a woo wool I warehouse such as is contemplated in Chi Chicago Chicago cago the wool men can store their woo wool there paying a minimum price for tor Insurance I ance anee and storage privileges and hold the their i clips dips until desirable prices are offered i Heretofore Hereto tore they have hae had to depend upon the commission men to market their woo wool I Often they have hae received small prices th the sales being made at the supposed discretion discretion tion of the commission men who have hae ex exacted exacted exacted acted fat at commissions Under the new plan the wool men can control their own products and wI will save the commissions Also Mso upon storing their wool they can procure loans on the warehouse receipts from rom the bankers in Chicago Under the theold theold theold old system s lItem as soon as the clips were turned over oyer to the commission men the owners lost til U Il control over their product until it had been sold sohL |