Salt Lake Telegram | 1922-06-10 | Page 2 | Millionaire to Back Growers in Grain Mart

creasing at th rata of about 100 a week. It had rscslved from membership member-ship dues up to ths time of ths convention con-vention $48d.el0 and had Incurred tip to that tlm liabilities touting M'Mas. MUCH GRAIN CONTRACTED. The total current assets were placed by Mr. Eckhardt at ItU.OJJ and the total current liabilities at HM.OaO. Ths association haa contracts con-tracts with Its menibere. he elated, to market approximately lo0.0"0,000 buahels of grain. Loth wltneases expressed ex-pressed th opinion that a soon as ths sales department started operations opera-tions it would be sbls In tsn or eleven month to wipe out the. In-I In-I det.tedneaa. Th ealea department was decided 1 upon, ths rommltte was told, to moot tha objections of grain exchanges ex-changes to ths prorating of commissions commis-sions among membera A explained. It I plunnd by the parent corporation corpora-tion to use the profit derived from the sale corporation. In part. In th construction of elevators and in other Inatrumentalltles which msy be con-lderd con-lderd deelrable. Mr. Mason told lh committee that tha contract with the Chicago millionaire, mil-lionaire, under which an experienced board of trade dealer would be employed em-ployed and tha sales corporation organised or-ganised probably would ha signed by htm upon his return to Chicago early next week. A detailed tranecrlpt of ths receipt snd expenditures of ths corporation from Its organisation to data, lirm-lied. lirm-lied. wss filed with ths commute. MILLIONAIRE 10 BACK GROWERS IN GRAIN MART Officer! of Cooperative Selling Sell-ing Agency With 100,000-000 100,000-000 Bushels Contracted Detail Plan to Committee WtAPHlNOTOV, Jnn lO I By A. P.).! OrrnlMtin by th rnl'tvt Htt C.rmlnjjTowern, Inc.. with th ajfc-t-atw of a C'hlcJijro millionaire, of a ubildiary for tho rotpratva mar-kAttnar mar-kAttnar cf irratn waa dMallad by Jutim K. Mavon of Milton. Intl.. vie preaU dnt of tha .rra!nrowjra in taitifytnc today bafora tha aparlal aanata eom-mHtf eom-mHtf 1rtvrHIatlnsT tho aliirad activities activ-ities nf th Vnltad Stat drain Daal-r' Daal-r' aiaorlatlon ta pravant rooperatlv mirkrtln)r ofillatlon. Mr. Mmad, who. with othr offlrar of th vralnjrrowar, appeared at th romraltt' wiucnf with hook and racnrrl In ronnanltnn with i-har that tho orrantaatlon had ntarktad no it rain for It mtmhm, na'd h new Buhtlrllary wa known a the I'nlted State, rratnrrower aale de partment. Th OMeauo millionaire. whoa nam he did not d tar In, waa nfrajred In the sal of grain upon th Chlt-aa' hoard of trade, h aald. Th millionaire, mil-lionaire, he added, I es parted to loan the a-raln fro were $60 000 to be u4 In obtaining a membership on th Ohirato board of trad and otherwise other-wise financing th newly created ala detainment. The financier, the committee com-mittee waa further told, waa wlltln to add a million dollar or more to make the undertiklna; a eucceaa QROWtRS TO PROrtT. Th wltaeae plained that th aale department would handle the grain of all member of the grower' aaclatlon which th member by contract ar to deliver to th parent organisation tor a period of flva year a The parent organ I aa Hon will. It wa stated, retain control of the common stork Of th ealea Corporation and a portion of th com mission a earned by th sales corporation will be devoted to liquidate Its Indebtedness to the Chicago backer for th money h may advance. Tl f ralngroera on April to. according- to Mr. Ma eon and William G. Krkhardt, retiring treasurer of the eorporatlon, had deficit of 12.27. an 1 nor ease of Indebtedness since Its convention III ChkagtT In March of about l!10M. Tha corporation membership la In-