^'^i^-^' 



The nCiioi* Agricnltaral AsaodatioB Record 



Blinois Agricnltaral As»^tioa 



RECORD 



published twice a n^onth by th« 

 Illinois AgriculturaU Association. 

 $08 South Dearborn Street. Chit-ago. 

 nilnois. Edited by News Publicity 

 Department. L- J. ttontross. Director. 



Entry as second class matter Oct. 

 10, 1921. ftt the post office at Chi- 

 cago. Illidois. under the act of 

 March 3. 1879. Acceptance for mall- 

 Ing at special rates of postage pro- 

 vided for in Section 1103. Act of 

 October I. 1917. asthorised OcU II, 

 1921. 



The individual membership fee of 

 the Illlnala Agricultural Associa- 

 tion Is ftye dollars a year. This 

 tee includes payment of ten cents 

 for BubscriptLOn to the lUinoJs Ag- 

 ricultural- .A.s8oriation Record. 



OFFICERS '~' 

 President, S. H." Thompson, Quincy. 

 Vice-President, A. O. Eckert. Belle- 

 ville. „, 

 Treasurer, R. A. dowles, Blooming- 

 Secretary. Geo. A. Fox. Sycamore, 

 ton. . ^_ 



EXECcrm; committee 



By Congressional Districts 



11th— Henry McGoligh. Maple Park- 

 IJth — G. T Tullook. RockforU. 

 IJth — C. E. Bamberough. Polo. 

 14th— W, H. Moody. Port Byron. 

 ISth — H. H. Ooemttel. Hoopole. 

 l»th — G. E. Reder, Mendota. 

 17th — F. D. Barton. Cornell. 

 llth — C. R. Finley. Hoopeston. 

 19th — D. J. Holterman. Sadorus, 

 20th— Earl J. Smien. Detroit. 

 21st— E. L Corbin. CarlinvlUe. 

 22nd— Stanley Castle. Alton. 

 2ard — Carlton Trimble. Trimble. 

 '24th — Curt Anderson. Xenla. 

 25th — Vernon Lessley, Sparta. 



Directors ot p«p«rtm«nts, 



1. .\. A, Offlco 



General Offlce and' Assistant to Sec- 

 retary. J. D. Harper; Field Organlj- 

 ation. J G. Sailor-. Organiiatlon Pub- 

 licity G.^E. Metiger; News Publlc- 

 Uy L,. J. Montrose; Transportation. 

 L. J. Quasejr; Safistics. J. C. Wat- 

 Son; Finan<fe. pi A. Cowles; Fruit 

 and Vegetable Marketing. C.. B. 

 Durst; Ulve Stock Marketing. O A. 

 Stewart; Dairy Marketing. A. D. 

 Lynch; Phosphata Limestone. , J. R. 

 Bsnt. L*«:al. Newton Jenkins. 



Loss Caused by 

 Delay in Transit; 

 Adjusted by I. A. A. 



Delay in transit ot a c»r ot 

 cattle shipped ^y F, W. Case. 

 DeKalb. caused heavy shrinkage, 

 extra feed expense, and loss due 

 to a drop in the market^ 



Mr. Case took the matter up 

 with the Transportation Depart- 

 ment of the I. ^. A. An investi- 

 gation followed) the claim was 

 found tcu be jUstifled. and the 

 complainant wa^ mailed a check 

 of J82.d2 to caver his loss. 



In acknowledging receipt of 

 theVheCk. Mr. Case concluded as 

 follows,"- "The I. A. A. is doing 

 great -work for the farmers along 

 this line (transportationV as well 

 9B (nanpf others." 



Just another sample of I. A. A. 

 service 



4: 



Fruit Marketing 

 Plans Placed in 

 Charge of Leeper 



A. 9f Leeper. manager of the 



Illinois) Friiit Hxchange, has been 

 hired By the !(. A. A. to devote 

 three fbart.'is tiine to the comple 

 tlon ot\ fruit and vegetable mar^ 

 ketiBg j plans which C. E. Durst 



' had under way at the time of t)iti 

 resignajion on July l-. 



The ^ork will include furthei' 

 organittation in the Illinois Fruit 

 Exchailge during the supimei| ai 

 well ail a thoroush sur\*ey of the 

 fruiit situation in- Illinois to aid ii| 

 the reorganization of the Ex 

 chang4| whosQ contracts expire 



^this y«ar, • , 



An assistant will'be secured pj 

 the Enrhange to handle the frtait 

 8hipm«Dts during the time that 

 Mr. Leeper is out of the oCBce. 



Jnly 16, 1923 



Report of U, S. Grain Growers, Inc, 



The World's Dairy Congreu 

 will hold Its opening sesaioDs at 

 Washington on Oct. 2 and 3, will 

 ad)ourn to Philadelphia {or Oct 

 A, and then continue at Syracuse. 

 N. Y.| with t^e National 

 c^ow. Oct ^ICL ; 



M 



'acuse. 

 Dalr^ 



The board of directors of the 

 0. S. Grain Growers, Inc.. sub- 

 mitted to the Mid-West States 

 Committee the following report, 

 Which was accepted: 



Qentletnen: ' • 



Your Board of Directors of the 

 O. S. Grain Growers. .Inc.. reapeCt- 

 fully present h«rewlth its statement 

 and repbrt. 



HlNtonr. Briefly reviewing the 

 events which lead up to the forma- 

 tion of the U. S. Grain Growers, 

 Inc.. probably the ereatest under- 

 taking in national co-operative 

 marketing: by any orKanlzation. and 

 the events that have transpired 

 Since the prsatU^ation: On July 23 

 and 24. 1920. at the suggestion and 

 invitation of the American Farm 

 Bureau Federation, a representa- 

 tive group of Krain producers, rep- 

 resentatives of farmers' organtxa- 

 tions from many parts of the 

 United States, met at a national 

 get-together ntarketing conference 

 at Chicago. 0*t of this conference 

 there canje into being the Farmers* 

 Marketing Committee of Seventeen. 

 This committee was selected and 

 appointed by the then president of 

 the American Farm Bureau Federa- 

 tion. James R. Howard, and was 

 composed of representatives from 

 various ' farm organizations, the U. 

 S. Department of AjfricuUure, and 

 others Interested in the stihject. 



During the proceeding of the Sec- 

 ond Annual Meeting of the Ameri- 

 can Farm Bureau Federation held 

 In Indianapolis. Indiana, in Decem- 

 ber. 1920. the following endorsement 

 was given the* Farmers' Marketing 

 Committee of Seventeen: 



^tV'e endorse the work being done 

 by the Farmers* .Marketing Commit- 

 tee of Seventeen and approve the 

 demand which they have made that 

 the grain exchanges he opened to 

 co-operative commission companies, 

 and demand a similar privilege for 

 the live stock co-operative commis- 

 sion companies from the live stock 

 exchanges." 



Nearly seveh- months were spent 

 in an exhaustive study and survey 

 of co-operative grain marketing by 

 this committee. Statisticians and 

 Investigators from ] the Federal 

 Trade Commission anid the "V. S. De- 

 partment of Agriculiure assembled 

 and compiled valuable data that 

 might be relUd upori for the ready 

 information of the wsmmittee. 



Months of careful^tudy and effort 

 gradually, developed the marketing 

 plan of the Committee of Seven- 

 teen — "a National Farmers' Co-op- 

 erative Marketing Company." rec- 

 ognizing capital only as a servant, 

 remunerating it for its service value 

 only and proposing to return to the 

 producers the proceeds of his toll in 

 proportion to his patronage. 



The matter of drafting by-laws 

 and preparing membership con- 

 tracts was left in the hands of a 

 committee of lawyers who were re- 

 tained t>- draw up these documents 

 in accordance with the plan which 

 the. committee had formulated. 



On February 17. /l921, the plan 

 of the Committee of /Seventeen was 

 announced. Then followed the na- 

 tional ratification conference at Chi- 

 cago, April a. 7. and 8. at which 

 time and place were called pffictal 

 delegates from farmers' organiza- 

 tions in the 23 grain states. The 

 original report and plan of the 

 Farmers' Marketing Committee of 

 Seventeen was in that meeting 

 unanimously Adopted. The delegates 

 immediately .thereafter elected a 

 board of twedty-one (21) director^, 

 who proce'e^fld with the organiza- 

 tion of the I national co-operative 

 marketing cqmpany. and on April 

 16. 1921. the U. S. Grain Growers. 

 Inc., was duly incorporated under 

 the laws of t>elaware. 



On Jnne 2>, 1921. the Executive 

 Committee of the American Farm 

 Bureau Federation In regular meet- 

 ing further approved and endorsed 

 the U. S. Grain Growers- Inc.. in a 

 motion carried approving U". S. 

 Graia Growers. Inc., and urging the 

 members of the American Farm 

 Bureau Federation, the County and 

 State orgapiKations to get behind 

 the movement. 



Again, ai Atlanta. Georgia, dur- 

 ing the proceedings of the Third 

 Annual Meeting of the American 

 Farm Bureau Federation held in 

 November. 1>21. a motion was oT 

 fered and carried in a meeting ot 

 the Executijre Committee of the 

 American Farm Bureau Federation 

 ri^ftffirming the motion made in the 

 June -meeting, re- pledging confl 

 dence in the' plan of the U. S. GraJn 

 Growers. Inc.. and pledging the 

 best efforts of the organization in 

 aiding U. S. Grain Growers. Inc., 

 In every legitimate way financially, 

 and. furt!icp. directing that the 

 Pr«sidept bQ authorized to appoint 

 .•^ comm'ttea to assist in working 

 oui V. ith tha Grain Growers, plan of 

 imfnediate financing. 



The first annual convention of 

 th4 U. S. Gilaln Growers. Inc., was 

 held in Chicago. March 21, 32, 23 

 ana . 24. It developed during the 

 meeting from the reports offered 

 by Its office™ that thQ corporation's 

 business affairs were financially in- 

 volved. Its then current bills pay- 

 able were discovered to be greatly 

 out of line with current receivable, 

 and with over $200,000 of the cor- 

 poration's notes maturing in tlte- 

 ne'Xt approaching months. Its sole 

 source of income was derived from 

 membership fees, with fixed heavy 

 overhead charges to be met cur 

 really. 



The efforts of the corporation to 

 actually begin marketing grain for 

 Its nytnbership were blocked by the 

 unfr/endly attitude of the grain 

 tra(^ generally and the exchanges, 

 ther with its approaching in- 

 •ol/vent condition. 



So that up until the enactment 

 Into law of the new Capper-Tincher 

 Bill and subsequent decision of the 

 U. 3. Supreme Court sustaining that 

 law," has it been possible for U. S. 

 Grain Growers. Inc.. as such, and 

 In Its own name, to attempt to 

 carry out its marketing program. 



V«-orvaBt>ed. After its notes had 

 matured and were past^ due. and 

 the corporation became insolvent, 

 because of Its inability to meet 

 these and other obligations, and or- 

 ganization work had practically 

 ceaaed. again, the Farm Bureau 

 Fe»Ieratlons sponsored the U. S. 

 Grain Growers, Inc.. in effecting its 

 reorganization. A special meeting 

 of the Mid-West State Farm Bu- 

 reau Federations~was called at Chi- 

 cago on May 13, 1922. for the pur- 

 pose of considering the condition 

 of the U. S. Grain Growers. Inc. 

 At that meeting, a committee from 

 the group, consisting of E. H. Cun- 

 ningham. W. S. Hill, and JoMn Cov- 

 erdale was selected and appointed, 

 and was authorized and empowered 

 to assemble the claims of the cred- 

 itors — arrange, if possible, by agree- 

 ment with the then present officers 

 and directors of U. S. Grain Grow- 

 ers, to reorganize and save the cor- 

 poration. To' this committee was 

 pledged Individually and collect- 

 ively the support of the Farm Bu- 

 reau Federations present. It is 

 well known to you that this com- 

 mittee's efforts were successful.* The 

 claims of the creditors of U. S. 

 Grain Growers, Inc., were In great- 

 er part assembled, its commercial 

 claims were compromised and set- 

 tled, and its overhead and operating 

 expenses were reduced to the min- 

 imum. Its offlce has been modestly 

 maintained, partly through securing 

 liquidation of membership notes 

 owing the corporation and pai;tly 

 through the financial support given 

 it by the American Farm Bureau 

 Federation. 



Its Board of Directors and Ofn- 

 cers. with one exception (the va- 

 cancy filled In the board) today are 

 the same men whom you selected 

 and appointed — drafted to the cor- 

 poration in the name of organized 

 agriculture — In the hope of making 

 good the promises and obligations 

 of V. S. Grain Growers, Inc., made 

 to its members and its creditors 

 (largely composed of Farm Bureau 

 members. Farm Bureaus and Farm 

 Bureau Federations) ; also in the 

 name of organized agrlculure. 



Your Committee invited and re- 

 quested Mr. Frank Wetmore of Chi- 

 cago, Mr. Bernard M. Baruch of 

 New York and Mr. Alex. L.egge of 

 Chicago, to serve U. S. Grain Grow- 

 era. Inc.. in an advisory capacity, as 

 membars of a regularly constituted 

 committee for that purpose. These 

 gentlemen accepted the earnest re- 

 <iuest of your committee to serve 

 organized agriculture and so asso- 

 ciated themselves in that capacity 

 with the insolvent corporation— 

 also in the name of organized agrl- 

 culure. The Advisory Committee 

 have, without reservation, al'-eady 

 given of its services and have re- 

 affirmed their desire at this time to 

 continue to serve organized agri- 

 culture in this capacity. 



Again, during the meeting of the 

 executive committee of the Ameri- 

 can Farm Bureau Federation held 

 in Chicago on December 5th, 1922, 

 the following motion was offered 

 and carried: 



"Mr. Smith moved: That we re- 

 a0irm our support of the U.S. Grain 

 Growers. Inc., and direct the oIH- 

 cers to assist it in every way with- 

 in our means. Seconded by Burton. 

 Carried." 



Had It been, deemed possible at 

 tbe time of the reorganization of 

 the U. S. Grain Growers, Inc., to 

 market gmin directly In the name 

 of "U. S. Grain Growers, Inc.." in 

 the then Immediate future, no doubt 

 yhur committee would have care- 

 fally' considered at that time the 

 fi^nding of the floating debts. Such 

 action was deferred for the time 

 being. 



Grata Fntar«fl Act Sustained. 

 liowever. since the Supreme Court 

 ojf the United States has sustained 

 by decision the new "Gapper-Tln- 

 cher Bill" or "Grain Futures Act." 

 the subject of funding its debts 

 ajnd rendering solvent the corpora- 

 tion has received active attention. 

 . Careful study of the "Grain Fu- 

 tures Act" discloses the fact that 

 U. S. Grain Growers, Inc.. conforms 

 tixactly to the requirements of the 

 law as to a co-operative marketing 

 Organia»tion— *en organization law- 

 fully fonjjed of producer members 

 and aftirmatively that "any duly au- 

 thorized representative of any law- 

 ifully formedjijind conducted co-op- 

 erative association of producers 

 having a'iequate financial responsi- 

 bility, which is engaged in cash 

 grain liusiness — shall be admitted 

 to membership on the Exchange of 

 any contract market." It is, there- 

 torer agreed by the Executive 

 Cohimittee. its advisory committee 

 of the corporation and its counsel, 

 that if the debts of the U. S. Grain 

 Growers, Inc., can be funded and 

 a reasonable amount of Initial 

 capital subscribed. conditioned 

 Upon the funding of the corpora- 

 Lion's debts, and thereafter paid in 

 to the corporation, that the corp- 

 oration may become solyent there- 

 by and capable of doing a general 

 grain marketing business, and as 

 such, may be admitted under pro- 

 visions of /the Grain Futures Act 

 and the rytes of the Jlxchange. to 

 market grain, through its duly 

 authorized representatives. 



With this view in mind, the 

 Executive Committee of the U. S. 

 Grain Growers, Inc., and Its Sec- 

 retary, have been permitted and 

 have carefully surveyed and 

 studied, through association with 

 their adjrisory committee and legal 

 counsel, the immediate problems 

 Involved, which are reported here- 

 with. 



r- 



The Advisory Committee select- 

 ed by your Mid-West States Com* 

 mittee has been consulted with and 

 their advice accepted on all mat- 

 ters and the problems Involved 

 pertaining to policies of business 

 and finance. General counsel for 

 the (corporation, Fred S. Jackson of 

 Topfka. Kansas, has been, conferred 

 with personally and through cor- 

 respondence, as well as the general 

 counsel for the Corporation Trust 

 Company on legal matters pertain- 

 ing to the immediate problems pre- 

 sented, and In the absence of Mr. 

 Jackson, at the request of the Ex- 

 ecutive Committee of the corpora- 

 tion, and through mutual arrange- 

 ments with Mr. Jackson, Mr. Don- 

 ald Kirtpatrick has rendered the 

 committee an Invaluable service. 

 The Executive Committee have tak- 

 en the precaution to send Mr. Kirk- 

 patrlck, acting as their legal coun- 

 sel, to the State of Delaware, in 

 order to ascertain definitely and 

 fully the necessary legal require- 

 ments to bie complied with and the 

 changes contemplated. 



The proposed changes herewith 

 presented have 'the full and final 

 approval In principle of ta>th our 

 Advisory Committee referred to and 

 our legal counsel. 



Fandfng- the IndebtrdnciM. V. S. 

 Grain Grower^ Inc. It is proposed 

 that U. S. Grain Growers, Inc., avail 

 itself of exactly the same means, of 

 funding its indebtedness as em- 

 ployed by industries in re-organiza- 

 tion: namely, that it offers In ex- 

 change or substitution, certain is- 

 sues of Debenture Bonds for claims 

 held by creditors against the cor- 

 poration. This involves preferably 

 the amending of the charter of the 

 corporation In certain minor .de- 

 tails, so as to permit the Issuaince 

 of bonds— which may be done with 

 perfect propriety. 



The -proposed bonds are to be is- 

 sued In such form or forms, and 

 amount or amounts, and upon such 

 terms and conditions finally, as Tip- 

 proved by the Board of Directors 

 of the corporation. A statement 

 covering the proposed bond issues 

 is presented in greater detail try 

 counsel, and made a part of this 

 report. 



The Indebtedness of the corpora- 

 tion when so funded would remove 

 it from Its present situation of in 

 solvency an(j render it capable of 

 functioning and earning profits, so 

 .that It might pay the interest upon 

 Its Debenture Bondte, and from time 

 to time call and redeem a part •t 

 such issues; finally retiring all of 

 the bonds In their entirety — ^Is 

 charging In full the obligations of 

 the corporation, made in the name 

 of organized agriculture to»its cred- 

 itors. 



**lBdactnc New Cnpltal lato the 

 Corporation. It is further proposed 

 that new capital be induced to in- 

 vest In certain other Issues of De- 

 benture Bonds of the corporation, 

 for the purppse of rendering the 

 corporation financially responsible 

 in its conduct of , a general grain 

 marketing business for Its member- 

 ship. Further reference to this 

 ^particular bond Issue is included in 

 the report of counsel, to which ref- 

 erence has alreatly been made. 



It should be stated that subscrip- 

 tion to this class of Debenture 

 Bonds would be conditioned strictly 

 upon the funding of the debts of 

 the corporation, and with other 

 proper protective measures provid- 

 ed, 



Chlcasro Board of Trade Ooafera 

 H^'lth. The Executive Committee of 

 the corporation have conferred per- 

 sonally with representatives of the 

 Chicago Board of Trade, and sub- 

 mit for your proper information a 

 letter, under date of June 16, 1923, 

 directed by your Executive Commit- 

 tee to Mr. John J. Stream, Presi- 

 dent of the Chicago Board of Trade, 

 propounding to that body certain 

 questions relating to meeting the 

 requirements of the Exchange, not 

 in conflict with the Grain Futures 

 Act. as to financial responsibility, 

 as follows: 



"June 16, 1923. 

 "Mr, John J. Stream. 

 "President. Chicago Board of Trade, 



Chicago, Illinois. 

 "Dear Sir: 



"At the direction of the executive 

 committee of the U. S. Grain Grow- 

 ers- Inc.. and in line with sugges- 

 tions niade at our conference with 

 your Messrs. Mauff and Fones on 

 June 14, and I am suUmitting our 

 request jn writing for information 



as -to the desired course of proced- 

 ure to secure membership repre- 

 sentation on the Chicago Board of 

 Trade in behalf of the U. S. Grain 

 Growers, Inc. 



"The U. S. Grain Growers, Inc., Is 

 a non-stock, non-profit association 

 of producers, organized under the 

 laws of Delaware for the purpose 

 of marketing the grain of its mem- 

 bers co-operatively; that is, the cor- 

 poration is without capital stock 

 and its non-profit character is In- 

 tended to limit it to the handling 

 of grain originating from Its own 

 membership. 



"Being without capital stock we 

 would like particularly to know 

 how your requirements as to finan- 

 cial responsibility should be met. 

 We. of course, want to make such 

 financial .arrangements as will 

 leave no ground for doubt in the 

 minds of Board of Trade members 

 and in the minds of our own cus- 

 tomers as to financial responsibil- 

 ity and would undertake to make 

 available such amount of cash cap- 

 ital and place it In such form as to 

 guarantee our credit and perform- 

 ance of contracts made on the Chi- 

 cago Board of Trade to the same 

 extent that would be furtiished by 

 unimpaired capital stock if we were 

 a capital stock corporation. 

 • "Assuming that we should em- 

 ploy as our representative some 

 person who is now a member in 

 good standing of the Chicago Board 

 of Trade, or Should employ some 

 person able to qualify for member- 

 ship on the Exchange, could we be 

 perrhitted to use our name as a 

 principal In trades by either one of 

 the following suggested arrange- 

 ments: 



"1. The underwriting of our con- 

 tu,ct8 made on the Chicago Board 

 of Trade by some other member. 

 fittti or corporation having financial 

 responsibility adequate to cover 

 both their own volume and ours — 

 or the undertaking on the part of 

 such other member, firm or corpo- 

 ration to finance our grain handling 

 operations. 



"2. By causing to be placed in 

 escrow with some responsible bank 

 or trust company In the city of Chi- 

 cago a sum of money in Liberty 

 Bonds or like securities guarantee- 

 ing our credit and financial respon- 

 sibility for contracts made on the 

 Chicago Board of Trade. 



"3. The undertaking by a respon- 

 sible surety to insure and guaran- 

 tee our credit and financial respon- 

 sibility for grain transactions and 

 contracts made on the Chicago 

 Board of Trade up to some stipu- 

 lated amount. » 



"We are unable at this time to 

 furnish any reliable estimate of the - 

 number of. cars of grain we would 

 handle In this market during the 

 course of a Tear. However, we 

 would be glad to have you consider 

 our possible maximum volume of 

 business at twenty-flve cars per 

 week, it being understood that in- 

 creased business will be met with 

 increased finances from _tim.e to 

 time. ^ 



We appreciate greatly your ex- 

 pressed desire to have this letter 

 m such form that you could take 

 early action on our proposal, and 

 we would request that If you should 

 note any particular matters of in- 

 formation that are not covered by 

 this letter you will call our atten- 

 tion to them at once so that we may 

 furnish additional data. 



"Very truly yours, 

 U. S. GRAIN' GROWERS. INC. 

 By J. M. Mehl. 

 Secretary and Acting Treasurer." 



Our communication was Immedi- 

 ately referred to the Board of Di- 

 rectors of the Chicago Board of 

 Trade; by the Board of Directors 

 jointly to the Executive. Member- 

 ship, L.egal Advice and Rules Com- 

 mittees; and by this Joint commit- 

 tee to their attorney. The opinion 

 of the attorney was not received 

 in sufficient time to enable action 

 by tlie Board of Directors at their 

 last meeting. We hav^ been as- 

 sured, however, that the attorney 

 definitely approved"^ our proposition 

 No. 1 above and we have assurance 

 that the corporation can be admit- 

 ted to membership representation 

 under the (.rain Futures Act. 



Departmeat of Agrtenltnre Con- 

 Malted. On May 24, our secretary 

 submitted to the Department" of Ag- 

 riCBlture a letter Requesting the De- 

 partment's view on a number of 

 (Continued on'page 3) 





We can quote you rates on a& 

 farm products to any point , 



: \ 





^1 

 ■■■% 



-^^. 



Tramportation Department, 

 Illinois Agricultural Aasodatioa. 



ly 16, 1923 



tYoVL C 

 Tha 



Among the c 

 marketing as.<»( 

 the I. A. A. ha 

 ganizing, then 

 has served the"' 

 it is located t 

 tage than has 

 County Co-opei 

 Company. 



When produce 

 the fact that ; 

 densary is payic 

 hundred for mi 

 paid (before the 

 established witl 

 ;ondensed milk 

 same level, you 

 that co-opcratioi 



Likewise whe 

 near the markei 

 cal unit of Dak' 

 they were paid I 

 tor milk at that 

 dealer in Febru 

 one year latei 

 $2.10 from theii 

 pany. they are •• 

 to co-operative i 

 Serves C 



The Stephens 

 IP" has prove 

 things, that the 

 operative markc 

 cially to allow 

 stock dividends 

 profits, but it hs 

 big thing in tar 

 to create a m 

 farmers thems€ 

 serve a comm 

 bling a large qi 

 modify, grading 

 it. and putting 

 market that th( 

 the time that I( 



Where there 

 ket for milk 

 Freeport co-ope 

 factured the su 

 sweet cream, cl 

 other dairy 

 mous "Vita 

 ing 90 and be 

 premium of 

 over the Chicaf 

 because the 

 .enough butter- 

 good enough — 

 mand for it 



Orga 



The Stepher 

 operative ^Mar 

 was formed 

 County Farm 

 Dairy Marketii 

 the I. A. A., 

 after several 

 inps. It openf 

 August 15. 19 



Building an 

 company are v 

 000. It is 

 000 and share 

 ot $50. No 

 more than flv 

 ent there are 

 holders in ih 

 the close of 19 

 Ydend of si.\ P' 

 on all stock 

 1922 

 A brief stat 

 business of th 



Butter 



Milk 



Cheese .... 

 Cream (sweet) 

 Butter and. Sk 

 Miscellaneous 



DISBt 



Total t)al(J pati 

 Butter and C 



chased 

 iRjinnins expen 

 Miscellaneous 

 Sinking fund 



. The averag 

 for 1922 was 

 XaX ot 13,129. 



P 

 G< 



b 



