K. RECORD 



;port 



mes in '29 



Rules Dis- 

 /leeting, 



lies were played 

 1 Bureau teams 

 Gcori;c Tliiem, 

 n Burijau Base- 

 annual meeting 

 Approximately 

 vers and farm 



; smoothly and 

 ne in its brief 

 cm. The few 

 re settled with 

 :tators in most 

 ;s by the state 

 iposcd of the 

 ind George L. 

 I county, 

 im deposited a 

 orfcit paid for 

 mes had a salu- 

 uiarity and ad- 

 rcport declared, 

 rin;.; meeting in 



ly 2«. All pre- 

 bv .Xugust 18 



THE I. A. A. RECORD 



eorite Thiem 



arred 



c IV bcHii; kept 

 .Tnd subsidized 



the secretary's 

 t this condition 

 arc for if the 



win overcome 

 to the purposes 



organized, the 

 Bureau base- 

 ions like that 

 the Bij; Ten 



ouiity baseball 



will co-operate 



subsidize play- 



thcir own ad- 



crs must realize 



interest. To 



the rules, keep 

 teich honesty 



ivldint; whole- 

 important. 



irs, team man- 



Grain Marketing Plan 



Unanimously Adopted 



Regional Grain Corporation for Illi- 

 nois to Be Set Up 



THE srain marketing plan of the I. A. 

 A. which was carefully worked out 

 after months of study was unanimously 

 adopted at the business session of the 

 fifteenth annual convention on Friday 

 morning, January 31, 

 at Springfield. 



The plan as ex- 

 plained by Harrison 

 F a h rn k opf , grain 

 marketing director, 

 provides for the or- 

 ganization of an Illi- 

 nois grain corpora- 

 tion based upon the 

 principles used in 

 setting up the Farm- 



... _ . , , crs National Grain 



Harrison Fabrnkopf 



Corporation. It will 

 be organized under the co-operativf laws 

 of Illinois as a regional marketing agency 

 co-operating with the National Grain Cor- 

 poration. 



The main purpose of the plan is to ac- 

 quire through one of three different ways 

 the largest possible centralized control of 

 gram produced within the state so as to 

 insure at all times its sale through cen- 

 tralized channels in the various nearby 

 grain markets. 



Three Methods 



The three ways embody: 



I. 1 ntering into contractual relations 

 with local elevators whereby all grain they 

 handle will be sold through the Illinois 

 grain corporation and the Farmers National 

 Grain Corporation. 



2 and 3. Where local elevators do not 

 desire to contract for the sale of grain 

 through these co-operative channels, efforts 

 might be made by the State Corporation to 

 acquire local elevator facilities through out- 

 right purchase, or lease. 



Local Advisory Council 



Where the present country elevators de- 

 sire to sell their physical properties, it is 

 proposed that the state agency purchase 

 such facilities on an equitable basis; that 

 when such properties be so purchased or 

 leased, a local advisory council be set up 

 and maintained, and at least one share of 

 common stock in the state corporation be 

 sold and issued to each grain producer 

 patron, thus guaranteeing to each grower 

 his right of participation in all earnings or 

 savings brought about through the co-op- 

 erative marketing of his grain. In such 

 case, the patronage dividends would run di- 

 rect from the state grain corporation to 

 the common stock shareholder patron. 



Where the local country elevator desires 

 to lease its physical facilities to the state 

 grain corporation it will be given oppor- 

 tunity to do so. When such properties are 



so leased, the state grain corporation will 

 manage and operate them. 



Must Be Co-operative 



.Ml local farmer-owned country elevators 

 are to be given an opportunity to become 

 members of the state grain corporation, pro- 

 vided that such country elevators which are 

 not strictly co-operative under the Capper- 

 N'olstead Act and the Federal Farm Act, 

 agree to reorganize on a co-operative basis. 



Every elevator holding membership in 

 the state grain corporation is to be solicited 

 to purchase or underwrite for sale among its 

 patrons a sufficient and equitable amount of 

 stock in the state corporation for the pur- 

 pose of furnishing needed operating capital 

 and buying capital stock in the National 

 Farmers Grain Corporation. 



Stabilized Control 



The state grain corporation in its au- 

 thorized capital is to provide for a class of 

 stock that will effect a stabilizing and con- 

 tinuing control. Such stock to be held by 

 some agreed organization or organizations 

 that might with the consent of the share- 

 holders of the state grain corporation trans- 

 fer such stabilizing stock control to the 

 National Grain Corporation, when its man- 

 agement and operations will have proven 

 their efficiency and place in a national i;rain 

 marketing program. 



Advantages of 



Single Control 



Business Service Is 



Topic at Conference 



Commercial Projects Help Farmer's 

 Dollar Buy More 



THE Financial Business Service confer 

 ence on the afternoon of January 30 

 was held in the ball room of the St. Nich- 

 olas hotel in Springfield. One hundred 

 siNty-nine delegates and visitors attended. 

 |. R. Bent discussed the limestone and 

 phosphate agreements 

 with the producing 

 companies and told 

 of the supervisory 

 work carried on by 

 tiie Limestone-Phos- 

 phate Department of 

 the I. A. A. 



F. E. Ringham, 

 manager of the Illi- 

 nois Agricultural Co- 

 operative Association; 

 on ' the audit service 

 available to Farm Bureaus and co operatives, 

 riiis service includes income tax help, cred- 

 its and collections, accounting systems, fi- 

 nancial reorganization, etc. Since the com- 

 pany was organized in 1924 approximately 

 1300 audits have been made. *'-'Vt present 

 there arc 233 member companies in the 

 service which includes 62 Farm Bureaus. 3 

 Home Bureaus, 71 farmers elevators, 21 

 live stock co-operatives, 16 dairy and prod- 

 uce associations, 30 farm supply compa- 

 nies, 13 mutual insurance companies. 4 seed 

 associations, 9 mercantile companies and 4 

 miscellaneous. 



Geo. F. Tullock 



reported briefly 



V. Vaniman discus* i-d insurance service. 

 He explained the advantages in the present 



plan of single control 

 two mutual insurance 



n setting up the last 

 orj^anics. Manager 

 Richardson of the Aut^ Insurance Company 

 stated that working 

 lafcd with the idea o 



;>olicies were formu- 

 • fostering and pro- 

 moting the Farm Bure.iu movement. 



Manager Lawrence n. Williams of Coun- 



try Life pointed out 

 tainmcnt which culmi 

 of life insurance signe 



Page Tliirfrtn 



that the present st- 

 ated in $24,000,000 

 i in one vcar's time 



svould have been impossible without the co- 

 operation of the county Farm Bureaus. He 

 stated that the Dircctdr of Insurance Serv- 

 ice for the I. .\. A. acllcd as the connecting 

 link between the Country Life Insurance 

 Company and the I. AJ. A. in carrying out 

 a harmonious programj 



$2,000,000 Business in '29 

 E. D. Lawrence, pj'esident, and L. R. 

 .Marchant, manager, ojf the Illinois Farm 

 Supply Company, discussed the centralized 

 purchasing of petrolcqm products for 31 

 Farm Bureau supply companies during the 

 past year. Tlicse companies distributed 

 more than $2,000,000 worth of products 

 during 192''. Net ircome amounted to 

 approximately $280,000 available for pat- 

 ronage dividends and r;serve funds.. Divi 

 dends ranging from f< ur to 1 2 per cent 

 were paid to Farm Bureau mcmi>er custom- 

 ers after setting aside funds for Reserves. 

 Five new companies secame mcmlvrs of 

 the organization durini; 1929. The state 

 supply company like he county service 

 companies pays dividends on the patron.v.;e 

 Is.isis. .Mthouijh the sun of $2I,<1S.8< was 

 returned to the 21 mcml>er companies at 

 the enil of the fiscal yea", the success of the 

 state company cannot I c measured by this 

 dividend since its chief 5crvi»re was to pur 

 chase liiuh quilifv mercliaridise at quantity 



prices. 



Kirkpatrick Sikmmarizes 

 Donald Kirkpatrick, legal counsel summed 

 up the conference, st: ting that only a 

 beginning had been riade in rendering 

 needed commercial service. The Board of 

 Directors of the I. .\. .'v.. he stated, favor 

 handling only those co nmoditics used di- 

 rectly in farming opcr; tions. The Farm- 

 ers Mutual Reinsurance C<iimpany, he said, 

 IS anxious to co-operate with the local mu- 

 tual companies to the end that all fire, 

 lightning, windstorm, c) clone and tornado, 

 and farm crop hail ins ir-tnce mav be se- 

 cured on a mutual basis, tile stated "that 

 other forms of insurance undoubtedly 

 would follow; that accii ent and health in- 



insurancc had bee-n 

 of members I Ic 

 the sui;gesti''ii t.> 



surance as well as theft 

 requested by a number 

 .isked consideration of 

 ciianije the name of the Illinois .\gricuitural 

 Mutual Insurance Company to "Countrv 

 Casualty Company" from the standpoint <if 

 having a short name s milar to Countrv 

 I ife Insurance Company 



George F. Tullock presided as ciiairniin 

 of the meeting. 



A 



