page Eight 



THE I. A. A. RECORD 



Some Facts About the 



I Illinois Grain Corporation 



THE ILLINOIS GRAIN CORPORA- 

 TION is a Capper- Volstead co-opera- 

 tive formed for the purpose of serving as a 

 regional marketing association for Illinois 

 functioning between the Farmers' National 

 C$rain Corporation, set up under the super- 

 vtision of the Federal Farm Board, and the 

 Iccal cooperative or farmers' elevator. 



Membership 



Any local co-operative grain marketing 

 a;ency (in Illinois, usually means a farmers 

 i evator) may become a member of the Illi- 

 nois Grain Corporation. The farmers' ele- 

 vator must make formal application for 

 ntembership. This action can be taken by 

 tke board of directors of the elevator. If 

 tbe application discloses that the elevator 

 does not qualify as a Capper- Volstead co- 

 operative it is given a reasonable time in 

 ;. which to do so. ■ 



Cost of Membership 



For a farmers' elevator to become a mem- 

 . b4r of the ILLINOIS GRAIN CORPORA- 

 TION it is required that the elevator sub- 

 scribe for capital stock in the regional in 

 an amount equal to one cent per bushel 

 based on the last three-year average annual 

 handlings of grain. For example, if a 

 farmers' elevator during the last three years 

 handled an average of two hundred thou- 

 sand bushels of grain each year, its stock 

 subscription would be one cent times 

 200,000, which is equivalent to two thou- 

 sand dollars. Ten per cent of this amount, 

 w&ich is $200, is payable in cash and for 

 the remainder, five equal notes of three 

 hundred and sixty ($3£0.00) dollars draw- 

 ing five per cent interest, are to be given. 

 One of these notes is due each year during 

 th« next five years. Thus the stock sub- 

 scription really amounts to one-fifth of one 

 cent per bushel each year for the next five 

 years. 



Stock Subscription Not Excessive 



The capital stock requirement payable in 

 the amount of one-fifth of one cent per 

 buihel over a five year period is small. The 

 iwo ider is that it can be done for so small 



I Why Subscription is Necessary 



The ILLINOIS GRAIN CORPORA- 

 TION is just as much a state-wide grain 

 marketing agency as the farmers elevator is 

 a l^cal grain marketing unit. Too many 

 cooperatives have either failed or been in- 

 effertive because of lack of sufficient capi- 

 tal. 



Not a Donation 

 The stock purchased in the ILLINOIS 

 GRAIN CORPORATION has a par value 

 of one hundred dollars per share and pays 

 seven per cent cumulative dividends. It is 

 a sound investment In an organization 

 whi:h will handle the farmers' own 

 pro< uct. 



Who May Purchase Stock 

 The "A" Preferred Stock to which we 

 refer above may be purchased by producers 

 or Capper- Volstead cooperatives. 



The Illinois Agricultural Association 

 meets the requirements of the Capper- Vol- 

 stead Act. It is purchasing a substantial 

 amount of this stock. 



Highest Grade Service 

 A successful cooperative must render 

 service. The ILLINOIS GRAIN COR- 

 PORATION will give its member elevators 

 unexcelled service in all departments. It 

 will employ men who have a broad back- 

 ground of training in the fundamentals of 

 grain marketing and who in addition are 

 "cooperative-minded." 



The Farmer Elevator Manager 

 The directors of the ILLINOIS GRAIN 

 CORPORATION are directors of farmer 

 elevators. They recognize that there is no 

 substitute for a good farmers' elevator man- 

 ager — one who at all times works for the 

 best interests of grain producers. 



Advantages of State-wide Co-op. 



1. — Farmers' elevators banding together 

 to form a single state-wide selling agency 

 for using the Farmers' National Grain Cor- 

 poration, set up by the Farm Board, are 

 following sound principles as practiced in 

 all successful lines of business and industry 

 today. 



2.— The ILLINOIS GRAIN CORPO- 

 RATION will serve to concentrate a large 

 volume of business through single selling 

 agency hands. It will eliminate duplication 

 of service. It will reduce competition in 

 selling and in its place develop cooperation 

 in selling. 



3. — The foregoing system will enable the 

 producer to place his products upon both 

 the domestic terminal and export markets 

 and merchandise his grain to the best pos- 

 sible advantage under a strictly coopera- 

 tive plan. 



4. — When they become members of the 

 ILLINOIS GRAIN CORPORATION 

 farmer elevators are becoming a part of an 

 Illinois grain cooperative, owned and con- 

 trolled by Illinois producers working for 

 the best interests of Illinois farmers and 

 one which will safeguard the investments 

 of the Illinois farmer. 



5. — Affiliation of the local elevator asso- 

 ciation with the ILLINOIS GRAIN COR- 

 PORATION will render the local elevator 

 and Its farmer members eligible to partici- 

 pate in the general activities and benefits 

 of the Agricultural Marketing Act. These 

 benefits include the protection of the 

 grower in the matter of price under the 

 Farm Board stabilization program and also 

 the advantages of any surplus control ac- 

 tion taken by the Federal Farm Board in 

 the future. 



6. — Illinois farmers are vitally interested 

 in the marketing of corn. One-fourth of 

 all the com that goes to market In the 



United States is produced in Illinois. It is 

 believed that the ILLINOIS GRAIN COR- 

 PORATION, if properly supported by the 

 producer through his local elevator, can be 

 very effective in raising the general price 

 level for corn. 



7. — The entire marketing structure is 

 upon a cooperative basis and the farmer 

 stockholder will participate in the earnings 

 of his local elevator association, of the 

 ILLINOIS GRAIN CORPORATION and 

 of the Farmers' National Grain Corpora- 

 tion. It is believed that substantial earn- 

 ings, particularly from the terminal process- 

 ing and storing activities, will be returnable 

 to farmer members. 



There Must be Leaders 



The strong elevators must blaze the way 

 in this program and assume the task of 

 leadership. The directors and leaders of 

 the ILLINOIS GRAIN CORPORATION 

 realize that the financial assets of our eleva- 

 tors were not easily accumulated. They 

 should be safely guarded — but It is false 

 economy to "hold the penny so close that 

 we lose sight of the dollar beyond." 



Price of Belief ' 



From the "Price of Belief" by Bruce 

 Barton are taken these few significant 

 words as follows: "And there are more hon- 

 est business men than crooks," I said. "More 

 good businesses than bad businesses. More 

 years of prosperity than of panic; more re- 

 ward for faith than for doubt. 



"J. P. Morgan said that he often loaned 

 money without collateral, relying on his 

 faith in the borrowers. When he died there 

 were several million dollars of worthless 

 stocks in his box, testifying that he had 

 sometimes believed too much. But there 

 were many times several millions of good 

 stocks to prove that his faith had been 

 much more often justified than not. 



"It costs something to belong to the be- 

 lievers. But the rewards are the big suc- 

 cesses; the big fortunes and the big fun." 



'^nOope 



THE majority of the eight baseball di- 

 visions will open the season on Sat- 

 urday, May 24. Schedules of games have 

 been largely adopted, and more than 30 

 teams have been practicing in readiness for 

 the 1930 season. McLean and Logan coun-; 

 ties scheduled practice games for May ID 

 and May 17, although the first official game 

 between these two teams will not open un- 

 til May. 24 at Normal. Champaign will meet 

 Ford at Champaign the same day after 

 which the following schedule will be car- 

 ried out: 



v> 



♦ ^ 



1 V 



May 31 



McLean vs. Ford at Elliot. 

 Lo^an vs. Champaign at Lincoln. 



