TKBM SUPPLY BiEETING 



ALL-TIMEf^GH RECORDS HUNG UP BT 



11 TEAR OLD COMPANY IN 1937 



fN 11 

 men 

 the 



[1 years Illinois Farm Bureau 

 members have developed one of 

 country's outstanding whole- 

 sale purchasing agencies. Each year has 

 been one of growth, each year has seen 

 increased business, larger and larger div- 

 idends, and a gain in investment and 

 surplus. On Oct. 20, more than 1000 

 enthusiastic delegates and officials gath- 

 ered at Peoria's Pere Marquette Hotel 

 where they heard glowing reports about 

 their husky 11 year old, Illinois Farm 

 Supply Co. and its 64 affiliated county 

 service companies. 



Here are a few of the high lights 

 revealing the remarkable progress of this 

 enterprise: 



1. Will handle approximately $13,- 

 000,000 of petroleum products and 

 farm supplies this year. 



2. Capital stock investment of $1,- 

 094,450.00 in 178 oil bulk storage 

 plants and warehouses, 345 tank 

 trucks, 82 company-owned service 

 stations. Serve more than 600 deal- 

 ers. 



3. Earned more than 100 per cent on 

 the capital stock investment in 



5. 



6. 



7. 



8. 



1936. Compares with a return of 

 only 2.54 per cent average for 

 petroleum industry according to 

 Petroleum Institute. 

 Distributed dividends over 11 year 

 period of $6,500,000.00 to com- 

 mon stockholders, all Farm Bureau 

 members. 



Distributed $1,080,435.37 in cash 

 patronage dividends in addition to 

 preferred stock dividends last year. 

 Illinois Farm Supply Co. declared 

 patronage dividends to member 

 companies of $285,793.51 for the 

 year, a gain of 22.3% over last 

 year, and equal to more than $4.00 

 per Farm Bureau member in the 

 state. 



Handled 89,594,746 gallons of pe- 

 troleum products alone, equivalent 

 to 39 tank cars each work day in 

 the year, or 1000 gallons for each 

 of 90,000 farmers annually. 18% 

 gain over last year. 

 Handled 246,092 gallons of Soyoil 

 paint, 15.7% more than the previ- 

 ous year. 



DIRECTORS OF ILLINOIS FARM SUPPLY COMPANY 

 Seated. L. to Rj H. A. Keele: Fred E. Hemdon, president* Frank F. Flynn. Standing. 

 L. to R.: C. H. Buuard; H. P. Sauer; George Chappie; lesee L. Beery; L. A. Abbott. 



L. R. MARCHANT SPEAKING, 

 Fred Hemdon seated. "It has sored mil- 

 lions tor Farm Bureau Members." 



9. Launched a new purchasing service 

 during year for farmers elevators, 

 livestock marketing associations and 

 other cooperatives in mill feeds, 

 wire fence, fertilizers, binder twine 

 and other products. 



10. Saved farmers $1300.00 alone on 

 white arsenic dust during grass- 

 hoppier eradication campaign last 

 summer. 



11. Companies have combined accumu- 

 lated surplus of $1,364,089.55 or 

 approximately $1.25 for every dol- 

 lar invested by farmers. 



12. The State Company serves besides 

 the 64 county service companies, 60 

 member elevators of Illinois Grain 

 Corp., six livestock marketing as- 

 sociations, and seven other coopera- 

 tives. 



In presenting the annual report of the 

 board of directors to the stockholders. 

 Manager L. R. Marchant, reported that 

 the volume of sales had doubled in three 

 years, that the state company had paid 

 cash dividends to member companies 

 during its life equal to ten times the 

 capital investment, that uniform account- 

 ing methods among the county service 

 companies resulted in savings in cost of 

 farms and accurate comparisons of busi- 

 ness. 



"As we bring to a close another chap- 

 ter of cooperative history, " Marchant 

 concluded, "we look upon cooperative 

 purchasing of farm supplies as a whole- 

 some movement. We have measured its 

 success in many ways. It has improved 

 the quality of supplies sold to rural peo- 

 ple; it has developed a better farm to 

 farm service; it has saved millions of 

 dollars for Farm Bureau members; it has 

 revitalized the cooperative spirit so neces- 

 sary in any major project." 



President Fred Herndon pointed out 

 that the success of the state company and 

 (Conlinmed on page 27) 



NOVEMBER, 1937 



