FARM SUPPLY MEETING 



ALL-TIME*HIGH RECORDS HUNG UP BY 



11 YEAR OLD COMPANY IN 1937 





1 1 years Illinois Farm Bureau 

 members have developed one ot 

 the country's outstanding whole- 

 sale purchasing agencies. Each year has 

 {-leeii one of growth, each year lias 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 Martjuette Hotel 

 where they heard glowing reports about 

 their husky 1 1 year old, Illinois Tarni 

 Supply C!o. and its 6 1 affiliated countv 

 service companies. 



Here are a few of the high lights 

 revealing the remarkable progress of this 

 enterprise: 



1. Will handle approximately Sl-^.- 

 000,000 of petroleum protlucts and 

 farm supplies this year. 



2. Capital stock investment of SI.- 

 09i,450.00 in 178 oil bulk storage 

 plants and warehouses, 54"! tank 

 trucks, 82 company-owned service 

 stations. Serve more than (lOO deal- 

 ers. 



3. Earned more than 100 per cent on 

 the capital stock investment in 



19.36. Compares with a return ot 

 only 2.5-1 per cent average tor 

 petroleum industry acconiing to 

 Petroleum Institute. 

 Distributed dividends over 1 1 year 

 period of 56,500.000.00 to com- 

 mon stockholders, all Farm Bureau 

 members. 



Distributed SI, OHO, 135.3"' in cash 

 patron.ige dividends in addition to 

 preferred stock dividends last year. 



Illinois I'arm Supply Co. declared 

 patronage dividends to member 

 companies of S285,793 "il for the 

 year, a gain of 22.3';r over last 

 year, and ec^ual to more than Si. 00 

 per I'arm Bureaii member in the 

 State. 



Handled 8M.59),"-i6 gallons of pe- 

 troleum products alone, c-cjuivalent 

 to 39 tank cars each work day in 

 the year, or 1000 gallons for each 

 of 90,0(X) farmers annually, m'^'f 

 gain over last year. 

 Handled 2-i6,092 gallons of Soyoil 

 paint, \'b.T'/r more than the previ 

 ous year. 



DIRECTORS OF ILLINOIS FARM SUPPLY COMPANY 

 Sealed, L. to R.: H. A. Keele; Fred E. Hemdon, president: Frank F. Flynn. Standing, 

 L. to R.: C. H. Buzzard; H. P. Sauer; George Chappie: lease L. BeetY; L. A. Abbott. 



L. R. MARCHANT SPEAKING, 

 Fred Herndon seated. "It has saved mil- 

 lions for Farm Bureau Members." 



9. Laimched a new pun basing >er\i(.e 

 during year for farmers elev.itors, 

 livestock marketing associations and 

 other tcwperatives in mill lecds. 

 wire fence, fertilizers, bmder twine 

 and other products. 



10. Saved farmers SMOO.OO alone on 

 white arsenic dust iluring grass- 

 hopper eradication campaign last 

 summer. 



11. ( ompanies have combined accumu- 

 lated surplus of Sl,3fvi,OS';.'i5 or 

 approximately $1.25 for every dol- 

 lar invested by farmers. 



1 2. The State Company serves besides 

 the 6-J county service companies. 60 

 member elevators of Illinois Grain 

 Corp., six livestock marketing as- 

 sociations, and seven other coopera- 

 tives. 



In i^resenting 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 lile ec|ual 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 (arm supplies as a whole- 

 some movement. We have measured its 

 success in many vcays. It has improved 

 the cjuality of supplies sold to rural pc-o- 

 ple; it has developed a better farm to 

 farm service; it has saved millions of 

 dollars for I'arin Bureau mcmlx^rs, it has 

 revitalized the coopcr.itive spirit so ne es- 

 sary in any major project. ' 



President I'red Herndon pointed out 

 that the success of the state companv and 



(ContinutJ ids ,r;,',- 2"' 



NOVEMBER, 1937 



25 



