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NEWS 



Henderson Service Company's fihh an- 



nuai meeting at Biggsville, December 10, 

 was attended by 450 Farm Bureau members 

 and friends. L. W. Ross, president, lauded 

 the stockholders for their splendid coopera- 

 tion which resulted in increased sales total- 

 ing $87,125.58 and record low accounts 

 receivable. 



Manager Clifford Hageman announced 

 patronage dividends totaling $10,200 on the 

 past year's business. Patronage checks ranged 

 from 5c to $289 or an average of $25.40. 

 G. W. Bunting of Illinois Farm Supply 

 Company was the speaker. 



Three hundred and fifty Farm Bureau 



members from Williamson, Jackson, and 

 Perry counties attended the seventh annual 

 meeting of Twin County Service Company 

 in Marion, December 7. The officers re- 

 ported a 98 per cent increase in sales and 

 an 18.5 per cent gain in patronage dividends. 

 Burl Hornbeck of the I. A. A. praised this 

 cooperative effort and called for greater 

 unity of action in the balance of our agri- 

 cultural program. 



W. B. Peterson of Illinois Farm Supply 

 Company complimented stockholders on the 

 achievements of the company the past year. 

 Carl Oeth of Johnson City was the only 

 new member elected to the board. 575 

 member patrons received $7,521 in patronage 

 dividends, an average of $1.^.26. 



Eleven hundred and fifty Farm Bureau 



members attended the eleventh annual meet- 

 ing of LaSalle County Farm Bureau and 

 the Supply Company held in Ottawa Decem- 

 ber 15. 



E. L. Conger of Knox College and G. W. 

 Bunting of Illinois Farm Supply Company 

 were among the speakers. The service com- 

 pany's sales exceeded $350,000 for the year 

 and 85% of this business was done with 

 Farm Bureau members. Patronage dividends 

 totaling $43,422.00 were distributed to 1,382 

 member patrons. The average dividend of 

 $31.42 was the highest in the history of 

 the company. 



M. H. Comisky, manager, reported that 

 accounts receivable were $25,000 less than 

 in any of the ten preceeding fiscal closings. 



Donald Kirkpatrick, lAA General Counsel 



was principal speaker at the annual meeting 

 of Kankakee County Farm Bureau in 

 Kankakee, Dec. 8. Kankakee Service Com- 

 pany which met in the morning reported 

 another consecutive gain since affiliation 

 with Illinois Farm Supply Co. Ernest 

 Kukuck, president, emphasized that the Farm 

 Bureau and service company must grow 

 together. 



Lyle Everest, manager, illustrated the 

 steady gain in sales, profits, and dividends 

 the past six years of operation through the 

 use of charts. Four hundred seventy-six 

 dividend checks, totaling $10,200.00, were 

 distributed. G. W. Bunting represented the 

 Illinois Farm Supply Company. 



Ninety per cent of the Farm Bureau mem- 

 bers received patronage dividend checks at 

 the annual meeting of the Fulton Service 

 Company, Canton, December 14. One town- 

 ship had the distinction of receiving a pat- 

 ronage dividend check for every one of its 

 Farm Bureau members. 



Officers reported a splendid year in both 

 sales and net income, making possible the 

 distribution of $29,135.00 to 1,108 member 

 patrons. Dividend checks averaged $26.75 

 each. C. M. Seagraves of the lAA was the 

 principal speaker and L. A. Rahn represented 

 Illinois Farm Supply Company. The entire 

 board of directors was re-elected. 



Seven hundred Farm Bureau members of 



Woodford County met at the Eureka High 

 School, December 17, to review the splendid 

 progress made by their service company 

 during the Dast year. Increased sales and 

 net income made possible the distribution of 

 $29,964.00 in dividends, largest in the 

 company's nine years history. 8^0 Farm 

 Bureau member patrons received checks 

 averaging $32.11 each. W. B. Peterson of 

 Illinois Farm Supply Company was the 

 speaker. All directors were re-elected. 



The board of directors of Whiteside Serv- 

 ice Company was unanimously re-elected by 

 the stockholders at the company's eighth 

 annual meeting in Morrison, November 22. 

 L. A. Abbott, president, expressed great 

 satisfaction over the fact that the company 

 had $10,000 more in active working capital, 

 had saved $978 through trade discounts, 

 had reduced their company borrowings, and 

 increased the total patronage dividends, all 

 m.-ide possible by their new credit policy. 

 1,086 member partons received patronage 

 dividends averaging $19.69, a total of $21,- 

 475.39, largest in the history of the company. 

 W. B. Peterson of Illinois Farm Supply 

 Company was the speaker. 



J. A. Baer, who has so ably served as 



president of St. Clair Service Company since 

 its organization eight years ago, announced 

 his retirement at the annual meeting on 

 December 8 at Carlyle. Sales of the com- 

 pany exceeded $316,000, an increase of 9.63% 

 over the previous year. Only $l,3n.00 in 

 patron accounts was outstanding at the close 

 of the year, less than one-half of 1% of 

 sales. This indicates that Farm Bureau 

 members of St. Clair, Clinton, and Washing- 

 ton counties are fullv aware of the fact that 

 it is good business to pay their accounts 

 promptly. 



1,625 Farm Bureau member patrons were 

 responsible for 91.79% of the business. In 

 return, they received $45,596.03 in patronage 

 dividends, or $34.19 per check. W. B. Peter- 

 son of Illinois Farm Supply Company was 

 the speaker. 



The trials and tribulations accompanying 



the organization of the Morgan-Scott Service 

 Company 12 years ago, as recited by J. W. 

 Arnold, president, proved both enlightening 

 and entertaining to the shareholders at their 

 twelfth annual meeting, Jacksonville, De- 

 cember 14. According to Mr. Arnold, ex- 

 tension of credit was the biggest problem 

 then and still is today. An objective dis- 

 cussion was had of this problem out of which 

 should come a sound and lasting solution. 



Sales of petroleum products increased 4% 

 during the current year, net income increased 

 1.38%. Cash dividends of $25,892.00 were 

 paid to 1,041 member patrons, averaging 

 $24.80 each. An additional dividend of 

 $5,780 in the form of Dreferred stock certifi- 

 cates was made, carrying out the policy of 

 revolving the company's capital stock to keep 

 it in the hands of active farm people within 

 the territory. 



L. E. Hinners of Meredosia was the only 

 new director elected to the Board. W. B. 

 Peterson of Illinois Farm Supply Company 

 was 'speaker. 



Vermilion Service Company, in a joint 

 annual meeting with the 'Vermilion County 

 Farm Bureau, Danville, Dec. 8, distributed 

 $17,489.66 in patronage dividends. The rate 

 of earnmgs on various commodities ranged 

 from 8 to 15 per cent. Manager James 

 Eyman reported a steady increase in busi- 

 ness for six consecutive years with sales 

 this year reaching $217,901.36, a new rec- 

 ord. 



Stephenson Service Company issued 996 



patronage dividend checks totaling $21,- 

 704.4^, or an average of $21.98 per Farm 

 Bureau Member patron, at its 8th annual 

 meeting, Freeport, Dec. 7. Total patronage 

 dividends in 8 years, $105,150.47. 



Afadison Service Company — Patronage 



dividends totaling $24,201.80 were distrib- 

 uted at the company's 7th annual meeting, 

 Edwardsville, Dec. 14, which was attended 

 by 525 patrons. Average dividend per 

 member patron was $29.53. Dividend rates 

 on commodities handled ranged from 10 to 

 20 per cent. Of the $166,470.57 in sales, 

 88.71 per cent originated with members al- 

 though 46 per cent of the patrons were 

 non-members. Speakers were President H. 

 W. Seivers, Manager T. M. Livingston and 

 G. W. Bunting of the Illinois Farm Supply 

 Company. 



Henry-Stark Service Company sold $353,- 

 449.15 of commodities and did 91 per cent 

 of its business with Farm Bureau members 

 during the fiscal year. Manager Dale Wilson 

 reported at the 10th annual meeting, ' Ke- 

 wanee, Dec. 6. Seventeen hundred divi- 

 dend checks, totaling $42,500, were dis- 

 tributed. The average amount of each was 

 S25 as compared to $22.27 last year. Total 

 dividends to date: $210,144.61. Henry 

 Hanson was elected director to succeed the 

 late George Broman. ■ 



Logan-Mason: — Dr. J. O. Christianson, 



University of Minnesota, addressed the 500 

 members who attended the 21st annual 

 meeting of the Logan County Farm Bureau, 

 Lincoln, Nov. 29. At the 10th annual 

 meeting of the service company in the 

 morning, Manager F. J. Lanterman reported 

 the payment of $20,847 in patronage divi- 

 dends this year on sales totaling $306,428.70. 

 Dividends to date: More than $108,000. 



5ome 1500 persons attended the eighth 



annual meeting of the Macoupin Service 

 Company in Carlinville, November 12. Presi- 

 dent Clyde E. Land presided. 



Announcement of patronage dividends of 

 $25,728.33, largest in the company's history, 

 brought an enthusiastic response from the 

 audience. Manager Lee V. Hauter reported 

 sales for the year of $220,000, highest in 

 the history of the company. C. H. Becker 

 of Illinois Farm Supply Company was the 

 speaker. 



Cass Farmers Oil Company held its sec- 

 ond annual meeting since becoming a mem- 

 ber of Illinois Farm Supply Company on 

 Oct. 28. The company paid a cash divi- 

 dend of $4,617.35, largest in its history. 

 Mr. Ziegler, manager, pointed out that this 

 was due to an all-time low for outstanding 

 accounts receivable, that the cash was avail- 

 able to make dividend payments. C. H. 

 Becker was the speaker. 



Five hundred fifty members and their 



families attended the annual meeting of the 



Marshall-Putnam Oil Company, Henry, Oc- 



(Continued on page 28) 



26 



I. A. A. RECORD 



