AGRICULTURAL SOCIETIES 343 



operates twenty-six elevators and buying stations 

 in Michigan, and also two in Ohio. The business is 

 managed and financed from the central office at Grand 

 Eapids. The authorized capital stock is $1,000,000. 

 On December 31, 1921, the reported value of the 

 land, buildings and merchandise owned by the asso- 

 ciation was $467,809.-19. The equipment was valued 

 at $38,991.76. The total capital assets were given 

 as $506,801.25 ; and the total current assets as $497,- 

 720.92. This made an aggregate of assets of $1,004,- 

 522.17. During the year the association is reported 

 to have handled about $6,000,000 worth of farm 

 products. The shares of stock are for ten dollars 

 each and are all owned by farmers. Even the gen- 

 eral manager owns only one share. Each stockholder 

 has but one vote regardless of the quantity of stock 

 held.^ 



The Michigan State Association of Farmers 

 Clubs, "believing that the social, moral, intellectual 

 and financial condition of the farmer is advanced by 

 local organization of Farmers' Clubs, and that the 

 organization of other local clubs will be promoted 

 by a central or state association of clubs already in 

 existence," has adopted a constitution which pro- 

 vides for a president, vice-president, secretary, treas- 

 urer, and six directors. The annual meeting is held 

 in Lansing at a date determined by the executive 

 committee. Each member club is required to pay to 

 the State Association dues amounting to fifty cents 

 for the family membership thereof, the aggregate of 



* Statement of Grant Slocum, President, April, 1921. 



