Page Four 



THE I. A. A. RECORD 



March, 1931 



nois Agricultural Association, who fol- 

 lowed Gov. McKelvie, explained why 

 the soybean growers were being asked 

 to subscribe for capital stock to finatice 

 their organization. "It is not contem- 

 plated that the money so obtained will 

 be used to reduce loans on beans in 

 storage," he said. "Last year your or- 

 ganization carried on all its operations 

 with borrowed capital. It's asking too 

 much of your creditors to have them 

 finance you for clerical help, postage 

 stamps, train fares, stationery and other 

 incidental expenses. 'y:^-./^-;''.'^^'---.'-:-^'}::-^'' : 



"Your organization ought to have 

 enough capital for at least a year's op- 

 erations. And for this purpose it is 

 recommending that every member buy 

 at least one share of 6 per cent pre- 

 ferred cumulative stock of $25 par 

 value. In recommending the capital 

 stock plan we are not asking you to 

 invest money that you hope to get 

 back in a year or two as in the case of 

 investors in some of our co-operative oil 

 companies. You have already had the 

 benefit, and got your money back in an 

 increased price for your beans. 

 Members Profit 



"I can say without fear of contradic- 

 tion that most of you would have got- 

 ten only about 8 5 cents a bushel instead 

 of $1 for your beans had not the As- 

 sociation pegged the price by offering 

 $1 per bushel on delivery. 



"We were fortunate to get credit to 

 carry on our operations last year," he 

 continued. "It's too much to ask that 

 this be codtinued. Your organization 

 will be far stronger if at least 2,500 of 

 you will svbscribe to at least one share 

 each in your organization. 



"The biggest problem ahead is for 

 farmers to get control of their market- 

 ing machinery, and you can succeed in 

 doing so if you will give the same sup- 

 port, enthusiasm and co-operation you 

 gave in building your various insurance 



Manager Reports 



and commercial projects." 



In his annual report to the members, 

 Manager J. H. Lloyd reviewed market- 

 ing operations having to do with the 

 sale and' storage of 1,140,000 bushels 

 pooled from the 1930 crop. Loans from 

 government agencies permitted an ad- 

 vance to the grower of $1.00 a bushel 

 for No. 2 soybeans consigned to the 

 Association's pool. The .'^irst sales of 

 140,000 bushels were consummated at 

 the premium prices of $1.25 and $1 .*6 

 per bushel delivered. These two sjL's 

 represented more than one-third of thj 

 bushelage expected. The members al- 

 ready signed and nearly 700 who joined 

 later more than irs. bled the 3 50,000 to 

 400,000 bushels expected. 



"The summary of our operations up 

 to date records ihe sale of a large per- 

 centage of the pooled beans, with a 



balance on the right side of the ledger," 

 stated Manager Lloyd. "The remainder 

 of the soybeans consigned are being held 

 in storage for later sale." 



The leading counties which pooled 

 beans are Christian with 276,826 

 bushels. Champaign 110,244 bushels, 

 Moultrie 101,199 bushels, Macon 89,860 

 bushels, and Douglas 79,469 bushels. 

 More than 57 per cent of the beans 

 pooled graded No, 2, over 3 8 per cent 

 No. 3, the rest graded No. 4 and 

 sample. 



Market Declined 



Reviewing the market conditions ob- 

 taining during 1930, the manager's re- 

 port stated: "During the brief harvest 

 season the soybean market declined along 

 with other commodity prices until the 

 price was reduced to or near the Asso- 

 ciation's advance of $1,00 per bushel 

 to growers. It is generally acknowledged 

 that the Association pegged the soybean 

 price at 20 to 2 5 cents per bushel 

 higher to all growers not only in Illi- 

 nois but also in neighboring states, 



"The 1930 commercial soybean crop 

 ''was very much underestimated. It pro- 

 duced far above expectations. More 

 than 650 names were added to the 

 membership roll during the harvest scu • 

 son. Because farmers need cash rnd the 

 relative high price of soybeans, a lar'^er 

 than usual percentage of the threshed 

 crop moved into commercial channels, 



"Since the close of the harvest season 

 soybean oil meal and soybean oil de- 

 clined further because of competition 

 from cheap imports, also because com- 

 peting feed prices were lower and farm- 

 ers lacked buying power. Finding an 

 outlet foi the portion of the crop in 

 storage and the financing of our Asso- 

 ciation's future operations are the imme- 

 diate problems." 



Treasurer Reports 



The report of Robert A. Cowles, 

 treasurer, showed the Association to be 

 in satisfactory financial condition. 



Prof. L. F. Rickey, University of Illi- 

 nois, spoke on the afternoon program, 

 He discussed the grading of soybeans, 

 told and demonstrated how samples were 

 taken from the cars and bins. 



The convention unanimously voted to 

 increase the authorized number of 6 per 

 cent preferred shares of stock from 

 4,000 to «,000, and to reduce their par 

 value from $50 to $25. 



The following resolutions were unani- 

 mously adopted: 



1. That the Board of Directors of Soybean 

 Marketing Association be commended for their 

 unselfish efforts in direc^ting the pol cies and 

 business affairs of the Association d . ing thd 

 past year. 



2. That it p.ociation be extended to ihe Illi- 

 nois Agricuid ral Assoc-'ation and County Farm., 

 Bureaus of llliru !« for tl fine co-operatii.n and 

 si-Tvice rendered f!ie Soyb .:n Marketing Associa- 

 tion and its mem! "TS duri'g the past yer, and 

 tli3 promise of coniinni.i^j support aid co- 



operation during the coming year. 



}. That appreciation be extended to the 

 Federal Farm Board, the Intermediate Credit 

 Bank of St. Louis, and the Commercial Deposi- 

 tory of the Association in Chicago for the 

 active support, advice and liberal extension of 

 lines of credit necessary to facilitate the market- 

 ing of the 1930 crop of soybeans. 



4. That we solicit the American Farm Bu- 

 reau Federation and the Illinois Agricultural 

 Association to use their legislative contacts to 

 effect just and equitable increases in the Agri- 

 cultural Tariff schedules so that soybeans and 

 soybean products will be adequately protected 

 and that the Board of Directors of Soybean 

 Marketing Association be instructed to use every 

 reasonable effort to secure the tariff protection 

 needed by the soybean industry. 



5. That the Executive Officers of Soybean 

 Marketing Association be instructed to imme- 

 diately communicate with the Senators and Rep- 

 resentatives from Illinois, urging the President 

 to increase tariff duties on soybean products 

 and competitive commodities under the flexible 

 provisions of the Tariff Act. 



6. That the Board of Directors and Execu- 

 tive Officers of Soybean Marketing Association 

 use every reaso -ible effort and such portion of 

 the corporate funJs of the Association as finan- 

 cial condition of th? Association would warrant, 

 to develop and increase the uses of soybean 

 products, and that the co-operation of soybean 

 processes be solicited in such endeavors. 



Respectfully submitted, 



RESOLUTIONS COMMITTEE, 

 Frank S. Garwood, 

 '.' C. C. Rayburn, 



, G. W. Lenhart, 



BoRtoN E. King, 

 Edwi.v Bay. 

 directors elected were: Adolph Gehl- 

 back, Logan county; D. D. Hil!, Shelby 

 county; Lester A. Reed, Morgan county; 

 Burton E. King, Hancock county; John 

 W. Armstnrig, Champaign county; 

 M. D. Tomlin, Mason coimty; W. J. 

 Sandusky, Vermilion county; Sam Scr- 

 rells, Montgomery county; J. F. Probst, 

 Macon county; T. H.. Lloyd, Macou;tin 

 county; V. C. Swigari, De^f'^itt county; 

 John G. Allbright, Moultrie county; 

 Dwight Hart, Christian county; Edgar 

 Boyton, Sangamon county, and W. G. 

 McGormick, Douglas county. 



President John W. Armstrong pre- 

 sided. 



I. A. A. Board Meetings: 



The following resolution designating 

 future meeting dates v/a« p"««cd by the 

 I. A. A. directors at a rec.rt m?ering: 

 RESOLVED, That, until otherwise 

 ordered, regular meetings of the Board 

 of Directors be held at tli? office of the 

 As ociation at 608 South Dearborn 

 Sircet, in the City of Chicago, State of 

 Iir.iois, on Friday following the second 

 Mcnday of each month, at 10 A. M. 

 on the following dates: 



Friday, March 13, 1931 



Friday, April 17, 1931 



Friday, May 15, 1931 



Friday, June 12, 1931 



Friday, July 3", ^yil 



Friday, August 11-, 1931 

 :■<.'■: Friday, September 18, 1931 -— ^ 

 . ; , Friday, October 16, 1931 



: Friday, November 13, 1931 ■* 

 >--'^- Friday, Decemb:r 18, 1931 



I' 



