June, 1932 



THE I. A. A. RECORD 



Page Thirteen 



I. Auditing Association Champaign County Grain 



Distributes Paid-Up Stock Ass'n. Opens New Elevator 



linois Grain Corp. 



Third Among Regionals 







Cash EHvidends Paid To Members, 



Completed 371 Audits 



In 1931 



Two hundred and forty-eight 

 co-operative agricultural organi- 

 zations — chiefly Farm Bureaus, 

 farmers' elevators, and farmers' 

 oil companies — now hold paid-up 

 capital stock in the Illinois Agri- 

 cultural Auditing Association. 



Stock amounting to $12,080 was 

 recently distributed following the 

 reorganization of the association 

 as a stock company. All stock- 

 ; holders are patrons of the com- 

 pany. The stock was paid for out 

 . of reserves accumulated during 

 the past five years and is dis- 

 tributed in proportion to the 

 - amount of service charges each 

 company paid in during the 

 period. 

 • •: In addition to the stock issue. 

 ;■ the association also distributed 

 \ $3,141.27 to 95 organizations as 

 cash refunds on service rendered 

 in 1924, 1925, and 1928. Stock 

 .; issued on 1927 business will be re- 

 deemable at the end of 1932, stock 

 on 1928 business at the end of 

 • 1933, etc. 



The contracts provide that each 



company using the services of the 



V . auditing association will take an 



amount of capital stock at the 



end of each year equal to 10 per 



^ cent of the sum it paid for audit- 



;" ing during the year. All stock is 



; / to be turned in and redeemed five 



, years after date of issuance. 



Cash dividends paid this year 

 were distributed as follows: 41 

 Farm Bureaus received $814.92; 

 28 farmers elevators received 

 '- $1,056.17; two oil companies re- 

 ; ceived $43.06; and 24 other agri- 

 cultural organizations received 

 V $1^27.12. 



Stock issued for the five-year 

 period 1927-31 was as follows: 65 

 Farm Bureaus $2,195; 66 elevators 

 $3,175; 50 oil companies $3,090; 

 and 67 other organizations $3,620. 



During 1931 the association 

 audited 371 accounts, the largest 

 number ever handled in a year. 

 The service was established in 

 •. 1924 to provide a reliable audit 

 to farm organizations and co- 

 , operatives at cost. 



The Champaign County Grain 

 Association now has two plants in 

 operation following the opening 

 of the air-force elevator at May- 

 view, April 14. The first plant has 

 been operating at Glover since the 

 middle of February. 



About 200 farmers attended the 

 opening of the Mayview elevator 

 and saw the first grain received, 

 weighed, put in storage tanks, and 

 loaded into cars for shipment. 



After a luncheon served by 

 ladies of the Mayview Church, a 

 program was held with Klaas 

 Saathoff, president of the associa- 

 tion, presiding. Among the 

 speakers were G. C. Johnstone, 

 president, and Frank Barton, field 

 man for Illinois Grain Corp.; 

 E. L. J'ohnston, manager of the 

 La Salle County Co-operative 

 Grain Company; O. M. Korn- 

 meyer, manager of the Penfleld 

 Elevator; and A. E. Peterson, 

 manager of the Air-Force Con- 

 veyor Company. 



50 Per Cent Loan On 



Farm Lands Too Much 



So long as the policy of lending 

 approximately 50 per cent of the 

 value of land continues, it will 

 continue to provide inadequate 

 protection against severe price re- 

 cessions, according to David L. 

 Wickens of the Bureau of Agri- 

 cultural Economics. The continu- 

 ing nature of farm-mortgage debt 

 requires that farmers guard 

 against such dangers by limiting 

 their borrowings in periods of high 

 prices. They should not be guided 

 by the sums lenders are willing 

 to advance. 



In 1928 owner-operated farms 

 had nearly 59 per cent of all farm 

 mortgage debt as compared with 

 38 per cent for tenant-operated 

 farms, and less than three per 

 cent for manager farms. . 



Uncle Ab says that of all the 



mathematics he ever studied, he 



, has never had to use much that 



:. he learned after the fifth grade. 



The Quality Milk Association at 

 Rock Island, Davenport, Moline 

 and East Moline is at work on a 

 project to handle the surplus milk 

 of its 800 members. J. B. Countiss, 

 director of milk marketing for the 

 Illinois Agricultural Association, 

 has met with representatives of 

 the association several times and 

 is assisting in working out the de- 

 tails of the plan. 



National Sales Co-operative Gives 



Producers Control To Point 



of Final Sale 



In spite of the fact that or- 

 ganized commission men have 

 centered their opposition to co- 

 operative marketing in Illinois 

 and spread volumes of propaganda 

 throughout the state to discredit 

 farmers' marketing agencies, the 

 Illinois Grain Corporation stands 

 third among the 25 regional co- 

 operatives in volume of grain 

 handled through Farmers Na- 

 tional Grain Corporation. 



During 1931 approximately 

 eleven million bushels of grain 

 was marketed co-operatively 

 through Illinois Grain Corp. At 

 least 60 of the 102 counties in 

 the state have used the terminal 

 facilities of the national co-op- 

 erative, sending grain from more 

 than 200 shipping points. 



Within the past eight months 13 

 counties have passed the 100-car 

 mark in grain marketed co- 

 operatively, 25 counties have sent 

 more than 40 cars each through 

 this agency, and 40 counties have 

 shipped more than ten cars each. 



The average volume from Illi- 

 nois for the last three months is 

 more than 600 cars a month, with 

 each of these months higher than 

 any other month since August. 

 1931. March was highest with 666 

 cars. 



The establishment of a national 

 selling agency removes many of 

 the limitations that have sur- 

 rounded local efforts to market 

 co-operatively. It enables the 

 farmer to control his product all 

 the way from point of production 

 to point of final sale, minimizing 

 speculation, handling costs, and 

 other charges so as to return a 

 greater part of the consumer's 

 dollar to the producer without in- 

 juring the consumer. 



The farm value of American 

 agricultural exports in the fiscal 

 year 1930 to 1931 was the smallest 

 in more than a decade, $696,000,- 

 000 as compared with $1,215,000,- 

 000 in the preceding 12 months 

 covering the crop year 1929-'30. 



Exports of cotton, lard, pork 

 and hogs, wheat and flour, and 

 unmanufactured tobacco consti- 

 tute about 85 per cent of the value 

 of all American agricultural ex- 

 ports. 



