Page Sixteen 



THE I. A. A. RECORD 



August. 1932 



Insurance Service Was 

 ;•; Initiated 7 Years Ago 



Farm Bureau Members Save 

 Dues on This Benefit 



Alone ■>>■"' 



Seven years ago the Illinois Ag- 

 ricultural Association lead the 

 foundation for what was to prove 

 one of its most important under- 

 takings when the board of directors 

 decided to establish an insurance 

 service at cost for members. 



The Farmers Mutual Reinsurance 

 Company was organized in 1925 by 

 the I. A. A., the county Farm Bu- 

 reaus, and certain local mutuals. 

 This company now has more than 

 $45,000,000 in fire, windstorm and 

 hail insurance in force at a con- 

 siderable saving for farmers. 



Insurance is written on farm 

 property on a cost basis. The com- 

 pany was originally organized to re- 

 insure local mutuals and to take 

 risks which were too large for them 

 to handle. Later, however, it started 

 writing direct insurance. . .; ^ 



For Members Only 



Two years after the Reinsurance 

 company began, the I. A. A. organ- 

 ized the Illinois Agricultural Mutual 

 Insurance Company to supply Farm 

 Bureau members insurance on their 

 automobiles at cost. This company 

 sells to members only. Its rates are 

 substantially below those of the 

 nearest statewide competitor with 

 the result that Farm Bureau mem- 

 bers often save the entire amount 

 of their dues through this service 

 alone. This company, it is esti- 

 mated, has saved Farm Bureau 

 members in Illinois more than 

 $300,000 a year for the past several 

 years. 



The Illinois Agricultural Mutual 

 is a legal reserve company with 

 assets of nearly $1,000,000 and is 

 continuing to grow yearly. To date 

 more than 33,000 applications for 

 automobile insurance have been re- 

 ceived. During April and May this 

 year the company received 1.167 

 applications, which is considerably 

 more than the number for the same 

 two months a year ago. 



This company also writes em- 

 ployers' liability insurance for Farm 

 Bureau members. More than 2,000 

 farmers have taken advantage of 

 this service. 



Country Life Youngest 



The youngest and largest of the 

 Farm Bureau insurance en+^erprises 

 is Country Life Insurance Company 

 which was organized three years 

 ago and which has more than $44,- 

 000,000 worth of insurance in force 

 at present. Country Life is one of 

 the outstanding examples of what 

 organized farmers can do in the 

 business field. 



This company, entirely owned and 



controlled by the 60,000 Farm Bu- 

 reau members in Illinois showed a 

 gain of $9,000,000 in paid for busi- 

 ness during 1931. This is a larger 

 gain than any other Illinois com- 

 pany made and placed Country Life 

 among the highest 15 of the 338 

 legal reserve companies in the 

 United States. 



The assets are now double the 

 assets of a year ago and in the 

 most liquid form possible, consist- 

 ing mostly of government bonds 

 and securities of the very highest 

 type. Following the examination of 

 the company by state insurance 

 examiners some time ago, one of 

 them said that Country Life was in 

 better financial condition than any 

 company he had examined during 

 the past four years. 



Farmers National To ^ ^ 

 Hold Annual Meeting 



Stockholders Assemble Aug. 16 



To Review Progress During 



Past Year 



THE annual meeting of the 

 stockholders of Farmers Na- 

 tional Grain Corporation will be 

 held at the Chicago offices of the 

 corporation Tuesday, August 16, for 

 consideration of the annual reports 

 of the corporation for the fiscal 

 year ending May 31 and for the 

 election of a board of directors. The 

 final meeting of the present board 

 of directors will be held the day 

 preceding the stockholders' meet- 

 ing, which will be followed by a 

 meeting of the new board for or- 

 ganization and the outlining of 

 plans and policies for the ensuing 

 year. 



Reports to be placed before the 

 stockholders will show steady 

 growth of the corporation through- 

 out the past year, officials said. In 

 the matter of grain handling fa- 

 cilities organized farmers now con- 

 trol, through ownership or lease, 

 more than three times the capacity 

 in country and terminal storage 

 space they had at the beginning 

 of the 1931 crop season. 



Terminal Facilities 



Terminal facilities controlled by 

 Farmers National Grain Corpora- 

 tion as of July 11, 1932, numbered 

 42, of which 12, with total capacity 

 of 13,256,837 bushels, were owned, 

 and 30, with capacity of 40,116,800 

 bushels, were under lease. 



Country facilities totaled 401 

 houses, of which 293, with total ca- 

 pacity of 17,748,999 bushels, were 

 owned, and 108, with capacity 

 of 2,343,629 bushels, were un- 

 der lease. The total of leased and 

 owned terminal and country capac- 

 ity was approximately seventy- 

 three and one-half million bushels, 

 against a total at the beginning of 



the 1931 crop season of something 

 less than 25,000,000 bushels. 



Merchandising -operations of the 

 corporation have been extended, 

 through the opening of branch of- 

 fices, into every important grain 

 producing and consuming area in 

 the United States. Volume of busi- 

 ness of the corporation for the last 

 fiscal year showed substantial in- 

 crease over that for the previous 

 twelve months. 



Ship Grain Abroad 



Of the total wheat exports from 

 the port of Galveston from July 1, 

 1931, to July 1, 1932, Farmers Na- 

 tional Grain Corporation handled 

 in excess of 60 per cent. Belgium, 

 Germany, France, Italy, England, 

 Holland, Finland and Greece were 

 among the foreign countries to 

 which the corporation shipped 

 grain. Establishment of a seed di- 

 vision has further increased the 

 merchandising services offered by 

 the corporation to grain producers. 

 Operations of this division were be- 

 gun in the intermountain territory, 

 with headquarters at Ogden, Utah, 

 while arrangements are being made 

 to extend this service into the 

 North Pacific and hard spring 

 wheat territories in the near future. 



Direct Marketing 



The direct marketing program 

 approved by the board of directors 

 of the corporation more than a year 

 ago and offered to those stock- 

 holders desiring it has been exten- 

 sively developed. Acceptance of the 

 plan by the Farmers Union Jobbing 

 Association and the Equity Union 

 Grain Company, both in the Kansas 

 City area, within recent weeks, 

 brought the number of stockholders 

 marketing their grain directly from 

 their country units through Farm- 

 ers National Grain Corporation to 

 19, out of a total of 28. The Co- 

 operative Grain Growers of Cali- 

 fornia, Berkeley, a new stockholder, 

 is among those adopting the plan. 



Directors of the corporation are 

 C. E. Huff, president, Chicago; 

 William H. Settle, first vice-presi- 

 dent, Indianapolis, Ind.; C. B. Stew- 

 ard, secretary, Lincoln, Neb.; D. L. 

 O'Connor, St. Paul, Minn.; Oscar 

 Slosser, Fostoria, O.; E. R. Downie, 

 Kansas City, Mo.; G. C. Johnstone, 

 Bloomington, 111.; John R. Maddock, 

 Maddock, N. D.; Jess W. Wade, Og- 

 den, Utah; F. J. Wilmer, Rosalia. 

 Wash.; L. E. Webb, Dodge City, 

 Kan.; C. W. Croes, Aberdeen, S. D.; 

 A. F. Barbezat, Yuma, Colo.; Lyle 

 Hague, Cherokee, Okla., and L. J. 

 Taber, Columbus, O. 





E. A. Hake, our general agent, 

 signed 16 Farm Bureau members, 

 writes Lloyd R. Caldwell, Washing- 

 ton county. Thirty-five new mem- 

 bers joined. 



