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41 ^ 



Farmers National Grain J 

 Annual Meeting Chicago 



During the month of July and August 

 this year the Farmers National Grain 

 Corporation handled 40,169,108 bushels 

 of grain despite the shortest cereal crop 

 within two generations and made a net 

 profit of $683,182.04, which exceeds the 

 loss of $662,503.87 for the fiscal year 

 ending June 30, 1934. I •;■;:: J^^^^^^^^^ 



This information 

 was given out in the 

 annual r e p o r t of 

 President C. E. Huff 

 made to the stock- 

 holders in Chicago, 

 September 19. ,. 



Mr. Huff stated 

 that the capital of 

 the Corporation, $1,- 

 048,200, was unim- 

 paired, surplus to- 

 taled $64,178.13 and 

 ■r ;,.; reserves $910,583,56. 



Overhead expense, the number of em- 

 ployees, and salaries were drastically re- 

 duced during the past year Mr. Huff said 

 because of the substantial cut in volume 

 handled resulting from short crops. 



Huff was re-elected president, and 

 ;6. C. Johnstone, president . of Illinois 

 Grain Corporation, was elected first vice- 

 president to succeed W. H. Settle of In- 

 diana who retired from the board. 



G. C. JOHNSTONE 



'.V 



[■':: ; ; :t:-: : New Elevators '-.■ -^ '.^ 



•> During th^ past year tlie Corporation 

 :«rected a new 2,000,000 bushel elevator 

 'lit Amarillo, Texas — "the finest struc- 

 ture of its kind in the southwest," 

 according to Geo. S. Milnor, general 

 manager. A smaller elevator, serving 

 :both rail and water transportation, was 

 <)uilt at Peoria, Illinois, and a 4,000,000 

 •bushel, elevator was leased from the Rock 

 Island railroad in Chicago.^ .. v.; 

 *'• "These steps have greatly strength- 

 ened our terminal operations," Mr. Huff 

 said. "Our terminals are all at near 

 capacity at present with sound stocks of 

 grain. Country elevators held by the 

 Corporation are being transferred to lo- 

 cal ownership as rapidly as possible. 

 Relationships between Farmers National 

 and the Farm Credit Administration are 

 on a completely satisfactory basis, and 

 excellent credit relations have been con- 

 tinued with the commercial banks. Our 

 merchandizing turnover is the heaviest 

 in history, and our percentage of mar- 

 ket handlings is increasing. The future 

 seems secure." 



Chief speakers during the luncheon 

 program were Earl C. Smith, president 

 of the Illinois Agricultural Association 

 who appeared for President E. A. O'Neal 

 of the A« F. B. F., unable to attend be- 

 cause of illness; F. W. Peck, co-opera- 

 tive loan commissioner of the Farm 



Build Up Reserves.: i 



Build up your reserves as soon 

 as you can, and maintain them. 

 An organization that is consistently 

 undernourished financially isn't 

 any better prepared to meet the 

 buffetings of fate than is the child 

 who has been perennially under- 

 nourished from infancy. The' neces- 

 sity for adequate reserves was 

 never greater, faced as we have 

 been and are by depression, drouth, 

 and unparalleled economic con- 

 ditions. •-'••;•..•.•«•. .•■.••■:.■..■•/..• .V. ^•^v.. .V-; 



Credit Administration; and Leroy Mel- 

 ton, Greenville, Illinois, president, Na- 

 tional Farmers Equity Union. " 



Mr. Smith charged that the cry of 

 "regimentation" came not from farmers 

 but from opponents of farm surplus con- 

 trol legislation who sought to make the 

 A. A. A. Act unpopular with farmers. 

 Anyone who knows the sincerity of 

 Secretary Wallace, Administrator Davis 

 and their co-workers he said, knows that 

 they would be the last men to force any- 

 thing on farmers that was not desirable. 

 , "The move to control farm surpluses 

 and raise farm prices was first suggested 

 by two industrialists — ^farm implement 

 manufacturers — both of whom are now 

 in prominent positions with the govern- 

 ment," said Mr. Smith. "These men are 

 George N. Peek and Hugh S. Johnson 

 who, back in 1922, published a book oh 

 the subject while they were associated 

 at Moline, 111. These men saw the need 

 for bringing farm prices up to a level 

 with industrial prices. ■■• .•• . ; ' •' ■ •■ ■' ''^ 

 1 "Many platform speakers who are at- 

 tacking the A. A. A. Act have never 

 read it," Mr. Smith continued. "Title one 

 of this Act is a mandate to the Secretary 

 of Agriculture to use one or more of sev- 

 eral suggested ways, with the approval 



of the President, to restore certain basic 

 farm commodities to parity price levels. 

 All the principles of the old McNary- 

 Haugen bill are in this Act. Authority 

 is there for exporting farm surpluses at 

 world prices and charging the loss 

 against each unit of the commodity mar- 

 keted. At present we are following the 

 crop adjustment plan because that seems 

 the only thing to do in view of wide- 

 spread foreign embargoes and high tar- 

 iffs against American farm products." 

 : Mr. Peck warned that the biggest dan- 

 ger to co-operatives comes from within. 

 There is no fear about continuation of 

 this system if farmers want it and 

 choose leaders who have the ability and 

 sincere desire to make it succeed. "At- 

 tacks from private interests cannot hurt 

 you," he said. "You can capitalize on 

 them. The Farm Credit Administration 

 has a different interest than some cred- 

 itors. Where there are profits from debt 

 it is desirable to keep people in debt. The 

 Administration's chief interest is in get- 

 ting you out of debt. Our motive is not 

 to make profits but to serve." ; 



The Fighting Spirit > 



Mr. Melton stated that farmers had 

 been negligent in letting the marketing 

 end of their business slip out of their 

 control. "The fighting spirit," he as- 

 serted, "is necessary to co-operative mar- 

 keting development. I hope it never 



dies.":-.-- ■' .:•;•••■:■■.••■.■:■•• ■ -V ■-•..:•••.■■••■■ •••.".:•■•"■' 



Resolutions were adopted supporting 

 the Agricultural Adjustment Act and 

 commending its administrators, opposing 

 imports of grain until it is shown that 

 domestic supplies are inadequate, urging 

 amendment of the grain futures act to re- 

 define the rights of co-operatives on con- 

 tract.markets, recommending simplifica- 

 tion and clarification of income tax laws 

 as they apply to farm co-ops., and ex- 

 pressing satisfaction over the fine rela- 

 tionship existing between the Corpora- 

 tion and Farm Credit Administration. 



THE MERCER COUNTY FARM BUREAU SOFT BALL TEAM WON THE COUNTY TOURNAMENT LAST 

 July, and two weeks ago won the championship of the Aledo City League. Warren Hendricks, pitcher, 

 has a record of 100 strikeouts in the last 10 games played. Left to right: Standing: Leslie Baldwin, Joe 

 Moseley, Lewis Riddell, Lester J. Schxoll. Olenn MiUikan. Seated: H. Parkman, Gerald Baldwin, Mark 

 Foster, Captain, Warren Hendricks, Clarence Runbom, J. £. Harris, ex-farm adviser and Morris Ketzle, 

 also members of the team» are not in picture. 



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OCTOBER, 1934 



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