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Report of Annual 



Farm Supply Meeting 



Approximately 700 Hear Speakers 

 and Details of Year's Operation 



F. E. HERKDON 



"The growth of Illinois Farm Supply 

 Company and our 58 County Companies 

 reads like romance," said F. E. Herndon, 

 president, in his address to 700 officers, 

 directors, managers and salesmen who 

 attended the eighth annual meeting of 

 the company at Decatur, Thursday, 

 October 18. 

 Background for his statement was the 



nearly 50 million 

 gallons of petroleum 

 products distributed 

 by the 58 affiliated 

 companies to more 

 than 75,000 farmer 

 patrons during 1934, 

 19.2 per cent greater 

 than 1933. Soyoil 

 Paint sales also in- 

 creased 73.53 per 

 cent to 87,638 gal- 

 1 o n s. Automobile 

 tire and tube sales 

 jumped 33 1/3 per cent to $170,000. Fly 

 Spray and Killer sales increased 3.63 

 per cent to 33,723 gallons. 



Mr. Herndon paid tribute to the per- 

 sonnel of the organization in pointing 

 out that "the ability of the men in 

 charge, the boards of directors, the man- 

 agers and salesmen are reflected in the 

 rapid strides made by our company dur- 

 ing the last year. I have no hesitancy 

 in placing the personnel and accomplish- 

 ments of Illinois Farm Supply Company 

 and its member companies alongside 

 similar co-op organizations in the U. S." 

 He closed his address with a warning 

 that "to achieve $1,000,000 in patronage 

 dividends by 1940, it is necessary to lend 

 unqualified aid and support to the Farm 

 Bureau organization in its quest for new 

 members." 



F. W. Peck, Co-operative Bank Com- 

 missioner from Washington, spoke on 

 "Efficient Business Procedure for Farm 

 Co-operative." Following his introduc- 

 tion by President Earl Smith of the I. A. 

 A*, who reported that the legality of the 

 Illinois Farm Supply setup had been 

 passed upon by the Farm Credit Ad- 

 ministration, thus establishing a safe- 

 guard for the future of the co-operative 

 movement in Illinois, Mr. Peck said, "The 

 co-operative movement can be appraised 

 from three points of view. First, its 

 idealism — ^that is, the various appeals 

 used in organizing various co-ops. Sec- 

 ond, its realism — the results of applying 

 principles and theories into practice. 

 Third, corrective measures essential to 

 the progress and advancement of the 

 movement." '■' j ■::.■:. ■::r.--v:-'' '■^■■:;^ ■■: ■ , ;;• 



The elimination of selfishness, central- 



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NO VEM BER, 1 934 "" ^ : ;; ':•;:'• ':}i:\ < ■. 



ADVANCE IN FABM PRICES— '82 - '88 



Thii chart sho'ws the farm price advance during 1988 — the first year of the crop adjustment plan. Wheat 

 and cotton both show the largest gains x because the acreage devoted to these crops was substantiaUy re- 

 duced last year. An up-to-date chart would show com at approximate parity price level (78 cents). Hog 

 prices, likewise, including the processing tax which comes back to the farmer, approach parity. Cattle 

 have benefited by the hog reduction program as also have sheep. All grains have been aided by crop acreage 

 reduction and drouth during the current season. 1984 parity prices are somewhat higher than those shown 

 in the chart above because the prices of non-agricultural commodities have advanced also during the past year. 



ization of management, building of 

 understanding among patrons that they 

 own and control their co-op, and the 

 setting up of business-like organizations, 

 properly financed and managed, are all 

 essential for greater progress. 



Explaining the Co-operative Banks, 

 and their functions. Peck pointed out 

 that there is no desire by the P. C. A. 

 to regiment, dictate, or in any way 

 shackle agriculture through a credit set 

 up. "Rather," he said, "the Credit Act 

 of 1933 is designed to create credit 

 suited to the needs of agriculture at the 

 lowest possible cost. The objective of 

 the system is debt reduction and amor- 

 tization rather than debt continuation." 



David M. Hardy, president of the St. 

 Louis Bank for Co-operatives, also spoke 

 briefly on the functions of his institu- 

 tion. ; •^-.y'^--- y'--.:X-':'^}-:;'/'-'{:. .- 



Marchant Gives Report ' { % 



With graphs and charts, L. R. Mar- 

 chant, manager of Illinois Farm Supply 

 Company, illustrated the sensational 

 growth of co-operative purchasing of es- 

 sential farm supplies from 1927 through 

 1934. Read the story on page 19. , .. 



Following the reports, two new mem- 

 bers were elected to the board of di- 

 rectors of I. F. S. — L. A. Abbott- of 

 Whiteside county, and G. W. Clark of 

 Pope county. Those remaining from 

 last year's board include J. M. Eyman, 

 Macon Co.; Harry Ebbert, Effingham 

 Co.; Frank J. Flynn, Morgan Co.; Fred 

 Herndon, McDonough Co.; E. E. Steven- 

 son, LaSalle Co.; Thos. J. Penman, Ken- 

 dall Co. • •'^••- 



During the day, other speakers on the 

 program were Donald Kirkpatrick, legal 

 counsel of the Illinois Agricultural As- 

 sociation, E. J. Fricke, Indiana Farm 



Bureau Co-operative Association, and R. • 

 A. Cowles, I. F. S. treasurer who read 

 the report on the financial status of the 

 company. 



FALL PIGS 



are good property 



VACCIHATE YOURS NOW! 



i. Use fresh, potent 



FARM BUREAU SERUM 



SEE YOUR 



COUNTY 



FARM 



BUREAU 



15 





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