r.M':.' 



EVENTFUL YEAR 



Hlinois Farm Supply Company Shows Increases 

 In All Lines Of Business During 1948: 

 Year Is Characterized As "Most Dramatic" 



ILLINOIS farmers heard 1948 re- 

 ferred to as the "most successful and 

 most eventful" in the history of Illi- 

 nois Farm Supply Company during 

 its annual meeting held in conjunc- 

 tion with the 34th annual convention 

 of the Illinois Agricultural Association 

 in Chicago in November. 



Characterizing the past year as "the 

 most dramatic and eventful year in our 

 histor)'," Manager C. H. Becker reported 

 to the delegates that "weather, mecha- 

 nization, and cooperation have all played 

 their parts to give Illinois its record- 

 breaking crops of 1948." "However," 

 he continued, "the huge corn, wheat, 

 and soybean production of our state 

 would not have been possible without 

 the power produced from the 180.000,- 

 000 gallons of petroleum and 209,000 

 tons of plant food supplied by our or- 

 ganization." 



More than 600 Farm Bureau members 

 and official delegates from each of the 

 105 affiliated member companies of Illi- 

 nois Farm Supply Company attended the 

 meeting. 



Business of the Illinois Farm Supply 

 Company, which serves as the purchas- 

 ing agent for its 105 affiliated member 

 companies, continued to increase in al- 

 most ever)' department during the past 

 fiscal year, Becker reported. 



The total whole.saIe volume jumped 

 from $31,000,000 to S44.000.000. Pe- 

 troleum gallonage increased from 174,- 

 000,000 to 180.000.000. Fertilizer ton- 

 nage jumped from 180.000 tons to 209,- 

 000 tons. Feed rose from 64,000 to 

 86,766 tons. 



Patronage refunds of $926,516.49 and 

 capital stock dividends totaling $156,- 

 908.09 were declared for distribution to 

 affiliated member companies prior to the 

 close of the fiscal year. Aug. 31. Sur- 

 plus was increased by an amount of 

 S300.000. This represents a larger 

 amount added to surplus than in past 

 years, but it is necessar)- to protect the 

 invested capital and to provide adecjuate 

 production facilities. 



During the year $3,500,000 worth of 

 class "D" 5 per cent cumulative pre- 

 ferred stock was allocated for purchase to 

 class "A" member companies. At the close 

 of the fiscal year, more than 90 per cent 

 had been taken up. In order to purchase 

 this stock, member companies raised 

 funds through the sale of a like amount 



to individual Farm Bureau members. 

 Approximately $1,000,000 of additional 

 stock W.IS .sold by member companies to 

 satisfy their own increasing financial re- 

 tjuirements. 



Farm Investment 



Illinois farmers have directly and in- 

 directly invested in Illinois Farm Supply 

 C^ompany and its 105 member companies 

 $10,707,750. On the other hand, the 

 fixed assets of these companies at depre- 

 ciated values total $10,868,700. 



Income Tax 



Delegates to the annual meeting also 

 learned that the combined federal income 

 t.ix payments of Illinois Farm Supply 

 ( ompany, its affiliates and member com- 

 panies will total nearly $1,000,000 in 

 1 948. 



Expansion Program 



During the past year, Illinois Farm 

 Supply Company has had to expand its 

 facilities considerably. Such action was 

 imperative in order to secure the needed 

 petroleum products and other supplies 

 used by Illinois farmers in the production 

 of their crops and livestock. To make 

 available these needed supplies, Manager 

 Becker pointed out that decisions of far 

 reaching consequence have been faced 

 squarely and decisions were made — but 

 not hastily. Decisions were made only 

 after thorough discussion at all levels — 

 by local member company boards, by Illi- 

 nois Farm Supply Company, and by the 

 Illinois Agricultural Association. 



All expansion programs, either in the 

 county companies or by the Illinois Farm 

 Supply Company, Becker reported, have 

 been financed by .money invested by 

 farmers in their local county companies, 

 and these local companies have invested 

 a part of this money in capital stock of 

 Illinois Farm Supply Company. The 



left: New IFS Board Member 

 Charles Holier, Peoria tourtty. It 

 congratulated by President fred 

 Herndon (center) and Merritt 

 Crouch, manoger of United Co- 

 operatives, fndianapolis. Below 

 Is a general view o/ the meeting. 



