Experiment Station Record, Volume 92, January-June, 1945 Page: 131
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19451 AGRICULTURAL ECONOMICS 131
complete and 24 less complete schedules obtained in a survey made in 1941. The
ownership, commodities sold, area, species and classes of livestock handled, types
of buyers, equipment and facilities, sanitary regulations, commission charges,
financial responsibility of companies, etc. are described.
Farmers' elevators of Ohio: Fifteen years, 1928 to 1943, B. A. WALLACE and
J. I. FALCONER (Ohio Sta. Bul. 650 (1944), pp. 29+ illus. 2).-Used in the analyses
were audit summaries of 119 to 151 companies each year, distribution of
expenses based on data from 35 to 85. companies, average trading margins on
different grains and farm supplies on data from 40 to 119 companies, and a study
of the month-to-month trends of accounts receivable for 19 well-distributed companies.
The companies are grouped into five groups on the basis of annual volume
of business as follows: (1) Below $75,000, (2) $75,000 to $150,000, (3) $150,000
to $225,000, (4) over $225,000, and (5) companies operating more than one plant.
The sections deal with amounts, sources of income, expenses, net gains, and the
trends in the financial condition of Ohio farmer-owned elevators.
Volume of business, gross margins, grinding income (except for 1934-38), other
income, and total income increased during each 5-yr. period, about half of the
increase in volume of business being due to advanced prices and half to increased
volume of grains and farm supplies handled. Trading margin in 1938 and 1939
averaged 83.2 percent of total income, increasing with each group from 79.1 percent
for (1), to 84.3 for (4), and 85.2 for (5). The trading margins varied considerably
from year to year, averaging 8.7 percent in 1928-29, 11.2 percent in 1932-33,
and 8.9 percent in 1941-42, and for different groups, being 11.9 percent, 9.9, 9.6,
7.8, and 8.8 percent in the respective groups. Oats, corn, barley, and rye normally
carried wider margins than wheat, and the margins fluctuated less and were less
speculative due to the fact the four grains entered more largely into the local farmsupply
trade. During the 15-yr. period there was a gradual reduction in interest
paid, a general advance in reserves set up yearly for depreciation, and operating
expense increased steadily except in 1931-34 and 1938-39. Allowance for uncollectible
accounts remained fairly constant except in the depression years and the
last year of the study. For 1940-41 operating expenses decreased from 11.2 percent
for group (1), to 6.5 percent for group (4), and 7.6 percent for group (5);
of total sales and other expenses from 13.4 percent to 7.4 and 8.8, averaging 7.7
and 8.9 percent. For the 15-yr. period the percentages of companies showing
losses and gains were: Group (1) 37 percent and 1 percent, (2) 16 and 2.5, (3) 7
and 2.6, (4) 4 and 2.7, and (5) 15 percent and 2.5 percent. Of the average net
gains 70.4 pecent was paid as patronage dividends or Federal income tax, and 29.6
percent was added to surplus. During the period the average surplus per company
increased from $10,014 to $26,401 and the book value of stock per. share from
$138.60 to $187.73.
Cooperative marketing of rice and its part in the war emergency, H. M. BAIN
(U. S. Dept. Agr., Farm Credit Admin. Cir. C-129 (1943), pp. 46+, illus. 14).The
production, harvesting, and warehousing in the United States and the marketing
outlets, uses, transportation, wholesale distribution and distribution by trading
areas, by types of concerns, and in packages are described. The organization,
financing, operation practices, etc., of the American Rice Growers Cooperative Association,
the Arkansas Rice Growers Cooperative Association, and the Rice
Growers Association olf California are discussed.
Year book of agricultural co-operation, 1941, edited by THE HORACE PLUNKETT
FOUNDATION (London: P. S. King &' Son, 1941, pp. 296+).-Included are the
following special articles and reviews: Father Thomas Finlay-An Irish Co-operative
Pioneer, by H. F. Norman (pp. 3-13); English and Canadian Schools, by H.
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U.S. Department of Agriculture. Agricultural Research Administration. Office of Experiment Stations. Experiment Station Record, Volume 92, January-June, 1945, book, 1947; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc5064/m1/144/: accessed April 22, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.