ARTHUR YOUNG & COMPANY CERTIFIED PUBLIC ACCOUNTANTS 114 WEST 11TH STREET KANSAS CITY 5, MISSOURI May 19, 1960 Officers and Directors of Dear Sirs: In accordance with your instructions we have prepared the accompanying statement of combined statistical and financial information from questionnaires received by us from thirty-six members of the Terminal Elevator Grain Merchants Association. The data contained in Exhibit A include the operations of elevators located in twenty-six states and seventy-eight cities as listed in Exhibit B. The questionnaires were mailed from the office of the President of the Association to sixty-nine firms (other than cooperatives and flour and feed mills whose accounting records are integrated) operating terminal elevators having a capacity of about 800 million bushels in 1959. naires. Thirty-three firms did not reply to the question The reports submitted to us were signed by responsible officials of the various companies but were not audited by us. The individual reports are being retained by us and the information contained therein will be held in strict confidence. Yours truly, "BUSINESS AND ECONOMIC CONDITIONS" Published by First National City Bank of New York April 1960 NET INCOME OF LEADING CORPORATIONS FOR THE YEARS 1958 AND 1959 (Dollar Figures in Thousands) a-Book net assets at the beginning of each year are based upon the excess of total balance sheet assets over liabilities; the |