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ARTHUR YOUNG & COMPANY

CERTIFIED PUBLIC ACCOUNTANTS

114 WEST 11TH STREET KANSAS CITY 5, MISSOURI

May 19, 1960

Officers and Directors of
The Terminal Elevator Grain
Merchants Association
Kansas City, Missouri

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,

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LOCATION OF ELEVATORS INCLUDED IN THE
COMBINED STATISTICAL AND FINANCIAL INFORMATION

Exhibit B

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"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)

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a-Book net assets at the beginning of each year are based upon the excess of total balance sheet assets over liabilities; the
amounts at which assets are carried on the books are far below present-day values. b-Profit margins computed for all companies
publishing sales or gross income figures, which represent about nine-tenths of total number of reporting companies, excluding the
finance groups; includes income from investments and other sources as well as from sales. -Net income is reported before deple-
tion charges in some cases. d-Due to the large proportion of capital investment in the form of funded debt, rate of return on
total property investment would be lower than that shown on net assets only. e-Figures in most cases exclude capital gains or
losses on investments. -Federal Reserve Board tabulation of all member banks; number of banks (6,288) not included in our totals;
assets are annual averages. t-Increases or decreases of under 1% or over 100% not shown.

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