Sec. 1. Relation of costs and profits study to the report as a whole...

2. Character and scope of profits and margins study

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Divisions....

Sources of information.

Period covered..

Extent of the trade covered.

Grains studied..

3. Definition of terms and explanation of items in the results pre-

Sec. 1. The country elevator

Characteristics of country elevator business..

Type results for country elevators.

Per elevator presentation.

General characteristics of country accounts.

2. The prices of grain..

3. Gross income of country elevators..

4. Gross profits on grain sold..

Total gross profits per elevator.

Type variations..

5. Gross margins or profits per bushel.

Relation to country buying.

Gross profit per bushel before including hedges.

Type variations..

Gross profits per bushel including hedges.

Gross profit per bushel after patronage dividends..

Sec. 6. Profit per bushel on different kinds of grain.

7. Operating expenses of country elevators..

Total expense---

Type variations in total expense. -

Analysis of nonline elevator expenses..

Line operating expenses..

8. Net operating income of country elevators.-

9. Investment of country elevators...

Total investment per elevator...

Nonline elevators..

Line elevators..

Type variations in total investment..

Proprietary investment per elevator.

Nonline elevators.

Line elevators___.

Explanation of type variations in investment

10. Rate of return on investment_

Return on total and proprietary investment.

Yearly variations in rates of return..

Type variations in rates of return..

Cooperative rates of return after deducting patronage divi-

dends...

Summary...

Line company rate of return on investment owned..

11. Relation of bushels sold to operating results-

12. Side-lines profits...

13. Results of patronage dividend and nonpatronage dividend

cooperative elevators...

Gross profits per bushel...

Profit per bushel, deducting patronage dividend.

Other dividends...

Average invested capital.

Average proprietary investment..

Average borrowed funds..

Rate of return on total investment..

14. Line and nonline results in the Northwest..

Gross profits on grain sold.......

Gross profits per bushel..

Gross profits per bushel including hedges.

Bushels sold.

Investment per elevator..--

Rate of return.....

CHAPTER III.-COSTS AND PROFITS OF TErminal Elevator

MERCHANDISING.

Sec. 1. Nature of the terminal elevator merchandising-

2. Gross profits on grain sold.----

Before including hedging results.

Hedging results...

Including hedging results...

Gross profit per bushel by kind of grain..........

3. Other revenue of terminal elevators___.

4. Operating expense of terminal elevator companies..

5. Net operating income, including interest received.

6. Investment of terminal elevator companies.

Total investment.

Borrowings of terminal elevator companies.

Proprietary investment....

7. Rate of return on investment of terminal elevator companies....

Return on total investment..........

Rate of return on proprietary investment-

8. Other terminal middlemen...

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CHAPTER IV.-AVERAGE MARGINS BETWEEN PRODUCER AND

CONSUMER.

Sec. 1. Purpose and nature of the study.

Purpose of the study..

General nature of the problem.

Sources and nature of the statistics used..

Grain-flow statistics-country elevator figures_

Terminal figures..

Extent of the study.

Brief outline of method.

Number of middlemen engaged in marketing grain.

2. Average cost of marketing grain..

General statement

Summary of results..

3. Conclusions on the cost of grain marketing

LIST OF TEXT TABLES.

1. Yearly average prices of contract spot wheat, corn, oats, rye, and

barley at Chicago, 1912-13 to 1917-18, and 1919-20, in cents per

bushel...

2. Percentage distribution of gross income for independent and cooper-

ative elevators from gross profits on grain sold, including hedges,

other operating profit, including side lines and interest received, in

specified years....

3. Average proportion of line elevator gross income derived from various

sources in specified years.

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13

4. Average gross profits per elevator on grain sold by specified types of

country elevators in specified years..

12

234

14

5. Average gross profit in cents per bushel before including hedges for

specified types of country elevators in specified years..

16

6. Average gross profit in cents per bushel including hedges of specified

types of country elevators in specified years.

18

7. Average gross profits in cents per bushel before including hedge gains

and losses on specified kinds of grain in specified years.

8. Average total operating expense per elevator of independent, cooper-

ative, and commercial line elevators in specified years..

9. Average wages per elevator paid by specified types of country elevators

in specified years. -

10. Average operating expenses per elevator of nonline elevator companies

by items in specified years. - -

11. Percentage distribution of specified operating expense items of non-

line elevator companies in specified years.-

12. Average operating expenses of commercial line companies per station

by items in specified years..

13. Average net operating income, excluding interest received, of country

elevators by types in specified years...

14. Average total investment per elevator of country elevators by types

in specified years....

15. Average proprietary investment per elevator of country elevators by

types in specified years..

16. Average amount of borrowed funds per elevator for country elevators

by types in specified years.

17. Average rates of return on total investment for country elevators by

types in specified years...

18. Average rates of return on proprietary investment of country elevators

by types in specified years......-

19. Comparison of average investment, operating expense, and gross

profits of country elevators by types, 1916-17, 1917-18, and 1919-20

combined, and 1913-14 to 1915-16 combined..

20. Average number of bushels of grain sold by country elevators by types

in specified years....

31

32

35

21. Comparison of average rates of return of line elevator companies on

investment owned and investment operated.......

22. Operating expenses per bushel, profits, and rates of return of nonline

country elevators by size groups.

23. Gross profits per bushel of nonline country elevators, by size groups,

on

24. Comparison of average net operating income before interest with net

side-line income for line elevators in specified years..

wheat, corn, and oats-operating with net

25. Average gross profits, in cents per bushel, before including hedging

results, of cooperative elevators that pay and those that do not pay

patronage dividends in specified years.

26. Average number of bushels sold per elevator by cooperative elevators

in specified years according to payment or nonpayment of patronage

dividends...

27. Average gross profit per bushel, before including hedges, of cooperative

elevators in specified years after deducting patronage dividends

paid...

28. Average amounts of dividends per elevator paid by cooperative ele-

vators in specified years according to kinds of dividends paid....

29. Average operating expense per elevator of patronage and nonpatronage

dividend paying cooperative elevators in specified years.

30. Income obtained by patronage dividend and nonpatronage dividend

cooperatives from operations other than grain merchandising..........

31. Average invested capital, including borrowed funds, of patronage and

nonpatronage cooperative elevators in specified years...

32. Average proprietary investment, excluding borrowed funds, in speci-

fied years of cooperative elevators paying and not paying patronage

dividends....

33. Average amounts of funds borrowed in specified years by cooperative

elevators paying and not paying patronage dividends....

34. Average rates of return on total investment of patronage dividend and

nonpatronage dividend cooperative elevators in specified years...

35. Average operating profit, after deducting interest, for patronage and

nonpatronage cooperative elevators both before and after deducting

patronage dividends..

36. Average rates of return on total and proprietary investment of non-

patronage cooperative elevators and of patronage dividend coopera-

tives, including and excluding patronage dividends..

37. Average gross profit on grain sold, before and after including hedging

results, of line and nonline elevators in the northwestern grain States

in specified years..

38. Average gross profit in cents per bushel, before including hedges, of line

and nonline elevators in the northwestern grain States in specified

years...

39. Average bushels sold by line and nonline elevators in the northwestern

States in specified years.-

40. Average gross profit in cents per bushel including hedges of line and

nonline elevators in the northwestern grain States...

41. Average total and proprietary investment of line and nonline elevators

in the northwestern grain States in specified years..

42. Average rates of return of line and nonline elevators in the north-

western grain States on total and proprietary investment in speci-

fied years.-

43. Gross profits, before including hedges, on grain sold by terminal eleva-

tor companies in specified years..

53

44. Hedging gains and losses of terminal elevator companies in specified

years...

45. Gross profits, including hedges, on grain sold by terminal elevator com-

panies in specified years..

46. Range in cents per bushel for six years (1912-13 to 1916-17, and

1919-20) of gross profits of terminal elevator companies in specified

cities, before and after including hedge gains and losses___

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56

47. Average gross profit in cents per bushel of terminal elevator companies,

excluding Chicago, on different grains in specified years..

48. Proportions of total gross income derived from the sale of grain, the

sale of screenings, and from elevator operations for specified years.

49. Total operating expense, including general expense, of the 10 and all

company groups of terminal elevator companies in specified markets

and years..