PROCEEDINGS CORN BELT MEAT PRODUCERS' ASSN. 5S9 



to ten years, and it is the first time that a good Iowa investment can be 

 offered to the people for any time that they want it. So that we expect to 

 build up in this state a large investment market for our bonds and at the 

 same time do the state a great service, because that is a serious thing to 

 have so much money going out of Iowa for outside investment. 



Now, gentlemen, we have a direct service to perform, and we believe 

 that we have the machineiy necessary to do it. We can commence to 

 operate when we have one million dollars of paid-up capital. We have now 

 about six hundred thousand dollars, and we are very anxious to complete 

 that one million dollars for a number of reasons: We have been promised 

 co-operation in this state from the War Finance Corporation, which will 

 be very valuable. Mr. Cunningham, of the Farm Bureau, was in Washing- 

 ton very recently and they said several things to him of which we are very 

 proud, and I want to give you that message. Ed went through Washington 

 on his way to Atlanta to attend the meeting of the American Farm Bureau 

 Federation, and while there wired us to send copy of our articles of incor- 

 poration to him, which we did, and on his way back home he had a con- 

 ference with the ofiicers of the War Finance Corporation, which was held 

 in the great treasury building in Washington. Can I visualize to you for 

 a minute this meeting in the old treasury building in Washington, stand- 

 ing there at the head of Pennsylvania avenue, just a short distance from 

 the White House? In this building is stored the greatest accumulation of 

 gold in the world, and in this same building was done the financing of our 

 operations during the war, as well as our allies. In this old building, and 

 in this particular room where the War Finance Corporation held its meet- 

 ings during the war, this conference met around a big table, the corpora- 

 tion represented by their attorney, Senator Kenyon and Ed Cunningham 

 representing the Iowa farmers. Quite a scene. The meeting was called 

 to order by the chairman, and Eugene Meyer, Jr., was asked by Senator 

 Kenyon if they had looked over the articles of incorporation of the Iowa 

 corporation, and he replied, "Yes, we have, and I want to say that the 

 plans of the Iowa Farm Credit Corporation are the most satisfactory and 

 best that we have yet seen." (Applause.) Then Mr. Angus McLean, an 

 investment banker who has handled hundreds of millions of dollars' worth 

 of bonds, got up and said, "Mr. Chairman, I have looked over the articles 

 of this corporation, particularly with regard to their debenture bonds, and 

 I want to say that there has been no better class of investment placed 

 before us for investment than those offered by the Iowa Farm Credit Cor- 

 poration." And then they promised Mr. Cunningham that they would 

 take from ten to twenty million dollars' worth of bonds just as soon as 

 we are ready to do business. Therefore we are anxious to get this sub- 

 scribed so that we can get started and take advantage of this offer, and 

 this was the first direct offer, they told Mr. Cunningham, that the corpora- 

 tion made, of the many hundreds who come to them every week to make 

 loans. The War Finance Corporation is the only institution which has a 

 large volume of money to loan in the United States, and they said that of 

 all of the hundreds of proposals presented to them this was the only one 

 in which they had made a direct promise. So that is the principal reason 

 we are in a hurry to get this corporation functioning. We are a perma- 



