590 TWENTY-SECOND ANNUAL YEAR BOOK— PART VII 



nent organization at the present time; we are incorporated under the 

 laws of Iowa, the stock is all of one kind, it has an equal vote, it has no 

 other liability except the payment of the first subscription, and you don't 

 have any personal liability under the stock, and every plan and every 

 safeguard that could be put around it was put around it for the safeguard- 

 ing of the investor. 



There are one or two things that we must consider in this crisis that 

 we are passing through, because it is a real crisis, gentlemen, I don't 

 believe any man in this room has seen any worse times, or more serious 

 times, than we have now, or have been during the past six months, and I 

 believe that we have seen the worst of it; but don't anybody believe that 

 we are in for a quick reversal, that we are going to have good times im- 

 mediately, because that would be foolish. We have turned the corner, but 

 we are in for a long, hard pull up the hill, and every man if he is wise 

 wants to recognize that fact and adjust his business to that kind of pro- 

 gram. But he can believe, I think, with all good judgment that we are 

 over the worst of it and it is going to be a good long, hard climb back to 

 normalcy, but things are getting better gradually. Money is a good deal 

 easier in the east than it is here because business is slow and industry 

 shut down, and that affects much money. The main thing that affects Iowa 

 is this one thing. It doesn't make any difference to us what the price of 

 cotton or steel is, so long as we have low prices on Iowa products of the 

 farm, as we have them today. The only thing that is going to bring back 

 prosperity to this state, or that is going to enable farmers to do what is 

 necessary, is to have a return of farm product prices somewhere near the 

 cost of production, and I am one who believes that we never will have any 

 return of normal times in this state, or much betterment, until we have an 

 increase in price, because we depend entirely upon the prosperity of the 

 farmer for our prosperity here in Iowa, and every man in Iowa depends 

 entirely on the prosperity of the farm as to whether he makes money or 

 not. We must look at things in as direct a way as possible, and there is 

 going to be a time for the next few years that will require the best degree 

 of thought and action that any man in this room can give his business. 

 There is going to be a shaking out all over Iowa of some mighty good men, 

 and it is too bad. There are some men who have given a lifetime of labor 

 in Iowa to the accumulation of sufficient capital to buy a farm, who will 

 drop by the wayside. It is a tragic time for them, and it is a tragic time 

 for the state. There are hundreds of young men who have tried to get a 

 foothold in Iowa farming who are going to lose everything they have put 

 in. I feel a good deal worse for the man 60 years old, who has worked 

 a lifetime to accumulate 160 acres clear, and during the boom he bought 

 240 at inflated prices, and now he has both propositions on his hands, 

 and in many cases both are wiped out. That is a real tragedy. But, after 

 all these things are said and done and the field is clear, we have got to 

 work back, and we will work back, because Iowa people have that reputa- 

 tion. This country can come back mighty fast if they will give us a de- 

 cent price for our products, and it won't take very long to do it. 



Now, in closing, and before I extend the opportunity to ask questions, I 

 want to bring just two or three things home to you. Look at these things 



