TWENTY-FIRST ANNUAL YEAR BOOK— PART VII 559 



Now, there are two or three things that will probably have to 

 be changed. First, with regard to the exact phraseology of this 

 contract, which is not in final form, of course. The matter first 

 needs to be examined as to its legality and enforcibility, and 

 no doubt there are many things that should be changed. The one 

 thing to be considered by the members here is whether the plan, 

 the general plan, is feasible, whether we have reached the time 

 when you are willing to tackle it. I think if you didn't catch it 

 when the reading was made, you will when you come to read it 

 carefully, and you will find that the members of this association 

 to a very considerable extent give up their own individual rights 

 to the rights taken over by the association of which he, of course, 

 is a member. Unless this is done, of course, the whole plan 

 amounts to nothing. In this time of much talk about advisory 

 committees to regulate, to stabilize markets — we know that all 

 that is bunk, and we might as well admit it frankly. If we are 

 going to get anywhere in adjusting production to consumption, 

 in adjusting production problems, you have got to do it thru a 

 legally enforcible agreement by which we get together and put 

 our interests in a common pot which we will control ourselves. 

 That is the one thing to be considered, whether the time has 

 come when the feeders of the corn belt are willing to tackle that 

 job. 



If you will notice Mr. Harlan's figures, you will see that Iowa 

 and Illinois dominate the Chicago market. It has been estimated 

 that if 7,500 cattle feeders in Iowa, Illinois, northern Missouri 

 and eastern Nebraska signed up this contract and stayed by it. 

 they will absolutely dominate the Chicago market — and probably 

 5,000 would do that. Experiences of other organizations have 

 shown in order to be successful we have got to organize on a 

 commodity basis. When you look over the whole field and find 

 the small number of men who produce the fed cattle, it is about 

 as easy a group to organize as you can find. That is, the number 

 is relatively small. 



We have copies of this which we desire that the individual 

 members should get before we adjourn. Let's be prepared to dis- 

 cuss this tomorrow. We haven't time to discuss it now, because 

 we have to get out of this room in a half or three-quarters of an 

 hour, and because of other engagements we have to hear one or 

 two people whom we planned to call on tomorrow. 



The President : Gentlemen, it is very unfortunate that we are 

 so hampered for time. There are two or three speakers whom we 



