REPORT OF IOWA FARM BUREAU FEDERATION 367 



relief for crop failure in the northwest; brought to life the War Finance 

 Corporation that it might loan money to tide agriculture over the period 

 of financial stringency; forced the enactment of the Haugen Packer- 

 Stock Yards Control Act which had been buried in the committee for 

 years; passed the Capper-Tincher Grain Act; set in motion a program 

 of farm-to-market highways that would give the farmer a good road 

 to his town, rather than an ocean-to-ocean thoroughfare for the tourist. 

 Many other agricultural bills are under consideration. In addition to 

 national legislation some of the states have been active in behalf of 

 agriculture, Iowa in particular taking the lead two years ago by passing 

 eighteen bills designed to improve conditions for the farmers of the 

 state. 



Organize Credit Corporation 



We early decided that a system of agricultural credit, national and 

 state, should be worked out, and we found that special legislation was 

 necessary before anything could be done in that line. Accordingly laws 

 were enacted by the Thirty-ninth General Assembly of Iowa legalizing a 

 state agricultural finance corporation, following which the Iowa Farm 

 Bureau Federation co-operated with the Iowa State Bankers' Association 

 in organizing the Iowa Farm Credit Corporation. 



Organization of this corporation was undertaken with the indorsement 

 of bankers all over the country, from Des Moines to Chicago and Wash- 

 ington. But there came a change. Indorsement was withdrawn. Ap- 

 proval changed to opposition. Financiers evidently feared the new 

 plan would advance the independence of the farmer and give him 

 cheaper credit, and they began to use every possible opportunity to dis- 

 credit the plan and hamper the promotion work of the corporation. 



Lowered Rate of Interest on Loans 

 But the work went on. In spite of organized opposition from every 

 side the required amount of stock was sold, all legal requirements com- 

 plied with, and today the corporation is doing business under a charter 

 from the State of Iowa. It is not doing the volume of business it should 

 do, and would do if it had the support it is entitled to from financial in- 

 terests. But with all the handicaps it has had the effect of lowering 

 interest rates on farm loans at least 1 per cent throughout the state, and 

 in many cases has lowered interest rates on short-time loans. 



So we can say the Iowa Farm Credit Corporation is a going concern. 

 Its capital is working for the Iowa farmer. It is not overstating the 

 truth to say that the credit corporation has saved more than a million 

 dollars to the farmers of the state within the last year. With proper 

 support from the farmers it will do much more in the years to come. 

 The corporation has no high-salaried officers, and the entire expense of 

 promotion from beginning to date has cost less than 10 per cent of the 

 capital stock sold. All claims and expenses are paid, and there is a 

 healthy surplus on hand. 



Livestock Marketing Plans Perfected 

 Since our last meeting a year ago the Livestock Marketing Plan has 

 been put in active operation with selling agencies at St. Louis, Peoria, 



