368 TWENTY-THIRD ANNUAL YEAR BOOK— PART V 



Chicago, Indianapolis and Buffalo. Every one of these agencies has made 

 rapid progress, and today they hold first place in their respective markets. 

 They are a success in every way, and should have better support from 

 farmers and feeders than they have received so far. You want co-opera- 

 tive marketing, and you should have it as fast as it can be intelligently 

 worked out, but you must support it when offered if it is to succeed. 

 The Iowa Farm Bureau Federation has done its full share in establish- 

 ing a co-operative marketing system for livestock, both in lending money 

 and in the administration of its affairs. 



One year ago I said I would like to offer you a word of encouragement 

 for the immediate future, but suggested that the business world was too 

 sick to recover soon. In the sense that I intended it that statement 

 proved true. The business world is still sick. No man can tell when or 

 how far the European countries will come back. Let us hope that they 

 will be able to regain their economic balance and adopt a program of 

 thrift and industry. If they do they will come back rapidly, and even- 

 tually pay their debts to the United States. They must work out their 

 own salvation, or at least show us that they are in earnest for the good 

 of all before we can afford to lend more assistance toward their recovery. 

 Confidence will come to the business interests of the United States the 

 minute it is felt that Europe is really on the road to recovery. 



Many Problems Yet to be Solved 



Marketing is the greatest problem the farmer has to meet. Others 

 have to do with freight rates, interest and taxes. But if the farmer can 

 once get a price for his products that will net a reasonable return on 

 his investment he will have the means to enjoy some of the pleasures of 

 life without worrying continually about interest and payments on the 

 mortgage. 



Co-operative marketing is the only way group selling by farmers can 

 be made possible. Co-operative marketing, then, should be our largest 

 and most important work. Its progress is likely to be slow, for the 

 reason that farmers do not yet fully realize the necessary elements of 

 unity in selling. 



On the whole we have made excellent progress. The Federation has 

 done a great work and justified its existence. We cannot expect miracles 

 when selfishness is everywhere so thoroughly entrenched. It will take 

 time to educate and mould public opinion along right lines. It has been 

 said that necessity is the mother of invention; likewise necessity is the 

 compelling force that changes the course of industry. We are not seeking 

 to overthrow the present marketing system and agencies, but we are 

 trying to apply the principles of co-operation to that system, in the hope 

 that it will eliminate some of the evils that have been absorbing the 

 profits of our business. 



The past four years has developed leaders in every county. Better 

 still it has developed followers, not followers to trail blindly after their 

 leaders, but followers who have thought out the situation for themselves, 

 and who now follow because of enthusiasm born of knolwedge, showing 

 that they are sold on the work and are willing to support the organization 

 and make success possible. 



