REPORT OF IOWA FARM BUREAU FEDERATION 373 



co-operative marketing projects under consideration. As a consequence 

 by co-operating with the National Producers Board of Directors and the 

 Mid-West Federations there has been established the following terminal 

 Live Stock Commission houses: St. Louis, Chicago, Peoria, Indianapolis, 

 Buffalo and Fort Worth. At Cleveland and Sioux City boards of directors 

 have been elected and commission houses will be opened in a short 

 time. Every house establshed is functioning very efficiently and mak- 

 ing money for its patrons. 



Credit Corporation 

 The Farm Credit Corporation (I mention this because at your last an- 

 nual session through a resolution adopted you directed the Federation 

 to give it full co-operation) has a capitalization of over one million and 

 is functioning as well as it can under handicaps of the most malicious 

 and unwarranted opposition on the part of financial interests of the State. 

 We can assure you that cost of organization, which was so widely 

 heralded as wildcat promotion scheme, has not been excessive. The 

 total, including office expense, and all commission, has been less than 

 10 per cent, and there is a creditable surplus on hand at this time. The 

 real benefits that have come to our people in the main have been from 

 the fact that the rates have been reduced in many instances to meet 

 the rates of the Credit Corporation. 



Transportation 

 The railroad situation has brought an unusual number of complaints on 

 account of car shortage. Much relief has been secured at particularly 

 congested points through the co-operation given by the Transporation 

 Department of the A. F. B. F. The Iowa State Railway Commission and 

 the A. F. B. F. called us into the rate cases involving the differentials on 

 grain rates. At the hearing held in Des Moines, Dr. E. G. Nourse of 

 Ames, and President C. W. Hunt appeared as material witnesses on be- 

 half of the shippers in this case. As in former cases involving tariffs on 

 grain, the cost of production records were extensively used to establish 

 relationship and facts involving the high freight rates, as well as the 

 necessity and justice of the differentials. Further reduction in excessive 

 freight rates has been our constant effort. 



Cost of Production 



The Cost of Production Committee has carried on the work in its usual 

 thorough manner. Dr. E. G. Nourse, head of the Agricultural Economics 

 Department, has supervised the work while George Warrick and C. L. 

 Holmes have directed the work and compiled the records. This work 

 has probably established its value more quickly in the public mind than 

 any other work ever attempted. When first presented before the Inter- 

 state Commerce Commission in the rate hearing a year ago, it was 

 accepted with much hesitancy. Now the records seem to have become 

 a necessity in all matters wherever the question of Farm Economics 

 seems to have a part. 



County Agricultural Agent 

 Our working relationship with the County Agricultural Agents and 

 Home Demonstration Agents continues very satisfactory and pleasant. 



