REPORT OF IOWA FARM BUREAU FEDERATION 397 



ciated can be shown in no better way than by the fact that it is so gen- 

 erously supported by leading farmers who give their time to its promo- 

 tion without salary and who contribute also toward the general costs of 

 maintenance. 



College Working for Good of All 

 We have been talking about what the state of Iowa is and this is an 

 inspiring subject. Still more inspiring is the thought of what this state 

 might be. Iowa State College, as a faithful instrument of the people, 

 desires to co-operate in every way possible toward making Iowa still 

 better and still greater. The chief pleasure in living comes with growth. 

 You have ideas concerning the growth of your interests. The people 

 of the state want the state to grow in things that are good. It is a priv- 

 ilege to help bring this to pass. 



STATUS OF U. S. GRAIN GROWERS, INC. 

 BY E. H. CUNNINGHAM 



You are all familiar with the report of the Committee of Seventeen, 

 the subsequent adoption of that report, and the organization of a cor- 

 poration with a governing body of twenty-one directors. It was organized 

 in the Spring of 1921. It started to provide a sales agency through which 

 farmers could co-operatively market grain. 



In May, 1922, a call went out for help. At the call of Mr. Hunt the 

 Mid-West Farm Bureaus went into conference to consider to what extent 

 the American Farm Bureau Federation and the Mid-West Farm Bureaus 

 were obligated to see that the institution could be made to function. 

 They decided that there was a moral obligation to do all they possibly 

 could to save it. 



A creditors' committee was appointed, of which I happened to be a 

 member, along with Mr. Hill of South Dakota and Mr. Coverdale. This 

 committee undertook to get in contact with the creditors and get powers 

 of attorney, or something, in order to keep them off the back of the 

 institution until we could find out what the trouble was. 



Federations Asked to Take Charge 



That was in May. We went through the affairs of the institution from 

 top to bottom, and we found out what had happened. We didn't find 

 anything dishonest in the handling of affairs, but we did find it to be the 

 most grossly mismanaged proposition that had ever sprung up, not ex- 

 cepting some of the highpressure propositions that have gone to pieces. 



We found it in deplorable shape financially. The money had been 

 spent. It owed about $394,000. It showed $285,000 deficit over and above 

 assets. The problem was what ought to be done in the future. We 

 granted the old board all the power, authority and time needed to 

 straighten the thing up. Finally they came to us and said: "We have 

 come to the end of the road, and the only suggestion we have to offer 

 is to take it over "and reorganize it and see if you can save it." If you 

 are inclined to criticize some one for stepping in, remember that the 

 Federation had never stepped in or attempted to take charge of any 



