Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1921-12-28
"a SPECIAL WORD TO READERS OF
THE IOWA HOMESTEAD

a SPECIAL WORD TO READERS 'OI
THE IOWA HOMESTEAD
In the last issue Of the Iowa Home
stead, Mr. Mr. Pierce publishes ;ons
article criticizing some Iowa Farm
Bureau Federation officers for being
connected with the Iowa Farm Credit
Corporation.
Bureau member decides to censure
on this matter it would be well q
wait for some further information
Mr.. Pierce tells some facts but we
know that he did not tell all the facts
In the case Mr.. Pierce arranges his
language In q manner which Is likely
10 caase the readers not used to tricks
with words 20 imagine things which
M. Pierce has not actually said. Mr..
Pierce does not say In his article that
Mr.. Hunt or Mr.. Cunningham either
ut them receive. or ever would, any
pay whatever as officers OF the Farm
Credit Corporation. II Mr.. Pierce
knows, he ought to say what they re-
ceive before he insinuates that they
get . cent out Of it. They are serving
without pay as do most directors and
officers Of banks In Iowa
Mr.. Pierce does not say that either
Mr.. Hunt or Mr.. Cunningham own
I more than one share ($100) OF stock in
the corporation. II they own any large
amount 80 that their dividends will
bs large be ought to say how much
they own and not insinuate that they
( arc capitalists who will derive sub
\ stantial income from any stock they
hold In the company. II the total
amount Of the Credit Corporation stock
sold (according to Mr.. Pierce's figures)
II divided equally among the pub
4 aished list OF directors and officers,
none Of them can hold any very large
3 amount Of stock. e
Mr.. Pierce suggests the Farm Credit
Corporation opposes the war finance
cooperation. On the other hand Mr..
cunningham explains how so long as
Congress continues the War Finance
i Corporation In operation the Iowa
Farm Credit Corporation hopes to
work with that corporation as an Iowa
agency OF that corporation to make
money available for new loans to farm
ers In communities where, as he ex-
plains, the banks cannot lawfully make
"a new loan to farmer without COL
lecting from another farmer to his
financial injury. The War Finance
Evaporation may be in operation only
2 year or two->-that depends upon Com
gress which is quite distant from Iowa
farmer-but Iowa Farm Credit Cor
poration hopes to be q permanent Iowa
Farm loan company. 1t was organized
Y In Iowa long before the War Finance
Corporation sent a dollar to Iowa and
some we'll informed men doubt il the
War Finance Corporation would have
sent q dollar to Iowa II somebody
hack east or elsewhere had not been
afraid Of Ed Cunningham and the
Farm Bureau Federation and some
other farm organizations"
Mr.. Pierce suggests that someone is
going to make lot Of money out
OF the Iowa Farm Credit Corporation.
He probably did not know and could
not tell that the most enthusiastic
salesman tfat came here to sell the
stock last ali would not extend any
hope 70 more than eight percent div
idend "a stock-less than most good
banks: earn In normal times. Nor
did Mr.. Pierce explain that the extra
ten dollars asked for each 500 share
EOf stock was to cover all costs of
promotion and selling stock and that
this is within the limit Of expenses al
Scwed by law to new companies In
Iowa for such purposes.
Mr.. Pierce, n he knew, did not tell
that when Ed Cunningham heard OF
the high pressure methods Of certain
men selling stock, he went to the head
Officers Of the corporation and COM
planned and insisted that such fellows
change their methods or he would
I"put them out OF business. Nor did
MIR. Pierce tell that long ago Mr.. Cum
bingham had told some county agents
and Farm Bureau officers that they
should not give any official endorse
ment to the corporation, that 1t was
q private business proposition which |
he, individually, believed good thing
for the Iowa farmers and that every
man should use his own judgment as
to whether 1t was a good thing or
q good Investment. When the Farm